Typically, it’s recommended that borrowers have a good credit score to access competitive student loan offers. But what if you have no credit at all? Don’t fret — there are a variety of student loan options for borrowers with no credit. Keep reading to learn how you can get student loans with no credit and …
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Given the rising cost of college, finding affordable college financing is more important than ever. As a parent, it’s both understandable and admirable to want to support your child through the process of paying for college. It’s essential that you have the tools to pick the best college loan. If you’re curious about your parent …
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An important factor when shopping for student loans is looking at the interest rate. But interest rates can be a little confusing. You may ask yourself questions like: Before you panic, don’t worry. We’ve got your back. To give you an idea of what to look for in interest rates, let’s go over the average …
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“Can I get a student loan even though I have bad credit?” The simple answer: yes. The more complicated answer: welllll, yes, but it’s going to be trickier. While most federal student loans don’t require you to have a good credit score, or any credit at all, most private student loans, on the other hand, …
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While an important piece in determining your eligibility for financial aid, Expected Family Contribution, or EFC, is often misunderstood. Here’s what you need to know about Expected Family Contribution for FAFSA purposes. What is Expected Family Contribution? Expected Family Contribution, or EFC, is a number used to determine how much financial aid you are eligible …
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Earning a graduate degree is a great way to increase your income potential. In fact, Indeed reported that, on average, the earnings increase from a bachelor’s to master’s degree is roughly 20%. Nonetheless, it can be difficult to understand how to pay for grad school. Graduate school can be expensive. According to FinAid.org, a graduate …
If you’re a borrower, you may be wondering, “Are student loan payments tax deductible?” For qualifying borrowers, the answer is yes. Student loan payments ARE tax deductible. The student loan interest deduction is a federal tax break that lowers how much of your income is taxed. The federal government created this deduction to assist borrowers …
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With President Biden’s student loan forgiveness program dominating news headlines as the federal courts debate the legality of his debt relief plan, you may be wondering, “What is student loan forgiveness?” If that’s the case for you, you’re in the right place. Keep reading to learn about what student loan forgiveness is and what programs …
If you are considering going to grad school after college, you may be wondering, “How much does grad school cost?” Making the decision to attend graduate school is one thing, but paying for it is another issue. Whether you plan to take out graduate student loans, receive a scholarship, or pay out-of-pocket, being aware of …
With average college tuition costs rising every year due to inflation, it’s increasingly important to be aware of the costs associated with higher education. One aspect of this is understanding what exactly tuition is, along with how it differs across factors like geographical location and institution type. Tuition vs. Cost of Attendance Tuition and cost …
Both federal and private student loans can be used for educational expenses. While that typically means costs like tuition and fees, there’s a variety of items that fall under the umbrella. In fact, you can use your student loans for living expenses, child support, and even study-abroad programs. Can I Get a Student Loan to …
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Filing the FAFSA application (Free Application for Federal Student Aid) is the first step to receiving federal financial aid. Though it may seem like a daunting task, all it takes is a little bit of preparation, time, and focus. To save yourself from making any FAFSA errors, here are the most common mistakes that are …
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If you need to take out student loans to pay for educational costs, you’re not alone. With rising college prices, it’s no surprise that one in seven Americans currently hold student loan debt. If you’re a first-time borrower, you may be wondering, “How long does it take to get a student loan after submitting an …
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The Free Application for Federal Student Aid (FAFSA) is open for next school year. The earlier you submit it, the better. If you have divorced parents, navigating the FAFSA might be a little more difficult. It has its own set of guidelines on who you can report as your “custodial” parent on the application. No …
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Now that your student was accepted into their dream school, it’s time to figure out how to pay for their education (as if getting into college wasn’t difficult enough, eh?). From parent loans to student loans, you have a lot of options. Therefore, finding the most suitable way to afford educational costs can be difficult …
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According to the Education Data Initiative, around 15% of student loans are in default at any given time. If you are in student loan default, it’s understandable to feel overwhelmed and discouraged. However, don’t lose hope. There are many ways to financially recover from it. Jump Ahead > What is Student Loan Default? • What Happens …
