Financial Aid Information

The best resource page for all things financial aid is the following: www.finaid.org

The following are the links to specific pages, a loan calculator, and the information about private student loans, and interest rates.

Loan Calculator:

Here is a link for a loan calculator, this is a resource given by the federal government:

http://www.finaid.org/calculators/loanpayments.phtml

“This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)”

“The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)”

Private Student Loan Interest Rates

http://www.finaid.org/loans/privatestudentloans.phtml

The current (weekly) interest rates are:

  • Prime      Lending Rate: 3.25%
  • LIBOR      (1 month): 0.29%
  • LIBOR      (3 months): 0.42%
  • 91-day      T-Bill: 0.09%

So a private student loan will have an interest rate of 3.25% plus the LOBOR percentage, and they are based on credit, so these rates are only for the most credit worthy. Students must co-sign with parents or someone with excellent credit history.

I could attach my student loan bill, or show students the $3,500 I am paying every month so we can get out from under my loans this year. Student loans should be a LAST resort, and going to a two year is still an excellent option for the financially wise.

College Life Planning is here to help plan for all your college admissions and financing needs. We hold a creed here, “know before you go.” This is means that before you decide to take out student loans, know what that might look like for you after you graduate! This means that before you go to college, know why you want to go, and what kind of major you might be going for! This means that you have all the knowledge and power, then make wise choices as you move into your college life, and then your career after life.

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About Nathan and Joanna Cornett

We are a from San Diego California, currently on a mission trip in Guatemala. Nathan has worked as a youth pastor, teen center director, college advisor, and now missionary. Joanna has worked at LaBahn's Landscape for 7 years in the field, sales, and as the Vice President, she started the Hispanic ministry at Foothills Church, and has worked in youth ministry, she is now working as a missionary. We are both passionate about youth, worship, and missions.

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