To effectively measure how big or small your student loan and student budget should be, consider the following:
Tuition prices vary and will depend on your school's classification and location. Sometimes the "sticker price" isn't what your family will actually pay. Consider this:
How much will you be expected to contribute to your education? Your Expected Family Contribution (EFC) is a customized figure that, based on a federal methodology and your family size and finances, details what you will be expected to contribute on a yearly basis to tuition costs. Your EFC may vary from school to school, and is made available after you complete the Free Application for Federal Student Aid (FAFSA).
It seems obvious enough, but be sure to include room and board in your college budget.
Keep in mind that most colleges incorporate meal plans into the room and board fees, with three meals a day. Ask for meal plan details from your school if they aren't provided with the information in your application packet. Some colleges will require you to live on campus for the first year. Also be aware that off-campus living costs will include rent, local and state taxes (if applicable), energy bills, groceries, electricity, gas or fuel, transportation, cable and more. Check with your school for cost-saving and low-budget room, board and meal program options.
A big part of the college student budget is text books. Also include the costs of notebooks, binders, supplies, lab equipment, course fees and a computer, if you need one.
Used text books are typically less expensive than new ones, but they're not always available and there is often a limited supply. Check into book-swapping programs at your school.
If you’re taking out unsubsidized Stafford Loans, you may want to send interest payments each quarter while you are in school or if you choose to delay loan payments by requesting forbearance. During these periods, you will receive quarterly interest statements. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the forbearance period.
When the loan re-enters repayment, interest will be calculated on the higher principal balance. Therefore, the total amount you will repay over the life of the loan will increase.
To speak to a loan specialist, call:
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Legislation recently signed by President Obama eliminates the Family Federal Loan Program effective July 1, 2010. This legislation prevents PNC (and all other private lenders) from making new Stafford and PLUS loans with first disbursements on or after July 1, 2010.
If you are looking for a Stafford or PLUS loan for the 2010-11 academic year, we recommend you contact your school's financial aid office to find out what financing options are available for you.
If you are in need of financing for the time period before the new legislation takes effect, we remain willing and able to assist you.
Please enter your school and enrollment information:
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You (and cosigner, if applicable) will need the following information:
The information required to successfully complete the application, such as personal, income and financial aid (borrower only) information, will be provided during the application process.
You will now be transfered to PNC's loan service provider's (AES) Web site to complete your application. After selecting the loan details, you will be asked to log into your AES account before entering your personal information.