The Student Loan; the opportunity to better understand the ins and outs of paying off a student loan. custom essay

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Purpose: to afford you the opportunity to better understand the ins and outs of paying off a student loan. Upon completion of this project, you will have some idea as to the processes and difficulties of paying off a student loan. The consequences of loan default should be revealed to you.

Format: Papers will be typed in 12 pt font, double-spaced with 1 inch margins. The paper is to be written in paragraph form (no bulleted lists, etc.), using complete sentences, correct grammar, and appropriate punctuation.

Beginning & End: The report will start with a title page with project title, your name, the date, your Friday instructor?s name. The report will end with a bibliography of sources.

Loan Background Paragraph: This paragraph will include the source of the loan (whom or where did you receive it from), what you are required to do to maintain the loan, and a description of what the loan money may be used for (books only, room-and-board only, anything you desire). You will indicate whether you have a subsidized loan or unsubsidized loan. The consequences of having this type of loan should be explained. The sources for this information will appear in the bibliography. If you do not currently have a loan, go to https://studentaid.ed.gov . Choose one of the available loans to discuss.

Loan Repayment Paragraph: This paragraph will include when the repayment on the loan must begin, current annual interest rate, annual interest rate cap, time period that you can choose to repay the loan in, and the monthly amount required to repay the loan in that period of time. Hint: google loan calculator and choose any of the several sites available to calculate loans. Fill out the loan information including the time period over which you wish to pay off the loan. Compute different minimum payments and years to pay off the loan.

Calculation Paragraph: This paragraph will include the total amount of money paid over the loan period, the total amount of interest paid (total amount paid minus loan amount), and the total percentage of interest paid (total interest amount paid divided by loan amount). A comparison of this interest percentage will be made with the annual interest rate for the loan. Explain the reason for the difference. Now you are to return to the calculator and DOUBLE the minimum payment. Again, you are to find total amount of money paid over the loan period, the total amount of interest paid, and the total percentage of interest paid. Describe the effect that doubling the minimum payment has and the meaning this would have to you.

Consequences Paragraph: This paragraph will go into depth on two consequences of loan default. Example that can not be used by you: You incur bad credit rating. This means that credit bureaus will retain a credit file on unpaid debt therefore hampering new credit. Cash or check will be necessary with the purchase of all goods and/or services.

Conclusion Paragraph: This paragraph will include knowledge that you have gained while researching this report. Be sure to include any revised opinions that you may have regarding loans and their payments. Include any information that you found interesting and/or surprising. The value of this project should also be evaluated at this time.

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