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Borrowing a student loan is a big decision. Figuring out how much to borrow, where to borrow from, and how to navigate getting the money where it needs to go can be confusing. Before anything else, you should consider what you intend to use the loan money for. While student loans need to be used …
If you’re a parent looking for an alternative to private student loans, consider applying for Parent PLUS loans. Parent PLUS loans are a type of federal loan offered to parents of dependent college students. Known for varied repayment plans and strong borrower protection, they’re a great option to finance your child’s education. In this article, …
Borrowing student loans is a common practice to afford educational expenses. That said, deciding which option is best can be a difficult decision to make. In the debate of student loan vs. parent loan, here’s what you should consider. What to Consider Before Pursuing Loans Before considering any loan, maximize all available financial aid. This includes …
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Now that you’ve been accepted into college, it’s time to figure out how you are going to pay for your education. As you sift through your financial aid packages, it may be confusing to differentiate between the different types of financial aid you were offered. In this article, we’ll cover everything you need to know …
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Borrowing federal student loans is a popular, oftentimes necessary practice to finance the cost of college. In 2022, 43.4 million borrowers carried federal student loans. Applying for federal student loans is fairly simple – all you need to do is submit the Free Application for Federal Student Aid, and the U.S. Department of Education determines …
On August 24th, President Joe Biden announced his comprehensive student loan relief plan, complete with up to $20,000 in student loan forgiveness per eligible borrower. Now, as the application is nearing its release, it’s time to prepare. Here’s what you should do before the application comes out to make sure you’re ready. Stay Updated on …
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President Biden’s student loan forgiveness will relieve federal student loan debt for qualifying borrowers. Now, it’s just a matter of figuring out which loans are eligible for cancellation and when student loan forgiveness will materialize on borrowers’ accounts. While detailed information about student loan forgiveness is yet to be released, here’s what we know about …
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Under President Biden’s latest student loan relief actions, millions of borrowers can receive a refund of any student loan payments made since the forbearance. In fact, according to Federal Student Aid (FSA), “[borrowers] can get a refund for any payment (including auto-debit payments) you make during the payment pause (beginning March 13, 2020).” Now, many …
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On August 24, President Joe Biden announced broad student loan relief actions, forgiving up to $20,000 in federal student loan debt for eligible borrowers. While the much-needed relief has been celebrated by many, it’s left others —especially married couples— somewhat in the dark. Here’s what married couples need to know about student loan forgiveness: To …
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President Biden’s recent student loan forgiveness actions are a win for many borrowers. However, as the relief gets closer, many are left wondering whether the discharged debt will be considered taxable income. This isn’t a new concept. In fact, discharged indebtedness has been classified as taxable income for years. However, the unprecedented nature of broad …
So, your kid is going to college? That’s great! Yet, as great as it is, you are a little worried. How are you going to afford the college tuition? Or the living expenses? You want to take out a loan. If you have bad credit, this process can be more difficult. However, there are many …
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On August 24th, 2022, President Biden released his comprehensive, wide-scale plan for student loan forgiveness. This student loan relief package has nearly $4 billion dollars in aid and is the largest student loan forgiveness package to date. The three-part package was designed to lift the financial burden of student loan debt for millions of Americans, …
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Starting the conversation about paying for college isn’t always easy, especially if you anticipate being met with one big eye-roll. While tough to navigate, it’s an important discussion to have. If you’re not quite sure where to start, here’s a quick guide on how to have the student loan conversation with your child. Start the …
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If you’ve borrowed a student loan to fund your college education, you may be curious about the impact it could have on your credit score. Like other installment loans, student loans can both help and hurt your credit. If you’re diligent about making payments on time, it may give your score a boost. If you’re …
College is expensive, but that doesn’t mean you should accept every last bit of financial aid. Now I know, that probably sounds counterintuitive. I mean, who wouldn’t use all the offered financial aid?! However, there are many instances where financial aid can actually be detrimental rather than helpful, so knowing when to decline certain financial …
