For students already enrolled in college or graduating with outstanding debt, here are some tips to understanding, managing, and paying off loans:. For parents, it's critical to make sure that helping their child pay the college tab won't shortchange their own home equity, retirement savings, or other short- and long-term financial goals.
Student loans guide
Considering the mounting burden of student-loan debt, most financial experts concur that the best way to reduce the burden is to launch a college savings strategy for your child as early as possible. In the end, the more you save, the less you have to borrow. You don't want your newly minted college grad trapped in a debt bubble that could limit his or her financial future. Skip to Main Content. Search fidelity. Learn more. Investment Products. Why Fidelity. Print Email Email. Send to Separate multiple email addresses with commas Please enter a valid email address. Your email address Please enter a valid email address.
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The U. Department of Education requires that all students wishing to borrow under the federal Stafford loan program participate in a loan entrance counseling before receiving funds.
To help you satisfy this requirement, visit the Direct Loans website. These loan payments are deferred while you are enrolled in school.
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Once this period has expired, you will be required to begin making payments on your student loans. Important Direct Loan information is also accessible on the U. Department of Education Federal Student Aid website. Federal Direct Loans Reference Guide. Department of Education to help pay for their educational expenses.
What Is Student Loan Refinancing and Why Does It Work?
Graduate PLUS loans are only available to graduate students who are enrolled at least half-time and who meet all the eligibility requirements for federal student aid programs. Graduate PLUS loans have a fixed interest rate of 7. These are fixed interest rates for the life of the loan. Students are responsible for repaying Graduate PLUS loans while they are enrolled in school but have the option to defer payments as long as they remain in at least a half-time status. Interest on the loan will continue to accrue while the student is in school and during any period of forbearance or deferment.
Please see below for details on completing the MPN. Parent PLUS loans have a fixed interest rate of 7. Parents are responsible for repaying Parent PLUS loans once the loan is fully disbursed but have the option to defer payments as long as their child remains enrolled in at least a half-time status. Parents have a number of repayment options available to them based on their individual borrower needs.
A parent must be the student's biological or adoptive parent or the student's stepparent if the biological or adoptive parent has remarried at the time of application. The child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program.
For financial aid purposes, a student is considered "dependent" if he or she is under 24, unmarried, and has no legal dependents at the time the Free Application for Federal Student Aid is submitted.
If a student is considered dependent, then the income and the assets of the parent have to be reported on the FAFSA. Unpaid interest accumulates while the student is in school or in any deferment or grace period, and is added to the principal balance at the end of the grace period, deferment period, or forbearance period. Both graduate students and parents of dependent students have the option to pay the interest while the student is in school to avoid having the unpaid interest amount added to the principal balance.
Both graduate students and parents of dependent students must understand the seriousness and importance of the repayment obligation being assumed on the loan. The document states your obligation to repay your financial aid loans. The MPN can be used for both subsidized and unsubsidized loans and for one or more academic years up to 10 years.
Related Student Loan Information Guide
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