1 / 14

Student Loans

Student Loans. Koester & Speshock 2013 . Types of Loans - Stafford. Stafford Loans - Most common type of Federal Student Loan 2 Types: Subsidized Unsubsidized. Types of Loans - Stafford Loans.

adolph
Télécharger la présentation

Student Loans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Student Loans Koester & Speshock 2013

  2. Types of Loans - Stafford Stafford Loans - Most common type of Federal Student Loan 2 Types: • Subsidized • Unsubsidized

  3. Types of Loans - Stafford Loans Subsidized - government pays interest while student is in school, during deferment periods, or during 6 month grace period after school. Who can borrow: • Students with financial needs • U.S. citizens or eligible non-citizens • Enrolled at least half-time in a set program

  4. Types of Loans - Stafford Subsidized (continued): Loan Limit: $23,000 total; Up to $3,500 in first year Up to $4,500 in second year Up to $5,500 each additional year

  5. Types of Loans - Stafford Subsidized (cont.): Interest Rate: 3.4% Repayment: (Up to 10 years) Begins 6 months after - • Graduation • Withdraws • Drops below half-time

  6. Types of Loans - Stafford Unsubsidized - Interest accrues from beginning of loan. Who Can Borrow: • U.S. citizens or eligible non-citizens • Enrolled at least half-time in a set program

  7. Types of Loans - Stafford Unsubsidized (cont.) Loan Limit: • Same base amounts as subsidized • Can apply for additional $2,000 per year for total of $31,000 • If denied PLUS loan, can apply for additional $6,000 - $7,000 per year for total of $57,500

  8. Types of Loans - Stafford Unsubsidized (cont). Interest Rate: 6.8% Repayment: (Up to 10 years) Begins 6 months after - • Graduation • Withdraws • Drops below half-time

  9. Types of Loans - Perkins Perkins Loan - low-interest federal loans, administered by the school, for students who demonstrate exceptional financial need. Who can borrow: • Students with exceptional financial needs • U.S. citizens or eligible non-citizens • Enrolled at least half-time in a set program

  10. Types of Loans - Perkins Loan Limit: Up to $5,500/year; $27,500 Total Interest Rate: 5%; paid by government while student is in school and during grace period. Repayment: (Up to 10 years) Begins 9 months after - • Graduation • Withdraws • Drops below half-time

  11. Types of Loans - Parent PLUS Parent PLUS Loan - covers expenses not covered by other Federal Aide. Can be taken out by dependent students' parents. Who can Borrow: Natural, adoptive, or step parents of students • U.S. citizens or eligible non-citizens • Enrolled at least half-time in a set program • Must have good credit

  12. Types of Loans - Parent PLUS Loan Limit: No limit. Equal to total costs minus additional loans. Interest Rate: 7.9% Repayment: (Up to 10 years) Begins immediately after disbursed May apply for grace period, interest still accrues

  13. Types of Loans - Other Options Institutional - non-federal aid that schools loan students. Private & State - Non-federal aid for students who cannot cover the cost of attendance. Interest Rates and Repayment Options vary.

  14. Resource American Student Assistance http://www.asa.org/basics/loans/types/default.aspx

More Related