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The costs for a higher education are among the fastest-rising costs in American society today. Since 1980, tuition costs at public universities has risen from $2,119 to $9,410, a jump of 344%. Private college tuition is up from $9,500 in 1980 to $32,410 in 2017, a jump of 241%. By comparison, food and electricity costs have risen about 150% and gasoline prices have risen more than 200% over the same period of time.
A college education is an important requirement for entry into many of the highest earning professions and jobs. A college graduate can expect to make about $1.3 million more than high school graduates over the course of their working lives. How much you borrow, at what terms, and how you manage your student loan repayment can have a serious impact on your budget, your credit score and your ability to take out a car or mortgage loan in the future. If you or a family member are struggling with student loans, or have questions about your financial situation, speak with one of our skilled student loan specialists.
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All Undergraduate Degrees, Associate's Degrees, Bachelor's Degrees, Graduate Degrees, Master's Degrees, Doctoral Degrees are eligible for a Student Loan Support
Pacific Asian Consortium in Employment only offer to enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program and maintain satisfactory academic progress in college or career school.
show you’re qualified to obtain a college or career school education by
having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate;
completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law); or
enrolling in an eligible career pathway program and meeting one of the "ability-to-benefit" alternatives described below.
Must be able to send a copy of his/her Identification Card and Letter of Admission.
Student must be able to show that they are in need for the loan and a Letter from Parents or Support institution must be sent
The average student loan debt for 2016 college / university graduates who borrowed to get through school is $109,172.
If a 2016 graduate took the standard repayment plan for the $109,172 borrowed – 10 years, at 2.29% interest rate – they would be paying $182 a month for the next decade. Experts estimate that you will need a starting salary of $27,000 to afford to pay off the loan if you remain single. If you marry, that number goes up to $32,000.
In all, you will pay $2,607 in interest and a total of $45,779 for the privilege of earning a college degree.
If $182 a month is too much and you decide to use one of the alternative repayment programs like Income-Based Repayment or Pay As You Earn to stretch payments out over 20 years, the monthly payment drops to $131. Unfortunately, that means that the interest you pay jumps from 52% to $5,262 and your total payback leaps to $35,434.
Those numbers go up or down based on how much you actually have to borrow to get through college, but with more than 30% of graduates leaving school with more than $30,000 in debt, it’s worth figuring out whether borrowing is the right direction to pay for college.
If $182 a month for 10 years just to get a college degree sends shivers down your spine, it might be time to reconsider how you want to pay for that diploma.
Every student and family should know what FAFSA stands for before applying for any student loans. For the record, it’s an acronym for Free Application For Student Aid and is the starting point for all financial aid decisions.
The U.S. Department of Education (DOE) gives you an indication of just how important FAFSA is when it brags on one of its website pages that: “We provide more than $150 billion in grants, loans, and work-study funds each year, but you have to complete the FAFSA to see if you can get any of that money.”
So what is FAFSA? It stands for “Free Application for Student Aid.” The information you provide on a FAFSA form helps the DOE determine your unmet financial needs for college and what they can do to address them with federal money. Many states and colleges also use the information from FAFSA to award the grants or student loans they offer.
There are other situations students and parents can investigate before signing up for a loan – cost of in-state schools vs. out–of-state; public vs. private; stay-at-home vs. going away; interest rates for various student loans – but nothing is going to happen until you fill out the FAFSA.
If you want a ballpark number, the College Board estimates that a moderate budget for in-state schools in 2017 will be $24,610 and $49,320 for a private college, depending on the school and its location.
But the big thing is to jump on the FAFSA as early as possible. Most of the information requested should be on your tax filings. Use that as a guide and where necessary, estimate income or costs. Don’t forget: $150 billion in grants, loans and work study funds is at stake.
Interest rates are best defined as the cost of borrowing money and should be regarded as a significant factor in whether someone can afford to take out a student loan to attend college.
Interest rates are calculated as a percentage of the unpaid principal on a loan. The total cost varies, depending on the interest rate charged and type of loan.
All federal loans made after June 30, 2006 carry a fixed interest rate. The rates are set by Congress and during the 2017-2018 academic year, range from 3.76 for undergraduates to 6.31 for graduate students and parents using Direct Plus loans.
It is important to understand when the interest rate is applied to your federal student loan. Students with subsidized loans do not have to pay interest until six months after graduation. They also don’t pay interest during deferment periods. Students with unsubsidized loans start paying interest as soon as the money is dispensed to them.
There are loan fees associated with student loans. For 2017, the fees are 1.068% for undergraduate and graduate loans; and 4.272% for Direct PLUS loans.
Direct Loans are “simple daily interest” loans. This means that interest accrues daily. The amount of interest that accrues per day is calculated by dividing the interest rate on your loan (as a decimal) by the number of days in a year, and then multiplying that by the outstanding principal balance.
For example, on a $10,000 Direct Unsubsidized Loan with a 3.76% interest rate, the amount of interest that accrues per day is $1.03:
(0.0376 / 365) * $10,000 = $1.03
If you are in a deferment or forbearance for 6 months, the loan will accrue interest totaling $186.
If you don’t pay the interest, it is capitalized (added to the outstanding principal balance). You will be charged interest on the increased outstanding principal balance of $10,186. The amount of interest that accrues per day will increase to $1.04:
(0.0376 / 365) * $10,103 = $1.93
Under most repayment plans, this capitalized interest will increase your monthly payment and the total amount you pay over the life of the loan.