There are two types of student loans: federal student loans and private student loans. Federal student loans are provided by the government and come with a relatively low, fixed interest rate, along with a variety of government mandated protections. It’s also good to know that these loans are available to just about everyone, regardless of your credit, your course of study, or even your potential ability to pay them back. Private student loans, on the other hand, are administered by banks and other financial institutions, and the interest rates for these loans tend to be higher and can be raised over time. These loans typically do require a credit check and those with bad or no credit will likely have to get someone to cosign the loan. Before applying for a student loan, get a good idea of where you stand by checking your credit score at Credit.com. It’s 100% free and no credit card is required!
Just how long you will be paying off your student loans depends on the payment plan that you choose. The standard repayment plan for federal student loans is 10 years. And you also are free to pay ahead on federal student loans such as Direct Loans and Stafford Loans without penalty. There is also a […] Read More
All those different student loans came in handy when you were financing your college education. But making multiple monthly payments each month can be a real hassle. Simplify your life and consolidate your debt with a consolidation loan. Federal Consolidation Loans A direct consolidation loan allows you to consolidate several federal student loans into a […] Read More
Looking for some help with your massive student loan debt? Why not roll up your sleeves and do some good? By volunteering or choosing to work in service-oriented professional jobs in lower income communities, you could cancel a huge chunk of your federal student loans. You could knock off thousands and thousands of dollars of […] Read More
Having a tough time juggling multiple student loan payments? Consolidating your federal student loans may be the way to go. A student loan consolidation differs from a standard loan consolidation because you are borrowing from the federal government. Here’s how to do it. A Direct Consolidation Loan from the U.S. Department of Education allows you […] Read More
Turning to a private education loan for help with climbing college costs can be awfully tempting. With an online application and the promise of a low interest rate, a private loan looks so easy and so affordable. But there’s plenty to be wary about. Private education loans, also called alternative loans, exist outside of the […] Read More
Attention, Heavily-indebted college grads: The U.S. government, which so generously supported your pursuit of higher education through its federal student loan program, is serious about your paying that money back. If you should neglect your student loan payments for more than 270 days and your loan goes into default, the federal government will: Deduct your […] Read More
Three Primary Sources of Financial Aid for Students Loans: Must be repaid (usually in monthly installments over the course of 10-20 years) beginning when the student graduates or when the grace period ends (typically 6 months after graduation). Grants: Gift money that does not need to be repaid. Grants are often provided by non-profit organizations […] Read More