Date post: | 15-Jan-2016 |
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Compare private loans and federal loans
Identify the specific terms of your private education loan
Assess your financial situation
Examine consequences of default
Discuss steps to improve your financial situation
If you don’t have these documents, you can provide estimates on the exercises or fill in the information after the session.
Designed to benefit students
Includes Direct student loans, PLUS loans, Consolidation loans
Awarded by your school based on the FAFSA
Offered by banks and other financial institutions
Vary in terms and benefits from bank to bank
Different repayment benefits
Cosigner required
Consolidation with federal student loans not an option
No interest subsidy
Lack of forgiveness provisions
Not dischargeable
Explore obligations associated with your private loan
Workbook page 3
Discussion questions:1. Will I have enough financial aid to cover my education-related expenses?2. Does my total financial aid exceed my total education-related expenses?3. Do my non-education-related expenses exceed my supplemental income?
Workbook page 5
Fill out the FAFSA
Use federal aid first
Make interest payments while in school
Make loan payments while in school
Factor your potential salary into borrowing decisions
Use credit cards sparingly
Graduate
Damaged relationship with cosigner
Reduced credit score
Difficulty getting a job
Higher interest rates on other major purchases
Contact your school’s financial aid office
or
Take a look at TG’s private loans page at
www.TG.org/PrivateLoans
6767
© 2013 Texas Guaranteed Student Loan Corporation