1 / 14

Student Loans

Student Loans. What you need to know…. Student Loans . Only borrow what you need . Remember this is a loan and it has to be repaid! Financial Aid often means a school is only lending you money Some for profit colleges attempt to pressure students into loans.

kimi
Download Presentation

Student Loans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Student Loans What you need to know….

  2. Student Loans • Only borrow what you need. • Remember this is a loan and it has to be repaid! • Financial Aid often means a school is only lending you money • Some for profit colleges attempt to pressure students into loans

  3. Amount of Debt taken per year

  4. Average Debt For College Grads: Private Schools

  5. 2 Types of Student Loans • Government Student Loans • Strict limits on amount of money you can borrow • Fixed interest rate loans • Subsidized have lower interest rate • Unsubsidized have higher interest rate • Private Student Loans • Higher limits on amount of money you can borrow • Higher interest rates • Often VARIABLE interest rate loans

  6. Stafford Loans (Government) Maximum Borrowed: $27,000

  7. 10-Year Sample Repayment Plan (Assuming Standard Payment Plan @ 6.8% Interest)

  8. Interest Rates Student Financial Assistance www.usi.edu/finaid (812)464-1767

  9. Repayment of Loans • Six months after graduation “grace period” • After you leave school • Drop below half-time student • The student loan repayment options available are designed to be flexible and adaptable to individual needs. • (For more details regarding repayment plans, visit the government web site: www.FederalStudentAid.ed.gov

  10. Consequences Of Default! • Denied employment • Wage garnishment • Tax refund withheld • Ineligible for further student aid • Derogatory credit • Legal action Student Financial Assistance www.usi.edu/finaid (812)464-1767

  11. Prioritize Your Debt • Pay off higher interest rate debt first • Make more than one payment a month • Set up a realistic payment schedule----so you are never late on your payments

  12. Light at the End of the Tunnel Student Financial Assistance www.usi.edu/finaid (812)464-1767

  13. Helpful Resources • http://www.finaid.org/ • Loan Repayment calculator includes needed salary based on level of indebtedness • Student budget calculator is a good starting off point in developing your budget • http://www.mappingyourfuture.org/ • Debt wizard recommends maximum borrowing based on expected salary • http://nslds.ed.gov • http://www.cashcourse.org/usicob/ Student Financial Assistance www.usi.edu/finaid (812)464-1767

  14. Video Links http://online.wsj.com/article/SB10001424052702304818404577350030559887086.html?mod=WSJ_hp_mostpop_read http://www.npr.org/blogs/money/2012/04/18/150909686/what-america-owes-in-student-loans

More Related