Student Loans at Western Michigan University

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Student Loans at Western Michigan UniversityStudent Loans at Western Michigan University

The student loans offered by WMU have some great characteristics. These loans are not federally guaranteed, do not require credit checks, and offer interest rate caps.

Interest Rate Caps

WMU’s student loan interest rates are capped at 8 percent per year for federal loans and 6 percent per year for private lenders. These low interest rates are attractive given the current state of the economy.

Non-Guaranteed Loans

If you default on your college loans, WMU will not use that information to determine how much they can collect from you.

There are no credit checks.There are no credit checks.

WMU does not perform any credit checks before issuing a student loan. This means you can get a loan without having any blemishes on your credit history.

The EasyThe Easy Application Process

All applications for student loans are completed online. You can submit them using your computer, mobile device, or tablet.

Student Loans at Western Michigan UniversityStudent Loans at Western Michigan University

Western Michigan University (WMU) was founded in 1885 as a teacher-training school. Since then, WMU has grown into a midwestern public research university.

WMU offers three different degreedegree programs: Master’s of Science in Business Administration, M.S.;M.S.; Master’s of Education, M.Ed.;M.Ed.; and Doctoral Degree in Counseling Psychology, D.C.P.. The average student debt at WMU is $27,000 per year.

WMU is located in Kalamazoo, MI and is near Lake Michigan.

WMU attracts about 50,000 students each fall semester.

WMU is the home institution of former U.S. President Barack Obama.

WMU is known for being a leader in environmental education, sustainability, and renewable energy studies.

WMU’s Center for Alternative Energy Studies is among the top 20 institutions of its type worldwide.

WMU is accredited by the Higher Learning Commission.

WMU’s School of Education ranks third in the nation for high-achievinghigh-achieving counselors.

WMU’s School for Professional Development ranked first nationally for its emphasis on helping people obtain jobs.

In 2009, WMU became the first college in America to offer a degree program using 3D printing technology.

In 2012, WMU launched a new campus in downtown Grand Rapids, Mich., called the Innovation Campus.

WMU’s innovation center houses the world’s largest wind turbine.

WMU’s campus is surrounded by nature, including 200 acres of forests, wetlands, and prairies.

Student Loans at Western Michigan UniversityStudent Loans at Western Michigan University

Student loan debt continues to rise at a staggering rate across the country. In fact, many students graduating today have student loans exceeding $100,000. While these numbers may seem daunting, they’re not unheard ofof. The average graduate coming out of a four-year college owes roughly $37,000 in student loans.

Many people think that getting a job right after graduation would wipe away their student debt, but that doesn’t necessarily happen. According to The New York Times, “In 2012, the median monthly payment for a graduate with private loans was $319; for a public-loan borrower, it was $264.”

Some universities offer alternative programs to help pay for school, but those don’t always cover everything. Many students rely on financial aid to make sure they’re able to finish school, but even with scholarships, grants,grants, and federal work-study programs, paying back student loans can still be difficult.

So what should you do if you’re struggling to pay back your own student loans? Let’s take a look at some options.

Work More Hours

If you need to make more money in order to repay your debts, consider working more hours. If you’re currently employed full time, try applying for positions at your current company that aren’t related to your current field. You may find that you actually enjoy working and earn more than expected.

However, this option isn’t for everyone—especiallyeveryone—especially if you’re already working long hours. But if you’re worried about how much you’ll owe once you graduate, doing extra shifts could end up being worth it.

Get a Part-Time Job

Students often choose to go to school full time and put off employment until after graduation. However, this may no longer be necessary. There are plenty of jobs out there where you don’t have to spend long hours sitting behind a desk.

For example, a service industry position or retail position might be perfect for someone who wants to maintain flexibility while making money. Plus, you won’t feel guilty leaving the house early if you know you earned money that day.

Check out sites like Flexjobs and 1099Deductions to see if you qualify for any type of tax credit, depending on whether or not you work a certain number of hours per week.

Take On Another Loan

If your student loans are overwhelming, you may want to consider taking out a consolidation loan instead. A consolidation loan combines several types of student loans together to create one large loan. As a result, you only have to make one payment each month.

Unfortunately, this means that you may have to borrow a little bit more money. So before signing anything, make sure you understand exactly what you’re agreeing to.

Student Loans at Western Michigan UniversityStudent Loans at Western Michigan University

Direct Subsidized LoansLoans (DSL)

The direct subsidized loan was established under  IV of the Higher Education Act of 1965. A student who meets certain eligibility requirements may receive federal financial aid to pay for their higher education expenses. Students who meet the eligibility requirements should contact a lender (usually a bank) to find out whether they qualify for a loan. In addition, students may qualify for additional loans if they need more money after receiving direct subsidized loans.

