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The Money Spot at VCU: Student Loans

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by

Connie Tran

on 18 April 2016

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Transcript of The Money Spot at VCU: Student Loans

Student Loans
Am I required to take what’s “awarded” to me?
You can
reject
all or part of a loan offered through financial aid.

If you reject a part of an offer, always reject the unsubsidized first – that’s the most costly.
Government Subsidized
Government pays interest on the loan while you're in school

Good interest rate
Types of Student Loans
Government Unsubsidized
Interest builds up while you're in school

Good interest rate
Private Loan
Interest builds up while you're in school

Usually poor interest rates
Repayment
Parent PLUS
A loan under your parent's name

Fastest growing sector of student loan debt

Interest rate is lower than private loans
How to choose your repayment plan
How much do I have to pay per month?
Depends on your interest rates and the amount that you borrowed

Current interest rates end up in about $100 per month for every $10,000 borrowed.
What if I get in trouble?
4
forbearance, deferment, and forgiveness programs
You have
6
months after graduation to find a job and get settled before you have to start payments
7
ways to repay a government student loan
Financial Aid Process
FAFSA
Complete the
Free Application for Federal Student Aid
(FAFSA) in January
– first come first serve

You will need your parents and your personal financial and tax information

List the school you're attending to make sure they receive a copy of your application
The FAFSA application will calculate your
Expected Family Contribution
, which will help determine how much aid you receive

Inform FAFSA and your school if there have been any significant changes in your family’s financial situation (lost job, divorce, major illness) as that can change the formula
Download a copy of your FAFSA application and compare that to the Financial Aid Award letter that you'll receive later

Make sure that the Expected Family Contribution amount they use is the same as the amount on your award letter
Tips
Constantly search for any scholarships, grants or awards that you may qualify for.
Investigate work-study programs

Check out local part time jobs -then research the company offering the job

Look for internships
Follow us on Social Media
Facebook:
The Money Spot at VCU

Instagram: @themoneyspot

LinkedIn:
MoneySpot At VCU
FAFSA
Full transcript