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:

1. 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.

2. 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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3. 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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4. 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.

5. 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.

   Meet With a Money Mentor

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 Repayment Calculator

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).

Download Loan Repayment Calculator Excel file