26- Student Loans

JEN: But I thought you got that scholarship or whatever! EDDIE: Well, yeah, but that doesn't cover everything It's just… kind of hard to know what the best option is

LUNCH LADY: Mac & cheese EDDIE: Excuse me? LUNCH LADY: The best option today is mac & cheese JEN: We're actually talking about student loans EDDIE: Yeah, for university LUNCH LADY: University, huh? If you ask me, student loans are the Meatloaf Surprise of post-secondary education

A lot of students opt for it without understanding the risk that lies ahead EDDIE: That can't be good LUNCH LADY: Student loans come in two basic food groups: government-issued and private Depending on where you live, government-issued student loans are offered through federal programs, provincial programs or a combination of both Private student loans and student lines of credit can come from banks, credit unions, schools or other private institutions

Government-issued loans have a fixed rate that's set by the government The interest rate for private student loans varies from lender to lender They're often variable-rate loans, which makes them unpredictable and potentially more expensive than government-issued student loans over time EDDIE: Uh, can you tell me about your subs? LUNCH LADY: Subsidized student loans? Sure! EDDIE: I was asking about the sandwich in this case, but please continue LUNCH LADY: Certain loans that you can apply for are government-subsidized

This means that the government pays the interest on your loan while you're in school JEN: What? That's awesome! LUNCH LADY: Private student loans and lines of credit are not subsidized, so interest starts accumulating from day one and you're responsible for paying it—even while you're a student JEN: Hmm… in that case, I want the sub one EDDIE: Well, it's not that simple – you need to make sure you qualify for the loan you want LUNCH LADY: There is a range of federal and provincial student loans available, and they all have their own eligibility requirements

Some of the criteria are very basic, like being a full-time student and maintaining good grades Other loans are only available based on financial need, which your application helps determine JEN: Do private student loans have all this eligibility stuff? LUNCH LADY: Although private lenders don't tend to factor in your financial need, they may have other requirements similar to those associated with regular personal loans You may need to have a good credit score, for instance, or have a parent co-signer EDDIE: There are lots of options out there to choose from, but what I'm worried about is what happens after graduation

JEN: Oh, I know what happens—you and your classmates throw your square hat-things really high in the air and everybody cheers EDDIE: No, Jen, I meant paying back the student loan JEN: Ohhhh Yeah, that's definitely more worrisome LUNCH LADY: Repayment is an important factor to consider

Government-issued student loans generally provide more flexible repayment options and more resources for repayment assistance than private student loans Certain provinces participate in the Integrated Student Loans Program, which means that, should you have a mix of both federal and provincial loans, they are automatically consolidated after graduation EDDIE: Consolidation is when you combine multiple loans into one single loan JEN: I'm guessing that private student loans and lines of credit don't have as many repayment options… LUNCH LADY: Private lenders tend to be more rigid when it comes to repayment, and private student loans can be trickier to consolidate EDDIE: I told you! There are so many things to consider! LUNCH LADY: Don't forget to compare additional factors like loan fees and borrowing limits

JEN: Ooh, try and get one with no borrowing limit EDDIE: That's actually a terrible idea JEN: What! LUNCH LADY: Take my advice, kids Only borrow what you truly need, because just like these extra-spicy buffalo wings, though it might seem like a good idea to load up, you will definitely pay for it later JEN: Eww

EDDIE: That's nasty LUNCH LADY: Certain federal student loans are government-substidized… substa… subsidized DIRECTOR: Cut Let's do this again LUNCH LADY: But that's a long thing to say

DIRECTOR: I need you to concentrate LUNCH LADY: That's a hard word to say DIRECTOR: Take two LUNCH LADY: I'm only a Lunch Lady

Source: Youtube

26- Student Loans

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