Having a student bank account is important for undergraduates to enjoy their time at college, while not falling into the deep end of debt and student loans. Saving every penny can lead to a life of paying lower interest rates and staying in the black. However, it can be difficult to find the right bank account to meet a student's needs. A few important things to keep in mind when deciding where to keep your account are: […]
A Federal Pell Grant is what every incoming student wants: a student loan that never has to be repaid. Gift loans are the best way to pay for college. However, Pell Grants are not as beneficial as a scholarship that pays tuition outright. A Pell Grant will only be $4,000–obviously a hefty sum, but it still might fall short of all college expenses. For this reason, Pell Grants are often combined with other types of financial aid opportunities. […]
Building your credit and having a high FICO score is a way to let lenders know that you can responsibly handle debt repayment. If you have no credit history, you have to build one for the sole purpose of proving that you are worthy of receiving credit from various lending institutions. For example if you are looking to get a student loan and you have no cosigner and no credit history you are going to have a very difficult time. If you’ve yet to establish credit, or are looking to rebuild credit, then here are a few ways to help give your credit the boost it needs: […]
When it comes time to repay student loans, many people feel overwhelmed or concerned about making monthly payments. Fortunately, most lenders offer at least two or three different repayment plans to fit different needs, whether you want to pay off your loan as quickly as possible or need to make smaller payments. The following list outlines the general policies of various repayment plans. Policies vary between institutions, so be sure to ask your lender about their specific plans. […]
1) Educational debt is a double-edged sword. With steady and gainful employment becoming relatively scarce and the United States population increasing, more people are having to make tough choices. Many are having to decide between becoming indebted while trying to make a living without a college education, or becoming indebted by taking out one or more student loans in hopes of pursuing a profitable career by earning a college diploma. […]
1. Determine your needs First, make sure student loan consolidation will benefit your specific situation. If you are doing well paying your current student loan bills on time or they are almost paid off, you’ll likely save more money keeping them as they are. Inspect your loan contracts to see if there are any pre-payment penalties which may offset any savings you might gain from reconsolidation. Contemplate whether the convenience of an extended payment term is worth the cost compared to your current student loan payment plans. Also, take into consideration that if you are or will be in a public service occupation and are or will be eligible for federal student loan debt forgiveness after 20 years, you will reset your debt payment timer and have to start over from the beginning with the newly consolidated loan to become eligible again. […]
Consolidation of student loans can sometimes be a tough choice for some students to make. Although it does decrease the amount of payments down to one each month, the student will have a longer time of paying of all of his loans through one consolidation company. Another added benefit is that it eliminates the need to remember several interest rates of different lenders and only focus on one, which could end up being lower than some loans if they are at variable interest rates. So how does one find the best consolidation rate for their student loan? Here's some steps he can take to avoid getting crushed by high interest rates. […]
Planning for college can be a daunting task for most people. With the costs of a college education on the rise, more and more people are turning to student loans to help them cover the costs. These loans come in several forms, but are basically broken down into two groups: federal and public loans, each with its own advantages and disadvantages. But regardless of where the loan comes from, there are a few things to keep in mind when applying for these loans: […]
The Pell Grant is a highly sought-after form of financial aid for one simple reason: it doesn't need to be repaid. The Pell Grant can be seen as a form of scholarship that pays off a portion of the tuition. A misconception about financial aid is that most aid comes in the form of loans that need to be repaid. While many financial aid programs are interest-bearing loans, there are also a wide variety of gift-grants available as well. […]