While most students were vacationing during the summer and venturing off to distant lands, President Barack Obama exercised his executive order rights to sign legislation that could save students with federal loan debt thousands of dollars over the years.
Last year, CSUN had over seven thousand recipients eligible for financial aid loans.
Only California State University, Sacramento was close to matching CSUN’s numbers, with nearly 7,300 recipients and nearly 8,000 loans, or about $32 million.
Here is a rundown of what loans CSUN students take out and how much they rack up in debt in aims of a degree.
Make sure to check out the full story in the Sundial Aug. 27, 2014.
Federal Stafford loans are given to all students the U.S. Department of Education provides the funds for students, but the school regulates how much is provided.
Subsidized loans are given to students who are in need for school money. But for unsubsidized loans, there are no requirements to demonstrate need for aid and students will have to pay back the loans right away over a period of time.
Direct PLUS loans, which are provided for graduate students and undergraduate dependent on their parents, are provided by the U.S. Department of Education. Perkins loans are given by the school to either undergraduate or graduate students.