7 min read
Student loans are government-backed loans given to students to help pay for school costs. These loans are given out by private institutions like banks, credit unions, and even the federal government. Most people take out these student loans to help fund their education through college, while others use them to finance their studies through graduate schools. A majority of people do not have a problem paying back their student loan debt, but some people find themselves having difficulty doing so. Others may end up defaulting on these debts, and they will continue to accrue interest until they are paid off.
Public service loans are similar to student loans, only they have different rules and regulations. If you are employed full-time and are making payments on time, then you should qualify for public service loan forgiveness programs. To apply for these types of student loan forgiveness programs, you need to meet certain requirements and conditions. You will need to make payments for 10 years and prove your employment status. Once you meet those two criteria, you can receive loan forgiveness.
Private lenders are lending companies that give loans to individuals based on their credit history, income, job experience, and other factors. When looking at lending companies for a student loan, you want to look for ones that offer competitive rates and flexible repayment options. You should also think about whether you need a fixed-rate loan or if you would benefit from an adjustable-rate option. There are many different types of private student loans, including Federal Family Education Loan (FFEL), Unsubsidized Direct Plus, Unsubsidized Direct, Graduated Repayment, Parent PLUS, Stafford Loan, Perkins Loan, and Income Contingent Repayment.
What is the difference between student loans and personal loans? Personal loans are secured loans that you get directly from a bank or credit union. Most banks and credit unions require good credit before giving you a personal loan. In contrast, student loans are unsecured debts, and they are funded indirectly through the US Treasury. As long as you maintain good grades, you are eligible for student loan discharges.
What happens after you graduate? After finishing your degree program, you will have access to several options for repaying your student loans. One option is to start paying back your student loans immediately, while others allow for delayed repayments of up to 20 or 30 years. Generally speaking, you will make monthly payments toward your principal and accrued interest, and you will need to pay taxes on any money you earn.
Student Loans at Georgia Southern
Georgia Southern University offers many different types of loans that can help students pay their tuition costs. These include scholarships, grants, loans, and work study programs.
There are two student loan programs offered by Georgia Southern University: the Federal Direct Stafford Loan (Stafford) and the Perkins Loan.
Student debt after graduation is on the rise. More than $1 trillion in student loans were issued between 2004-2005 and 2013-2014.
According to the Consumer Financial Protection Bureau, the average graduate leaves school owing about $25,000 in federal loans, and the average private college borrower owes around $37,500.
When looking at repayment options, borrowers may choose either monthly payments or direct payment plans.
Monthly payments are calculated based on the amount borrowed and the term of the loan. Direct payment plans are set up to make small, equalized payments over time, rather than one lump sum.
In order to qualify for these loans, students need to have good credit history, be enrolled full-time, maintain a minimum grade point average of 2.5, and not already owe any money.
After leaving school, graduates should contact the lender if they experience financial difficulty. If lenders report the default to the credit bureaus, it could negatively affect their future job prospects.
Students who borrow money for postgraduate studies should consult with a student loan counselor before applying for a loan.
According to the National Association of Collegiate Registrars and Admissions Officers (NACRAO), the number of applications increased 6% last year, while the total number of applicants decreased 4%.
According to the U.S. Department of Education’s Office for Civil Rights, institutions cannot discriminate against students due to their race, color, national origin, sex, disability, age, or status as veterans.
An application for a federal Direct Stafford Loan requires students to fill out the Free Application for Federal Student Aid (FAFSA).
To find out how much money you qualify for, use the FAFSA to calculate your expected family contribution (EFC). This is the estimated annual cost of attending college based on your family’s income and assets.
Student Loans at Georgia Southern
Georgia Southern University is located in Statesboro, GA, in the United States.
Grades available: 2-12
Average class size: 20.
Tuition is $0.0029 per credit hour.
This year, there are 6,914 students enrolled.
Undergraduate enrollment: 5,087
College Majors: 10% Business, 11% Technology, 13% Education, 18% Engineering, 15% Health Professions, 8% Arts & Humanities, 9% Social Sciences, 5% Agriculture, 11% Other/Undecided
There were 1,849 graduates.
$48,000 is the median family income.
Percentage of Graduate Students: 40.5%
The average loan amount is $27,500.
Full-time pay percentage: 48.7%
Over a 30-year period, the percentage is 0.8%.
