See reviews of the best private student loan consolidation companies for 2015!
Get StartedThe money from a student loan is – generally speaking – only sent to one of three places: your school, your own mailbox, or that of your parents. Federal loans are sent to your school directly, which then disburses it as needed. For loans like Perkins or Stafford, the United States Department of Education works with the school directly to determine tuition and sometimes boarding and supplies costs. […]
It seemed so far away when you started school. Loan payments were as hard to comprehend as putting on a suit and going for your first post-graduate job interview. But now that day is here, or maybe that time has come and gone and you’ve been faithfully making payments. But now, you are not having as much luck landing that job as you’d hoped, or circumstances have pulled your financial resources to more pressing concerns. […]
Generally speaking, a federally subsidized or unsubsidized loan or private loan can be sent directly to the student, or sent to the student's school to be put in their account. Federal student loans have two distribution channels, both of which can cut a check directly to the borrower or the school. The channels have two names, and are funded differently: Federal Direct Student Loans (otherwise called Direct Loans, or FDLP) and Federal Family Education Loans (FFELP). […]
Besides the total amount of your student loans, you’ll want to know what you can expect in terms of a repayment plan. This is one of the most important pieces of homework you should do when you decide to take out any educational loan. You might be tempted to push off thinking about repayment options – after all, they seem so far away in time – but the reality is, graduation day will arrive faster than you think, or you might be paying off some of the loan during school. […]
Who needs student loans? Conventional wisdom says anybody who needs money for school! Simple question, simple answer. But there are slightly different scenarios for needing the money from a student loan program to pay for school. Generally speaking, people who need a student loan are those who want to make an investment in themselves and their future, and have decided that it’s worth going into debt in order to have some financial payback and security farther down the road in his or her life. […]
Right now there are several myths about paying down your student loan fast. Recently an article was published about a young graduate from Harvard Business School, Joe Mihalic, who payed off his $90,000 in student loan debt in the relatively short time of 7 months. Of course, many people were immediately interested to hear how he did it: After all, we've got more than 37 million people in the United States who are currently buried under an average undergraduate student loan debt of $25,000, and for those who are struggling with graduate school debt that number jumps up to more than $40,000. Not exactly the ideal situation when one is just beginning a new life, when one is just starting to earn money. […]
Federal student loans are available for college students through the U.S. Department of Education. There are two types of federal student loan programs. The William D. Ford Federal Direct Loan Program is the largest federal student loan program. The U.S. Department of Education is the lender. There are four types of Direct Loans. Direct Subsidized Loans are offered to undergraduate students who can demonstrate financial need. Students may borrow between $3,500 and $5,500 depending on their year in school. […]
With the high cost of education, some parents and students find it necessary to apply for loans to fund a college education. Federal student loans and private student loans are two options available. Private student loans can help cover expenses not covered by other financial aid. Some students use private loans to pay for summer courses when their school does not apply Federal aid to summer programs. Additionally, students use private loans to pay for extra living expenses while in college. […]
You can change your repayment plans any time. If you want to discuss the repayment plans you can contact your loan servicer for available options or even to change your repayment plans. Listed here are a few of your options on how to choose the best student loan repayment plan for you. […]
