A guide to student loans
Experts detailed how students can navigate student loans and their repayment options.
About 50% of students seeking a bachelor’s degree may take out student loans, according to a report from Money. However, students should note the interest rates on student loans.
The experts explained that there are two types of student loans: federal loans — which include direct subsidized, direct unsubsidized, direct parent PLUS and direct Grad PLUS loans — and private loans. Compared with private loans, federal loans are more common, often have lower interest rates, have more repayment options and have fewer restrictions for borrowers. The amount that can be borrowed is typically dependent upon the type of loan and lender.
Further, borrowers can use their student loans to cover the costs of tuition, school-related fees, room and board, off-campus living expenses, textbooks, transportation, dependent care, loan fees and study abroad expenses.
The experts indicated that federal loans come with a six-month period following graduation before regular payments are due. Those who are unable to pay their student loans may be able to enroll in an income-driven repayment plan or apply for federal loan deferment or forbearance. Students begin repaying private loans just after the loans are disbursed but can select a deferment payment option to begin repayment after college.
The ADA continues to advocate for student loan debt relief, including legislation that would lower interest rates overall and pause the accrual of interest and payments on federal student loans for dental students in residency.
Read more: Money
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