Financial Planning

Financial Planning | Students

Navigating the seas of financial aid to fund higher education aspirations is a very important conversation as seeking a post-secondary education is one of the biggest investments a person can make in their lifetime. Since the national student loan debt has surpassed the amount of credit card debt in this country, it is critical to learn how to save and pay for college to ensure financial freedom post-graduation.

Invest in your future!

A college education is an investment.

The government offers six different repayment plans.

The Obama's did not pay their student loan debt until his election to senate in 2004!

National Student debt is currently 1.5 trillion dollars

44.2 million Americans have student loan debt

TOP 10 Questions for financial aid office

Student Loans

Federal loans

private loans

The Insight on Student Loans

If you plan on borrowing student loans be sure to know what you owe! Keeping track of your loan history is critical to your financial security post college. Below are smart borrowing tips:

Speak with financial aid about loan options.
Accept Federal loans first.
Borrow what you need, not what you WANT!
Understand your repayment possibilities by contacting the loan servicer.
Use the repayment estimator via studentloans.gov to understand your repayment possibilities and view how much the loan will cost in total.
Exhaust all resources before borrowing loans.
Compare fees, interests' rates, and repayment options.
Build a positive relationship with loan servicer.

Federal Loans

If you plan on borrowing student loans be sure to know what you owe! There is a difference in federal loans vs. private loans the list below highlights Federal Loans.

Funded by the Federal Government.
Repayment begins six months after you graduate, leave school, or change your enrollment status to less than half-time.
The interest rate is fixed and is often lower than private loans.
For most federals, a credit check is not required for loans (except for PLUS loans).
If you are having trouble repaying, you may be eligible for a deferment or forbearance.
Track your federal student loan history through the National Student Loan Data System (NSLDS).

Private Loans

If you plan on borrowing student loans be sure to know what you owe! There is a difference in federal loans vs. private loans the list below highlights Private Loans:

Funded by Banks.
Many private student loans require payments while you are still in school.
Have variable interest rates, some greater than 18%
Are credit based, so you may need an established credit record in order to secure a loan or a co-signer.
Private lenders may not offer deferment or forbearance options.
Less flexible repayment options.

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The Obama's did not pay their student loan debt until his election to senate in 2004!

National Student debt is almost 1.3 trillion dollars

44.2 million Americans have student loan debt