ISM Announces Release of Financial Literacy Tool for Hoosier Students

Student Loan Game Plan Educates College Students About Over Borrowing, Provides Personalized Tips to Reduce Indebtedness

Educational loans

Educational loans 

A new online resource that features real-time results in planning for college is now available for all Hoosiers through ISM College Planning’s website.

Student Loan Game Plansm is a unique tool to help students understand how over borrowing to pay for college can affect their financial future.

The tool provides users with personalized results on how their borrowing habits today could affect their lifestyle post-graduation. Student Loan Game Plan is web-based and gives students immediate suggestions on how to approach borrowing wisely

“Student Loan Game Plan compares future salary data with requested loan information,” said Joe Wood, president of ISM. “By looking at a realistic budget for life after college, students often are more motivated to look for grants and scholarships during college.”

Users of Student Loan Game Plan progress through a series of interactive screens and input information, including their requested loan amount, an anticipated future career and estimated past, present and future student loan amounts. From this information, an estimated student loan debt-to-income ratio is revealed.

The ratio is explained as a measurement that could indicate future financial challenges. Applicants are also warned about the financial obligations of taking on a student loan. Finally, they are walked through an estimated budget and a variety of immediate ways to reduce their expenses.

“The best loan is no loan at all, but when borrowing is going to be part of how college is funded, Educational loans Game Plan can serve as a wakeup call and eye opener for students to make the best possible choices,” Wood said. “Through proper planning, students can avoid a mountain of debt waiting for them after they receive that valuable diploma.”

Source: https://educationloansinindia.wordpress.com/2016/06/11/ism-announces-release-of-financial-literacy-tool-for-hoosier-students/