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Beware: student loans can have unforeseen, long-lasting implications for a family's financial future. At Lovette CPA we can help you navigate through the confusion to make a decision that makes the most sense to you and your family. The following will offer a description student loans that we hope you’ll find helpful.
There are two types of student loans.
PLAN FOR FINANCING COLLEGE WITH STUDENT LOANS
There are many things to consider when financing college with student loans:
If you’re struggling to make their monthly student loan payments, they may want to consider income-driven repayment (IDR) plans. These plans are available through the U.S. Department of Education's Office of Student Aid for any borrower with eligible federal student loans. All Direct and FFEL student loans are eligible. Parent PLUS and Perkins loans are eligible if consolidated. IDR plans help borrowers avoid delinquency and default when their monthly debt payment consumes a high proportion of their monthly income. IDR plans do have a downside: Paying back the loan over a longer period means the borrower will pay more interest.
All IDR plans have the following aspects in common:
With more than 20 years of experience, Lovette CPA, P.A., is a true business resource, offering a wide range of services to individuals, families and businesses of all sizes. We have locations in Greensboro and Raleigh. For more information, call us at 336.346.1960, visit our website, www.lovettecpa.com, or e-mail firstname.lastname@example.org.