Student Loans in North Carolina

There are few people who do not want to get a loan, whether it is to buy an automobile or even to pay college tuition. Students today have no choice but to borrow money from banks and financial institutions if they wish to pursue higher education. Most students cannot afford these loans unless they borrow from private lenders.In fact, student loans are the primary cause of consumer debt in America.

The following video lists the reasons why people choose the University of North Carolina at Chapel Hill over other universities and the advantages one gets while studying here.

The university offers many scholarships and programs to make the cost of education easier.

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Student Loans in North Carolina

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The state of North Carolina ranks high at number 27 among states for student loan debt load per borrower, according to the American Student Assistance 2016 report. According to the report, the average student loan balance per borrower in North Carolina is $14,000. –

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Student Loans in North Carolina

The state of North Carolina offers several loans to students who need assistance financing their higher education.

Student Loans in North Carolina

The state of North Carolina ranks highest in student loan debt, at $24,914 per borrower. In fact, nearly 1 in 5 borrowers owe over $50,000 in student loans and are unable to pay them off completely.

So what’s the cause? According to a recent study conducted by the National Bureau of Economic Research, the cost of education continues to rise much faster than inflation, making student loans much harder to repay. But while the student loan industry may not have any incentive to help, there are some ways you can get ahead of the game and reduce your college costs before they start piling up.

Check your budget.

One of the first steps towards reducing your student loan burden is to look at how you spend money now. If you’ve always been a spender and rely heavily on credit cards, consider switching to cash-only for the duration of school. You’ll cut down on the number of spending opportunities you have, and when your budget is tight, you won’t feel tempted to spend any extra cash just because you’re bored or hungry.

If your budget isn’t already tight, then you might need to curb your spending habits even further. Instead of buying lunch everyday, pack your own; instead of eating out at restaurants, cook meals at home; switch to cloth bags instead of plastic ones; skip Starbucks lattes instead of going to the mall. There are endless possibilities, but the key is to make sure that you’re conscious about your finances. And if you find yourself having trouble, talk to a financial counselor or visit a free counseling service like DebtConsolidationCafe.org to learn more about personal finance.

Take Advantage of Scholarships

Another way that students can save money throughout their education is to take advantage of scholarship programs offered by their schools. These scholarships often require little or no work and can significantly reduce your total educational costs. Most colleges offer various types of scholarships, including merit-based, merit-plus, need-based, and need-based plus. Finding these scholarships can be difficult, especially because many people are unaware of their existence until they arrive on campus, but there are plenty of resources online that can point you in the right direction.

Consider Repaying Student Loans Early.

While student loans aren’t technically considered dischargeable debts in bankruptcy court, they do allow you to negotiate repayment terms with lenders. Typically, you have 60 days after graduation to begin repaying your loans, although this varies according to each lender. By choosing to repay your loans early, you could lower the amount of interest accrued and potentially save hundreds of dollars on monthly payments. However, keep in mind that if you choose to go this route, you will lose the opportunity to earn income tax deductions as well as any other future benefits provided by the federal government.

Look into federal income taxes.

Although private student loans aren’t subject to federal taxes, you should still be aware that federal income taxes apply to earnings that exceed $80,500 annually. This means that you should expect to pay Uncle Sam on all of your wages, whether they came directly from class enrollment fees or were earned elsewhere. Fortunately, you have several options to avoid paying income tax on your tuition.

First, use 529 plans as a way to save for higher education expenses. A 529 plan is basically a savings account that’s managed by your school, allowing you to defer your taxable income until you withdraw funds at retirement. Keep in mind that you can only contribute up to $14,000 per year and that withdrawals can incur a penalty. Another option is to open an IRA. An IRA is essentially a retirement account that provides tax breaks for investing, allowing for contributions of up to $5,000 per individual. Finally, if you’re enrolled in a full-time program and have a job outside the classroom, it may be possible for you to claim the American Opportunity Tax Credit. This means you could receive a refund of up to $2,500 on qualifying tuition and related expenses.

Find Ways to Improve Your Financial Situation Before School Starts

The earlier you start saving money, the more likely you are to succeed. One way to improve your situation is to start working as soon as you’re accepted to school. Since you’ll be earning a paycheck while you’re studying, you can use your earnings to build up savings and invest in mutual funds or stocks, so you can get started sooner rather than later. Another idea is to try to build up a portion of your tuition upfront using a payment plan. While most of us would prefer to spread our bills out over time, building up your tuition bill slowly allows you to set aside money for basic living expenses without worrying about being able to afford rent, food, or utilities.

Student Loans in North Carolina

Student Loans in North Carolina

The state of North Carolina offers no grants for school costs. And while many states offer some sort of financial assistance to students, the amount of money and time needed to apply for these programs makes them less attractive options than private loans. Private student loans are offered by banks and credit unions. These types of loans take anywhere from six months to three years to pay off, depending on the loan provider.

A Federal Stafford Loan

This type of federal loan is generally used by undergraduate college students who wish to finance their education at a public university or community college. A borrower may receive as much as $20,500 per academic year to help cover tuition, room, board, fees, books, and supplies. However, the interest rate on a federal loan can be quite high—nearly double what you would find from a private lender. In addition, the government caps the total amount of repayment over the length of your loan.

Private Loans

Private student loans are offered by various lenders, including bankers and credit card companies. Unlike federal loans, they cannot be consolidated with other debts. Also unlike federal loans, private loans do not have any federally mandated repayment terms. Most private loans allow borrowers to choose between fixed and variable rates. Fixed-rate loans typically charge lower interest rates than variable loans. But higher monthly payments mean that you’ll pay more towards the loan’s principal.

Scholarships & Grants

Students wishing to attend schools other than those associated with the National Collegiate Athletic Association (NCAA) or the National Association of Intercollegiate Athletics (NAIA) may qualify for athletic scholarships. Non-scholarship aid includes work study programs, employment opportunities, and need-based grants. Need-based grants are given out according to the Free Application for Federal Student Aid (FAFSA). All non-grant aid must be applied for directly through each school’s website. There is also the option to borrow money from parents or friends. Parents can give up to $10,000 without any penalties, but gifts from friends carry a 10 percent fee.

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