Following is an excerpt from a hypothetical conversation between Janet Lane, a college person, her financial aid counselor, and Janet's parents, as consider options for obtaining a loan to finance Janet's higher education Fill in the blanks to provide the correct information COUNSELOR: Janet, I understand that you need additional aid to pay for your higher education and that your parents are willing to help you. They can apply for a Stafford loan. JANET: I'm so relieved to hear that. I have a Parent Loan but it just isn't enough. COUNSELOR: Mr. and Mrs. Lane, let's review a couple of the loan's terms that are different from those of Janet's loan. First, you will be subject to opening a checking account at the bank that makes the loan And, the interest rate on your loan will be higher than Janet's MRS. LANE: That's okay. We're willing to accept those terms, not only because we want our daughter to concentrate on her studies rather than get another Job, but also because we like knowing that the borrowing limit is instead of a set percentage of our gross income the cost of attendance less her current loan COUNSELOR: Good. Then let's talk about paying back the loan. Are you aware of the gener reg of repayment MR. LANE: Yes. Interest will start to accrue loan We'll most likely be expected to begin repaying the COUNSELOR: Very good. Let's start completing the application for a deductible depending on loan. And remember, the interest payments may be tax ali 00 Following is an excerpt from a hypothetical conversation between Janet Lane, a college person, her financial aid counselor, and Janet's parents, as consider options for obtaining a loan to finance Janet's higher education Fill in the blanks to provide the correct information COUNSELOR: Janet, I understand that you need additional aid to pay for your higher education and that your parents are willing to help you. They can apply for a Stafford loan. JANET: I'm so relieved to hear that. I have a Parent Loan but it just isn't enough. COUNSELOR: Mr. and Mrs. Lane, let's review a couple of the loan's terms that are different from those of Janet's loan. First, you will be subject to opening a checking account at the bank that makes the loan And, the interest rate on your loan will be higher than Janet's MRS. LANE: That's okay. We're willing to accept those terms, not only because we want our daughter to concentrate on her studies rather than get another Job, but also because we like knowing that the borrowing limit is instead of a set percentage of our gross income the cost of attendance less her current loan COUNSELOR: Good. Then let's talk about paying back the loan. Are you aware of the gener reg of repayment MR. LANE: Yes. Interest will start to accrue loan We'll most likely be expected to begin repaying the COUNSELOR: Very good. Let's start completing the application for a deductible depending on loan. And remember, the interest payments may be tax ali 00