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If you’re studying in California, where 20% of discharge applications come from, student loan discharge programs may be familiar to you. However, the majority of borrowers haven’t heard of them. While student loan forgiveness programs are more well-known, student loan discharge programs are another great way to have your student debt wiped from existence. So, …
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It’s the talk of the nation. The Biden Administration announced that it will be forgiving billions of dollars in student loan debt. While this news is exciting, it’s a little nerve-wracking at the same time. You might wonder if you even qualify for student loan relief based on the requirements. What even are the requirements …
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Since 1980, the cost of a college education has nearly tripled, even after adjusting for inflation. Yet, federal aid hasn’t kept up. So, during his presidential campaign, Joe Biden promised to cancel $10,000 of federal student loan debt per borrower. In August, he followed through with his promise, announcing up to $20,000 in forgiveness for …
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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 …
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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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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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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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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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. …
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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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 …
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 …
Many people don’t talk about the different pathways that you can take after high school graduation, except the traditional four-year college route. Going to trade school is a viable option to consider if attending college is not for you. You may be wondering, ‘what is trade school’ and ‘is trade school free?‘ Trade school has a …
Both PAYE and REPAYE are great, affordable repayment options for federal student loans. If you’re here, then you’ve probably heard of both. The problem is you’re not exactly sure what the difference between the plans is or which one to choose. In the epic battle of PAYE vs REPAYE, we’re here to help. Let’s get …
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While student loan forgiveness scams have been deceiving borrowers for as long as we can remember, Biden’s pending decision regarding student loan debt relief has created a new opportunity for scammers to take advantage of more borrowers. As borrowers, we want to keep you and your families safe from student loan forgiveness scams. When looking …
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In 2021, 43.4 million students in the United States were signed under a federal student loan. When it comes to filling the gaps in tuition that can’t be covered by scholarships and grants, federal student loans are a great option. Plus, most students are eligible for these loans because, unlike private student loans, federal student …
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Once the summer wraps up, it’s the busiest time of the year for high school seniors: college application season. From juggling deadlines, to standardized tests, to finalizing your college list, the process of applying for college can become quite tumultuous and hectic. If you need a breakdown on how to apply for college, here’s seven …
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A key factor to deciding whether to get a federal student loan or not is looking at the interest rate. Your federal student loan interest rate will add to how much you pay over the life of the loan. But what is student loan interest? And how is your interest rate determined? Here’s everything you …
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Student loan forgiveness allows for all, or a portion, of your student loan debt to be removed. Yes, you read that right. All of it, gone with the click of a button. While the idea of having your student loan debt wiped out forever sounds dreamy, it isn’t that simple. While most federal loans qualify …
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College is on the horizon and you’ve never felt more excited. You’ve already got plans for what you’ll do to your dorm and what classes you’re going to take. But there’s just one little problem: student loans. You know you might need to take out some student loans for college, but you just don’t know …
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According to Education Data, American parents save $5,143 annually for their kid’s college, on average. Without this parental support, paying for college can feel out of reach. However, each year, thousands of students pay for college on their own, successfully utilizing a variety of resources to support them. Here’s how you can pay for college …
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Teaching is a noble profession to go into. Yet, recently, there has been more attention on problems teachers face with some of the biggest being high student debt but low salaries. In fact, the average teacher’s salary is around $54,842 per year. But, the National Education Association reports that nearly half of all educators still …
