After being accepted into college, it’s important to see what options you have for financing the cost of your education. While scholarships, grants, and federal work-study aid should always be accepted first, you may wind up considering student loans as well. Though the process may seem daunting, we’ve simplified it for you with a step-by-step …
Monthly Archives: August 2022
Pros and Cons of Consolidating Student Loans
Managing many student loan payments at once can be very difficult. That’s why student loan consolidation sounds so enticing. You can streamline your payments into one and make it easier on yourself. It sounds like the perfect solution. However, it’s essential to think about student loan consolidation pros and cons. Before you start the application process, …
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Student Loan Servicers: Everything You Need to Know
If you’re a student loan borrower, you’ve probably heard the term “student loan servicer” before. But what exactly is a student loan servicer, and why does it matter? In this blog post, we’ll dive deeper into everything you need to know about student loan servicers, including how to find out who your servicer is, what …
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Average Student Loan Monthly Payment: How to Lower Yours
According to an Education Data report, the average student loan debt is around $39,351 per borrower. As a result, it can be hard to make the average student loan monthly payment. If you’re currently experiencing this and are trying to figure out how you can cut costs, you’re in the right place. Lucky for you, …
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How to Pay Off $200k+ in Student Loans
When paying for college, a few thousand here and there might not seem like much. But overtime, it adds up quickly. And, with more expensive programs and advanced degrees, it’s hard to dodge the colossal tuition bills. If you’re staring at a student loan balance of over $200,000, you might be feeling overwhelmed, and rightfully …
How Often You Should Refinance Your Student Loans
If you’ve already refinanced your student debt once, you know just how much it can save you. For example, borrowers that use Sparrow to refinance save, on average, $17,000 over the life of their loan. With that in mind, you may be curious if you can refinance more than once. And if so, how many …
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Should I Refinance My Student Loans?
Choosing to refinance your student loan can be a difficult decision. You must consider your loan type, interest rate, and income. The decision is not easy, so here’s what you need to know before moving forward with it: What is Student Loan Refinancing? When you refinance your student loans, you’re allowing the lender pay off …
Budget for College Graduates That Actually Works
Graduating college is the beginning of a new chapter in your life. You may be moving out of your parents’ house, landing an exciting new job, or heading to graduate school. Regardless, managing your finances post-graduation is crucial in navigating your new adult life. To help keep your finances in order, consider making a college …
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Can You Pay Student Loans with a Credit Card?
Making student loan payments with a credit card may be tempting, especially if you don’t have the cash to do so — or if you want to earn extra rewards on your card. That said, it isn’t always possible, nor is it recommended in most cases. Before attempting to pay your student loans with a …
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What is a Federal Stafford Loan?
As students, exploring student loan options can be tricky. Understanding and knowing all the types of loans, both federal and private, can be overwhelming. That’s before knowing the intricacies of each loan type, eligibility requirement, and even loan structure. Let’s look at one of the most popular types of student loan, the Federal Stafford Loan. …
How to Buy a House with Student Loan Debt ($100k+)
If you’re concerned about your student loan debt affecting your chances of buying a home, you’re not alone. In fact, over a quarter of student debt holders say their debt has impacted their decision or their ability to purchase a home. Here’s what you need to know about buying a house with $100k student loan …
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How to Transfer a Parent PLUS Loan to a Student
With college attendance costs going up, Parent PLUS Loans are a great way for you to help your children attend an affordable school. However, the downside is these loans can become difficult to pay back over time. What can you do then? Transfer the Parent PLUS Loan to the student. But, how can you do …
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How Do Student Loans Work?
In the United States, 48 million borrowers owe a cumulative total of $1.75 trillion in student loan debt. As we can see, while student loans can cover a significant portion of educational costs, it means that you’ll owe a significant portion as well. If you plan to take out student loans to pay for the …
Does Refinancing Student Loans Hurt Your Credit?
Refinancing your student loan can be an excellent way to save money and improve your finances. By refinancing, you can take advantage of your improved credit score, higher income, and other positive financial changes to secure a better interest rate or more favorable terms. However, it’s important to note that refinancing your student loans can …
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How Long Does it Take to Pay Off Student Loans?
Late last year, the Department of Education released findings that highlighted the growing trend in which loans are prolonging. In fact, the average time it takes for a student to repay their student loans is now 20 years. As a student, you should be aware of the current circumstances and understand what the averages are …
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How to Become a Pilot
Do you love to fly, see the world, and travel for free? If yes, being a pilot might be the job for you, and it might be the perfect time to become one. According to the U.S. Bureau of Labor Statistics, the job outlook for pilots is promising. Commercial pilot jobs and airline employment expect …
Average Student Loan Debt For Engineers
The average student loan debt for college graduates is around $37,000, though the average student loan debt for engineers varies based on the type of engineering that you study. If you plan to pursue a degree in engineering, it’s important to look ahead into the post-graduation future. To do so, consider factors like the average …
Early Action vs Early Decision | Everything You Need to Know
As a student applying to college, you should be aware of the options that you have for applying, such as Early Action, Early Decision, and Regular Decision. Knowing how you want to apply to college can save you a lot of time and assure that you are making the best decision for yourself. Although you may …
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Ultimate Guide to Federal Student Loans
According to the U.S. Department of Education, an estimated 42.9 million Americans have federal student loans. Federal student loans are a favorable option when it comes to paying for the cost of education. This is because federal student loans offer flexible repayment terms, borrower protection measures, and loan forgiveness options. Most federal student loans also …
How to Refinance Parent PLUS Loans
As a parent, it’s your job to make sure your kids are okay. That’s why back when they needed help with money for college, you gladly took out loans. But, the loans are getting harder to manage so you’re thinking about refinancing. You wonder: How can I refinance my parent PLUS loans? Can I refinance …
Pay Off Student Loans or Invest: What You Should Do
The average borrower takes 20 years to repay their student loan debt, costing them around $26,000 in interest alone. While it may be tempting to throw all your extra cash toward your student debt to relieve that burden faster, sacrificing investing for retirement to do so may not be the best approach. That said, the …
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Does Cosigning a Student Loan Affect My Credit?
Cosigning is a popular practice in the world of private student loans. Most students do not have sufficient enough credit histories to qualify for competitive private loans on their own, which is why a cosigner steps in to help. However, at this point you may be wondering, “does cosigning a student loan affect my credit?” If …
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