DOCSLIB.ORG

Full Product Overview

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Full Product Overview Meaningful benefits for an engaged and empowered workforce 98rsc1.1-111318 Gradifi is the leading single-platform solution for student loan and college savings benefits. RECRUIT: Become an employer of choice RETAIN: Reduce voluntary attrition 76% 58% ”It’s beyond just salary. It’s a say that their choice to take ”It’s definitely been a of Gradifi members say they sign that they know what a job would be considerably differentiator in hiring.” are more likely to stay with we’re going through.” affected by an employer’s Rod Adams, Talent their current employer due Nathan Roselin, Employee willingness to offer a student Acquisition Leader, PwC to receiving the student loan and benefit recipient, Hoge loan benefit.1 repayment benefit.3 Fenton ENGAGE: Boost productivity and reduce stress RETIRE: Secure retirement for financially stressed employees ”It definitely shows that they $80,000 vs. ”We decided to put our 12-20 hours are trying to improve the money where our mouth $46,000 of productivity are lost quality of life for employees in is and make sure our the median 401(k) balance each month for the 80% of the office and outside of it.” own people are on strong for families ages 45 to 54 employees who deal with Timothy Hairston, Employee financial footing.” without student loans versus financial stress at work.2 and benefit recipient, Tracey Flaherty, SVP, Natixis Peloton those with student loans.4 Global Asset Management 1 Life Delayed: The Impact of Student Debt on the Daily Lives of Young Americans - https://www.asa.org/wp-content/uploads/2017/06/life_delayed_whitepaper_2015.pdf 2 https://pension-consultants.com/the-impact-of-financial-stress-on-workforce- productivity 3 Survey of Gradifi members conducted in January 2018 with 1,781 respondents. 4 Employee Benefit Research Institute - https://www.forbes.com/sites/ashleaebeling/2018/05/14/the-big-threat-to-your-401k-student-loan-debt/ 2 Student Loan PayDown Student debt is the fastest growing form of consumer debt in America and a significant source of stress impacting the workplace.1 Today, 7 out of 10 bachelor’s degree graduates leave school with a median of $26,500 in debt.1 1 2012 National Oliver Wyman 2017 Survey of Student Loan Finances. Conducted May 2017. Survey included 3,002 US households between 18-50 in age, with a bachelor’s degree or more, who are either employed or seeking employment. Of the 3,002 households that qualified Student Aid Study to complete the survey, 1,012 had outstanding student loans. 2 2012 National Postsecondary Student Aid Study 3 Filling the gap between the benefits employers offer and the benefits employees want According to an Oliver Wyman survey, among working professionals with student debt: also selected student loan repayment assistance as the single most compelling consider their debt to be a source of employee benefit among potential options 80% significant stress 45% that included additional retirement and health care contributions. of these respondents indicated that indicate that they would prefer that their student loan repayment assistance would employer make payments to help reduce positively impact their decision to accept a 58% their student debt versus making additional 90% job offer, to recommend an employer or to contributions to their retirement funds want to stay at their current employer.1 BUT ONLY of employers currently offer student loan 4% repayment assistance as a benefit.2 1 Oliver Wyman 2017 Survey of Student Loan Finances. Conducted May 2017. Survey included 3,002 US households between 18-50 in age, with a bachelor’s degree or more, who are either employed or seeking employment. Of the 3,002 households that qualified to complete the survey, 1,012 had outstanding student loans. 2 “2016 Employee Benefits: Looking Back at 20 Years of Employee Benefits Offerings in the U.S.” Society for Human Resources 4 Is there ROI on employer contributions as a Student Loan Repayment Benefit? According to Society for Human Resources Management research, replacing an employee costs between 90% and 200% of the employee’s annual salary (including both direct and indirect costs).1 With Gradifi Student Loan Paydown you can potentially reduce costs associated with turnover. 2 5-FOLD MONTHS RETURN the average employee the return on investment tenure needs to extend if that benefit extended for a $100/month benefit average tenure to pay for itself by one year2 This estimate does not even account for value that could accrue from improvements to hiring rates, employee referrals and other intangibles, including improved morale and reduced stress.2 1 “Retaining Talent: A Guide to Analyzing and Managing Employee Turnover.” Society of Human Resources Management. 2 Return estimated assuming a $75,000 annual salary, 3-year average tenure and 100% replacement cost. 5 Help Alex pay off debt 3 years, 1 month earlier and save up to $10,0461 WITHOUT STUDENT WITH STUDENT LOAN CONTRIBUTIONS LOAN CONTRIBUTIONS $26,500 $18,300 PRINCIPAL PAID PRINCIPAL PAID $5,696 $3,850 INTEREST PAID INTEREST PAID 10 yrs 6 yrs, 11 mos REPAYMENT TIME REPAYMENT TIME $32,196 $22,150 TOTAL PAID TOTAL PAID 1 Estimated savings are based on a $26,500 student loan balance at 4% APR, under a 10-year repayment plan with a $100 monthly employer contribution plus regular monthly payments made by the borrower. 6 College SaveUp With the average annual cost of college increasing almost 41% while the real median household income falls at 7%,1 saving for a child’s education is a step forward in reducing future student loan debt, today. 1 https://affordableschools.net/tuition-vs-income/ 7 The cost of education weighs on today’s workforce. Introducing College SaveUp, a solution from Gradifi to ease your employee’s stress of saving for their children’s college education with direct contributions to their 529 college savings plan. BY 2035, THE COSTS OF COLLEGE WILL BE CONSIDERABLY HIGHER THAN THEY ARE TODAY.1 $438k 2018 2035 $352k Tuition cost has increased 645% 645% since 1983.2 $222k $168k $136k $86k of U.S. parents with children under 18 worry about funding 73% their children’s educational costs.3 IN-STATE PUBLIC OUT-OF-STATE PUBLIC PRIVATE 1 https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator 2 http://www.businessinsider.com/cost-of-college-in-the-future-is-scary-2014-5 3 http://news.gallup.com/ poll/182537/parents-college-funding-worries-top-money-concern.aspx 8 The Impact of Financial Wellness in Employees 51% of employees are struggling or stressed over saving or paying for their children’s education. Four out of five employers report that their employee’s personal financial issues impact their job performance resulting in1: 60 12-20 34 PERCENT HOURS PERCENT Of employers A month are utilized by an Of employers report worker’s estimated 80% of employees report absenteeism inability to focus who try to deal with their and tardiness financial worries at work2 Financial stress leads to increased health expenses, prescription costs and absenteeism due to health-related concerns. 1 https://www.ifebp.org/inforequest/ifebp/0200354.pdf 2 https://www.ifebp.org/inforequest/ifebp/0165695.pdf 9 Help David save $43,655 for his daughter’s college education1 CUMULATIVE AMOUNT PLAN ASSETS EMPLOYER CONTRIBUTIONS $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 CHILD’S AGE 123456789101112131415161718 TOTAL $9,185 $22,969 $43,655 SAVED AFTER 6 YEARS AFTER 12 YEARS AFTER 18 YEARS 1 Estimated 529 plan balance assumes $100/month employer contribution only for 18 years with a 7% annual rate of return for 18 years before a child goes to college. Plan asset balance growth also assumes reinvestment of all dividends, interest and capital gain distributions. 10 Gradifi Refi With average monthly student debt payments carving out 7% of recent graduate’s gross income, refinancing offers the potential of increasing future savings and quality of life.1 1 Calculated by taking the average monthly debt payment of $382 and dividing it by median 2016 graduate salary of $50,556 https://www.debt.org/students/ http://time.com/money/collection-post/3829776/heres-what-the-average-grad- makes-right-out-of-college/ 11 Student Loan Refinance With exclusive offers from Earnest, First Republic, and LendKey, Gradifi Refi offers employees access to some of the lowest rates in the industry and best-in-class service. As an added benefit, your employees will have access to expert student loan counselors from American Student Assistance® (ASA) to help determine if refinancing is right for them. Some of the National Low minimum Best-in-class Exclusive offers lowest rates in coverage balance service with additional the industry savings 12 Counseling and Resources One-on-one sessions with expert counselors from American Student Assistance (ASA) can give your employees personalized answers to their questions about: Repaying private and Planning and paying Postponing, forgiving, Consolidating and federal student loans for college and discharging refinancing student student loans loans Gradifi also has resources, calculators and financial wellness articles to help your employees make sure they are on the best track to paying down their student loans. 13 Lower monthly payment by $80/mo. and save $9,576 in total interest1 – a savings of up to 50%. Original Loan $575.40 New Loan Monthly Payment $495.69 Monthly Payment $19,048 $9,472 Interest Interest 6.80% 3.55% Interest Rate Interest Rate 10 years 10 years Term Term $50,000 $50,000 Loan Balance Loan Balance 1 Estimated savings are based on refinancing a $50,000 student loan with an 6.80% APR and 10-year repayment term to a new loan with a 3.55% APR and 10-year repayment term.
