10 Basics of Student Loans That You Need to Know

Basics of Student Loans That You Need to Know

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introduction

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Types of student loans

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interest rates

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repayment options

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loan limits

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fafsa

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grace period

[{"selector":"#anim-68a6d4dd-55e0-4bb6-9ff7-799042dd0b7b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(9.484265410870902%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e3ddca51-52c0-4142-a27c-6b3b946033a6","keyframes":{"transform":["translate3d(134.76562%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e8fc595-469a-44ad-9018-032a159aabcc","keyframes":{"opacity":[0,1]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9598530c-868e-46cf-8779-e307f38cca57","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-5aa2f388-c15d-4973-b6a6-f991c0d36920","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e573e23a-8736-41e4-8277-a0d993b12c8e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b1850abb-67e2-422d-a4dc-ff934d1a5dd0","keyframes":{"transform":["translate3d(-129.95594%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6dbc7877-0cbe-4c60-a337-ff9d424b2a68","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-36a869b9-c966-4c57-ba0f-691eee2dd1bf","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-bf6fc779-71f6-4982-a459-a000e62a2575","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-08b8046e-c49a-4480-8cde-6643815cc497","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] A grace period is a period after graduation or leaving school during which you don't have to make loan payments. Federal loans typically have a six-month grace period. 6 Photo from Canva

default and delinquency

[{"selector":"#anim-e7ff29ac-81e6-425b-8790-ed5f6ca34476 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-5.944055607910202%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-41f80e82-9654-4e2d-ab92-d095f55adcbe","keyframes":{"transform":["translate3d(-125.57253%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-571ed151-7a4a-48a9-a928-8d69fa4b9b4c","keyframes":{"opacity":[0,1]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d2a219d7-42ac-41cb-a504-b99c58b24574","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-04953677-cacb-4d8e-970a-94938a46d2c2","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-fc1635f2-0127-436e-aeb0-329ee60beafd","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-c03c2785-ea8d-4550-8881-43d36470fa88","keyframes":{"transform":["translate3d(134.90198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b7106f38-4110-44d5-9d08-222698a4a656","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cc194a44-c77c-431a-a168-87d3ccec020b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-528b820e-ea76-4cf0-a85f-66d261c78ba8","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cc6f5e5f-c2c4-4351-bfb3-9e824d11309b","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Default occurs when you fail to repay your loan according to the terms of the promissory note. Delinquency occurs when you're behind on your payments. Both can have severe consequences. 7 Photo from Canva

co-signers

[{"selector":"#anim-6cd8f696-1851-4699-af01-10b471aa99d9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.522726937775477%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-93b24591-186f-42b6-815e-f5f99e0ad09f","keyframes":{"transform":["translate3d(149.35065%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c19cf131-96b5-4528-a908-df8e1bafba79","keyframes":{"opacity":[0,1]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0e606935-fba3-422f-ad06-069aa8eb2216","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-c76c54f1-b60d-41ad-aca9-ab51eafbd261","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8d964124-906b-4855-925c-d1c79f809c70","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-bcb07920-639f-446e-b3aa-21de7660292e","keyframes":{"transform":["translate3d(-132.21154%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a48c874e-3ef8-4518-9013-46b6e8fb4998","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b3084176-a255-4792-8b30-f0ed05a6cb3f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-f23cda36-badf-4662-81b1-81e3604f57a9","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-497a1cd4-cabd-45ad-a2b4-c8481d975bfb","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] A co-signer is someone who agrees to repay the loan if the borrower can't. Private loans often require a co-signer, while federal loans do not. 8 Photo from Canva

loan forgiveness

[{"selector":"#anim-d6910efa-bab8-43e9-922f-1bbd9aea00b3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-11.844405388777036%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-64f10015-4cc4-4ef7-bbc1-bbbff7574197","keyframes":{"transform":["translate3d(-127.41935%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8c9f4a28-6212-4510-8109-195f2f5a4da6","keyframes":{"opacity":[0,1]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7d381395-835a-44a8-b56b-a40eb659c292","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-2d2fe5b9-6981-47a2-a130-5c5ab8cd585c","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f800a04e-d1fa-4f6d-aadb-6f92a5482cad","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0d2e5964-181b-4864-9048-448023f06b80","keyframes":{"transform":["translate3d(152.21239%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7f121839-b492-4ffc-93ad-d0d7ae6d2b2f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a52e6dcd-8bcd-4ef9-bdf4-d7cf252a6b88","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-5966c186-7d9d-43b6-b9ed-d4db26a3f8bf","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-431c3495-ed7e-4461-9bc7-01e55c469191","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Loan forgiveness programs are available for federal loans for those who work in certain public service fields. Private loans typically do not offer forgiveness options. 9 Photo from Canva

financial literacy resources

[{"selector":"#anim-669942db-7e28-46d9-b750-8033e7f3c4ca [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.772727012895675%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-093d8606-7b47-46c4-aedc-b5893f5f7ca3","keyframes":{"transform":["translate3d(134.90198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6e31b58e-d42b-4fcf-bd47-fdf13f358e4c","keyframes":{"opacity":[0,1]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d537fb9f-89ca-4598-bf7b-b2db2766db71","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-9333969a-a00e-4849-99b2-16f9ff1d81c9","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-412748c9-1855-4f92-be30-abe9815689af","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-13ee29f5-9d83-44b1-888f-5d74eafee652","keyframes":{"transform":["translate3d(-130.90908%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f46a8a93-09dc-4707-851e-1e7f37489249","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5af70725-297d-4acc-a51b-ae02486145e4","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-b6ca65f4-efce-46c1-9149-4313c37f49eb","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-06d01845-7a35-4939-beac-3383504360e4","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Stay informed and learn more about student loans through financial literacy resources, workshops, and counseling services available to you. 10 Photo from Canva

recap

[{"selector":"#anim-114d353f-198e-49a9-8838-15013125a493 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-14.20454520278461%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5f297104-9802-4c3d-8cbc-52fff843244d","keyframes":{"transform":["translate3d(-128.06324%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e6761d5-4041-4cfa-bd8a-1c90c4397928","keyframes":{"opacity":[0,1]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fd45e2a1-fbd3-4de9-a44a-3004265b6640","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":600,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-b0293067-b6ff-4dfd-88a6-c8f32566bb95","keyframes":{"transform":["translate3d(191.57305%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cf174f1b-3571-48cb-8cfd-4b020f59bb96","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66d3f452-5770-4671-a821-43ed9fc0d546","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-2089981e-3e6d-419a-b414-6349046aa177","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3992017d-1c4e-4056-9266-d51bdc536e01","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Understanding the basics of student loans is crucial for making informed decisions about your education and financial future. Photo from Canva

Need help with your education?

[{"selector":"#anim-1b0897da-8a07-49f6-8dd1-c7d15b314cf3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(11.363636152229343%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5e5c58a1-9fee-4b36-a069-5d691fc303e3","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-14773ea4-5bbc-4544-be5f-27d84221cecd","keyframes":{"transform":["translate3d(0px, 508.73058%, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Thanks for reading Tell me more Photo from Canva