Maximum Undergraduate Student Loans

This video is going to give a brief overview of how student loans work and what the options are. I’ll give my thoughts on any pros cons I’ve heard about them. Good luck!

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Maximum Undergraduate Student Loans

The average undergraduate student borrows $28,400 USD per year. That’s about $100,000 over 4 years, not including room & board! While some students can avoid loans entirely, many have to take out loans just to get their education started.

For students who do need financial assistance getting their college degree, obtaining federal student loan money can be difficult. If you already have a private lender offering you funds, they may cut off access to those dollars if you apply for government loans. Plus, your future earnings could affect whether or not you qualify for loans at all. If you’re looking to find out how much student debt you’ll incur, here’s what you need to know.

LoanType | LoanAmount | RepaymentLength | PctPeriodPayments | MonthlyPayment | LoanBalanceAfter10Years | TotalInterestPaid | AverageReturnOnInvestment (ROI) | %OfIncomeYouCanSpend OnStudentLoans

———————————————————————————————————————–

Subsidized Direct Loan | $0 – $20,000 | 10 Years | 5 % | $500/mo | $0 | $0 | 0.00

Maximum Undergraduate Student Loans

This was submitted by @joseph_lauber

loan student

A college education is something that should be taken seriously, especially if you are going to leave a good job behind in order to pursue higher learning. Unfortunately, not everyone gets what they want out of their educational endeavors and many end up in debt. There are some students who get scholarships and grants to help them pay for school, but some just don’t have the same luck. Those who do have loans have to deal with a lot of different fees such as interest rates, late fines, and even defaulting on payments. In fact, according to the Consumer Financial Protection Bureau, over 44 million Americans carry student loan debt with an average of $28,000 per borrower. That means that those who borrow money are essentially paying back twice!

The average undergraduate student loan balances were around $29,500 in 2014, and the average graduate student balance was about $46,000. This means that graduate students owe almost three times more than undergraduates. However, it looks like the trend may be starting to change thanks to new legislation passed last year. Under the new law, graduate students won’t be charged any interest while they are enrolled in school and at least half of their monthly payment will be forgiven after ten years. Also, undergraduates will no longer be charged above 6% interest on their loans. Additionally, the government will now offer forgiveness programs for people who go into public service jobs such as teaching, nursing, social work, and emergency services. If you decide to take advantage of these programs, you’ll only need to make five monthly payments to qualify.

Although student loan debt is still a problem, hopefully you can avoid having to pay as much interest as possible. While the changes may seem small, they could mean a huge difference in how much you owe each month.

Maximum Undergraduate Student Loans

Federal Direct Subsidized Loan – $0

This loan is only available to undergraduate students. You receive this type of loan if you have less than $20,000 in federal financial aid. You do not have to pay interest while you are enrolled at least half time (19 credit hours) and you do not repay interest after graduation. You may take out up to the remaining balance of your subsidized Stafford Loan each year. If you go to school full-time and graduate without repaying this loan, the remaining principal balance becomes taxable income.

Federal Direct Unsubsidized Loan – $10,500

You can borrow up to the entire cost of attendance minus any other loans you may already have. There is no limit to how much you can borrow. In addition, you don’t have to make payments while you are enrolled at FIT. However, you generally need to start repaying after you graduate. You may take out additional money each year if you still owe money on this loan after 10 years.

Federal Consolidation Loan – $9,400

This loan combines the amounts you borrowed from your subsidized Stafford Loan and your unsubsidized Stafford Loan. If you use both types of loans, you cannot consolidate them. Your consolidation loan is repaid over a fixed period of time. Usually, it’s ten years. After paying off your consolidation loan, you are left with the remaining debt on your subsidized and unsubsidized Stafford Loans.

Perkins Loan – $8,250

If you meet certain requirements, you can get this loan. Unlike the other loans, you have to apply directly to the lender and get approval before you can borrow any money. You must attend classes at least half-time. The amount you can borrow is based on your family’s income and assets. You can qualify for this loan even if you’re making more than your parents earned. However, your parents’ income limits are higher than those of your own. You repay this loan in monthly installments over six years. Once you’ve paid back the loan, you’ll be eligible to borrow again if you continue attending college.

PLUS Loan – $12,500

Parents who cosign your student loans allow you to borrow up to the total cost of attendance minus the amount your parent owes on their education loans. Parents must sign your loan application. You can borrow a maximum of $31,200 per academic year. Depending on your family’s income, your parents might be able to help you cover some or all of the costs associated with tuition, fees, books and supplies.

Parent Plus Loan – $4,950

This loan is only for parents. It offers the same features as the PLUS Loan except that the parent doesn’t have to sign your loan application. Instead, the parent makes monthly payments that add to the principal. By doing so, the parent helps his or her child avoid defaulting on the loan. To qualify, you must not be a dependent student and either enroll in a program that lasts at least two consecutive years or plan to return to school to complete a degree program.

Sallie Mae Education Credit Card – $0

This credit card is designed to help borrowers manage repayment of their student loans. Borrowers can choose between a fixed rate and variable rate. A fixed rate starts at 5% and increases annually by 1%. Variable rates begin at 8.95% and increase annually by 2.49%. Repayments are due on the first day of each month. Interest accrues daily and is added to the outstanding loan balance. Payments must be completed no later than 30 days prior to the payment date. Payment defaults occur after 120 days past the due date.

Maximum Undergraduate Student Loans

Federal Stafford Loan

The federal student loan program was established in 1965 to provide low-interest financing to students who wanted to attend college. These loans were intended to help lower income families afford higher education. In 2010, over $37 billion in federal student loans were outstanding. Over time, the interest rates have increased dramatically. Currently, undergraduate students pay an interest rate of 6.31% while graduate students are charged 8.25%.

Direct Subsidized Loan

If your annual family income is below $80,000 then you qualify for a direct subsidized loan. You can borrow between $0 and $10,500 at a fixed interest rate of 4.21%, which is much lower than the current standard variable rate of 6.31%. However, if your income goes above $80,000 then the government charges a slightly higher interest rate of 5.41%.

Direct Unsubsidized Loan

For those whose family incomes exceed the $80,000 threshold, federal student loans do not require repayment. Instead, students may borrow any amount from $0 to $20,500 without having to repay the loan until they earn enough money to cover their monthly payments. While these loans don’t need to be repaid, the interest rate is still 8.25%.

Parent PLUS Loan

This type of loan is designed to help parents of dependent undergraduates who wish to pursue postsecondary studies. Parents are expected to make monthly payments based on their household’s adjusted gross income. As long as you’re enrolled full time, plus an additional $100 per month, then the parent can get a 0% interest rate. If your household’s income exceeds $150,000, then you’ll start paying 9.5% interest.

Perkins Loan

Perkins loans are meant for undergraduate students attending vocational schools and training programs. Like the Parent PLUS loan, you can get a 0% APR if you meet certain requirements. However, unlike the PLUS loan, Perkins borrowers must make monthly payments based on how much money they borrowed rather than how much their household makes.

FFEL Program

FFEL stands for the William D. Ford Federal Direct Loan Program. Originally created under the 1990-91 budget agreement, this program offers financial aid, primarily in the form of grants and low-cost loans, to eligible undergraduate students. Eligibility requirements include being a U.S. citizen or permanent resident, having good grades, and enrolling in a participating school.

Borrowers’ Defense To Repayment (BDTR) Program

BDTR is an optional program that helps some borrowers avoid defaulting on their student loans. If you have fallen behind on your payments due to circumstances beyond your control, then you may be able to benefit from this program.

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