Money Talks

According to the Mississippi State Treasurer’s office, the average Mississippi student graduates college with $30,000 worth of debt. Also, 30% of these graduates are reporting delaying major life milestones (getting married, buying a house or car, and even having kids!) We'll discuss and answer questions about student loans.

Blog post that the New Perspectives interns wrote that ties in with the episode of Money Talks about mortgages:

https://newper.blogspot.com/2022/06/heloc-vs-cash-out-refinance.html

Compete to Complete: http://moneytalks.mpbonline.org/5cd31f1533f6c1be55607d6e

https://www.msc2c.org/

https://studentaid.gov/

COVID-19 Emergency Relief and Federal Student Aid

On April 6, 2022, the U.S. Department of Education (ED) extended the student loan payment pause through Aug. 31, 2022. The pause includes the following relief measures for eligible loans:

• a suspension of loan payments
• a 0% interest rate
• stopped collections on defaulted loans

https://studentaid.gov/announcements-events/covid-19

FAFSA website: https://studentaid.gov/h/apply-for-aid/fafsa

Subsidized and unsubsidized loans

Private and government loans

Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.

Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received. https://studentaid.gov/manage-loans/consolidation

Questions:

• Retired and paying student loans
• Private loans
• Loan not reported on credit report
• Subsidized
• For profit college