Student Loans Guide

This video was created for those students who need help understanding student loans, paying back student loan debt, how to avoid credit card companies while paying off their student loans, and what to do if they have already defaulted on their loan payments. Student loans should not be viewed as money to borrow instead they should be seen as a tool to aid in financing your education.

The student loan payoff calculator works by taking the total amount owed after student loans (principal plus interest) are paid off and divides it by 25. So if you owe $10,000, the calculator would show you make 36 monthly payment to pay off the school loan.

Student Loans Guide

Student loans

Student loan debt is the biggest problem facing students today. There are now over $1 Trillion dollars of student loan debt outstanding. In fact, private student loans have surpassed credit card balances. Student loans cannot be discharged in bankruptcy unless excepted under certain circumstances. Students should always try to borrow no more than they need to pay back. Borrowing money to go to college then finding out you don’t want to be a doctor after you graduate is not the best use of your money.

What to do if you default

Students should be aware of what happens if they default on their loans. If you fail to make any payments for 180 days you risk having your federal loan automatically disbursed to the lender at 100% of its original value. You may be able to get your loan cancelled before the entire amount becomes due. Ask your lender how to avoid default. Many lenders offer lower rates and interest if you extend payment dates.

Federal loan forgiveness programs

The government offers several loan forgiveness programs for those who work in certain fields. If you work for a nonprofit organization or work for the United States Government, you may qualify for some loan forgiveness.

Other options

There are many other options in addition to federal loan forgiveness. Private companies offer consolidation plans where you consolidate all your loans into one monthly payment. Your total loans could be forgiven if you meet certain requirements. Another option is income based repayment where you only pay a portion of your total loans each month depending on your income level. If you earn less than a certain amount, you won’t owe any principal on your loans and only make regular payments. However, if you earn more than the threshold limit, you’ll start making larger payments towards your loans.

Student Loans Guide

What is Student Loans?

A student loan is a type of debt incurred after a student graduates from college. It is money borrowed from private lenders for any purpose. Student loans vary depending on the school attended by the borrower and the state they live in. A federal government loan program called the Stafford Loan Program sets the standard. Federal grants and scholarships are not counted toward repayment. Private loans follow different rules.

How do I choose the right school for me?

Choosing a school can be tricky. You have to decide what kind of education you want, how much money you need to borrow, and where you plan to study. If you’re only planning to attend community colleges, then look at public schools instead of four-year degree programs. Community colleges are often less expensive than four-year degrees, and many students who transfer to a four-year university later end up paying less than if they had started out in community college.

Am I eligible for financial aid?

The U.S. government offers several types of financial assistance for college related expenses. Students are allowed to take advantage of some of these programs without having to pay back the money. Check with your school’s financial aid office to find out about all the options. It doesn’t hurt to ask.

Can my parents help me financially?

If you need to borrow money, you might get it from family members or friends. However, before accepting their help, make sure it won’t affect your grades negatively. If you’re willing to go without a stipend, your parents may be able to give you extra spending money. Many people turn down parental support, though, due to peer pressure.

What if I don’t want to graduate?

You should consider whether going to school is worth your time and effort. Maybe you’ll love studying in school, but you feel like a failure if you drop out. Consider dropping out if you think you’re not learning enough, if you’ve developed an unhealthy relationship with drinking or drugs, or if you’re unhappy at school. Or you could try to find jobs that fit your skills and interests. In general, we recommend choosing a major that interests you and working hard at getting good grades. Also, remember that you have nothing to lose by quitting – you can always return to school later.

Is Public School Better Than Private School?

Most high school graduates prefer attending public schools over private ones. Students generally aren’t forced to attend classes at certain times or wear uniforms. Plus, public schools tend to offer more opportunities for extracurricular activities. On the downside, public schools are more likely than private schools to charge tuition fees, which means you’ll have to work harder to save money for school.

Should I Go To College?

Many people start off thinking that college is for everyone, but the truth is that students of all ages and backgrounds benefit from higher education. Think about what you want to do with your life and learn what you need to know to get there. And think about your personal finances. Going to college is great, but it costs a lot of money! Before you start applying and looking at schools, decide how much money you want to spend to put yourself through school. If you don’t have enough money saved up, you might consider postponing your plans until you earn more.

Student Loans Guide

Federal Student Aid (FSA)

Federal student aid offers financial assistance for undergraduate, graduate and professional students. There are two major types of federal student loans: subsidized and unsubsidized. Students who borrow under the Public Service Loan Forgiveness program do not need to pay interest while they’re making payments on their loan.

Subsidized student loans are government-backed loans and have fixed rates; however, subsidized student borrowers still need to repay some of their loan amount over time. Unsubsidized loans are private loans and are not backed by the US Government. Unsubsidized student borrowers don’t receive any help paying back their loans while they are enrolled at least half-time. Interest accumulates each month until the borrower repays the loan. After 10 years of repayment, the remaining balance is forgiven.

Some programs require a minimum number of credits earned before enrolling in college. Other requirements may vary based on age, income level, family size, etc. You should check out all the options carefully before applying for a student loan.

Direct Subsidized Loans

You can apply for direct subsidized loans if you plan to attend school full-time while working at least part of the year. You can use these loans even if you’re currently attending school. However, you’ll have to start repaying the loan after graduation unless you qualify for a deferment.

Direct PLUS Loans work similarly to standard subsidized loans. If you already have a federally guaranteed loan for undergraduates, graduate, or professional school, you may be able to get a direct PLUS Loan instead. Direct PLUS Loans are only available for parents whose dependent children were born between October 1, 1990 and September 30, 1993.

If you have a parent enrolled in the military or active duty, you may be eligible for a direct PLUS Loan. You must meet certain criteria including having no credit history, low to moderate income, being enrolled at least half-way through a degree program, residing primarily with your parent, and being financially responsible for yourself. Your parent’s monthly income cannot exceed 120 percent of your own.

Refinancing Student Loans

A refinancing student loan allows you to reduce your interest rate without changing your payment schedule. Many lenders offer lower interest rates than what you would find on a standard student loan. To qualify for a refinancing student loan, you must make at least 12 monthly payments on your original student loan, and you must be enrolled at least half-times at a school where you plan to earn a bachelor’s degree, or higher.

Parent PLUS Loans

Parent PLUS Loans are designed specifically for parents of dependents. Most parent PLUS Loans are fully funded by the US Department of Education, whereas direct subsidized and direct PLUS Loans are partially subsidized. A parent PLUS Loan does not affect your child’s eligibility for a Pell Grant.

Parents may take advantage of various tax breaks related to the cost of a PLUS Loan. Interest paid on a parent PLUS Loan is excluded from taxable income. Furthermore, qualified tuition expenses incurred while taking out a parent PLUS Loan are considered non-tax deductible. Parents can expect to save about $10,000 on qualifying education costs by using a parent PLUS Loan.

Private Student Loans

Student Loans Guide

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