Student Loans
Navigating the world of student loans can be overwhelming, but we're here to provide guidance and equip you with the tools you need to make informed financial decisions.
Here, you'll find a range of resources and tools that will help you understand your student loans better, explore repayment options, and plan for a successful financial future. From loan repayment calculators to loan forgiveness programs, we've curated a collection of resources to support you every step of the way.
Understanding Student Loans:
Types and Options
When it comes to student loans, it's essential to understand the different types available to you. Familiarizing yourself with the various loan options will enable you to make informed decisions about borrowing and managing your finances effectively. Here are the main types of student loans you may encounter:
- Subsidized Loans: Available to undergraduate students with financial need through the FAFSA, these loans do not accrue interest while you're in school or during deferment periods.
- Unsubsidized Loans: Obtained through FAFSA, these loans are not based on financial need and accrue interest from the time they're disbursed. It's important to understand how interest accumulates and consider making interest payments while in school to minimize the overall cost.
- Private Loans: Provided by private lenders, these loans may have variable interest rates and different repayment terms. It's crucial to carefully consider the terms and compare multiple lenders before choosing a private loan.
By understanding the different types of student loans, you can make informed decisions about which options align with your financial goals and circumstances. Find more information at https://studentaid.gov/understand-aid/types/loans
Using Student Loans Wisely:
Tips for Responsible Borrowing
While student loans can be a valuable resource for financing your education, it's crucial to use them wisely to minimize debt and set yourself up for financial success. Here are some tips to help you make the most of your student loans:
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Borrow only what you need.
Take the time to assess your educational expenses and borrow only the amount necessary to cover those costs. Remember, every dollar you borrow now is money you'll need to repay with interest in the future.
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Create a budget.
Develop a budget that includes your monthly loan payments and other essential expenses. This will help you manage your finances effectively and avoid unnecessary debt.
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Explore repayment options.
Get to know your options for loan repayment, including the standard repayment plan, income-based repayment, and REPAY. While all borrowers are automatically placed on the Standard Repayment Plan, it’s important to know your options and choose the one that works best for you.
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Make timely payments.
Ensure you make your loan payments on time to avoid late fees and negative impacts on your credit score. Consider setting up automatic payments to stay on track and avoid missing any payments.
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Seek financial guidance.
Our Money Mentors are available to provide personalized guidance and support. Schedule a session to meet with a Money Mentor who can help you navigate your student loan journey and provide valuable insights tailored to your situation.
By following these tips, you can use your student loans responsibly and set a solid foundation for your financial future. Remember, being proactive and well-informed will help you make the most of your educational investment while minimizing the long-term impact of student debt.
Resources
Loan Simulator
Estimate your monthly loan payments, find the best repayment strategy, and see what it’d look like to borrow more using Federal Student Aid’s user-friendly calculator. Log in using your info from the FAFSA Application or select “Start From Scratch” to start.
Loan Consolidation Guide
Simplify your repayment process by consolidating multiple student loans. This comprehensive guide outlines the benefits, considerations, and steps involved in loan consolidation.
Loan Forgiveness Programs
Learn about criteria, application processes, and potential benefits, including resources for public service loan forgiveness, teacher loan forgiveness, and more.
Federal Student Aid Website
Access the official Federal Student Aid website for detailed information on federal student loans, loan repayment plans, and loan consolidation.
MSU Office of Financial Aid and Scholarships
For questions about your financial aid or scholarships, or if you want to check on the progress of your aid, reach out to a Loan, Scholarship, or Financial Aid Counselor at Mississippi State University.
Loan Repayment Calculator
![Calculator](/sites/www.smmc.msstate.edu/files/styles/medium/public/2024-04/calculator-maroon.png?itok=EF3N9-RQ)
Loan Repayment Calculator
Have student loans or thinking about taking out some? Use our Loan Repayment Calculator to see how your combined student loans will look after graduation, including monthly payments and the total amount you’ll be paying back (with interest).