8 min read
I got my first student loan before I graduated high school. But I didn’t really think about them until I started college. I was 18 years old and just starting my freshman year at Boise State University. A lot has changed since high school. I went from being a high school dropout to having a four-year graduate degree; I joined the military and moved half way across the country. I was about to start a new chapter in my life-graduate school-and I needed some help paying for it. So I signed myself up for a private loan. Private student loans were pretty new back then. In fact, they weren’t even called private student loans. Back then they were referred to as “PLUS” loans, which stood for Parental Loan for Undergraduate Students. But after the passage of the Higher Education Act (Pell Grant) and the financial crisis, these types of loans have become much more popular. And now they’re known as federal student loans.
My loan officer explained how I could get a private student loan if I was accepted into a program that would pay me while I attended school. He told me that I’d have to put down a deposit of 20% right away and then 30% each semester after that. When he asked what kind of job I wanted to pursue, I replied that I wasn’t sure yet. I thought I might want to go into medicine or law. But he said that those fields require a bachelor’s degree. That sounded good to me. So I decided to apply for early action. Which meant that I had to act fast. My application fee was $300. and it was due in two weeks.
So I had only a few days to find out whether I was going to get into medical school. If not, I had to decide whether to go back home to Idaho and finish high school, or move to California, where my mom lived. No matter what, I knew that college wouldn’t be cheap. I’d need money to cover tuition, books, supplies, transportation, etc. It was going to cost a fortune. But still, I felt lucky that I had taken early action. because I knew how hard it was to get an early decision.
If I waited until February to submit my application, maybe I’d never hear anything. So I sent off my application, collected my fees, and headed to class. Then I started looking for jobs. I landed a position as a cashier at Macaroni Grill. It paid the minimum wage, but it gave me a discount card that ended up being free food. I loved working there.
But after two months of waiting and no word on my application, I was feeling anxious. So I decided to call my loan officer. To make a long story short, I ended up getting deferred. which meant that instead of receiving payments while I was attending school, they’d send them once I finished. So I had to borrow again.
Idaho Student Loans
Do I need student loans?
Student loans can help pay for college costs, such as tuition, books, housing, food, transportation, and more. However, many people struggle to repay their student loan debt after graduating. In 2015, total student loan debt was $945 billion. And while some people manage to graduate without taking out any loans at all, others choose to take out private loans or federal PLUS loans. These loans carry higher interest rates than direct Stafford loans, and they often require monthly payments for the duration of the borrower’s career. Because of these factors, having student loans may put students into a cycle of debt where it becomes difficult to break free and move forward in life.
Are private student loans safe?
Private student loans have become increasingly popular since the financial crisis. But how can we know if a private student loan is safe? Private lenders make money off of borrowers’ credit histories and personal information. If you’re not careful, you could fall victim to identity theft, which would mean paying back a loan that doesn’t belong to you. Private student loans also require regular payments throughout your lifetime, which means you’ll always have to worry about making ends meet. And should the company go bankrupt, you won’t get paid back what you owe, and you could face even more trouble getting a job.
How do I find out about Idaho student loans?
You don’t need to worry about finding out about Idaho student loans before applying for them. Unlike with Stafford loans, you don’t need to apply until you receive your acceptance letter. Once you’re accepted, you’ll be able to access a variety of repayment options based on your current income level and the amount of money you want to borrow. And once you’ve started repaying your student loans, you’ll continue to send payments regardless of whether you maintain a steady income or lose a full-time job.
Idaho Student Loans
Idaho State University (ISU)-Boise, ID-$18,932 per year
One-year student loans at ISU range from $6,500-$8,000 depending on the course taken. As tuition increases over time, so do the yearly loan amounts.
University of Idaho (UI)-Moscow, ID-$16,700 per year
The UI offers both undergraduate and graduate programs. Undergraduate students pay around $1,400–2,200 per semester, while graduate students pay between $10,350–11,100 per semester.
Westminister College-Salt Lake City, UT-$14,450 per year
Westminster is located about 20 minutes from downtown Salt Lake City. Westminster’s total cost of attendance is $17,800 annually, including room and board. The school doesn’t charge any additional fees for summer classes.
Portland Community College (PCC)-Portland, OR-$12,550 per year
Portland PCC charges undergrads roughly $1,200 per term, while grads pay $13,950 to $15,130 each term. Both undergraduate and graduate students have access to dual credit courses at nearby universities.
Brigham Young University-Provo, UT-$11,900 per year
BYU is located about 30 miles east of Salt Lake City, where it’s best to use public transportation. BYU’s total costs run at $16,600 per year, including room and board, books, and personal expenses. Students who live off campus pay an extra $2,300.
Weber State University-Ogden, UT-$9,650 per year
Weber State is located about 10 miles south of Utah’s capital city of Salt Lake City. Total costs at WSU run at $13,250 per year. In addition to tuition, students are responsible for housing, food, and general living expenses.
