repaying college debt: be a financial genius
DESCRIPTION
College continues to grow more expensive each year. Student loan debt is the second largest debt in the U.S. surpassed only by mortgages (it’s greater than credit card debt). About 70% of college students leave school with student loan debt and owe on average about $30,000. Many owe much more than that, even getting into the six-figure debt range. Luckily, there are a lot of options available to borrowers, especially for federal loans. This presentation will help college students on the road to repaymentTRANSCRIPT
Repaying College Debt
Be afinancial genius.
Borrow onlywhat you need!
College DebtShould BeGood Debt
Federal Student Loans
Private Student Loans
Credit Card Debt
Types of Debt
Subsidized & Unsubsidized
Federal Loans
6-month grace period
Tax deductible interest
Repayment options
Loan forgiveness options
Repayment Plans
Standard
Graduated
Extended
Income-Based
Pay-as-You-Earn
Income-Contingent
Income-Sensitive
Public Service Loan Forgiveness
Teacher Loan Forgiveness
Qualifying nonprofit or government agency
120 Payments
Direct Loans Only
Qualifying school district
5 years repayment
Loan Forgiveness
Consolidation
Direct Consolidation Loan
Simplifies repayment
Potential disadvantages
Deferment
Forbearance
Other Options
Private Loans
Use up federal options first!
Credit Cards
Draft a Budget
Fixed Expenses
Flexible Expenses
Monitor Spending
Minimize Other Debt
http://sonineties.tumblr.com
Resources www.studentaid.ed.gov
www.greenpath.com
www.mygenfcu.org/blog/student
www.consumerfinance.gov/students
Learn more & stay connected!
www.MyGenFCU.org
