Federal Subsidized Student Loans

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The student loans are guaranteed by the federal government without cost to the borrower. So if you’re paying back a student loan and can’t make payments, the federal government will pay off the loan. You do need to repay these loans, but they don’t have to be repaid until years after you graduate and start getting your career going.

This Federal Subsidized Student LoanVideo covers the following topics:

What are Subsidized Loans?

Where to Find HelpSubsidized Loans – Free Counseling

How Much Do My LoansCost?

Paying OffStudent Loans

Benefits of Federal Subsidized Loans

Common Questions – (FAQ)

Helping Hands – Federal Trade Commission – Students may contact the FTC directly at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov

Federal Subsidized Student Loans

Student loans are a great way to graduate school, start a business or even pay for healthcare and daycare expenses while working. However, student borrowing is getting out of control and has become the third-largest debt burden in America (behind only mortgages and credit cards). As of 2015, about 1/6th of Americans were either in debt or had trouble paying their bills. Even though student loan debt has been rising at alarming rates since 2007, it was still considered a manageable problem. That changed in 2010 when Congress approved legislation that extended subsidized Stafford loans to undergraduate students until they reach the age of 26 years old, and then started charging interest beginning after 10 years of repayment. Since 2012, total outstanding federal student loan balances have risen to $955 billion.

The best solution to this is to take advantage of all kinds of tax-free financial aid options including scholarships, grants, and tax credits. However, these may not be enough to solve our current crisis. Here are some creative ideas on how to help ease the pain of student loan obligations.

Refinance Your Debt

If you’re struggling with unmanageable student loan payments, you might want to refinance your existing loan(s) to lower your monthly payment schedule. If you don’t plan on refinancing soon, consider consolidating your loans. Consolidation lets you combine different types of loans into one single monthly bill, making them easier to manage. You can use consolidation to wipe out debts faster, save money on fees, and make it easier to get approved for future loans.

Consider Alternative Payments

One of the worst things about student debt is the fact that you have to repay it over time. The longer you wait to start repaying, the more your loan balance grows. So consider taking a lump sum instead of making monthly installments. Lump sums allow you to pay off your debt much quicker than if you were to spread your payments out over the course of several months or years. Another alternative is to set up automatic payments via EFTPS.

Ask for Help

It’s never fun to admit that you need help paying back student loans, especially if you feel ashamed or embarrassed. But if you’re having trouble managing your finances, ask your parents or friends for assistance. Maybe you could work part time to earn extra cash to cover your debt? Or maybe someone else can co-sign a loan and agree to share any unpaid portion with you? You might just surprise yourself with what you can accomplish when you stop being afraid to ask for help!

Work After Graduation

You might think that once you graduate college, you won’t be able to find a job. However, many employers recruit graduates who are fresh out of school, and sometimes offer internship opportunities that lead to full-time employment. Look for jobs that align with your career goals, and always keep an eye out for ways to improve your skills. Also remember that you can always try freelancing online as well. Freelance websites like Upwork and People Per Hour connect independent contractors with businesses looking for freelance workers.

Sell Goods Online

Sell goods online to  revenue and free up money each month. Try eBay, Etsy, Amazon, and Craigslist. You can also sell unwanted items to local thrift stores or garage sales.

Trade Services For Free Labor

Are you good at something? Do you know people who could use your services? Whether it’s writing, graphic design, web content, tutoring, or anything else, there are plenty of opportunities to trade services for free labor. Sites like Fiverr, TaskRabbit, and Gigster let you search for tasks by location and skill level.

Federal Subsidized Student Loans

Why You Should Not Be Paying Federal Subsidized Student Loans

The federal government gives out student loan subsidies to people who attend college. However, there are many reasons why you should not be paying these loans. These loans have high interest rates, which means if you do not pay them off before they reach their maximum amount, you will end up paying even more money over time. Many of the people who apply for these loans are going into fields where they may not make enough money after graduating to repay these loans. Additionally, these loans can cause students to take on debt they cannot handle, which could lead to financial issues later down the road.

How Much Do I Owe?

On this site, you will get a free estimate of what you owe, along with information about consolidation options and other helpful advice.

What Are My Options?

There are several ways that you can try to lower your monthly payments. First, you could look into consolidating your loans with larger companies. This would allow you to combine all of your accounts into one, which would then lower your payment amount and help you pay off your loans faster. Another option is to set up automatic withdrawals directly from your checking account. This way, your payments won’t stop until the entire balance is paid off. If none of those work, you could always consider applying for a deferment, which would temporarily stop your monthly payments while you are still attending school. After graduation, you can start making payments again once you land a job making a good salary.

Federal Subsidized Student Loans

We’ve got great news for our students! A little less than two months ago, the US Congress passed a law that makes interest-free student loans available to borrowers for the first time since 2012.

This means no longer must you pay back loan principal before you start making money. You’ll now have access to $30,000 per year for school, starting right away if approved. However, just because the loan is interest free doesn’t mean you should take out a huge amount of debt. That’s why we’re here today – to help you determine how much you need.

First things first, let’s get some definitions straight. Let’s define what we mean by student loan and what we don’t mean.

Student Loan Definition

A student loan is any type of loan where repayment comes from a government subsidized program (the Federal Government). These types of loans generally offer low rates and do not accrue late fees.

Other Types of Loans

There are many types of loans out there, like home equity lines of credit and private education loans. While these types of loans may have attractive terms, they generally do not have government subsidies and may charge high monthly payments.

The Best Way to Determine Your Need

To calculate your total borrowing needs, divide the number of semesters left by 4.

For example, a student who has 2 years remaining will need to borrow enough to cover about $60,000 divided by 4 $15,000. So, at the moment, he would need approximately $15,000 in order to graduate.

If he wants to keep his options open, he could borrow the full $60,000 divided over 5 years or spread out the payment over 10 years.

Now that you know how to calculate your needs, let’s look at some popular financing options.

Unsubsidized Private Education Loan

An unsubsidized private education loan offers slightly higher interest rates, depending on your credit history, but it does not require federal repayment assistance.

Federal Subsidized Student Loans

*Brought to you by American Institute for Economic Research

Founded in 1945 at the University of Virginia (UVa), AHER became a self supporting nonprofit public benefit organization in 1970. Our mission is to improve lives by raising awareness among decision makers about the importance of sound economic policies to low income families and individuals, and their representatives.

The views expressed in our research publications are those of individual authors and do not necessarily represent the views of the institute.

Website: www.americaninstituteofecon.com

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