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Created with Fabric.js 1.4.5 Student loans... * Are designed to help students pay foruniversity tuition, books, and living expenses.It may differ from other types of loans in that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. Interest:* The current interest rates for new FederalStafford Loans in 2014-2015 are 4.66% for undergraduate students and 6.21% for graduate /professional students. pay_your_loans/tips_for_managing_debt/credit_bureau_information.html Credit Score: * A score above 700 usually suggests good credit, but most credit scores fall between 600 and 750. having a specific credit score will determine what types of loans and interest rates are available to you. In Default: * If you dont make your loan payments, you risk going into default. The federal governmentall can take action to recover the money you owe. * Foreclosure affects your ability to get financial aid when it increases your taxable income or lowers your credit score. * TransUnion, Equifax, and Experian (formerly TRW) are the three national consumer reporting agencies that keep records on consumers. * The average student leaves college with about $25,000 in student loan debt. The monthly payment on a $25,000 student loan is approximately $280 (assuming 6.8% interest and a 10-year repayment plan)
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