Loans/Managing Debt

REMEMBER
The decisions you make today could affect the next 12-15 years.

Payment Calculator

INTEREST RATES:
2010-2011 INTEREST RATE IS 4.5 PERCENT
2011-2012 INTEREST RATE IS 3.4 PERCENT

-.025% interest rate reduction for online payments

Let‘s take a look at some repayment examples:

1st year students could possibly borrow up to $9,500.
2nd year students could possibly borrow up to $10,500.

Loans add up!
Remember that loans accumulate over the two, four, five or more years that you will attend school.

Always consider what you’ll have to repay.

Repayment of student loans should be only a small percentage of your salary after you graduate. If you expect to pay more than 15 percent of your annual salary for student loans, you might have difficulty making your monthly payments.

Estimates of salaries for different careers are available at the Bureau of Labor Statistics. Also available in the Career and Employment Service center.

ALERT: Although your credit history was not taken into account when you received federal student loans, your credit history will be affected if you do not repay your federal student loans under the repayment plan you agreed to when you entered repayment.
Don’t ignore debt…it won’t go away.

NOTE: A loan, whether in default or not, cannot be discharged in bankruptcy in most cases.

I don’t need to borrow all this money. Can I return some of it?
YES. You may cancel all or part of your loan at any time by notifying Lane before your loan is disbursed and within certain timeframes after your loan has been disbursed. These timeframes, and the procedures for canceling a loan, will also be explained in notices that Lane is required to send you. You can also contact Enrollment and Student Financial Services.