Load more

Recommended publications
  • Do I Need to File the Free Application for Federal Student Aid (FAFSA) to Apply for the Citizens Bank Student Loan Or Citizens Bank Student Loan for Parents? A: No
    Citizens Bank Student Loans FAQ Student Lending, the Citizens Bank Student Loan™ and Citizens Bank Student Loan for Parents™ Q: Do I need to file the Free Application for Federal Student Aid (FAFSA) to apply for the Citizens Bank Student Loan or Citizens Bank Student Loan for Parents? A: No. Citizens Bank Student Loan and Citizens Bank Student Loan for Parents borrowers do not need to submit a FAFSA. Simply complete the online application to apply. However, we recommend that you also consider available federal student loan options, for which a FAFSA will be required. You can obtain more information about federal student loan programs at the Department of Education website www.direct.ed.gov. Q: Can I use a Citizens Bank Student Loan or Citizens Bank Student Loan for Parents to help pay for books and personal expenses? A: Yes. Our Citizens Bank Student Loan and Citizens Bank Student Loan for Parents can be used to help pay for school-related costs beyond that of tuition while the student is enrolled in school. Examples of these costs are books and living expenses, such as meals and rent, and the maximum amount you can borrow each year is determined by the school. Q: What is the difference between the Citizens Bank Student Loan or Citizens Bank Student Loan for Parents? A: The biggest difference between the two products is that with the Citizens Bank Student Loan, the student is the primary borrower (with the ability to add a qualified cosigner) who is liable for the repayment of the loan. With the Citizens Bank Student Loan for Parents, the borrower is a parent or other sponsor who has taken out the loan for the benefit of the student (this option does not allow for a co-signer) and that borrower remains the sole person responsible for repayment of the loan.
    [Show full text]
  • Repaying Your Loans
    FEDERAL STUDENT LOANS Repaying Your Loans ® This guide provides information about repayment of loans from the following federal student loan programs: • The William D. Ford Federal Direct Loan (Direct Loan) Program— Under this program, loans are made by the U.S. Department of Education (ED). • The Federal Perkins Loan Program—Under this program, loans are made by schools. • The Federal Family Education Loan (FFEL) Program—Under this program, now discontinued, loans were made by banks or other financial institutions. No new FFEL Program loans have been made since July 1, 2010, but you may have an FFEL if you were attending school before that date. Note: Although Perkins Loans are made by schools and FFEL Program loans were made by financial institutions, these loans—like Direct Loans—are federal student loans. U.S. Department of Education Counselors, Mentors, and Other Professionals Order online at: www.FSAPubs.gov Federal Student Aid E-mail your request to: [email protected] This guide does not provide information about repayment of the James W. Runcie Call in your request toll free: 1-800-394-7084 following types of loans: PLUS loans made to parents; private education Chief Operating Officer Those who use a telecommunications device for the deaf (TDD) or a teletypewriter (TTY) should call loans (made by a bank or other financial institution under that Customer Experience Office 1-877-576-7734. Brenda F. Wensil organization’s own lending program, not the FFEL Program); school Chief Customer Experience Officer Online Access loans (not Perkins Loans); or loans made through a state loan program.
    [Show full text]
  • Petition for a Writ of Certiorari to the United States Court of Appeals for the Seventh Circuit
    No. ______ In the Supreme Court of the United States MARK WARREN TETZLAFF, PETITIONER v. EDUCATIONAL CREDIT MANAGEMENT CORPORATION ON PETITION FOR A WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SEVENTH CIRCUIT PETITION FOR A WRIT OF CERTIORARI DOUGLAS HALLWARD-DRIEMEIER Counsel of Record JAMES M. WILTON JONATHAN R. FERENCE-BURKE MARTHA E. MARTIR JOHN T. DEY* ROPES & GRAY LLP ROPES & GRAY LLP Prudential Tower 2099 Pennsylvania Avenue, N.W. 800 Boylston Street Washington, D.C. 20006 Boston, MA 02199 (202) 508-4600 Douglas.Hallward-Driemeier@ ropesgray.com D. ROSS MARTIN ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036 * Not admitted to practice in the District of Columbia; supervised by Ropes & Gray LLP partners who are members of the District of Columbia bar QUESTIONS PRESENTED Under the Bankruptcy Code, student loan debt is dischargeable in cases of “undue hardship.” 11 U.S.C. 523(a)(8). To determine whether petitioner had shown “undue hardship,” the court of appeals applied its ver- sion of the three-element Brunner test. See Brunner v. N.Y. State Higher Educ. Servs. Corp., 831 F.2d 395, 396 (2d Cir. 1987). As two elements of that test, the court of appeals requires a debtor to establish a past good faith effort to repay student loans and a “certainty of hopelessness” that he will never be able to repay his student loan debt in the future. Other courts of appeals apply substantially different versions of the Brunner test, requiring that the debtor’s inability to pay be “likely to persist for a significant portion of the repay- ment period,” but not requiring a “certainty of hope- lessness.” Courts in two circuits have rejected the Brunner test altogether, adopting a more lenient standard based on the “totality of the circumstances.” This case presents the following questions: 1.