FFEL stands for Federal Family Educational Loan.FFEL stands for Federal Family Educational Loan.

The federal family educational loan was created under  I of the Higher Education Act Amendments of 1981. FFEL loans are based on the amount of the student’s expected family contribution. This means that the government subsidizes student loans to help defray the cost of attending college. The interest rate charged is lower than the prime rate,rate, and the subsidized rate is tied to theprime rate prime rate plus 2%. If the student borrows less than $20,000, the loan is considered a subsidized loan; otherwise, the loan is considered unsubsidized.

Unsubsidized Graduated Repayment Loan (Sub-RRB)

A graduate repayment loan is a type of federally backed student loan in which the borrower pays backhis or her his or her total loan balance over a period of time, rather than paying off the principal amount, as is done with private lenders. The length of the payment schedule varies  but generally ranges from six months to five years. Most borrowers pay back the entire loan before completing their studies. However, some borrowers choose to make payments over longer periods.

Perkins Loan

The purpose of the Perkins loan program is to provide long-termlong-term low interest rate financing to students enrolled in institutions of higher learning. Perkins loans are administered by the U.S. Department of Education. These loans have no fixed term and are not subject to prepayment penalties. Eligible applicants must attend schoolfull time full time and maintain a minimum cumulative grade point average of at least 2.25. Payments begin approximately six months after graduation or completion of the program. Interest accrues while the student is enrolled in school. After graduation, the payment plan begins immediately.

PLUS Loan for Graduate StudentsPLUS Loan for Graduate Students

Some students use federal grants, state funding, scholarships, and other forms of financial assistance to cover their tuition costs. When these funds are insufficient, the student may turn to non-federal options to finance their education. One option is to consider borrowing money from private lenders. Another choice is to apply for federal student loans. Both direct and guaranteed student loans offer flexible repayment plans that allow borrowers to repay their loans according to their own budget.

Private Loans

Private lenders are responsible for determining whether an applicant qualifies financially for a particular loan. Private lenders base their decisions on information submitted by the applicant. Private lenders do not require a credit check. Before accepting any application, however, a private lender should inform the borrower about what documentation he/she will need to submit to verify income and assets.

Military Loans

Military members often rely on military loans to fund their education. These loans are issued by banks or other lending institutions. Since the proceeds go directly to the borrower, the lender does not care how the borrower uses the money. The only requirement is that the borrower completecomplete the terms of the loan. There are two types of military loans: the direct loan and the guaranteed loan. The direct loan is funded by the military services themselves, while the guarantee loan comes from the Department of Defense. The Department of Defense guarantees that the military service member will repay the loan  regardless of how the borrower manages his or her finances.

Student Loans at Western Michigan UniversityStudent Loans at Western Michigan University

How much money do I need?

The amount of student loan debt that you owe varies based upon what school you attend and how long you plan to stay at school. Your monthly payment depends on your loan balance and the rate you are charged by your lender. You may also qualify for special programs offered by your lender. Contact your lender for more information about these types of loans.

What if I have bad credit?

If you find yourself struggling financially, consider taking out Federal Family Education Loan (FFEL) Stafford Loans. These typestypes of loans offer flexible repayment options and lower interest rates than other federal loan products. Most private lenders won’t lend to students with low credit scores,scores, and they don’t offer any special programs for those who have been turned down by a bank. If you still want to pursue a student loan, take out a consolidation loan. A consolidation loan combines several different loans into one, lowering your total payments. You’ll borrow less and pay less over time.

When should I apply for financial aid?

Applying for financial aid before you know exactly what you will spend can help you save money on tuition. Lenders often give bigger grants to students who show that they will use their financial aid wisely. Apply early enough to get a good idea of your eligibility. Be sure to check with your school’s financial aid office to make sure you meet their requirements for receiving aid. You may even qualify for assistance from state-based funding sources.

Is my application confidential?

Your college financial aid file is kept confidential. However, your name and the amount of aid you receive areare sharedwith the with the colleges you plan to attend. Colleges that you’ve applied to use this information to decide whether to admit you or not. Financial aid administrators also keep track of the number of people that have received aid and how much each person has received.

Can I request additional funds later?

Yes! All approved applications remain active for five years after graduation. So, if you’re worried about being able to afford your education, think ahead. Requesting extra funds now could allow you to finish your degree without having to worry about paying back loans. loans. Remember, you can always ask for more financial aid once your grant is awarded.

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