Daily Egyptian

SIU’s financial aid office to host informative loan seminar

By Diamond Jones

The post-graduation period for the average student is the process of starting a career and journey to a financially stable lifestyle. That is, until some are hit with student loans six months later.

The financial aid office’s “Saluki Cents” will present a seminar for students to understand how the federal student loan repayment process works. Hosted by SIU Financial Literacy Coordinator Jordee Justice, the seminar will take place from 5 to 6 p.m. Thursday in the Student Services Building rooms 150 and 160.

The seminar will allow students to become familiar with terms relating to student loans and alternatives they’ll need to know after graduation on how to deal with them.

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If you take out loans, you have to make yourself aware of how much you have borrowed and reach out to financial aid and your loan provider,” Justice said.

Student loans that are in the process of being payed back amount to about $1.2 trillion, according to the U.S. Department of Education. 

Justice said the income based payment plans are often the more reasonable option for students. This plan takes about 10 to 15 percent of a graduate’s income and uses that toward the repayment plan. The repayment plan also can increase to a 15 to 20 year course versus the 10 years if necessary.  

“Here in financial aid, we are here to help,” Justice said. “We want students to be familiarized with their options toward loans so that they’re successful.”

Staff writer Diamond Jones can be reached at [email protected], 618-536-3325 or on Twitter @_dimewrites.

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