EDUCATION SPECIAL SECTION FALL 2024
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 .
MANAGING DEBT AFTER COLLEGE
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 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 . n
CONDITIONS WE TREAT
• MIGRAINES & HEADACHES
• SCIATIC PAIN
• CARPAL TUNNEL
• PELVIC PAIN
• PREVENTATIVE CARE
412-424-0019 vitalhealthchiro . com 993 Brodhead Rd ., # 50 , Moon Township
Vital Health Chiropractic has been providing complete family chiropractic services for Moon Township and surrounding areas over the past 13 years . We are your in-network provider .
$ 29 New Patient Evaluation With this ad , new patients only .
SEWICKLEY ❘ FALL 2024 27