As a college student, you’ll no doubt hear about the massive rise in the average student loan debt. Rightfully so, you might get scared and overwhelmed at the idea of incurring a lot of debt. However, the amount of debt you’ll incur is based on factors like the type of loan you take out, the …
With the way prices are rising right now, it can be hard to make your monthly loan payments. In situations of severe financial distress, you can pause your monthly payments with student loan forbearance. At least for a little bit, giving you time to regain financial stability so you can start making payments again. If …
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Millions of students fill out the Free Application for Federal Student Aid (FAFSA) with the hope of scoring a portion of the $112 billion in available aid each year. However, depending on whether you meet the FAFSA requirements and eligibility criteria, you may not qualify for certain forms of aid. Here’s everything you need to …
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If you’ve filed the Free Application for Federal Student Aid (FAFSA) before, you know how tedious and time-consuming the process can be. From asking your parent(s) for tax documents they can’t find to double-checking your social security number even though you swear you have it memorized (which is good practice, so kudos to you), no …
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Every year, the Free Application for Federal Student Aid (FAFSA) opens so students can apply to receive federal student aid like work-study, grants, and federal loans. It’s important that you stay on top of the FAFSA deadlines and submit your financial aid applications annually to maximize your chances of receiving federal student aid. In this …
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Around 1 in 5 Americans hold student loans, which is hardly a surprise. After exhausting your scholarship, grant, work-study, fellowship, and financial aid options, student loans are a plausible option for filling in the gaps in your education costs. Given the nationwide student debt crisis, it’s more important than ever to secure a competitive student …
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Whether you plan to go to college, professional school, or graduate school, you will need to submit the Free Application for Federal Student Aid (FAFSA) to receive aid such as grants, work-study, and federal student loans. Typically, the FAFSA requires you to submit details about both your and your parent(s)’ financial information if you are …
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Filling out the Federal Application for Federal Student Aid (FAFSA) is crucial to getting you federal aid. But it can be a tricky document to fill out and relies heavily on your parents’ financial information. So, what happens if you don’t have any parental support for college? What does filling out the FAFSA as an …
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Navigating adult life is easier with a good credit score. This three-digit number affects nearly every facet of your financial life, from paying for college, to renting an apartment, to buying a car. In this article, we’ll go over everything you need to know about credit, focusing on how your credit score impacts your ability …
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About 30-40% of undergraduate students take out federal student loans each year. Over the years, these loans can start to pile up, making for a hefty monthly payment once repayment starts. If you are in the market for a more affordable repayment plan for your federal student loans, consider an income-driven repayment plan. In this …
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Throughout your time at college, you’ll probably take out multiple student loans, which can easily pile up. Then, you’ll have to keep track of all the different payment dates, interest rates, and loan amounts for each loan. A way to make this simpler is through student loan consolidation. What Is Student Loan Consolidation? Student loan …
The cost of college has been going up for many years, making financial aid incredibly important. In fact, to afford college, most students use a combination of financial aid. The term “financial aid,” though, is broad and can refer to many different things. So, what exactly is financial aid? And how does it really work? …
Financial aid can come in a variety of forms, such as scholarships, grants, and even student loans. On average, full-time undergraduate students receive roughly $14,800 of financial aid each year.1 So, if you submitted the FAFSA and didn’t receive any financial aid, it may have come as a surprise. What are some reasons you might …
There’s no doubt that college can get expensive, and a lot of times you may need a student loan to pay for it. But what if you’re denied a loan? Here’s what you can do. Why You’re Getting Denied a Student Loan There are many different reasons why your student loan applications might be getting …
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Throughout the course of your college education, you’ll probably take out many loans. And by the end of it, it may be hard to keep track of. Add in the fact that you have poor credit and not the best credit history, and it just seems too hard to manage. What can you do? Well, …
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Becoming a dentist has a variety of benefits, but getting there can be quite expensive. A 4-year dental school program could run you about $400,000 with all expenses included. That’s why it’s essential to understand how to best pay for dental school The return on investment with a dental degree is promising, with the average …
