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!
The student loans that helped to finance your college degrees may make it more difficult for you to buy a home. Heavy student loan burdens can delay your home buying dreams for two key reasons. First off, if you are struggling to pay your student loan payments each month, it can be difficult to imagine […] Read More
Would you like to hit pause on your federal student loans payments? Reach out to your lender and find out if you qualify for a deferment or forbearance of your student loan payments. Deferment postpones the payments of your federal loans and is allowed in certain situations. Forbearance stops your student loan payments or reduces […] Read More
Cruising through your 20s and can’t afford a new set of wheels? You can probably thank your student loans for that. Research shows many millennials are putting off buying cars because of student loan debt. It’s easy to see why. If you are burdened with big student loan payments each month and making a lower-than-expected […] Read More
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
For many young people, a student loan is the first step to establishing a solid payment history and building good credit. With a good credit score, you can qualify for credit cards and charge cards all on your own without needing an assist from your parents as your co-signers. Your student loans are installment loans, […] 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? Are they negatively impacting your credit score? 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 Consolidate Your Federal Student Loans A Direct […] 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
Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.