training topics
Education and Training events cover topics such as those listed below as well as customized topics based on your need:
  • Entrepreneurship
  • Resource Opportunities
    for Minorities
  • Construction Industry
  • Credit
  • Saving to Build Wealth
  • Money Management
  • Building Financial Relationships
  • Identity Theft
  • Credit Cards
  • Student Loans
Student Loan Facts

  • Average college student owes
    more than $20,000 in debt when graduating;
  • average salary for a graduate is $30,000
Student Loan Terms

  • Promissory Note
  • Forbearance
  • Deferment
  • Delinquency
  • Grace Period
  • Interest Rate
  • Repayment Plans
  • Subsidized
  • Unsubsidized
  • Serialization
  • Consolidation

*See Resources for definitions*

Federal Student Loan Products

  • FFEL (Federal Family Education Loan) Stafford: Subsidized & unsubsidized for all students

  • FFEL PLUS: Parent, family, co-signor, graduate or professional students

  • Direct Loan: Subsidized & unsubsidized for all students

  • Perkins (Title IV): For undergraduate and graduate students
Student Loans

What You Need To Know Before Signing A Promissory “Note”!

  • You are legally obligated to repay your student loans. The promissory note(s) you sign is legally binding. You “promise to pay” all loan amounts disbursed, plus interest and other charges and fees that become due.
  • Read carefully before signing below. Pay attention when you see this phrase. Your signature means: "I have read, understand, and agree to the terms and conditions of the Note.” If you don’t understand what something means, seek assistance from the lender and/or financial aid.

  • Your rights as a consumer. You are not powerless. Many federal and state laws are designed to provide protections against abusive debt collectors, relief from unfair business practices, limits on wage garnishments and seizures of property.

  • What about interest rates? For Stafford loans before July 1, 2006, the in-school grace period and defermentstatuses have slightly lower fixed interest rates (6.545%) than the repayment or forbearance statuses (7.14%). Maximum interest rate cannot exceed 8.25%. All PLUS loan statuses have same fixed rate of 7.94%. After July 1st, PLUS loans are fixed 8.5%, non-PLUS loans, fixed 6.8%

  • How much time do I have to repay my loans? Repayment options are based on total amount of your outstanding loans. The terms run from 10 years up to 30 years.
Serialization

  • FFEL loans from one or more lenders
  • Combines loans in a single billing group for transfer to single lender/service
  • Current promissory note still in effect.
  • Possible decrease in monthly payment because you are spreading over more years
  • Probable increase in total interest paid because you are extending the payoff period Loans tracked separately for deferment and forbearance eligibility, delinquent payment and credit reporting purposes.

Consolidation

  • Probably not wise for perkins Loan
  • Already fixed interest rate—5%
  • May be forgiven if you work in certain fields; many options
  • Lose forgiveness if you consolidate
  • Stafford loan
  • May be forgiven for teaching in shortage areas but not available if loans consolidated
  • Lower monthly payment because of extended payment option up to 30 years to pay
  • Paying more interest in the long run but there is no penalty for pre-payment of outstanding balance
  • Serialization may be another alternative
Education & Training | Education & Training Events | Online Training | Resources | FAQ's | Contact Us
NCIMED | Business Development | Women In Business | On The Ground Prostate Cancer Project