    [Show full text]
  • On Student Loans
    Personal Finance Student Loan Fact Sheet Series Recovering from Student Loan Default Carrie L. Johnson, Ph.D. | North Dakota State University Failing to make regularly scheduled student loan Federal employees face the possibility of having payments can have a very negative effect on a 15% of their disposable pay reduced by their consumer’s life. Federal loan servicers report employer to pay back student loan debt. delinquencies of at least 90 days to the three major It will take years to reestablish your credit and credit bureaus (Equifax, Experian, and recover from default. TransUnion). Default occurs when an individual fails to make a student loan payment for more than Avoiding Default 270 days. For private loans, each lender will have If you are having difficulty making student loan different rules. This fact sheet will focus on rules payments, it is essential to be proactive and avoid regarding federal student loans. going into default. By contacting your loan servicer, you may be able to switch repayment plans, change Consequences of Default your payment due date, or get a deferment or The consequences of student loan default can be forbearance. financially devastating. Below is a list of default consequences as stated on the Federal Student Aid A deferment is a postponement of payment on your website (https://studentaid.ed.gov/sa/repay- loan that is allowed under certain circumstances. loans/default). Interest on Subsidized loans is also postponed. You The entire balance of your loan and interest is qualify for a deferment in the following situations: immediately due and payable. During a period of at least half-time enrollment You lose eligibility for deferment, forbearance, in college or career school.
    [Show full text]
  • Exploring Student Loan Personal Financial Management Decisions Using a Behavioral Economics Lens Michael J
    Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2017 Exploring Student Loan Personal Financial Management Decisions Using a Behavioral Economics Lens Michael J. Wermuth Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Business Administration, Management, and Operations Commons, Finance and Financial Management Commons, and the Management Sciences and Quantitative Methods Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral dissertation by Michael J. Wermuth has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Anthony Lolas, Committee Chairperson, Management Faculty Dr. Godwin Igein, Committee Member, Management Faculty Dr. Jeffrey Prinster, University Reviewer, Management Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2017 Abstract Exploring Student Loan Personal Financial Management Decisions Using a Behavioral Economics Lens by Michael Jay Wermuth MBA, Embry-Riddle Aeronautical University, 1995 BS, U.S. Air Force Academy, 1983 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University February 2017 Abstract There is a student loan debt problem in the United States. Seven million student borrowers are in default and another 14 million are delinquent on their loans.
    [Show full text]
  • Student Loan Repayment Interest Rate Tables Don’T Borrow Blindly Graduate PLUS for 2011-12
    Student Loan Repayment Interest Rate Tables Don’t Borrow Blindly Graduate PLUS for 2011-12 It’s important for students to understand all the terms of their loans and their Total Interest/ repayment responsibilities before they borrow. Student loans are nearly Loan # of Repayment impossible to discharge in bankruptcy, so the student loan choices made today Amount Payments Payment @ 7.9% Interest could impact borrowers for the rest of their lives. $10,000 120 $120.80 $4,496 / 14,496 The National Association of Student Financial Aid Administrators (NASFAA) has $20,000 120 $241.60 $8,992 / 28,992 created several tables to illustrate costs borrowers will face when they repay $30,000 120 $362.40 $13,488 / 43,488 their loans. These tables show: $40,000 120 $483.00 $17,984 / 57,984 $50,000 120 $604.00 $22,480 / 72,480 • The number of monthly payments under various repayment plans $60,000 120 $590.51 $10,861 / 70,861 • The amount of those monthly payments $70,000 120 $724.80 $26,976 / 86,976 • The total cost of the loan (principal plus interest) $80,000 120 $966.40 $35,968 / 115,968 $90,000 120 $1,087.20 $40,464 / 130,464 • The total interest borrowers will pay under various repayment plans $100,000 120 $1,208.00 $44,960 / 144,960 Estimating the costs of borrowing federal student loans can be challenging, but $110,000 120 $1,328.80 $49,456 / 159,456 these tables can help students make informed decisions before taking out a $120,000 120 $1,449.60 $53,952 / 173,952 loan.
