Debt Management and Smart Borrowing
Loans are important to many of our students, but we try to encourage them to take in loan only what they need. The goal of debt management counseling is to encourage wise borrowing. Remember that loans do have to be repaid. If you take student loans, be sure to read carefully all information provided about each loan before accepting it.
Following are some excerpts from a variety of publications and reminders about smart borrowing and debt management.
The following is taken from the CUNY Booklet given to Perkins Loan Borrowers, Your Federal Perkins Loan: A Reference Guide of Your Rights, Responsibilities and Obligations, 2003 edition. The same basic principles [although not the details, and the loans may stay as separate loans] apply generally to all types of student loans.
- Before Borrowing Consider These Facts
Minimum Monthly Payment: Your minimum monthly payment will be $40. If you borrow in excess of $3770, your payment will reflect the amount it takes to pay off your loan in ten years. For an easy way [on Perkins Loans] to determine the amount of your monthly payment, use the following simple formula:
Take the amount you owe and divide it by 1000. Multiply the number you get by 11. For example, if you borrow $ 5,000.00:
$5,000.00 / 1000 = 5
5 X 11 = $55.00
Your monthly payment will be $55.00.
- Remember, this is a loan and must be repaid. Don't get in over your head. Borrow responsibly.
- How much can you afford to borrow?
Every borrower is different and the amount you can afford to repay in student loan depends on many variables:
- Anticipated entry-level salary for your profession
- Take-home salary, i.e., what your net salary after taxes and deductions may be
- Other outstanding student loans
- Cost of living
- The number of people you support
- Other debts, i.e., auto loan or mortgage
- Before you borrow, take a few minutes to complete the budget sheet [not included here] on the following page. Think about what you can really afford to borrow. You may find more information about entry-level salaries by going to the Occupation Employment Statistics homepage at http://www.bls.gov/oes.
- Budget Sheet [not included here]
This income and expense record is intended to help you develop a budget. Complete this sheet by filling in the appropriate dollar value next to each category that pertains to you. You do not have to hand in this sheet. Keep this for your records and reference.
When you complete this sheet, think about what you can really afford to borrow from the FPL program and what you will have to give up to pay the bill.
The following is taken from the "Budgeting Your Money" section of the Direct Loan Exit Counseling Guide for Borrowers, September 2000 edition.
...One significant aspect of successfully managing your money after leaving school is repaying your student loans...
- Keep all of your loan papers for all your loans, from all schools, together. Keep track of the billing service for each loan, when each payment is due, and the provisions of each loan. Notify the appropriate billing services of any changes of address OR any problems you may have in meeting your obligations.
- If you are considering student loan consolidation--a process through which you might be able to combine all of your student loans into one loan--look carefully at the provisions your individual loans have, and evaluate what you will lose and what you will gain. Look especially at interest rates, cancellation provisions, and deferment provisions. The following warning is from the Perkins Loan booklet:
...If you consolidate your Perkins Loan you will lose all the benefits of the Perkins Loan Program, including cancellation provisions such as teacher, law enforcement, family services.... Once your student loans are consolidated, they can not be unconsolidated. Be careful! Consolidation is final.
The Office of Financial Aid Services has relocated to the One Stop Service Center located in room 128 Dining Hall. For further information on the One Stop Service Center, visit www.qc.cuny.edu/onestop.
The Office of Financial Aid Services uses email as our official method of communication. In order to assure that you receive all communications related to your application, please make sure the e-mail address that you provided on your application is correct. Please add Queens College to your address book to avoid e-mails from firstname.lastname@example.org being sent to spam folders.
Location: 128 Dining Hall
FAFSA College Code - 002690
TAP College Code - 1416
Our Mission Statement
Click here for the Financial Aid High School Presentation on 11/2/17 & Open House on 11/5/17
- The Excelsior Scholarship application
for the Spring 2018 semester is now available. Current Excelsior Scholarship
recipients should not complete this application. If you first received the
award in the fall term of the current academic year, no additional action is
needed for the spring term. The deadline is December 4th,
- Fall 2017 - Important Dates & Deadlines
- The last day to add courses is August 31st, 2017. Your registration as of August 31st will be used to determine your maximum financial aid eligibility for the semester (grants, loans, and work-study).
- September 14th is the Last day to declare a major for TAP/APTS eligibility for Fall 2017.
- September 29th, is the last day to apply for APTS.
- December 8th, is the last day to apply for a Fall only loan.
- Spring 2017 - Important Date & Deadlines
The last day to add courses is February 5, 2017. Your registration as of February 5th will be used to determine your maximum financial aid eligibility for the semester (grants, loans and work-study).
7th Day Lock in for Financial Aid Certification
February 21st, is the last day to declare a major for TAP/APTS eligibility for Spring 2017.
March 6th, is the last day to apply for APTS.
April 27th, is the last day to apply for a Direct Loan.
FAFSA Application Status 1-800-433-3243
FAFSA Technical Assistance
NYS TAP Processing/Status
Direct Loan Inquiries
Internal Revenue Service
TuitionPay Payment Plan