Skip to the page content Skip to primary navigation Skip to the search form Skip to the audience-based navigation Skip to the site tools and log-in Information about website accessibility

Student Support Services

Understanding & Meeting the Cost of Your Post-secondary Education

Please consider the following information to prompt thought and answer the questions below to indicate: 1) your knowledge of resources available to pay for your education; 2) your understanding of the cost of your education; and 3) your obligation to repay your funding source once your education is successfully completed.

REPRESENTATIVE COST LIST

  • Tuition
  • Fees
  • Books
  • Transportation
  • Living Expenses (Rent / Utilities / Food / Insurance / Medical Expenses / Clothing)
  • Other Financial Obligations

CONSIDERATIONS OF OBLIGATION TO REPAY

  • Student Loan Principal (Amount borrowed)
  • Subsidized (Federal Government pays interest while you are in school)
  • Unsubsidized (Interest accumulates from initial loan date / student is required to pay)
  • Private Loans
  • Credit
  • Grants / Scholarships
  • Interest
  • Annual Percentage Rate
  • Compound Interest (Interest paid on original interest)
  • Withdrawing early from school
  • Record-keeping
  • Keeping in touch with lender
  • Grace Period
  • Estimated monthly payments
  • Deferment
  • Early Pay-off
  • Default
  • Credit Score / Credit Report
  • Co-Signer Obligation
  • Bankruptcy
  • Limit of total amount available to borrow
  • Restriction of borrowing at other institutions if not in good standing with loan
  • Consolidation

QUESTIONS

1.    Do you have a strategic plan to pay for your college education? Explain.

2.    Do you know how to access the UALR scholarship website?

3.    Do you know how to apply for work-study?

4.    Are you familiar with community service programs that will pay for your college education in exchange for services?

5.    Are you familiar with any of the following —Single Parent, Arkansas Lottery, and the Non-traditional scholarships?

6.    Are you familiar with the GO Opportunity Grant?

7.    What other grants and scholarships are you familiar with?

8.    Do you know who provided your loan?

9.    Do you have a file with all pertinent (legally-binding) documents pertaining to your loan?

10.    Do you understand the amount borrowed and the interest percentage rate?

11.    Do you understand the obligations of any co-signers you may have (i.e. if you default, they have to pay).

12.    Do you understand what the total principal plus interest pay-off amount will be at the end of your loan payments (i.e. total amount due)?

13.    Do you understand the difference between a subsidized and an unsubsidized federal loan?

14.    Do you understand there are Federal and private regulations for repayment of your loan?

15.    Do you understand there is a limited amount of funds available for you to borrow from lenders?

16.    Do you know there is a limited amount of time in which to graduate with certain loans and/or grants?

17.    Do you understand if you are behind in your payments or in default of you current loan(s), you may not be able to obtain future loans for this (UALR) or any other institution?

18.    Do you have a plan for repayment (i.e. budget)?

19.    Can you afford to pay interest on your loan while you are in school so the initial interest is not added to the principal when you begin repaying your loan?

Updated 3.19.2010