Looking at your student loan balance is like biting into a chocolate chip cookie only to realize it’s actually oatmeal raisin. Tragic.
Monthly Archives: January 2022
The Most Effective Tactics for Paying Off Student Debt Faster
The longer your loans sit, the more interest accrues. The more interest that accrues, the more your overall debt grows. The more your overall debt grows, the larger your payments. (You see where this is going…) Here’s a comprehensive list of things you can do to pay off your student debt faster, helping you save …
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4 Types of Financial Aid for College
You may be wondering what the difference is between scholarships, grants, work-study programs, and loans. The four main types of financial aid differ in terms of structure and eligibility. Here is the basic information you need to know about the different types of financial aid: The Basics: Comparing Financial Aid Options Which Type of Financial …
Student Loan Glossary | Complete List of Loan Vocabulary
An Annual Percentage Rate, or APR, is the interest rate applied on a student loan for the whole year. This number may differ from your interest rate because it takes into account any fees associated with your loan.
The Most Effective Debt Payoff Strategy You Need to Know
Even thinking about your student debt can be overwhelming, but knowing how you’re going to pay it off is important. Let’s review the 3 main strategies for paying off debt and their general effectiveness. 1. (Least Effective) The Shotgun Approach The Shotgun Approach is where you pay just a bit more than the minimum payment …
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Forbearance vs. Deferment vs. Forgiveness
Forbearance, deferment, and forgiveness all have some element of not making payments on your student loan. If deciphering the difference seems a bit challenging, read on as we break it down! What is Loan Forbearance? Loan forbearance provides you the opportunity to suspend loan payments temporarily for no more than 12 months at a time. …
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How Student Loan Interest Actually Works
You make a loan payment. The total debt goes down. Then you come back the next day. The loan amount is back up to where it was before your payment. Having some deja vu? This is because of interest. Let’s break down what interest is, how it works, and why your total loan balance may …
How to Select the Best Federal Student Loan Repayment Option
Federal student loans have various repayment options. While the best repayment option for any loan is the one you can commit to paying consistently and on time, there are options that will allow you to pay less interest or less money overall. Standard Repayment The standard payment plan is available to all borrowers and is …
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How to Get Lower Interest Rates on Student Loans
Finding ways to lower your student loan interest rate could lower your overall monthly payment and save you money over time. Here’s how to lower your student loan interest rate for both federal and private student loans.