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Bad credit can put you in a tough spot when looking for student loans. This is especially true if you are looking at private student loans. But what about federal student loans? Can I take out federal student loans with a poor credit history? How? What is Considered a Bad Credit Score? The FICO credit …
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According to the Law School Admission Council, a law degree can cost upwards of $150,000. While there are more affordable law programs, it isn’t uncommon for law school graduates to end up in a fair amount of student debt. If you’re headed to law school any time soon, the reality of how much it costs …
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If you have a stable income and a solid credit score, student loan refinancing can save you thousands over the life of your loan. But if you’re planning to refinance federal student loans, know that it does come with some sacrifices. Let’s take a look at the pros and cons of refinancing federal student loans. …
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The average dental student’s debt is around $300,000. While this can be overwhelming, it doesn’t have to be. You can minimize your debt by making educated loan decisions and choosing the right loans for you. Let’s get into it. Can I Get Loans for Dental School? Yes. The two main loans you’ll hear about are …
The average lawyer earns about $148,000 per year. But the average law school debt is $160,000. It is important, then, that you understand law school loans and get the best ones. That way, when you graduate, your loans will be more manageable. Student Loan Options for Law School You have two main options when it …
Medical school is really expensive. That’s why so many students opt to get student loans. Before you start applying though, let’s go over some things you need to know about medical school loans. How Do Medical School Loans Work? With medical school loans, you can take out a lot more than you’re probably used to. …
The average graduate student borrower leaves school with $71,000 in student debt. This is on top of undergraduate student loans, bringing the average debt total for graduate students to $82,800. While an exciting new chapter of your life, financing your graduate education may feel overwhelming. Before selecting a loan to pay for graduate school, it’s …
When paying for college, there are two main types of student loans you will find: federal and private. Within these categories, there are several kinds of loans, each designed to cover a different academic program. Before taking out a student loan, it’s important to understand the broader landscape of your loan options. That way, you …
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First off, congratulations on graduate school! That’s an amazing accomplishment. Getting accepted to graduate school might mean having to go through the loan process. Again. Now, they’re graduate student loans, which can sound more intimidating. The good news is they don’t have to be. The better news? This article will help you on the topic …
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Qualifying for student loans on your own is already hard because chances are you have too limited of a financial history. Now, imagine that you don’t have a cosigner to help with that. It’s even harder. Let’s go through how to find the best student loan for people without a cosigner: What Is A Cosigner? …
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After graduating from college, you may leave school with more than one student loan. If juggling more than one loan feels overwhelming, a Direct Consolidation Loan might be a good option for you. In this article, we’ll talk about what a Direct Consolidation Loan is, the pros and cons, and how to get a Direct …
Whether you’re an undergraduate student looking to attend graduate school or a parent looking to help your child pay for college, looking for ways to fund that education can be difficult. However, parent PLUS loans could make it easy to pay for a college education. In this article, we’ll break down what parent PLUS loans …
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Studying in the United States is an exciting opportunity. When it comes to funding this new chapter, there are various options including scholarships, grants, and student loans. While helpful, scholarships and grants may not cover your entire cost of attendance. If so, a private international student loan may be your next step. To get you …
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As an international student, navigating the U.S. financial aid process can be tricky and stressful. You may have questions about whether, as an international student, you are eligible for certain types of aid. In this article, we’ll talk about federal student aid and the eligibility criteria for international students. Are International Students Eligible for Federal …
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As an international student, attending college in the U.S. can be exciting. It can also be expensive. Since many U.S. students take out student loans to pay for college, you might be wondering if you can too. In this post, we’ll dive into the student loan eligibility of international students and the availability of student …
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While studying in the United States can be incredibly exciting, paying for it as an international student without a Social Security Number (SSN) can be confusing. But don’t worry. In this article, we’ll break down the student loan process for international students with no SSN. That way, you can feel confident in your borrowing decisions. Jump …
