{"id":5833,"date":"2017-04-26T08:00:46","date_gmt":"2017-04-26T16:00:46","guid":{"rendered":"http:\/\/www.wou.edu\/westernjournal\/?p=5833"},"modified":"2017-04-25T16:13:19","modified_gmt":"2017-04-26T00:13:19","slug":"student-loans-comes-great-responsibility","status":"publish","type":"post","link":"https:\/\/wou.edu\/westernhowl\/student-loans-comes-great-responsibility\/","title":{"rendered":"With student loans comes great responsibility"},"content":{"rendered":"
By: Jade Rayner\r\nNews Editor<\/pre>\n
As spring term nears the halfway point, many students have begun to receive their financial aid packages for the 2017-2018 school year. However, it isn\u2019t too late for those who still need to fill out their Free Application for Federal Student Aid, or search for student loans.<\/p>\n
A financial aid package also brings with it a plethora of decisions that need to be made, most of which revolve around the decision to take out student loans or not, as well as how to manage them.<\/p>\n
Students that don\u2019t already have loans, but may be looking to take one out in the future, have a number of options available to them.<\/p>\n
Romeo Lopez Gonzalez, one of Western\u2019s two bilingual financial aid counselors, laid out what students need to know when searching for student loans; anyone seeking loans for school need to know that they must be repaid, and that students should only borrow the amount they need.<\/p>\n
\"\"Lopez Gonzalez also says that, \u201cit is important to understand the types of federal loans offered.\u201d<\/p>\n
For those eligible to receive federal direct subsidized stafford loans, \u201cthe federal government pays your interest while you\u2019re in school at least half-time and for some loans, during grace periods and periods of deferment. You must have \u2018need\u2019 to qualify for the subsidized loan,\u201d he explains.<\/p>\n
The other type of federal loan is a Federal Direct Unsubsidized Stafford Loan, which is made available \u201cto students who do not qualify for \u2018need\u2019 based Federal Direct Subsidized Loans, or who are not eligible for the full Federal Direct Subsidized Loan amount. The amount of the loan cannot be more than the difference between the cost of attendance and any financial assistance you will receive from the school and any outside source (including the subsidized Federal Direct Stafford Loan). Interest accrues on the Federal Direct Unsubsidized Loan while you are in school and during the six-month grace period before repayment begins.\u201d<\/p>\n
Additionally, students have options outside of federal loans.<\/p>\n
\u201cStudents considering a private loan should research private loan options carefully to see which loan is right for them. Although WOU does not recommend any particular lender, we have developed a worksheet with questions to consider when shopping for an alternative student loan,\u201d added Lopez Gonzalez.<\/p>\n
The worksheet noted above can be found on Western\u2019s financial aid website.<\/p>\n
Those who are already using loans to pay for college have both the opportunity and responsibility to keep track of what they owe and who their loans are being serviced by.<\/p>\n
The National Student Loan Data System is an online resource where students can track their federal loan information. Information on private educational loans will not show up on the NSLDS. Students will need to contact their private lender individually to access that information.<\/p>\n
In response to the Jan. 2017 lawsuits filed against Navient, the nation\u2019s largest student loan servicer, USA Today presented suggestions for those already using student loans to assist with paying for college.<\/p>\n
First of all, students should know who their loan servicer is.<\/p>\n
\u201cIt\u2019s not always the same company that lent you money in the first place,\u201d stated Teddy Nykiel. \u201cSince 2010, the U.S. Department of Education has been the direct lender for all federal student loans, but it contracts with private, third-party companies, including Navient, to handle loan servicing. Prior to 2010, private banks, including Sallie Mae, lent federally guaranteed student loans under the Federal Family Education Loan program.\u201d<\/p>\n
Students who are unsure of who their federal loan servicer is can find out by logging into their account on the federal student aid website, the same site where the FAFSA can be filled out.<\/p>\n
Nykiel also recommends that borrowers keep track of their credit score for errors, and to be familiar with all of their loan repayment options.<\/p>\n
Western\u2019s financial aid office, located in room 310 of the Administration Building, offers a variety of services.<\/p>\n
\u201cWe are available to meet with students to discuss financial aid packages, scholarship opportunities and how to pay for college,\u201d explained Lopez Gonzalez. \u201cWe also help students navigate Federal Student Aid websites \u2026 we offer scholarship workshops, FAFSA filing events, and outreach to high schools. We do not recommend any particular private educational lender.\u201d<\/p>\n
For more information got to wou.edu\/finaid<\/a>. Students can make appointments with financial aid counselors by logging onto their portal and going to the WCS tab.<\/p>\n
Contact the author at journalnews@wou.edu<\/p>\n","protected":false},"excerpt":{"rendered":"
By: Jade Rayner News Editor As spring term nears the halfway point, many students have begun to receive their financial aid packages for the 2017-2018 school year. However, it isn\u2019t too late for those who still need to fill out their Free Application for Federal Student Aid, or search for student loans. A financial aid […]<\/p>\n","protected":false},"author":937,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_lmt_disableupdate":"","_lmt_disable":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[3],"tags":[],"class_list":["post-5833","post","type-post","status-publish","format-standard","hentry","category-news"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/posts\/5833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/users\/937"}],"replies":[{"embeddable":true,"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/comments?post=5833"}],"version-history":[{"count":0,"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/posts\/5833\/revisions"}],"wp:attachment":[{"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/media?parent=5833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/categories?post=5833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wou.edu\/westernhowl\/wp-json\/wp\/v2\/tags?post=5833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}