How To Receive Student Loans

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Whether you are in school or out, it’s smart to consider paying off your student loan as early as you can. It might sound like a lot, but paying a little more today, maybe by using extra cash from your monthly budget, tax refunds, or savings could benefit you for the rest of your life. Because college graduates are graduating with loads of student loan debt; Indiana University has created a program to address this problem. They have come up with three steps. The first step, is to start a money smart team, the second step is to, communicate and inform each other of what’s going on, and the last step is to “Take 5”. In the article “Student Loan Debt 101 at Indiana University”, states that “Recognizing that students might be more receptive to advice that is provided by someone their own age, creating the Money Smarts Team was the first step toward addressing this”. Students may be more comfortable from accepting advice from each other, because they can relate. Student loans won’t be hard to pay back, as long as you do not ignore them. Students should be caution to the fact that just …show more content…

It’s worth noting that student loans are typically treated as installment plans by the three major credit bureaus. Another step to fixing this problem, is to re-structure the way the university communicates with students abut financial aid. This means breaking down student-aid package by type of assistance and responsibility. Loan amounts are listed separately and it’s made clear that these do have to be re-paid. Students are also informed that just because they qualify for a certain level of a loan, they don’t have to accept the whole amount. After students complete the Financial Aid applications (FAFSA) and receives their award notice the website requires the student to accept the loan on our website. The last step to fixing this problem is the “Take 5”

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