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Student Loans

Student Loans

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Student Loans

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  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