Students Loans: Borrow Wisely, July 6, 2021

(2021) Students Loans: Borrow Wisely, July 6, 2021. College Student Aid Commission

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Abstract

There is no one best repayment plan. The fixed plan is the default for federal loan repayment, but don’t take that as a recommendation. It’s an automatic pre-selection that doesn’t take your situation into account. A graduated payment plan makes sense if you can count on your income rising steadily during your repayment period. An income-based plan might be best if you don’t plan to enter a high-paying job. It also provides some buffer if you don’t land a job right away, and your loan might be forgiven after a specified time. A shorter repayment plan will cost more each month for now but will save you money in the long term.

Item Type: Departmental Report
Keywords: college, university, higher education, financial aid
Subjects: Education
Education > Educational finance
Education > Educational finance > State aid to higher education
Education > Educational finance > Student financial aid
Education > Higher education
Education > Higher education > Private four-year colleges and universities
ID Code: 38018
Deposited By: Margaret Barr
Deposited On: 09 Sep 2021 14:17
Last Modified: 09 Sep 2021 14:17
URI: http://publications.iowa.gov/id/eprint/38018