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Student loans cover the gap between the cost of college and what you’re able to pay out of pocket. While student loans can cover quite a bit, they do have limits. There are two main types of student loans: federal and private. The borrowing limit for each type of loan will depend on various factors. …
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There are two types of student loans: private and federal. While private student loans are provided by private entities such as banks and financial institutions, federal student loans are provided by the federal government. If you think you may need a student loan to pay for college, check your student loan eligibility ASAP. How to …
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You’ve exhausted all of your scholarship, grant, and work-study options. Now, it’s time to start considering student loans to cover that last mile of financial need. When you look at your student loan options on paper, they may seem suspiciously similar. However, there are various elements to loans that can make them drastically different. In …
Before even starting college, you’ll imagine all the things that you can do with your degree. But then it hits you: student loans. The great news is that student loans include grace periods that give you time to plan before it’s time to pay. In this article, we’ll dive into what a student loan grace …
As you enter the student loan scene, you’ll hear the terms “credit” and “credit score” thrown around a lot. But what credit score is needed for a student loan, and why does it matter? All student loans have qualifications that you have to meet. For some, one of those qualifications is having good credit. That …
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Shopping around for loans is already hard enough. Then, you add in interest rates and APRs, and it’s like a whole new world. A difficult one. But it doesn’t have to be. So, what are interest rates? What is an APR? And is an APR the same thing as an interest rate? What Are Interest …
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Whether you’re just applying for a student loan or you’re trying to refinance your student loans as a way to pay them off, you’ll often get the choice between a variable vs a fixed interest rate. You might be asking yourself, “what does that mean?” In this article, we’ll take a look at what variable …
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Forgetting to pay a bill, especially your student loans, can be scary. Automating your payments is an easy way to help you keep track of your student loans and never miss a payment. However, did you know that autopay can also save you money? In this post, we’ll dive into what autopay is, the potential …
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Figuring out how to pay for college is like walking through a minefield. You’re scared to even take a step because it may be the wrong one. But you don’t have to be! There are 3 big resources people use to help them pay for college: scholarships, grants, and loans. Let’s go over them. What …
Continue reading “Loans vs. Grants vs. Scholarships: What’s the Difference?”
Imagine you’re shopping around for student loans. You can’t seem to make a final decision on which to get because the interest rates are confusing. Understandably, you have a lot of questions. What are they? How does it affect your payments? And most importantly, what’s a good interest rate? Let’s go over it. What Is …
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In October 2021, the U.S. Department of Education announced changes to the Public Service Loan Forgiveness Program (PSLF), adding a temporary period in which borrowers are able to receive credit for payments that did not qualify for this program in the past. With the new changes to the program, over 100,000 borrowers now qualify for …
If you’re considering taking out a private student loan to fund your education, it’s important to carefully review and compare the repayment terms offered by different lenders. Private student loan repayment terms can vary widely and can have a significant impact on the total cost of your loan, as well as your ability to manage …
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So you got into college! Now it’s time to sift through your financial aid offers and make your decision! Before you accept any aid, it’s important to truly understand what the offer in front of you really means. We’ll break down the entire process of figuring out your financial aid award letter: The Lingo In …
Continue reading “Ultimate Guide to Figuring Out Your Financial Aid Package”
Buckle up. Sit down. Grab a snack. Take a deep breath. Whatever you have to do to get ready, do it, because we’re about to give you everything you could ever need to know about the FAFSA. What is the FAFSA? FAFSA is an acronym that stands for Free Application for Federal Student Aid. It …
Sparrow partners with financial institutions to provide students and their families with a streamlined search and comparison process that helps borrowers find the best private student loan offers in minutes. We believe transparency is key to earning and maintaining borrowers’ trust. That’s why we take who we partner with seriously. The lenders that borrowers choose …
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The government gives out billions of dollars in aid each year, some of that going toward students who received the Federal Pell Grant. But what is it? And how does it work? What is the Pell Grant? The Pell Grant is one of many federal grants the government provides to help students pay for their …
Continue reading “What is a Pell Grant? Am I Eligible for a Pell Grant?”