Student Loans at Georgia Southern
I was going through my bank statements just recently and noticed some really high interest rates I had never seen before. My average APR over the last 5 years is about 8%, so I thought I would do some investigating online. What I found was the Georgia State Student Loan Program, which allowed me to refinance my student loans at 4.74%. After looking around, I decided to go ahead and apply. Here’s what I learned.
At Georgia State University,
This university is located in Statesboro, GA. They have been offering this benefit since 2009, and currently offer $0 down, no prepayment penalty, and 6 months with 0% interest. If you qualify, they only require a $50 application fee and $25 for documentation.
Repayment Plan Options
As long as you earn a GPA of 2.75 (on a 4.0 scale), you can choose between the standard 10 year plan or the income-based repayment plan. You can find out if you qualify for either of these plans by filling out their online eligibility calculator. Keep in mind that both options require monthly payments. However, with the income-based plan, you pay back 15% of your discretionary income. The standard plan requires 20% of your discretionary income but doesn’t start accruing until after the 12 month grace period. Each option comes with its own pros and cons; therefore, they’re not exactly interchangeable.
The good thing about the income-based plan is that while you are making payments, you are paying less than you would under the standard plan. However, you’ll still end up paying off the principal faster. Another great thing about this plan is that the government makes sure you can afford to make payments. While the standard plan does provide a payment cap, the income-based plan doesn’t. In fact, the federal government guarantees that 80% of your income won’t exceed 25% of your discretionary income (up to $20,500).
You can get more information on how to apply through the website. All you need to do is enter your FAFSA info, then fill out their application form, upload copies of your transcripts and proof of financial aid, and finally submit your application. Once approved, you can expect to receive your first bill in about two weeks.
How Much Money Can You Refinance?
Here’s where things get tricky. According to the Federal Reserve Bank of Atlanta, the amount you can refinance depends heavily upon your current rate. Since I graduated in 2011, my loan balance was around $26,600. Because I had an outstanding balance of more than $10k on my original loan, I could refinance up to 75% of my total balance. So, I figured that’s roughly $14,400 worth of equity. That left me with approximately $12,200.00 to refinance, which meant I could only refinance $9,000. Of course, there were many variables that affected this number, including the type of loan you have, what kind of borrower you are, etc.
If you aren’t sure how much you actually owe, try using the Loan Estimator tool on the GSSU website. Just enter your information and voila! Your estimated cost should pop right up.
So, now that you know your options, I hope that you decide to take advantage of this great opportunity. Please let me know what you think about the program in the comments below. Thanks for reading and happy hunting!
As mentioned above, I received a free loan from Georgia State College Financial Aid to cover the costs associated with my application. However, any opinions expressed are solely mine and should not be taken as financial advice.
Student Loans at Georgia Southern
How Do You Get a Georgia State University Loan?
If you’re planning on attending GSU, then you’ll want to look into student loans. These loans can help you pay for college-related expenses, including tuition, room and board, books, fees, transportation costs, and more. In order to get started, you’ll need to apply and submit certain documents online.
What Is The Average Interest Rate On A Georgia State University Loan Today?
The average interest rate on student loans at GSU today is 5.2%. You can find out how much you’ll have to pay each month using our loan calculator.
Can I Refinance My Georgia State University Loan? If so, how much could I save each month?
You may be able to refinance your student loan if you’ve been working diligently towards paying down your principal balance. We’ll let you know how much money you could save using our refinance calculator.
What Are The Benefits Of Choosing A Private Lender To Finance Your Education?
When you choose a private lender, you’ll not only save money on interest, but you’ll also have access to unique features and services that aren’t offered by federal lenders.
Will I be repaid or will I have to pay back my loan?
Most students and graduates who attend GSU will receive their funding after graduation. However, some schools may require a minimum number of credits completed before they issue funds. In addition to being paid back at the end of your education, the government may forgive your remaining debt if you go on to complete certain requirements.
Where Does Georgia Southern University Rank When Comparing Student Debt Rates Across U.S. Universities?
According to US News & World Report, GSU ranks 32nd in the nation among national universities when comparing total student debt rates.
What Is GSU’s Graduation Rate?
In 2017, the GSU graduation rate was 82%, according to the National Center for Education Statistics.
►HEY, we’ve got more valuable information here: ►CLICK HERE LOANS FOR STUDENTS◄
►Cloud of related items ▼
Related Links ▼
► ABOUT US