The mission of Broadview Financial Well-Being is to guide and encourage individuals to focus on achieving economic stability - using innovative tools, making informed decisions, and encouraging positive habits.
The mission of Broadview Financial Well-Being is to guide and encourage individuals to focus on achieving economic stability - using innovative tools, making informed decisions, and encouraging positive habits.
The mission of Broadview Financial Well-Being is to guide and encourage individuals to focus on achieving economic stability - using innovative tools, making informed decisions, and encouraging positive habits.
In this topic, we cover:
Loans are a reality for many college students who receive financial aid. Unlike scholarships and grants, loans must be repaid after graduation. Understanding the different loan types could help you save money in the long run, since different loans have different repayment and loan forgiveness options. Although you don't want to overload yourself with debt, borrowing an appropriate amount can be considered to be an investment in your future.
Federal loans for education are a good place to start. The interest rate may be lower than other loans and there are often ways to reduce your monthly payments, if needed. The repayment period for federal loans doesn't begin until after college and generally lasts for at least 10 years (you can always pay sooner). These loans are available through the U.S. Department of Education's Direct Loan Program.
Here's a simplified overview of the major types of student loans:
Unless you borrow only subsidized loans, one strategy to consider is paying interest while you're in school. When interest is added to the money you borrowed, referred to as capitalization, the loan becomes more expensive to repay since you're being charged on both the amount borrowed and the interest that grew while in school.
Since it will be your responsibility to pay back both federal and private loans, you will want to be conscious of, and carefully consider, your total indebtedness. Just because you are offered a certain loan amount does not mean that you have to borrow the entire amount. Borrow only what you need as part of a larger aid strategy.
Join Broadview educators for a unique, live, interactive webinar experience. Find our ongoing schedule in the Event Calendar, and learn more about us in the link below. Do you have a group or organization that could benefit from financial education? Topics are available for all ages and education is always free. Contact us to make a request.
Have a question?
Broadview Financial Well-Being
1-800-727-3328 x 1314066
financialwellbeing@BroadviewFCU.com