Student loans are an inevitable part of our college experience, with the price of a good education rising at a rate of 4.3% per year (U.S. Department of Education's National Center for Education Statistics). Whether for undergraduate expenses or to help pay for graduate school, loans are most likely going to be a factor in your financial aid experience. There are federal and institutional loans, unsubsidized and subsidized loans, fixed interest loans and variable interest loans... the list goes on.
However, don't fear! Savvy Student has made understanding your loans and managing your money easy by compiling all the need-to-knows about loans. The fine print can seem a bit tricky, but here at Savvy Student, we have summarized the most important facts about your loans to help you stay on top of your finances.
First and foremost, every student should be aware of the total they are borrowing and who they are borrowing from-whether it is from a private lender, a Federal loan from the Department of Education or an Institutional loan from Brandeis. It is your responsibility to keep track of the accruing interest and total amounts of each loan, Also, be sure to know the basics of your loans, including the exact interest rate(s), billing cycle and grace period. Through Sage you are able to "View Financial Aid Information" and review a tally of all the awards and loans you've received while at Brandeis.
Secondly, keep in mind that repaying your loans, while a necessary hurdle to any graduated student's financial life, is a surprisingly flexible process. If you ever get confused or worried that you are not understanding the terms of your loans, know that there is additional assistance! You should keep in touch with your loan servicer. A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help. Here at Brandeis you have the luxury of being able to contact our Assistant Director of Student Loans, Steven Doona. Steven is your go to guy for any questions related to student loans. He may not be able to help you with regards to private loans, but he will be able to answer questions regarding the Stafford and Perkins loans, Brandeis, Saval and Wien loans.
Also, when completing entrance counseling for your loans, take note of any special circumstances that may apply to you and work to your benefit. See the link below for details about special circumstances and loan repayment. For example, loan debt can also be forgiven, cancelled, or discharged; in other words, if you fall under certain circumstances, you may not be required to pay back your loans.
http://studentaid.ed.gov/repay-loans/deferment-forbearance
Please note that even if you do not complete your education, you must still repay any loans that you have taken out (unless the following circumstances apply to you).
http://studentaid.ed.gov/repay-loans/forgiveness-cancellation
If you are not fortunate enough to have your loans forgiven or deferred, the next step after graduation is to set up a repayment plan. Important factors to consider include your cost of living (rent, food budget, utilities expenses, etc), your income, and any assets or funds you may have set up to save for repaying loans. Below is a chart that details several types of plans and what monthly payment would be required to repay the loan debt. Be sure to read through the chart column "Quick Comparison", which identifies the pros and cons of each type of plan compared to the others on the list. For example, the standard plan has a lower interest rate over time, but the graduated payment plan allows smaller amounts to be paid initially, followed by increased payments over time (for example, if your salary is one that receives an automatic increase per year, you may want to pay more over time to complete your loan repayment sooner than a 10-year standard plan).
http://studentaid.ed.gov/repay-loans/understand/plans
Now, with all this inside knowledge, you can relax! Loans can be stressful, but only if you don't know what you owe.
~Savvy Student
However, don't fear! Savvy Student has made understanding your loans and managing your money easy by compiling all the need-to-knows about loans. The fine print can seem a bit tricky, but here at Savvy Student, we have summarized the most important facts about your loans to help you stay on top of your finances.
First and foremost, every student should be aware of the total they are borrowing and who they are borrowing from-whether it is from a private lender, a Federal loan from the Department of Education or an Institutional loan from Brandeis. It is your responsibility to keep track of the accruing interest and total amounts of each loan, Also, be sure to know the basics of your loans, including the exact interest rate(s), billing cycle and grace period. Through Sage you are able to "View Financial Aid Information" and review a tally of all the awards and loans you've received while at Brandeis.
Secondly, keep in mind that repaying your loans, while a necessary hurdle to any graduated student's financial life, is a surprisingly flexible process. If you ever get confused or worried that you are not understanding the terms of your loans, know that there is additional assistance! You should keep in touch with your loan servicer. A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help. Here at Brandeis you have the luxury of being able to contact our Assistant Director of Student Loans, Steven Doona. Steven is your go to guy for any questions related to student loans. He may not be able to help you with regards to private loans, but he will be able to answer questions regarding the Stafford and Perkins loans, Brandeis, Saval and Wien loans.
Also, when completing entrance counseling for your loans, take note of any special circumstances that may apply to you and work to your benefit. See the link below for details about special circumstances and loan repayment. For example, loan debt can also be forgiven, cancelled, or discharged; in other words, if you fall under certain circumstances, you may not be required to pay back your loans.
http://studentaid.ed.gov/repay-loans/deferment-forbearance
Please note that even if you do not complete your education, you must still repay any loans that you have taken out (unless the following circumstances apply to you).
http://studentaid.ed.gov/repay-loans/forgiveness-cancellation
If you are not fortunate enough to have your loans forgiven or deferred, the next step after graduation is to set up a repayment plan. Important factors to consider include your cost of living (rent, food budget, utilities expenses, etc), your income, and any assets or funds you may have set up to save for repaying loans. Below is a chart that details several types of plans and what monthly payment would be required to repay the loan debt. Be sure to read through the chart column "Quick Comparison", which identifies the pros and cons of each type of plan compared to the others on the list. For example, the standard plan has a lower interest rate over time, but the graduated payment plan allows smaller amounts to be paid initially, followed by increased payments over time (for example, if your salary is one that receives an automatic increase per year, you may want to pay more over time to complete your loan repayment sooner than a 10-year standard plan).
http://studentaid.ed.gov/repay-loans/understand/plans
Now, with all this inside knowledge, you can relax! Loans can be stressful, but only if you don't know what you owe.
~Savvy Student
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