Surviving Education Debt, What You Need to Know. Susan Merchant, Director of Financial Aid
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1 Surviving Education Debt, What You Need to Know Susan Merchant, Director of Financial Aid
2 HOT TOPIC
3 MEDIA COVERAGE Affordable college education Reducing student debt burden Improve graduation rates Lower national default rate
4 NATIONAL DEFAULT
5 REAL WORLD EXAMPLES
6 Federal Perkins Loan Total borrowed $2,750 in Graduated almost 15 years ago Defaulted right away Payments: $2,485 in interest $ 747 in principal $ 122 in late fees $ 873 in collection fees $4,227 TOTAL Payments to date STILL OWES $2,941
7 New Teacher Student graduated from SUNY Potsdam and got a teaching position at a local school Debt exceeded $70,000 Starting salary $36,000 Could not make ends meet within weeks of starting work Referred to Consumer Credit Counseling
8 erage Federal udent Loan Debt r SUNY Potsdam aduate: 19,125
9
10 sic Budgeting Realities Starting salary of $35,000 nets $25350 per year or $2, per month Quicken.com cost of living budget, residing in Potsdam on this salary: u 30% ($634) Housing u 10% ($211) Utilities and other housing expenditures (including renters insurance) u 15% ($317) Food (at home and away) u 10% ($211) Transportation (including car loan) u 10% ($211) Debt repayment (student loans and credit cards) u 10% ($211) Saving u 5% ($106) Clothing u 5% ($106) Entertainment u 5% ($106) Car insurance and miscellaneous personal expenses
11 REPAYMENT OPTIONS ON $30,500 TOTAL DEBT
12 BORROWER BEWARE The student IS the Borrower on all student loans Actively take steps to save on expenses in college Limit what you need to borrow Needs vs. Wants Students are required to do their OWN Master Promissory Notes and Entrance Be informed borrow at the best rates and terms available
13 BORROW WISELY Loan type for undergraduate students u Federal Direct Subsidized Stafford Loan 3.86% w/ 8.25% cap u Federal Direct Unsubsidized Stafford Loan--3.86% w/ 8.25% cap u Federal Direct Parent Loan for Undergraduate Students (PLUS) 6.41% w/ 10.5% cap u Federal Perkins Loan 5% u Alternative/Private Loan interest rates vary by lender, some greater than 18%
14 INTEREST On a Parent Loan borrowed for and deferred for One year
15 HOW MUCH TO BORROW Some Tools Available
16 SAMPLE TEMPLATE FROM EXCEL hman Annual Budget Income vs. Expenses pense Type Amount CLICK HERE TO UPDATE CHART e Student Loan $5, e Pell Grant $5, $25, e TAP Grant $3, $20, e SUNY Tuition Cr $ INCOME se Tuition $5, se Fees $1, $15, se Room $6, EXPENSE se Board $4, $10, se Books $1, se Personal $1, $5, se Transportation $ $0.00 Total
17 AWARD LETTER
18
19 BearPAWS
20 KEEP THOROUGH RECORDS Loan amount Loan type Interest rate Date/year of loan Copies of communication Document phone conversations u Person s name u Date u Time
21 FEDERAL DIRECT LOAN REPAYMENT OPTIONS
22 STANDARD REPAYMENT $50 minimum monthly payment Payment for up to 10 years Available for all Federal Direct Loan programs
23 GRADUATED REPAYMENT Payment of interest starts small and increases through the repayment period Payment for up to 10 years Available for all Federal Direct Loan programs
24 EXTENDED REPAYMENT Payment for up to 25 years Available for all Federal Direct Loan programs Must be a new borrower after 10/7/1998 Must have borrowed more than $30,000
25 INCOME-BASED REPAYMENT Payment for up to 25 years Available for all Federal Direct STUDENT Loan programs Must demonstrate financial hardship Payment amount is based upon a percentage of income which will change as income changes Any remaining balance at the end of repayment will be forgiven
26 PAY-AS-YOU-EARN REPAYMENT Payment for up to 20 years Available for all Federal Direct STUDENT Loan programs Must be a new borrower on or after 10/1/2007 with at least one disbursement after 10/1/2011 Must demonstrate partial financial hardship Payment amount is based upon a percentage of income which will change as income changes Any remaining balance at the end of repayment will be forgiven, may have to pay tax on portion forgiven
27 INCOME-CONTINGENT REPAYMENT Payment for up to 25 years Available for all Federal Direct STUDENT Loan programs Payment amount is based upon a percentage of income which will change as income changes Any remaining balance at the end of repayment will be forgiven, may have to pay tax on portion forgiven
28 INCOME-SENSITIVE REPAYMENT Payment for up to 10 years Available for all Federal Direct STUDENT Loan programs Payment amount is based upon annual income and will change as income changes
29 OTHER IMPORTANT TERMS
30 CONSOLIDATION One new loan out of multiple federal student loans of various types New interest rate is the weighted average of rates from original loans being consolidated One monthly payment under different repayment options Borrower loses benefits of individual loans (grace period, forgiveness opportunities, etc.) Generally, results in a more costly loan
31 DEFERMENT A temporary suspension of repayment in certain circumstances: In-School Graduated Fellowship or Rehabilitation Program Unemployment Economic Hardship Military Active Duty Post-Active Duty Student Interest may not accrue
32 FOREBEARANCE A temporary postponement or reduction of repayment Applicable when a standard deferment is not Interest accrues during periods of forebearance
33 FORGIVENESS portion or all of a loan may be forgiven under rtain public service obligations
34 DISCHARGE Cancellation of loan under certain circumstances, including: u Bankruptcy u Disability u Death
35 DEFAULT Repayment 270 days past due May not be discharged in bankruptcy Garnishment of wages Confiscation of tax refunds Loss of access to federal student aid Impact on credit report Difficulty access other types of credit Litigation, including collection and court costs
36 RESOURCES US Department of Education Federal Student Aid Ombudsman to resolve disputes related to student loans at or NSLDS at use the FAFSA PIN to access loan information Wealth of information at studentaid.ed.gov
37 FINANCIAL AID OFFICE l: 44 Pierrepont Avenue, Potsdam, NY, ne: : ail: finaid@potdam.edu
38 QUESTIONS?
Surviving Education Debt, What You Need to Know. September 2014
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