    [Show full text]
  • Report on Private Student Loans.1
    august 29, 2012 Private Student Loans Report to the Senate Committee on Banking, Housing, and Urban Affairs, the Senate Committee on Health, Education, Labor, and Pensions, the House of Representatives Committee on Financial Services, and the House of Representatives Committee on Education and the Workforce. Table of Contents EXECUTIVE SUMMARY ..................................................................................... 3 INTRODUCTORY MATTERS ............................................................................. 6 PART ONE: LENDERS, LOAN MARKETS AND PRODUCTS ......................... 9 PART TWO: BORROWER CHARACTERISTICS AND BEHAVIORS ............. 35 PART THREE: CONSUMER PROTECTION .................................................... 67 PART FOUR: FAIR LENDING ISSUES ............................................................. 78 PART FIVE: RECOMMENDATIONS ............................................................... 86 DATA APPENDIX I: FURTHER INFORMATION ABOUT DATA SOURCES 93 DATA APPENDIX II: ADDITIONAL FIGURES AND TABLES ........................ 96 STUDENT LOAN GLOSSARY ........................................................................ 104 REFERENCES AND NOTES ........................................................................... 109 2 PRIVATE STUDENT LOANS Executive Summary American consumers owe more than $150 billion in outstanding private student loan debt. While this amount is significantly less than the amount outstanding on student loans guaranteed by the federal government, the private student loan
    [Show full text]
  • Student Loan Debt: Fiona Greig Who Is Paying It Down? Daniel M
    Diana Farrell Student Loan Debt: Fiona Greig Who is Paying it Down? Daniel M. Sullivan October 2020 Abstract American families carry more than spouses—in order to manage their and 7 percent of all borrowers not $1.5 trillion in student loan debt. This debt. In particular, we find that while in deferral are on track to never pay debt provided many with the oppor- the median borrower is not unduly off their loans. These dynamics of tunity to pursue higher education, but burdened by their debt, a significant repayment put Black borrowers at a remains for others a large, potentially minority of lower-income and younger disadvantage, who, relative to White crippling, financial burden. In this borrowers are heavily burdened, borrowers, have lower incomes and report, we explore how people of required to make payments that con- higher debt balances and are 4 times different socioeconomic groups are stitute more than 10 percent of their as likely to have no payments made managing their student debt. We do take-home income. We also find that against their loans, partly due to the this by linking administrative banking almost 40 percent of those involved fact that they are less likely to receive data, credit bureau records, and public in student debt repayment are making repayment help. This debt provided records on race and ethnicity to create payments on other people’s loans, many with the opportunity to pursue a unique data asset that includes the with 27 percent of those involved higher education with commensurate income, demographics, debt balances, holding no student debt whatsoever.
    [Show full text]
  • The U.S. Department of Education (ED) Office of Federal Student Aid Is Actively Monitoring the New Coronavirus/COVID-19 Outbreak
    The U.S. Department of Education (ED) Office of Federal Student Aid is actively monitoring the new coronavirus/COVID-19 outbreak. U.S. Secretary of Education Betsy DeVos announced on 3/25/20 that, due to the COVID-19 national emergency, the Department will halt collection actions and wage garnishments to provide additional assistance to borrowers. This flexibility will last for a period of at least 60 days from March 13, 2020. Effective 4/1/20, the Office of the State Controller will suspend all Federal Student loan garnishments. Federal Student loan garnishment payments processed on monthly pay date 3/31/20 and biweekly pay date 4/03/20 have been sent to the U.S. Department of Education. The U.S. Department of Education will refund any garnished wages that should have been stopped as a result of the announcement. The U.S. Department of Education is actively monitoring the COVID-19 national emergency and may extend the 60-day period. Borrowers with defaulted student loans, a current relationship with a private collection agency, and an interest in continuing a prior payment arrangement, consolidating their loans, or beginning a loan rehabilitation arrangement with their private collection agency, should contact the Department's Default Resolution Group at 1-800-621-3115 (TTY for the deaf or hearing-impaired 1-877-825-9923). Private collection agencies are permitted to provide assistance upon the borrower's request. On March 27, 2020, the president signed the CARES Act into law which, among other things, provides broad relief for federal student loan borrowers. To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are being placed in an administrative forbearance automatically, which allows you to temporarily stop making your monthly loan payment.
