repaying college debt: be a financial genius
Post on 29-Jan-2015
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Repaying College Debt
Be afinancial genius.
Borrow onlywhat you need!
College DebtShould BeGood Debt
Federal Student Loans
Private Student Loans
Credit Card Debt
Types of Debt
Subsidized & Unsubsidized
Federal Loans
6-month grace period
Tax deductible interest
Repayment options
Loan forgiveness options
Repayment Plans
Standard
Graduated
Extended
Income-Based
Pay-as-You-Earn
Income-Contingent
Income-Sensitive
Public Service Loan Forgiveness
Teacher Loan Forgiveness
Qualifying nonprofit or government agency
120 Payments
Direct Loans Only
Qualifying school district
5 years repayment
Loan Forgiveness
Consolidation
Direct Consolidation Loan
Simplifies repayment
Potential disadvantages
Deferment
Forbearance
Other Options
Private Loans
Use up federal options first!
Credit Cards
Draft a Budget
Fixed Expenses
Flexible Expenses
Monitor Spending
Minimize Other Debt
http://sonineties.tumblr.com
Resources www.studentaid.ed.gov
www.greenpath.com
www.mygenfcu.org/blog/student
www.consumerfinance.gov/students
Learn more & stay connected!
www.MyGenFCU.org
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