Nc Assist Student Loan

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Student Loans in North Carolina

A NC student loan is a type of financial aid that provides money directly to students who need help paying for their college expenses. If eligible, funds may be accessible regardless of which school the student attends. In addition to providing assistance to college students, NC Assist Student Loans are also available for graduate students and post-graduate students. Eligibility criteria vary depending on the program, but generally, applicants have low incomes (less than $30,000) and often do not have enough assets to qualify for traditional forms of financial aid. Each year, an estimated 5% of college students receive NC student loans.

What types of programs exist?

The Federal Government runs two major programs that provide NC Assist Student Loans. One is called the College Work Study Program, and the other is called Direct Subsidized Stafford Loans. These two programs work together to provide students with funding. Students cannot access both programs at once. However, they can apply for these programs individually if they would prefer.

How does the program work?

For those who qualify, the NC Assist Student Loan program offers grants of up to $5,500 per academic year. Grants are only awarded for the first four years after high school graduation. After this time period, borrowers may choose to continue receiving monthly payments. Borrowers pay back the principal amount borrowed and interest over a specific repayment term. Repayment terms vary from six months to ten years, depending on the borrower’s situation. Interest rates range from 0% to 6%.

Is the program popular?

Yes. The percentage of undergraduates participating in the program increased by 10% between 2008 and 2013.Since 2000, federal government data shows that over 1 million undergraduate students have received NC Assist Student Loans annually. In 2013 alone, the number increased to 2.9 million. That equates to nearly 40% of all undergraduate students!Over half of all NC Assist Student Loan recipients are female.

Who qualifies for the program?

Students who meet certain eligibility requirements are likely to qualify for this program. Income limits vary based on the type of school attended but generally range between $0 and $30,000 for undergraduates. Applicants must also show that they are unable to maintain satisfactory employment while enrolled in school. As a result, many applicants do not achieve full eligibility for NC Assist Student Loans until they complete their studies. Once a student is eligible, he or she should contact the institution where s/he intends to study for information regarding how to apply for the program.

Are there any downsides?

Yes. Many students struggle to repay their loans in a timely manner. According to Department of Education data, 41 percent of NC Assist Student Loan borrowers failed to make a payment on time in 2010.Another 14% of borrowers’ accounts were placed in default.

Is the program still around?

Yes. The Federal Government plans to launch the Higher Education Opportunity Act in 2014. Under this legislation, students will be able to access additional NC Assist Student Loans in order to help cover the costs associated with education. However, no changes to the current program have been proposed yet.

Does the program change?

Student Loans in North Carolina

Some states have passed legislation to make student loans more affordable. Justin Gmoser checks out what these programs do.

With the new fiscal year upon us, many college students may find themselves struggling to pay off their student loans. It’s not the ideal situation, but I can tell you what we did about it.

In case you’re wondering if you need to get a loan…

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Student Loans in North Carolina

Find the amount owed on your student loans.

You may not have realized until now that you have student loan debt, but if you do, then you need to find out what the exact amount is owed on them. Most people tend to forget about their student loan debts and don’t realize they owe money. So start researching online and learn how much money you actually owe.

Negotiate your payments with your lender.

Once you’ve figured out the total amount of money you owe, you’ll want to make sure you pay off your loans before you graduate. This way, you won’t have to deal with paying extra interest charges. You may even want to negotiate a lower monthly payment or reduce the length of time you have to pay back your loan. Talk to your lender and ask them if they would consider lowering your repayment terms.

File for bankruptcy if necessary.

If you think that paying off your student loans isn’t going to happen, then maybe filing for Chapter 13 bankruptcy is the right option for you. If you file for bankruptcy, you’ll get a three-year reprieve from making any payments towards your loans, which means you can try again after you’re done with school. Your lender can’t take things over once you’ve filed for bankruptcy either; therefore, you might still end up getting some of your money back.

Make your payments on time.

Don’t let the fact that you have a lot of interest on your student loans keep you distracted. Just because you’re struggling to pay off your monthly bills doesn’t mean you should neglect your student loans. Every month, you should make at least one payment. Don’t worry about missing your due date—if you miss one, just catch up whenever possible. If your lender has a collection agency, call them and ask them for help catching up on missed payments.

Student Loans in North Carolina

Make sure your loan company knows about your situation before they start charging you interest. If they don’t contact the school’s financial aid office, then do not pay them until they do.

You could consider using an online consolidation service to lower monthly payments and avoid paying any interest at all if you qualify. There are dozens of companies out there online that offer this type of service, including: www.studentloansconsolidation.com

Do what you have to do to make ends meet while you’re in school. While we did not study much about finances in high school, I know my parents always told me how important it was to have money saved up in case something happened. Even though I never really knew what “something” meant, I still took their words to heart. My advice would be to save money whenever possible and put it away for later use. In the meantime, keep making minimum payments on your loans (if you need help figuring out what those are, just look it up).

Get a job even if you have no experience. Jobs aren’t hard to get these days. All you have to do is go on Craigslist or Monster.com and check out the jobs section. Also, many colleges now hire student workers, so just ask around and see if your school has anything going on right now.

You might want to talk to someone who currently has a student loan to learn what kind of payment plan you should take. We were given a lot of different options depending on our income and current debt level. If you don’t know where to find these people, try looking them up online.

Keep the lights off.

Turn the AC on full blast.

Don’t open windows.

Use only filtered air.

Turn off all electronics, especially TVs/DVD players.

Set your alarm clock to 5 minutes after you wake up each morning.

Go outside once a day.

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