BFFS Loans and Debt

Hi my name is Shaela As part of the Bears for Financial Success Program at Cal I'm here today to talk to some students about Loans and Debt Let's go find some people to talk to! What does debt mean to you? it's money that Ive taken out now and I need to pay back to some people

It means I have to be very wary of my money or my expenses I have been keeping track of what I spend every week, especially on food If I didn't have to worry about loans then I probably wouldn't be as frugal with my money It means that I have a lot of money I owe in the future that I don't want to pay It makes me think about my future career Like half of my salary has to go to that

Do you currently have student loans? Yes A lot I do have some student loans I don't know the exact amount I have paid off some but I think it should be around $5000 at this point

And thats just sitting in my account and its not gaining any interest How often do you think about your loans? I feel that after I graduate I will think about that more But right now it's just signing forms and checking boxes and trying to get everything so I can register for classes I don't think about my loans very often but that's pretty much because I have other things on my mind that have more priority Do you know the interest rates on your loans? I do not know the interest rates Do you know the interest rates on your loans? No Do you know what the difference between subsidized and unsubsidized loans? I did 3 months ago when I took loans But no I don't know

There's subsidized and unsubsidized loans Subsidized means there no interest during school right? Shalea: Yes that is correct I know that my loans are subsidized So I don't have to worry about paying them off when I'm in school What is the difference between subsidized and unsubsidized loans? Subsidized loans are loans that do not acrue interest while I'm in school Whereas unsubsidized loans ones do acrue interest So I usually worry about them when I'm on break or during the summer when I'm not in school

Where I can manage my finances What worries you about paying off your loans? Paying them off but then getting in the way of paying for other things I want to do on a month to month basis Do you have any worries about paying off your loans? Uh No, I just want to get a job to pay them off We had the chance to talk to several students regarding loans and debt And as you can see it's a concern that many students share

Come see us in 211 Sproul so we can equip you with the skills and knowledge to make the most informed decisions when it comes to loans and debt repayment

Source: Youtube

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