We won’t lie to you. The FAFSA is an animal. The FAFSA, or Free Application for Federal Student Aid, is the form you fill out to get financial aid from the U.S. Department of Education to help pay for college. The information you provide on the FAFSA will determine your eligibility for thousands of dollars …
Let’s set the scene. You got accepted into your dream school. You’re so excited you can hardly contain it. A few days go by and the reality sets in. How am I going to pay for this? You log into your school’s payment portal and look at the total cost of attendance. Before you panic, …
There’s no feeling like the feeling of finally getting your financial aid package. Congrats! As you’re going through your financial aid package, you might see something along the lines of “Federal Work-Study” and an amount attached to it. What exactly does that mean? In this article, we’ll break down what federal work-study is and if …
With rising college costs, student loans are placing a strain on more and more people’s lives. Student loan refinancing can help with that. This is what you need to know about when to refinance your student loan: What is Refinancing? Refinancing is when a lender agrees to pay off your current loan(s) in their entirety. …
Continue reading “When Should I Refinance My Student Loans?”
Deciphering your student aid package is already like reading IKEA furniture instructions. Confusing. One of the biggest points of confusion for prospective college students is the difference between subsidized and unsubsidized loans. Understanding the difference is important as it impacts your interest, repayment, and overall student debt. What Are Direct Subsidized and Unsubsidized Loans? Both …
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You may have heard the news – the federal student loan forbearance period has been extended again until student loan forgiveness litigation is resolved or debt is forgiven. If you’re feeling out of the loop after reading that, here’s a quick recap of how we got here: COVID happened (no further explanation needed) Loan …
Continue reading “Student Loan Forbearance: What You Should Do”
The Parent PLUS loan program was launched in 1980 through the Higher Education Act, giving high-asset families a bit of liquidity to cover their Expected Family Contribution (EFC). Since then, the program has expanded to cover other demographics, providing a wider audience with federally-sponsored college financing. If you’re considering borrowing a Parent PLUS loan to …
The bad news: Unfortunately, there’s several mistakes we see students make when dealing with their student loans. The good news: We’ve compiled them into a list with steps on how to avoid those mistakes so you don’t make them. Here we go! 1. Borrowing Too Much Money These aren’t in any specific order, but this …
Continue reading “The Top 10 Student Loan Mistakes You Might Be Making”
As if paying for undergrad wasn’t bad enough, now you have to pay for grad school! (*cries in student debt*) One of the options you may have for paying for grad school is a Grad PLUS loan. Let’s break down what a Grad PLUS loan is, who is eligible for one, and what it’s like …
Continue reading “Everything You Need to Know About Grad PLUS Loans”
We’ve heard the horror stories. Someone applies for Federal Aid and receives a whopping $0. Or, better yet, they apply with what they believe is a significant level of need and receive very little. Why is this? Let’s break it down. Your Expected Family Contribution When you fill out the FAFSA, you will enter information …
Continue reading “How Your Federal Student Aid is Actually Calculated”
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 …
Continue reading “The Most Effective Tactics for Paying Off Student Debt Faster”
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 …
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.
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, 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. …
Continue reading “Forbearance vs. Deferment vs. Forgiveness”
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 …
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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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.
Your student loan debt increases every single day because interest compounds daily. If you are looking to pay off your debt faster, making monthly payments won’t be most effective. Here’s two simple hacks that can help you pay off your student debt faster. You’re Paying Off Your Debt Inefficiently If you’re making monthly payments on …
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It’s no secret that the cost of education has increased dramatically over the last several decades. This increase in price has led to more and more students taking out student loans in order to afford their education.
At the end of 2020, the United States reached a new high of $1.7 trillion in student debt. It’s hard to conceptualize just how much $1.7 trillion is, but what we do know is that it’s really, really, really big. How Many People are Impacted by Student Debt? The $1.7 trillion in student debt is held …
Continue reading “The Real Impact of the Student Debt Crisis”
A 2019 study showed that most Americans live with some financial regret. One of the highest-ranked regrets was related to choices surrounding student loans. Trying to figure out the difference between student loan options will leave you with gray hair by age 25. The truth is, there are tons of different options available, and it’s …
Continue reading “The 4 Big Differences Between Federal and Private Student Loans”
During his 2020 presidential campaign, President Joe Biden emphasized time and time again his plan to cancel student debt. This has sparked a conversation about what this really means and whether or not we should actually do it.
