April is Financial Literacy Month
This is the perfect time to check in on your student loan balances—even if you are still in school!
Many students, especially those who have multiple student loans, do not know how much they owe. For example, if you can afford to pay interest-only payments while you are in school, this will help keep your loan balance closer to what you actually borrowed.
How can you easily get started and figure out your options? City College trusts Champion College Services to mentor their students through the student loan repayment process. Champion also offers City College students a program that includes iGrad tools to help manage student loans, offers budgeting worksheets, ebooks, video courses and more that teach you how to make wise, well-informed financial choices.
Now with access to many powerful tools, you can track ALL of your student loans in one place in 5 minutes or less and always know your student loan balances.
Test Your Financial Literacy With Financial Aid Myths and Facts
Myth or Fact? It’s all free money.
Myth. Any money that helps you pay for college – whether grants, loans, or work-study – is considered part of your financial aid award. While some financial aid like Pell Grants only require students to maintain certain attendance and academic standards, other programs carry additional requirements. Work-study awards must be earned through employment (usually 20 hours per week or less), and loans will need to be repaid after students leave college.
Myth or Fact? If I borrow $20,000 in student loans, I’ll have to repay $20,000.
Myth. Loans generally will cost a borrower more in the long run than he or she receives up front. Some student loans accrue interest while borrowers are completing their degrees, increasing the total owed after college. After a student leaves school, interest will continue to accrue until the loan debt is paid in full or forgiven.
More Myths & Facts on the NASFAA website, click here.