If you plan on entering a lower-paying field or have accumulated a significant amount of debt, you might consider using the extended repayment plan to pay back your federal student loans. This program is available for several types of Direct and Federal Family Education Loan (FFEL) program loans, including: […]
If you find yourself in a difficult financial situation after school, the income-based repayment plan could offer you relief from higher monthly payments. This program is available for several types of Direct and Federal Family Education Loan (FFEL) program loans, including: […]
The value of a college degree continues to rise in today’s economy. Unfortunately, the cost of a college education continues to rise as well. Many students turn to student loans to cover the cost of their education. “Taking out a loan to pay for your education is an investment in yourself and your future,” says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “At the highest level, it's a very positive use of debt. But like any debt, you do want to make sure you are not taking out an excessive amount, and that you will have the ability to repay it.” […]
For students who need loans to finance their education, a hurdle they often face is finding a cosigner. A cosigner is a person who signs your loan in addition to you, meaning they are also responsible for repayment if you are unable to fulfill your obligations. Many lenders require a cosigner for borrowers who have limited, nonexistent, or bad credit histories. […]
If you are experiencing financial problems and need to make lower payments on your student loans, you might want to consider the pay as you earn repayment plan. You must demonstrate financial hardship, be a new borrower as of October 1, 2007, and have received a Direct Loan disbursement after October 1, 2011, in order to qualify. This program is available for several types of federal student loans, including: […]
Needing to obtain a private student loan is a necessity for many college students. All experts advise that student max out all Federal loan opportunities before turning to the private sector. When applying for a private student loan, students should do a lot of research to obtain the most favorable terms. The private student loan market is constantly changing and becoming more confusing, as less lenders offer private student loans. The Lowest Rate May Not Be the Best Rate Susan Tompor, writing for USA Today, points out that students need to be especially careful of rock bottom loans. Be extra careful about jumping at the first student loan rate you spot online at 2.25% or 3.25%. Many of the bargain-basement rates on private student loans are variable rates. So, if interest rates climb in the next few years, as they likely will, you'd be stuck repaying that loan after graduation at a much higher rate […]
In addition to federal student loans, most states in the US offer their own financial aid. In Alaska, the Alaska Commission on Postsecondary Education (ACPE) oversees all state-level student loan services. These loans are meant to take care of educational costs when federal aid, grants, and scholarships fall short. There are three main types of student loans given by the state of Alaska: […]
If you cannot afford the more standardized repayment plans but are not eligible for the income-based plan or pay as you earn plan, you might consider the income-contingent plan for repaying your student loans. This program is available for several types of federal student loans, including: Subsidized and Unsubsidized Direct Loans Direct PLUS Loans for graduate or professional students Direct Consolidation Loans (except Direct PLUS Consolidation Loans) […]
Developing a plan to pay for college is a daunting task. The differences between the various student loan choices can be confusing. Two regularly considered choices are private student loans and Parent Plus Loans. Before comparing these two loan options Jim Holt and Steve Wynne of Student Choice suggest that all students do the following: […]
10 Best Student Loan Calculators Most people know that keeping track of their money is important, but many people find the numbers and equations to be overwhelming. Although it might be unpleasant at times, being aware of your obligations to your student loans can help you repay them more efficiently in the long run. Here are ten calculators that can help you plan your finances. […]