IN Peters Township August/September 2019

Unlike the loans mentioned above that are sponsored by the federal government, state and private loans are sponsored by banks, colleges, foundations, and state agencies. The U.S. Department of Education manages all college loans available by state and requires students to be in-state residents or enrolled in a college in that state. Private loans are an option for borrowers but come with terms and conditions that may not be as favorable as federal loans. Private loans also require a cosigner who is responsible for repaying the money if the student fails to do so. • Preschool • Pre K • “Kindergarten Enrichment” with transportation to Bower Hill Elementary • Before and After School • On Bus Line for Bower Hill Elem., McMurray Elem, & St. Louise. • Open 6:30am - 6:30pm MANAGING DEBT POST-COLLEGE Enrollment Open for Fall 2019. Scheduling Tours Monday - Friday. BowersSchoolHouse.com 451 Bower Hill Road, Venetia PA 15367 • 724-942-3262 Get your business noticed in all the best locations... YOUR CUSTOMER’S HOME! We can guarantee you the best placement available—right in your customer’s home. Find out how any of our 34 direct-mailed, community-sponsored, quarterly magazines can grow your business. Contact us at 724.942.0940 68 724.942.0940 TO ADVERTISE ❘ icmags.com Student loan debt continues to increase and has become a burden on both graduates and the U.S. economy. There are a variety of loan repayment options 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 are payments in fixed amounts that ensure loans are paid off in 10-30 years (these payments are often very high for new graduates). Graduated plans are payments that start out lower and increase every two years, also ensuring 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 plans 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.

IN Peters Township August/September 2019 | Page 70