Student Loans Schools First

School loans have a negative effect on the economy.

If students could get school loan forgiveness immediately after graduation, they would feel compelled to go to graduate school instead of getting a job right away. The result would be fewer jobs and a higher unemployment rate.

Students should not have to take out student loans.

It is ridiculous that kids who don’t want to work at minimum wage jobs to pay off their student loans are forced to do so anyway. If we let colleges know how much money we’re willing to spend on their education, then they’ll stop making exorbitantly priced degrees. By making schools cheaper, we’d automatically make them more affordable for everyone.

Student loans need to be made more manageable.

The government shouldn’t just write student loans off after 10 years if a person doesn’t earn enough to cover the interest. Instead, they should create a program where people can pay back student loans over 20-25 years, depending on the amount they owe. People shouldn’t have to decide between buying food or paying off their student loans.

We should forgive student loans for students who don’t attend college.

Forgiveness isn’t really the issue here; it’s about giving students the opportunity to pursue higher education without having to deal with debt repayment first. There are already plenty of ways to help students while still keeping costs low; adding forgiveness to this situation would only add additional complications.

Students should be able to refinance their loans based off their income level rather than a specific number of hours worked per year.

Instead of requiring students to work a certain number of hours per year to qualify for refinancing, they should be given a percentage of what they make each month and use that to calculate their payment amounts. When someone earns $10,000 per year, they should be able to lower their payments to around $300 per month.

Student Loans Schools First

California State University System

The CSU system is composed of 26 public universities and six community colleges throughout California. It is the largest not-for-profit university system in the United States. In addition to offering degrees at the undergraduate level, many of them offer graduate programs as well.

University of California – Berkeley

The UC system includes nine public institutions and three private ones. It offers master’s degree programs, some bachelor’s programs, and even doctoral programs. Many students attend UC schools to earn undergraduate degrees while majoring in another subject.

New York University

This is the largest institution of higher learning in the world. NYU offers undergraduates about 200 undergraduate majors. Most people know NYU for its strong business school, but they are missing out on learning more about the arts and humanities offered here.

Duke University

Duke is a private research university located in Durham, North Carolina. There are over 15,000 undergraduates enrolled at Duke.

Columbia University

Columbia University was established in 1754. Today, it is among the top 10 universities in America. Its undergraduate program currently hosts 9,500 students.

Harvard University

Harvard is the oldest institution of higher learning in America. Students attend this prestigious Ivy League school to pursue their undergraduate studies. The university has approximately 60,000 students enrolled.

Stanford University

Stanford was founded in 1891. It is known for being a great place for learning, research, and teaching. About 20,000 students attend this prestigious college.

Student Loans Schools First

Student loans schools first

The student loan debt crisis is fast becoming the number one financial issue facing college students today. According to the New York Fed’s latest Survey of Consumer Finances (SCF), the total amount owed by borrowers who are enrolled at least half time in degree-granting postsecondary institutions increased by $22 billion between 2007 and 2015. For many borrowers, these increases have been driven by higher education costs, which were largely fueled by a sharp decline in government funding for colleges and universities over the past few decades. These trends have resulted in rising tuition and fees and declining state appropriations, which together have contributed to a steady increase in the level of federal student aid over the last decade. As a result of these changes, more than half of undergraduate students now graduate with some type of student loan debt.

Public vs Private School Loans:

Public school loans are offered through the Federal Family Education Loan Program (FFELP) which was established in 1965 under President Lyndon B. Johnson’s War on Poverty program. Under FFELP, Pell Grants, Stafford Loans, PLUS Loans, and Perkins Loans are provided to those who qualify and meet specific requirements. Private school loans, on the other hand, are usually provided by banks or credit unions under their private lending programs. Unlike public school loans, private school loans generally do not have any repayment restrictions as they are based on the borrower’s ability to repay them. However, the average interest rate charged for private school loans may be high compared to public school loans.

What is Graduated Repayment?

