Student Loan Fact Sheet

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I. Introduction

This fact sheet provides essential information regarding [Your Name]'s Federal Direct Subsidized Loan, including loan details, repayment information, loan terms, and available repayment options. It also offers contact details for the loan servicer and additional resources for managing student loans effectively.

II. Overview of Student Loans

Student loans are financial aids that allow students to fund their education and repay the amount over time. Here’s what you need to know:

Type of Loans

Federal Loans	Private Loans
Offered by the government. Examples: Direct Subsidized, Direct Unsubsidized, Direct PLUS. Fixed interest rates, flexible repayment.	Offered by banks or credit unions. Terms vary by lender, fixed or variable rates.

Loan Terms

Interest Rates	Duration
Federal: Fixed rates set annually by Congress. Private: Variable based on credit, and market conditions.	Federal: 10 to 30 years. Private: Similar to federal terms.

Eligibility Criteria

Federal Loans	Private Loans
Complete FAFSA. U.S. citizenship or eligible non-citizen. Enrolled in an eligible program.	A credit check is required. A cosigner may be needed for limited credit.

Application Process

Federal Loans	Private Loans
Complete FAFSA online. Accept loan offers through school. Complete entrance counseling, and sign MPN.	Compare lenders. Complete the lender's application. Consider a cosigner for better terms.

III. Borrower Information

• Name: [Your Name]

• Student ID: [Your Student ID]

• Contact Information:

  • Address: [Your Address]

  • Phone: [Your Phone Number]

  • Email: [Your Email ]

IV. Loan Details

• Loan Type: Federal Direct Subsidized Loan

• Loan Amount: $10,000

• Interest Rate: 3.5%

• Loan Disbursement Date: August 15, 2050

• Loan Term: 10 years

V. Repayment Options

Several repayment options are available to manage your student loan effectively. These options include:

1. Standard Repayment Plan: Fixed monthly payments over 10 years covering both principal and interest.

2. Graduated Repayment Plan: Payments start low and increase every two years, suitable for expected income growth.

3. Income-Driven Repayment Plans: Payments based on income, family size, and loan amount; examples are IBR, PAYE, and REPAYE.

4. Loan Forgiveness Programs: Forgives remaining balances after meeting criteria; examples include PSLF, Teacher Loan Forgiveness, and Income-Driven Plan Forgiveness.

VI. Responsibilities of the Borrower

As a borrower, it is crucial to understand and fulfill your responsibilities:

1. Monthly Payment Submission: Submit monthly payments to the lender on time to avoid penalties.

2. Notifying Lender of Changes: Updating the lender about address or enrollment changes promptly.

3. Maintaining Eligibility: Meeting academic requirements to keep receiving financial aid.

VII. Additional Resources

• Financial Aid Office: [Your School's Financial Aid Office Contact Information]

• Loan Counseling Services: [Counseling Service Name and Contact Information]

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