Student Loan Repayment Activity - Student Loan Repayment As...

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Student Loan Repayment As you complete a post-graduation budget, it’s likely that you’ll need to factor student loan payments into your mandatory costs each month. The size of your payments will depend on how much student debt you have taken out and which repayment plan you arrange with your lender. Part I: Estimate Your Student Debt If you already have your personalized cost of attendance for college, you can use that to estimate your likely student debt at the end of college. Some things you should probably keep in mind: Colleges often raise tuition, room and board, etc. during your period of enrollment, and scholarships and grants may not cover those increases, which would leave you or loans responsible for the difference. Scholarships often have terms that must be met annually (ex: a minimum GPA, continued participation on a sports team, etc). If you lose the scholarship, your student loan debt will likely increase substantially. Some grants need to be reapplied for annually, and missing the due dates could jeopardize your eligibility. If you don’t know your personalized cost of attendance yet, you can use The Project on Student Debt’ s map to determine how much student debt you’re likely to have upon graduation. Follow these directions: Choose the state in which you plan to attend college (not your home state).
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