Graduated Repayment (GRAD) is a plan where you pay back student loans after graduating from college. If you choose the GRAD option, you will start repaying your loans three years before you expect to receive a degree. By paying off your loans early, you avoid making monthly payments while you still have little to no income. To qualify for the GRAD payment plan, you must attend full-time at a participating institution. Participating institutions include accredited two-year and four-year colleges and vocational schools, community colleges, online schools, military academies, and technical schools. You will need to complete either 15 or 30 months in order to get out of default status and achieve PRESTIGE status. Once you reach PRESTIGE status, you can apply for lower rates and less restrictive repayment terms on your remaining balance. GRAD plans offer flexible options to help make monthly payments easier. Here is a list of repayment options and how each works:

Standard Repayment – Repays your remaining principal and interest in equal installments for 25 years.

Extended Repayment – Repayments your remaining principal and interest over 10 years.

Income Based Repayment (IBR) – Repayments your outstanding balances in monthly installments based on your discretionary income and family size.

Debt Consolidation:

Debt consolidation is the act of combining all of your debts into a single larger loan. A debt consolidator makes the process simple by handling all of the paperwork. After completing the application, you will then be assigned an affordable consolidated loan. Most importantly, once you consolidate your debt, you will save money on interest payments. On average, a person can save about $100 per month by consolidating his/her debt. When selecting a debt consolidation company, look for a company that offers low introductory APR rates and long term fixed interest rates. Also, be sure to read the fine print and make sure you understand the terms and conditions of the agreement before signing anything.

Student Loans Schools First

We Are Students Not Debtors, LLC

We are students not debtors, LLC was founded in 2016 by two former college students who could no longer find student loan forgiveness options after graduating. We started making loans easier for our fellow veterans by doing what we do best: simplifying the confusing world of student loans. Our mission is simple – help you get out of debt, fast!

U.S. Dept. of Education

The United States Department of Education (USDE) is responsible for providing financial aid to students attending institutions of higher education including private nonprofit schools that are eligible for federal funding under  IV of the Higher Education Act of 1965, as amended.

Federal Student Aid

Federal Student Aid (FSA), formerly known as the William D. Ford Direct Loan Program, provides need-based grants and subsidized Stafford loans to undergraduate students at participating colleges and universities nationwide.

College Financial Planning & Counseling | CFP&C

A CFP® Professional focuses exclusively on helping students manage their college finances. A CFP® Professional may provide educational material about the costs of attendance, the value of a degree or credential, choosing the right school, completing financial aid applications, paying for college

Student Loans Schools First

National Student Loan Bank (NSSLB)

The NSSLB is a federal program launched in 2008, which provides low-interest loans to student borrowers who attend school at any accredited college or university in the United States.

Federal Family Education Loan (FFEL) Program

The FFEL Program was created in 1965 to provide low interest rate loans through the Department of Education’s Direct Loan Program. These loans were made to students attending schools nationwide that would otherwise not qualify for government financial aid.

Veteran’s Administration (VA) Loans

This loan program is designed for veterans and their family members, and covers both public and private educational institutions. Eligible individuals may borrow to cover tuition costs, books, fees, room, board, and incidentals.

Perkins Loans

Perkins Loans are granted by the U.S. Department of Education (DOE) to eligible educators and students who work with children in preschool programs. Students pursuing teaching certifications are exempt from paying back Perkins Loans.

Stafford Loans

Stafford Loans are provided by the DOE to eligible undergraduate students. They range from $0-$9,250 per year depending on income levels.

Unsubsidized Direct Loans

Unsubsidized Direct Loans are available to undergraduates who have a GPA between 2.00 – 4.00 and do not receive funding from other organizations. A maximum of $23,000 is available to each borrower.

Subsidized Direct Loans

Subsidized Direct Loans are provided to undergraduate students with a GPA below 2.50 and outside federal financial assistance. Borrowers can borrow a maximum amount of $35,500 over four years.

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