(2022) Students Loans: Borrow Wisely, August 2022. 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 |
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| 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: | 43915 |
| Deposited By: | Margaret Barr |
| Deposited On: | 04 Apr 2023 16:46 |
| Last Modified: | 04 Apr 2023 16:46 |
| URI: | https://publications.iowa.gov/id/eprint/43915 |