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T3 DQ2
For Major Assignment 2 in Topic 4, you will look ahead at your financial plan after graduation. For this DQ, you will look ahead at the assignment instructions and take some time to think ahead about what you will need to do for this assignment.
Start by reviewing the instructions for the assignment and the Excel template in the assignment location in Topic 4. Then, respond to the following for this DQ. 1.
List your program of study and two possible career paths, along with the estimated income for each career in your area. My degree is Bachelor of Science in Elementary Education and Special Education
-
Elementary School Teacher: $58,314
-
Special Education Teacher: $76,588
2.
What is the difference between a subsidized and unsubsidized loan? Provide details on how the difference between subsidized and unsubsidized loans changes the total amount of money paid back to the loan.
-
Subsidized Loan: : One type of student loan that the government provides for financial needs is an interest subsidy loan. Uniquely, the government prevents interest from accruing while the borrower is enrolled in courses, post-graduation grace period and certain grace periods. These loans are given to undergraduate students and usually have a reduced interest rate. Generally, graduate students are not eligible. Students can finance their education with higher interest loans with both annual and lifetime loan limits.
-
Unsubsidized Loan: Regardless of financial need, undergraduate and graduate students can apply for student loans without a subsidy.
Interest on
non-
interest-subsidized
loans
starts accruing immediately after
the loan is
paid off, unlike interest-subsidized
loans.
Borrowers are responsible for paying interest throughout their
academic journey, including course enrollment, deferment and post-graduation.
In general,
interest rates are
higher
than subsidized loans.
.
To avoid accrual of interest,
students have the
option
to pay it
after
they
have registered for courses.
Although
subsidized
loans are more
flexible,
the interest
accrued on the loan can increase
the total repayment
cost..
3.
Find three academic sources that provide information on the impacts of debt on personal spending and the global economy. Sweet, E., Nandi, A., Adam, E. K., & McDade, T. W. (2013). The high price of debt: Household financial debt and its impact on mental and physical health. Social Science & Medicine
, 91
, 94–100. https://doi.org/10.1016/j.socscimed.2013.05.009
Federal Reserve Bank of St. Louis. (2021, June 21). The impact of debt on household financial well being and economic growth: HFS
. Saint Louis Fed Eagle. https://www.stlouisfed.org/household-financial-stability/tipping-points/impact-of-debt-on-
household-financial-well-being-and-economic-growth Consumer spending: U.S. bank
. Consumer Spending | U.S. Bank. (2024, February 20). https://www.usbank.com/investing/financial-perspectives/market-news/consumer-
spending.html Although it’s not required for this DQ, you’re also welcome to start working through the questions in the assignment instructions and the Excel template for the assignment.
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LinkedIn Learning
Free App for Android
in
Question 3 of 14:
Select an answer:
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