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Study loan : 3 Financial Questions to Answer When Making the Final College Choice

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A good rule of thumb is to limit total student loans to less than your anticipated salary in your first year out of school, or to limit study loan payments to no more than 10 percent of your expected monthly income. – PowerPoint PPT presentation

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Title: Study loan : 3 Financial Questions to Answer When Making the Final College Choice


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Study loan
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3 Financial Questions to Answer When Making the
Final College Choice
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  • College acceptance letters have arrived, and
    families are trying to decipher financial aid
    awards.
  • By balancing academic, social and financial
    information, families can make a smart choice
    together.
  • With college debt on the minds of everyone from
    students to presidential candidates these days,
    it could be tempting to make your college choice
    based on cost alone.
  • Equally important, though, is choosing a college
    where you have the greatest chance of completing.

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  • Can you stick to federal student loans? More than
    70 percent of students borrow to help cover
    college costs, so it's common for financial aid
    packages to contain student loans.
  • It's the type of loan that you need to watch for.
    Individual states often offer loan programs with
    flexible payment options and sometimes no
    interest the terms vary from state to state, so
    you should check with your state department of
    education.
  • Federal Stafford and Perkins loans have the most
    generous payment terms, and best of all, they
    have annual and aggregate limits on the total
    amount you can borrow throughout your time in
    college.

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  • Will all the loans be in your name? Federal
    student loans don't require credit checks or a
    co-signer you as the student are the sole
    borrower and the only one responsible for
    payment.
  • In contrast, private student loans typically
    require a co-signer.
  • Co-signing a loan should not be entered into
    lightly. Your co-signer is equally responsible
    for the loan.
  • That means if you fall behind on payments, not
    only your credit record, but also your
    co-signer's, will take the hit. And your
    co-signer will be pursued for payment.

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  • First, consider how much you'll likely borrow for
    all four years and then use an online calculator
    to determine your monthly payment.
  • Review salary estimates for your intended major
    to get a better idea of how much to borrow.
  • A good rule of thumb is to limit total student
    loans to less than your anticipated salary in
    your first year out of school, or to limit study
    loan payments to no more than 10 percent of your
    expected monthly income.
  • Source http//bit.ly/1WeAJ2T

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