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The Highs and Lows of Student Loans

Learn about Federal Student Loans
by

Jacky Arce-Castro

on 22 October 2014

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Transcript of The Highs and Lows of Student Loans

The Lows
The Highs
Unsubsidized
PLUS Loans
Conclusion
Loans to help students attain a higher education.

Stafford loan named after a U.S. senator in 1988 for his work on higher education.

Stafford loan funded and guaranteed by the federal government.

Students must meet eligibility requirements to qualify for loans.


Repayment Options
When you graduate or leave school you will enter repayment.

6 month grace period where no payments are required

Many options to pay loans back:

Standard (Fixed Amount Min of $50+)
Income-Based Repayment
Forbearance
Pay As You Earn (No more than 10% of income)
Extended Repayment (25 yrs, >$30,000 in loans)

Resources
Eligibility Requirements
Must fill out FAFSA
Be a U.S. citizen or eligible non-citizen.
Have a high school diploma or equivalent.
Must be enrolled in at least 6 credits (half-time)
Must have a completed financial aid file with Office of Financial Aid
Maintain standards for Satisfactory Academic Progress (SAP)
Must complete entrance counseling and MPN



Important Terms to Know
Dependent student
Independent student
Subsidized loan
Unsubsidized loan
MPN
SAP


Loan Aggregates.....
Subsidized
The Highs and Lows of Student Loans
4.66% interest rate

For students with financial need



4.66% interest rate

Not based on financial need

Interest accrues and capitalizes during all periods


6.41% interest rate

Unsubsidized loans for parents of dependent students, credit checks apply

Interest charged during all periods


No interest is charged when students are enrolled in school at least half-time, during grace periods, or during deferment periods
What Are Student Loans?
Not that kind of loan!
Make it possible to pay for higher education

Pay for any eligible school expenses

Establish credit when you pay back your loans on time

Helps you plan ahead, now!

Leave you in debt for many years after you leave school

Serious ramifications if loans are not repaid

High interest charges means you can pay up to 3X more than you originally borrowed



How to apply for student loans
School will offer loan, student must then go into their ConnectU and accept loans.

What Can I Use My Student Loans For?

Tuition and fees
Books and supplies
Cost of transportation (but not for the purchase of a vehicle)
Cost of rental or purchase of required school equipment, materials and supplies
Personal computer (must be at least half-time)
Dependent care expenses
Disability-related expenses
Loan fees
Capped at cost of attendance, minus other aid received
www.nslds.ed.gov

www.studentloans.gov

FAFSA4caster

Office of Financial Aid

Financial Literacy Workshops

The federal government puts a cap on how much student loans we can take out annually and over the lifetime of our college careers.
Only take what you NEED!

Ask for help, there is always help available but you have to ask.
Private Student Loans
Lower interest-rate loan offered to students by external financial institutions.

Normally require a credit check.

Does not offer the benefits of a government funded student loan.

Must contact an outside financial institution for more information.

In the end, its still a loan that must be repaid.
Full transcript