Central Washington University-Ellensburg, WA-$7,930 per year
CWU charges $1,850 a term for its undergraduate program. Graduates pay an annual fee to attend after completing their first two years. CWU also offers various scholarships throughout the year.
Idaho Student Loans
If you need some extra cash, you should apply for student loans to finance your college education! Idaho’s state government offers several types of financial aid programs that allow students who qualify for them to receive low-interest rate financing. By using these loans, you’ll have access to funds for tuition, books, transportation costs, and other educational expenses. Students can borrow money from the federal government (the Department of Education), private lenders, or banks. You may have to repay your loan over time, depending on your current income level after graduation. However, you may reduce the amount of interest you pay if you borrow money while still attending school. If you graduate with a bachelor’s degree, you won’t be expected to repay any portion of your student loans until five years after leaving school. The five-year grace period doesn’t apply to those who only obtain their associate’s degrees. Your interest rates may change throughout repayment, so it’s important to keep track of your payment schedule. For example, you could begin repaying your student loans at 5% interest per year and gradually increase it each month.When you’re ready to make payments, contact your lender directly.
The Federal Direct Loan Program provides students with lower interest rates than most private loan options. With this program, you’ll get a fixed interest rate based on your chosen monthly payment plan. Repayment terms vary depending on whether you choose to enter repayment early or later. Private lenders offer flexible terms that you can use to set up a payment plan that works best for you.
You might be able to consolidate your student loans into a single, lower monthly payment. Most private lenders offer consolidation options to help manage debt and save money. Consolidating your loans can lower your monthly payments and extend the length of time between making payments. But before you decide to consolidate, check with your loan provider to find out what fees would be added to your bill.
Consolidation is not right for everyone. If you don’t have the discipline to stick to a strict repayment schedule, you may end up paying more in interest than you did when you started. While consolidating your loans may seem like an easy way to lower payments, doing so means having to pay back more money once you’ve graduated. Interest is calculated daily, so the longer you take to begin repaying your loans, the less you’ll pay off in total.
A loan servicer performs collections and credit reporting services related to your account. Lenders often contractually limit how long they keep records of your payments. Borrowers must request that the borrower file information with the Consumer Financial Protection Bureau after three years.
Federal Perkins Loans provide small amounts of financing for undergraduate studies. These loans require higher upfront payments than most loans and aren’t eligible for deferments or forbearances. However, they do grant borrowers the option to postpone payment for six months. There’s no grace period for borrowers who receive Perkins loans.
Idaho Student Loans
In 2012, Idaho passed legislation that removed student loan forgiveness after 25 years of payments. The law was changed so that student loans would only be forgiven if the borrower went back to school and completed their degree program. If borrowers did not complete their education they could still get some relief under certain circumstances. In 2014, Idaho expanded that provision to allow borrowers to have their loans discharged without having to go back to school at all.
What Does That Mean?
If you took out a student loan before 2013 and signed paperwork agreeing to those terms, then you may qualify for loan forgiveness. Loan forgiveness refers to the fact that your outstanding balance is reduced each month rather than paid in full upon graduation. However, the amount forgiven will vary based on how much you borrowed and when you took out the loan. Generally speaking, any loans taken out prior to July 1st, 2007 will count towards forgiveness, while any loans taken out after January 1st, 2010 do not. To verify what type of loan you may qualify for, please visit www.studentaid.gov/loans/types-of-loans/.
What About After 20 Years?
After 25 years of making payments, your loan will be considered completely paid off. The remaining balance will be forgiven, meaning that you do not need to pay anything else on that debt. This means that you now owe nothing on the loan and can stop paying. Your interest rate will be determined based on what the federal government considers the prevailing market rate at the time you entered repayment. According to data provided by the Department of Education, the average rate on subsidized Stafford loans (which includes both private and public loans) was 5.21% in 2015. This number includes both fixed and variable rates.
How Much Can You Save?
The amount of savings you can receive depends on several factors: the total amount of money you borrowed, the length of time you were enrolled in school, and the interest rate you paid. As mentioned above, students who borrow early in their studies generally have the most opportunity to benefit financially from loan forgiveness. At the same time, the longer the period you repay on your loan, the less money you will save. Finally, the lower the interest rate you pay, the greater the financial windfall you will experience.
To determine exactly how much money you could save, use the Debt Calculator at www.StudentAid.ed.gov/calculators/debt-calculator/to enter all the relevant information about your situation. The calculator will give you an idea of what the monthly payment will be on your loan and the total amount of money saved over the course of 25 years.
Where Can I Find Out More Information?
You can find additional information about loan forgiveness at www.studentaid.ed.gov/repayment-and-forgiveness/student-loan-rehabilitation/index.jspid.
►HEY, we’ve got more valuable information here: ►CLICK HERE LOANS FOR STUDENTS◄
►Cloud of related items ▼
Related Links ▼
► ABOUT US