With the many deferment, forbearance and repayment options available, there is no reason any student borrower should default on their loans. Default may also affect your ability to get a good job. While in default, the federal government can seize your tax refund, garnish your wages, place liens on your property, as well as damage your credit. Failure to repay your federal student loan will result in default. Remember: Federal student loans must be repaid. Being aware of short-term and long-term education costs associated with student loans and other debts will help secure a strong financial future. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day. Personal financial planning is more than just being able to balance a checkbook, compare prices, or obtain employment. Most importantly, it is designed to help you “borrow wisely” while attending SUM. This “Financial Literacy” webpage is designed as a Q&A to provide you with useful information on your student rights and responsibilities as a Federal student loan borrower and provide you with repayment options should you have difficulty repaying your student loan so you can avoid delinquency and default. However, some students may find the need to borrower a Federal direct student loan to assist in covering the costs of their education expenses. SUM also believes its adult Christian learners may have the resources to pay for personal living expenses while attending the college and should “borrow wisely” and prudently. In addition, the college offers Federal grants and institutional scholarships. SUM Bible College and Theological Seminary is committed to offering affordable tuition and fees. You can also look up the academic requirements of your favorite colleges using College Search and see how your GPA compares to students who got in and enrolled.Borrow Wisely for Your Education & Know Your Repayment Options The GPA listed on your high school transcript might not be what is used by college admissions, since there is a lot of variation in high school grading scales, additional points added for honors, advanced, AP, IB courses.įor admissions, many colleges will recalculate student GPA so there is consistency/equity across applicants based on institutional standards and may not include all high school coursework or weights.Ĭontact your high school counselor or colleges on your list to learn more about GPA and use in the admissions process. Keep in mind that your high school reports your GPA to your prospective colleges. Your school may use a different grading scale. The chart is an example to assist in understanding the components to calculate a GPA.
To convert your GPA to a 4.0 scale: Letter Grade This is a common scale used at most colleges, and many high schools also use it. You calculate your overall GPA by averaging the scores of all your classes. High schools often report GPA (grade point average) on a 4.0 scale.
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