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Helping Grads and Their Parents Navigate Loan Repayment – HigherEdJobs.com

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Read Helping Grads and Their Parents Navigate Loan Repayment by Janet Kidd Stewart from HigherEdJobs.com from September 23, 2019. Part of WiFi (What I Find Interesting) Wednesday.

“The biggest financial devastation often occurs not among graduates with the most debt, but among students who dropped out of school and now can’t command salaries high enough to pay off loans, Faith said. That’s why it’s important to get faculty and other departments involved in identifying students at risk of leaving, she said. “We’re often the last to know a student is struggling, so we do a lot of in-service trainings” to help staff in other departments recognize students in need.

by Janet Kidd Stewart from HigherEdJobs.com,September 23, 2019

I think about all of the students I know and have met with during the years who indicated they were going to skip a semester. Or two. Or more. And I could have and should have indicated they needed to talk to financial aid about their repayment options. We need to involve more staff and faculty in helping students while they are still on-campus.

During the last financial crisis and housing collapse, I had many students who dropped out. They accumulated thousands of dollars in interest that could have been avoided when some pre-planning and seeking resources.

“Be aware the financial technology, or fintech, world is creating new planning software mostly aimed at financial advisers that will help families navigate the loan repayment period. Players include Pay for Ed and Plaid. Keep an eye on these sites: They can add organization and functionality to families’ repayment process, but it’s important to remind all students to consider the pros and cons with various consolidation offers. And if your school has a preferred lender list, continually check that they are offering superior rates and terms.

by Janet Kidd Stewart from HigherEdJobs.com,September 23, 2019

I have former colleagues who have private loans that helped them achieve their college degrees but cannot be consolidated. Or have their loan terms adjusted. Talking to parents and students often about the types of loans, the pros and cons of each type, and doing this over the course of the degree program, may help people understand the responsibility they have in repaying their loans and what they can do to make the time less stressful.

Read Helping Grads and Their Parents Navigate Loan Repayment by Janet Kidd Stewart from HigherEdJobs.com from September 23, 2019. Part of WiFi (What I Find Interesting) Wednesday.


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For Your Professional & Personal Development

Consider the following professional development articles for your virtual bookshelf:

Newsweek: The Truth About Student Debt: 7 Facts No One Is Talking About (8/8/19)

CNBC: Americans are staying silent on student loan debt—and it’s not helping (8/7/19)

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