Financial Wellness

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Understanding Federal Stafford Loan Entrance Counseling

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Another school year has started, and for many students, that means taking out new federal student loans and completing entrance counseling.  Now, after having completed the counseling, and reading all the fine print and loan jargon, did any of it really make sense?  If you answered no, then we’re here to help!

Taking out federal student loans to pay for your education can be a wise investment, if you understand how to manage the borrowing process.  Here are some helpful links for what you need to know about borrowing Federal Stafford Loans:

1. The different types of Stafford Loans that you may have

2. The limit to how much you can borrow in Stafford Loans

3. How you can save a lot of time and money by managing your loan debt as you progress through school 

4. The pitfalls of the “refund check” and how you may be required to pay that money back if you make changes to your schedule

5. Learn how to keep track of your federal student loans using the National Student Loan Data System (NSLDS)

And because we love infographs, Nerdwallet.com has created a handy visual aid (see below) to show you how managing your student loans is the best thing you can do for managing your future. 

If you have questions on any of these topics, please feel free to contact our Financial Aid department at finaid@franklin.edu or contact the Financial Literacy team at financial.literacy@franklin.edu.

 Understanding Student Loans in Real Terms

Via: NerdWallet

Author: Carissa

I am a Graduate Academic Advisor.

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