Penfed Student Loans

We have a video coming out about student loans on Monday. I wanted to get some things set up before then so here we go. A couple of years ago I started making videos trying to warn people about what they would face if they decided to take out student loans after college. There were two reasons why I decided to make this video at least. First of all due to no interest being charged while you are paying off loans is nice. Secondly, people should know that due to student loan laws (and even regulations), they actually cannot legally negotiate their payments (don’t ask me how I know this) – however if they can afford it they absolutely need to pay it all back at once! That’s just my opinion…I could be wrong. What do you guys think?

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Penfed Student Loans

PenFed Student Loans

To get out of paying student loans after college graduation, many students turn to private lenders who offer low-interest rates for their loans. Unfortunately, these private loan companies charge high fees when borrowers pay back the loan early, leaving them vulnerable to financial ruin. In some cases, student loans can even be discharged in bankruptcy if the borrower is struggling financially. There are alternatives to private student lending out there, though they’re not always free. One option is to use government-backed borrowing programs, like those provided by the U.S. Department of Education.

Perkins Loan

The Perkins Loan is a federal program created in 1946 to help postsecondary vocational education institutions finance the cost of tuition and related expenses. Each year, the U.S. Congress reauthorizes the Perkins Loan Program, subject to annual appropriations.

Federal Family Educational Loan (FFEL) Program

The Federal Family Educational Loan (Federal Family Educational Loan, FFEL, or FAFSA) is a federally subsidized program administered by the U.S Department of Education to provide low interest rate student loans for students enrolled in qualifying educational programs. Undergraduate students can receive Stafford Loans, Graduate PLUS Loans, Parent PLUS Loans, and Teacher Education Assistance for College and Higher Education (TEACH) Grants. These loans are often referred to as “Direct Subsidized Loans” or Direct Loans.

Pell Grant

The Pell Grant is a need based grant awarded annually by the United States Department of Education, targeted primarily at undergraduate level students. Students with demonstrated financial need may apply for grants each year. Recipients must agree to work towards repayment of the funds.

Supplemental Educational Opportunity Grant (SEOG)

The SEOG is a federal program in the U.S. designed to assist eligible lower income undergraduates attend high quality colleges and universities. A portion of the amount awarded is paid directly to the institution where the applicant is enrolled. Applicants must meet certain eligibility requirements including being full-time undergrads and having a household income below $40,000 ($60,000 for Native Americans).

William D. Ford Federal Direct Loan Programs

Students pursuing higher degrees have access to a variety of options to borrow money while attending school. The William D. Ford Federal Work Study provides employment opportunities for students seeking academic credit. The William D. & Catherine T. MacArthur Foundation offers the opportunity to pursue graduate studies without incurring debt. The National Health Service Corps Scholarship helps repay medical school costs. And the Yellow Ribbon Program assists Veterans in repaying their student loans.

Grad PLUS Loan

This type of loan is issued by the federal government and funded by mandatory deductions from active duty military members. It is intended to encourage qualified service members to continue their education instead of choosing a career path. Eligibility criteria includes serving on active duty and meeting other qualifications.

Penfed Student Loans

Why do we have student loans?

The government wants us to go to school and get a degree, so they make money off our future wages.

How does my student loan affect me?

Student loans don’t really affect you unless you default on them. If you default, then the interest adds up until you pay it back.

What is credit score?

It’s how likely people think you’ll pay back your debt.

How can I raise my credit score?

Pay down your debt! If you’re paying 10% off each month, you should have no problem getting your debt down quicker than if you were only paying 1%.

What do I need to know about bankruptcy?

Bankruptcy is basically just giving up on your debt. You won’t be able to use any of your assets (like your car) anymore, and you will lose some of your rights (depending on what type of bankruptcy you file).

What is a mortgage?

A mortgage is basically a long-term, low-interest loan given to a homeowner to buy their own home.

Should I apply for a mortgage?

If you plan on buying a house in 5 years or less, yes! Mortgage rates are historically low right now, so mortgage applications are actually falling.

Penfed Student Loans

The Federal government makes student loans accessible to those who qualify. But what happens if you fail to repay these loans? I have been working hard to get my loan paid off, and I am not alone. According to the U.S. Department of Education, over 40 million Americans have outstanding student debt totaling $1.5 trillion dollars. A lot of people struggle to pay their student loan payments each month. PenFed offers several different payment options including standard, extended payment plans and forbearance.

I was able to find out about Penfed through my financial advisor. He referred me to the website and said he would help in any way possible. All I had to do was fill out a simple application and wait a few days. My credit history was pulled along with my income information. Next step was to create three separate budgets for 2019; current expenses, fixed monthly costs, and emergency fund. Once my budget was set, I created a repayment plan to fit my income. The only thing left to do was apply online for a payment plan!

I’m excited to report that my current payment plan is at 12% interest rate and I’ll be paying back approximately $2100 per year. That means that after 30 years, I will pay back $20,000 plus interest! Wow, that’s amazing. I know that I did everything right but still feel relieved knowing that I won’t default on my student loan.

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