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
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Repaying College Debt
Be afinancial genius.
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Borrow onlywhat you need!
College DebtShould BeGood Debt
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Federal Student Loans
Private Student Loans
Credit Card Debt
Types of Debt
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Subsidized & Unsubsidized
Federal Loans
6-month grace period
Tax deductible interest
Repayment options
Loan forgiveness options
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Repayment Plans
Standard
Graduated
Extended
Income-Based
Pay-as-You-Earn
Income-Contingent
Income-Sensitive
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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
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Consolidation
Direct Consolidation Loan
Simplifies repayment
Potential disadvantages
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Deferment
Forbearance
Other Options
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Private Loans
Use up federal options first!
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Credit Cards
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Draft a Budget
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Fixed Expenses
Flexible Expenses
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Monitor Spending
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Minimize Other Debt
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http://sonineties.tumblr.com
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Resources www.studentaid.ed.gov
www.greenpath.com
www.mygenfcu.org/blog/student
www.consumerfinance.gov/students
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Learn more & stay connected!
www.MyGenFCU.org
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