412-655-8200 67 Old Clairton Road , Pleasant Hills www . cyterskiorthodontics . com
for students . Here are some tips on how to approach repayment :
• Figure out what you ’ ll owe and start to save early . Creating a budget early will allow you to build a solid foundation for repayment after graduation . Setting aside money each month toward future savings for repayment will set you up for success come graduation day .
• Understand your repayment options . There are several different options available to start paying off student loans based on the type of loan you received . Common federal loan plans include standard , graduated , extended , or income based . ◉ Standard plans specify payments in fixed amounts to ensure that loans are paid off in 10-30 years ( these payments are often very high for new graduates ).
◉ Graduated plans have payments that start out lower and increase every two years , also ensuring that loans are paid off within 10-30 years ( based on loan ). This plan assumes you ’ ll continue to make more money as you continue your career path , so additional money is allotted to repayment as you go .
◉ Extended plan payments may be made in a fixed amount or a graduated amount and ensure payment in full within 25 years .
◉ Income-based plans take 10-15 percent of your discretionary income and are recalculated each year . Once you are married , your spouse ’ s income will also be considered if filing jointly on tax returns . Any outstanding balance on the loan will be forgiven after 20-25 years .
• Consolidate for ease . If you have multiple federal loans , consolidating them into one can make repayment easier . But there may be fees or other conditions associated with consolidating , so be sure to do your research .
• Is forgiveness an option ? Some programs offer loan forgiveness if you meet certain criteria or work in a particular field . People in government , nonprofit , and other public-service jobs may have the remainder of their loans forgiven after 10 years of service . Additional forgiveness options are available for nurses , teachers , AmeriCorps and Peace Corps volunteers , and some state and private programs .
Public vs . Private
When looking into college , students are faced with many decisions ... what major to choose , in-state or out-of-state location , two-year or four-year program . Another option to consider is public versus private colleges . While generally these may look the same or similar on the surface , there are many unique distinctions between the two .
Funding for public institutions typically comes from state and federal governments . This provides students with the ability to pay less for tuition , as government subsidies cover a portion of costs . Private schools rely on tuition to cover a large portion of their overall funding , making it harder to provide a low cost of attendance . Financial aid is available for students at both types of colleges , but private colleges can typically offer more funding by way of grants and scholarships through endowments . Financial aid is often what makes private schools equally , if not more , affordable as public schools .
Degree programs are typically vast at public institutions since their student body is often larger . Students who know their preferred area of study may benefit from a private university that is highly rated in that program . Class size is also something to consider when deciding on a university that ’ s right for you . Class sizes at private colleges are usually much smaller than those at public colleges , which can be in the hundreds . You could connect with professors during office hours at larger schools , but if you ’ re looking to get to know your professors , a private college may be a better fit .
Campus life will vary between public and private colleges and universities , with extracurricular activities ranging from sports and Greek life to clubs and theater groups . Although these options are available at both types of institutions , you ’ ll likely have more selection at a public college versus private . The campus around you is something to consider as well . Would you rather live on campus or off ? Many private schools require most students to live on campus at least one or two years . n
Leonard Cyterski DMD , MS
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412-655-8200 67 Old Clairton Road , Pleasant Hills www . cyterskiorthodontics . com
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