Knowing More about Student Loans & How to Pay Them Back

By Dueep Jyot Singh

Table of Contents

Introduction
Knowing More about Student Loans
Minimum Reduced Loan Amount
Saving for a Higher Education
Scholarship Applications
Student Loan Types
Federal Loans
Checking Your Eligibility for Federal Loans
When Do Student Loans Need to Be Paid Back
Different types of Repayment Plans
Cannot make your loan payment?
Can loans be deferred?
So how do I pay off my huge student loan?
Conclusion
Author Bio
Publisher

Introduction

A friend of mine, a professor in an Ivy League college in America happen to bemoan the fact that a large percentage of really brilliant students could not afford to join colleges and dropped out after high school graduation, because of the exorbitant cost of education. And those who really were determined to get a good college degree and higher qualifications spent most of their lives paying off their student loans. And then she said to me, “I just want to know, you were a part of the college academic circle, in your country, is the expenditure in getting a college education degree and postgraduate qualifications so expensive over there?”

She could not believe her ears, when I told her that when I had got my Science Degree, way back in the late 80s and then my Masters, two years later, the total expenditure borne by my parents for those Degrees was exactly zero.
“You must have taken out a student loan,” she said.

“What student loan? Higher education is subsidized by the government and has been done so for the past 40 years; especially if you are a woman, and want to do your Masters, M. Phil, and PhD. That is because women in our land were culturally not encouraged to learn the 3R’s, reading, writing, arithmetic, and so the government decided that this could only be done by making sure that education for women was free. So their parents could have absolutely no excuse of saying, that higher education for women is so costly, we had better keep the funds for getting our sons a Professional College Degree.”

• Language: English
• Publisher: Mendon Cottage Books
• Release date: Apr 15, 2018
• ISBN: 9781370703920

Book preview

Knowing More about Student Loans & How to Pay Them Back

Dueep Jyot Singh

Financial Learning Series

Mendon Cottage Books

JD-Biz Publishing

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http://MendonCottageBooks.com

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No part of this publication may be reproduced in any form or by any means, including scanning, photocopying, or otherwise without prior written permission from JD-Biz Corp Copyright © 2016

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Disclaimer

The information is this book is provided for informational purposes only. The information is believed to be accurate as presented based on research by the author.

The author or publisher is not responsible for the use or safety of any procedure or treatment mentioned in this book. The author or publisher is not responsible for errors or omissions that may exist.

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http://MendonCottageBooks.com

Table of Contents

Introduction

Knowing More about Student Loans

Minimum Reduced Loan Amount

Saving for a Higher Education

Scholarship Applications

Student Loan Types

Federal Loans

Checking Your Eligibility for Federal Loans

Different types of Repayment Plans

Cannot make your loan payment?

Can loans be deferred?

So how do I pay off my huge student loan?

Conclusion

Author Bio

Publisher

Introduction

A friend of mine, a professor in an Ivy League college in America happen to bemoan the fact that a large percentage of really brilliant students could not afford to join colleges and dropped out after high school graduation, because of the exorbitant cost of education. And those who really were determined to get a good college degree and higher qualifications spent most of their lives paying off their student loans. And then she said to me, I just want to know, you were a part of the college academic circle, in your country, is the expenditure in getting a college education degree and postgraduate qualifications so expensive over there?

She could not believe her ears, when I told her that when I had got my Science Degree, way back in the late 80s and then my Masters, two years later, the total expenditure borne by my parents for those Degrees was exactly zero.

You must have taken out a student loan, she said.

What student loan? Higher education is subsidized by the government and has been done so for the past 40 years; especially if you are a woman, and want to do your Masters, M. Phil, and PhD. That is because women in our land were culturally not encouraged to learn the 3R’s, reading, writing, arithmetic, and so the government decided that this could only be done by making sure that education for women was free. So their parents could have absolutely no excuse of saying, that higher education for women is so costly, we had better keep the funds for getting our sons a Professional College Degree.

However, I had to explain to her that the real expenditure started when we decided to get a professional degree in engineering, medical college, Masters of business administration, education, and so on. Those were really costly. And that is why, as it was the custom of the family, traditionally, culturally, and nationally, down the ages, nobody took out a loan to get their boys educated. Nevertheless, since the day the boy was born, the father kept a sum of money aside, so that by the age he was five, he could be sent to a school, where he would be kept still the age of 18, and become an educated man. And then when he came back to his own village, and town, he would get a good job as a teacher, or in an administrative position, and then he would go on to his next stage of life, becoming a householder and raising a family. This particular culture was followed for the last 5000