how to save money as a college student: student loans (@nick_fainlight)
TRANSCRIPT
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NicholasFainlight.net @Nick_Fainlight
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Government, notPrivate
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Government, not Private
The smartest option you can make in choosing a
student loan is in taking a government one.
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Government, not Private
According to Shmoop.com, most federal student
loans are capped at 3.4%-6.8% interest rates, while
private loans are liable to run you up to 15% or even
18%.
SimpleTuition.com
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Take Advantage ofYour Financial
Aid Office
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Financial Aid Office
Your college has a department of trained
professionals whose job it is to help students like you
to make the best financial decisions possible. Take
advantage of this!
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Act Gracefully Duringthe Grace Period
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Grace PeriodMany student loans offer the option of a grace
period, a window of time after you leave higher
education during which you don’t have to make any
loan payments! Sounds to good to be true, right?
Well, actually no.
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Grace Period
As tempting as it might be to use your would-be loan
money on a vacation or a special graduation gift for
yourself. The best thing you can do is to continue to
make those payments as you normally would.
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Pay Off Interest asSoon as You Can
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Pay Off Interest
Every year you’re in school, your interest gets bigger.
left unchecked, you can soon find yourself with a
huge pile of interest that very well might require
interest payments of its own.
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Pay Off Interest
Pay off those small interest fees as soon as you can. Keep
that molehill from becoming a mountain.
Along those lines, autodebit is one way to make sure
you’re actively repaying your interest and in many
cases it may even lower your interest rate!
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Hello Deductions!
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Hello Deductions!
Doing this will allow you to
reduce your taxable income by
up 2.5K.
No one likes thinking
about taxes.
But one way to save you
some major money is buy
deducting your student
loan interest.
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Deferment andForbearance
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Deferment and Forbearance
Unable to repay your
student loans at all?
Look into temporary
deferment. This will
save you from having to
pay back the principal
and make interest
payments for a period
of time.igrad.com
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Deferment and Forbearance
Forbearance is another
tactic at your disposal,
but it’s generally not as
cushy as a deferment is.
Although you’ll get
some respite on
repaying back the
principal, you’ll still
have to make interest
payments.
igrad.com
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Explore StudentLoan Forgiveness
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Student Loan Forgiveness
What if I told you there was a way you could wipe
away some of your student loans?
No, I’m not talking about a black market operation,
I’m talking about 100% legal Student Loan
Forgiveness.
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Student Loan ForgivenessThere are a number of programs out there that do
just this. For a full breakdown of available programs,
check out TheSimpleDollar.com.
Public Service Loan Forgiveness jobs
SEMA Loan Forgiveness
Teacher Loan Forgiveness Program
USDA Veterinary Medicine Loan Repayment Program
Legal Practice Student Loan Forgiveness
Faculty Loan Repayment Program
National Institute of Health Loan Forgiveness
NURSE Corps Loan Repayment Program
IHS Loan Repayment Programs
NHSC Loan Repayment Program
The State Loan Repayment program
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Have another tip?Let me know below!
NicholasFainlight.net @Nick_Fainlight