Lesson_15 - 1 Lesson 15 Managing Student Loans FSoS 1301:...

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Unformatted text preview: 1 Lesson 15 Managing Student Loans FSoS 1301: Cash or Credit: You Need to Know Information Provided and Presented by: Jennifer Klecker Office of Student Finance Student Financial Collections Required Readings for Lesson 15: Cho, A. (2010, May 25). The Cost of College: Dream School, Nightmare Debt [Television series episode] . In CNNs American Morning. Retrieved from http://amfix.blogs.cnn.com/2010/05/25/the-cost-of-college-dream-school- nightmare-debt/ View video clip. Equal Justice Works (2011, April 27). Considering Good Debt and How to Use It. Retrieved April 27, 2011, from http://www.usnews.com/mobile/blogs/student-loan- ranger/2011/4/27/ considering-good-debt-and-how-to-use-it.html Read article. Savage, T. (2011, June 6). Paying off student loans, debt is next lesson for college graduates. Chicago Sun-Times. Retrieved from http://www.suntimes.com/ business/5788560-452/paying-off-student-loans-debt-is-next-lesson-for-college- graduates.html Read article. 2 Lesson 15 Learning Objectives Know what student loans are, and how you apply for a student loan. Understand the different loan programs available to undergraduate students: Direct Loan. U of M administered loan programs. Recognize common loan terms: Deferment.- Interest. Cancellation.- Consolidation. Forbearance. Understand loan repayment options and the consequences of failure to repay loans. Determine how much debt you can afford and how to borrow wisely. Welcome to the lesson on Managing Student Loans. My name is Jennifer Klecker and I work for the Office of Student Finance. Our department, Student Financial Collections, works with graduated U of MN students to repay U of MN administered loans. This lesson will cover the very basics of student loans, what every student at the University of MN should know. By the end of this lesson, you should: Know what student loans are, and how you apply for a student loan. Understand the different loan programs available to undergraduate students: Direct Loan. U of M administered loan programs. Recognize common loan terms: Deferment. Cancellation. Forbearance. Interest. Consolidation. Understand loan repayment options and the consequences of failure to repay loans. Determine how much debt you can afford and how to borrow wisely. 3 Lesson 15 Student Loans 101 Student loan program Investigate options Grants and scholarships are gift aid Work study program Loans Direct lending v. FFELP The student loan program is set up to ensure students have the means to pay for their education. They are some of the best loans and easiest to get out there. There are many types of financial aid available, student loans is just one option. Be sure that you are investigating all aid options, especially gift aid that you dont have to pay back, before taking out student loans....
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This note was uploaded on 01/24/2012 for the course ECON 4751H taught by Professor Triece during the Fall '11 term at Minnesota.

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Lesson_15 - 1 Lesson 15 Managing Student Loans FSoS 1301:...

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