    [Show full text]
  • ARIZONA STUDENT LOAN CODE of CONDUCT 1. Definitions A
    ARIZONA STUDENT LOAN CODE OF CONDUCT 1. Definitions a. "Employee" or "School employee" means any employee, agent, student financial aid contractor, director, officer or trustee of the School. For purposes of the Code provisions relating to gifts and stock ownership, this term includes family members of the Employee. For purposes of Paragraph 2 of this Code, this term includes family members living in the same household as the Employee. b. "School" means all colleges, campuses, departments or other components of the higher education institution adopting this Code of Conduct that are either located in Arizona or that offer on‐line classes to Arizona residents, including alumni associations if the associations are under the institution's control and are not separately incorporated. c. "Student loan lender" or "lender" means any entity involved in making, holding, consolidating, originating, servicing or guaranteeing any loan to students or parents to finance higher education expenses. This includes lenders who provide private educational loans as well as lenders who provide loans that are made, insured or guaranteed by the U.S. Department of Education, except loans under the William D. Ford Direct Loan Program. 2. Employee Compensation Prohibition a. No employee of the School or "school‐affiliated organization" (as defined in 34 CFR 682.20O(b)(s)(i)(A)(8)) shall accept or solicit anything of other than nominal value from a student loan lender. "Nominal value" means a total retail value of not more than ten dollars ($10.00) as calculated over a 12‐month period, or as defined by a School policy consistent with applicable federal and state law.
    [Show full text]
  • Need Help Understanding How to Manage Your Student Loans?
    Need help understanding how to manage your student loans? Learn how to minimize debt, create a plan to take control of your student loans, manage your budget and much more with PlanSmart® Financial Wellness. PlanSmart® Financial Wellness is a free program that provides access to financial planning through three flexible learning and engagement channels. • Online: employees have 24/7 access to a holistic view of their finances through personalized goals and account aggregation • Phone or online messaging: for simple questions and complex conversations with financial planners • In person: periodically there will be workplace seminars and one-on-one consultations delivered by local financial professionals You can learn about budgeting, financial planning and debt information available to you through PlanSmart® Financial Wellness. To register, go to www.myplansmart.com. Next to the box that reads “Get Started” enter MMC and click Go or call +1 855 203 6842. What educational cost and debt information is available online? Online you can access educational videos, content, modeling and calculators. Educational Videos: To find, go to: Intro to Education Funding, and My Goals and Finances Repaying My Student Loans. Explore All Goals Reduce Your Debt 06112019 Educational Content: To find, go to: Education Costs Learning Center Saving for Education Topics Financial Assistance Plan for the Future Education Funding Strategies Education Funding Reduce Your Debt Goal Modeling: To find, go to: Develop strategy to pay off high My Goals
    [Show full text]
  • Federal Student Loans: Basics for Students
    FEDERAL STUDENT LOANS BASICS FOR STUDENTS ® Whether you’re an adult returning to school or a recent high school graduate, there’s a lot to consider when you’re thinking about college or career school. One of those considerations should be how you plan to fund your education. Chances are, you’ll to need to rely on student loans (money that you borrow and pay back with interest*) to help pay for at least part of your education. Direct Loans (loans made by the federal government) are available to help you cover your education expenses. This brochure will help guide you through the basics of responsible borrowing. BASICS OF STUDENT LOANS With careful planning and an understanding of the basics of student loans, you can help ensure that you achieve your academic goals and graduate with a manageable amount of debt. Know the Types of Direct Loans The U.S. Department of Education (ED) offers Direct Loans through the William D. Ford Federal Direct Loan (Direct Loan) Program. There are three types of Direct Loans that can help students and parents pay for education after high school. LOAN TYPE AVAILABLE TO DETAILS AND UPDATES Direct Subsidized Loans* Undergraduate students who have StudentAid.gov/sub-unsub fnancial need Direct Unsubsidized Loans* Undergraduate, graduate, and professional StudentAid.gov/sub-unsub degree students Direct PLUS Loans Graduate and professional degree StudentAid.gov/plus students, and parents of dependent undergraduate students (you must not have an adverse credit history) For information on current Direct Loan interest rates, visit StudentAid.gov/interest. Consider Direct Loans First Student loans can also come from private sources, such as banks or fnancial institutions.
    [Show full text]