Ivory Tower IOUs (student loans)

 

Ivory Tower IOUs

 

More than 40% of US adults who pursued education beyond high school have taken out student loans. These borrowed funds are used to cover tuition, fees, living expenses, and other costs of college—and they must be repaid, usually with interest, upon leaving school. About two in five students in any given academic year take out some form of student loans. > Why most US college students don't pay the school's full sticker price. (More, w/video) > Student loans are typically just one part of student financial aid packages, which often include grants, scholarships, and more. (More, w/video) There are two primary types of student loans: federal or "public" loans, which are student loans borrowed from the US federal government, and private student loans, which are any student loans financed by a lender other than the government—such as a bank, credit union, or a student's university. Private loans accounted for only about 8% of the roughly $1.8T in total outstanding US student debt as of early 2026. > Inside the FAFSA form, which the federal government uses to determine students' eligibility for aid. (More, w/video) > The types of currently available federal student loans, explained. (More) > How to get lower rates on private student loans. (More) A student loan's interest rate determines the ultimate cost of borrowing, as well as how quickly the amount owed grows. Federal student loans tend to have lower interest rates than their private counterparts. Interest rates on federal student loans typically range from about 6% to 9% as of the 2026-27 academic year, whereas interest rates on private student loans can exceed 17%. > Why some borrowers end up with higher student loan balances than they started with, even after years of payments. (More, w/video) > More than half of student loan borrowers owe less than $25K in federally managed student debt. (More) Discover more:  > How did student loans become so prevalent? (More, w/video) > Play the role of a student in a game where you try to navigate college and remain debt-free. (More) > The GI Bill helped create the first college jazz programs. (More) ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy