College usually costs a lot of money. Many students end up taking out loans for college. When it comes to student loans, there are two main types: federal and private. Federal loans, as the name implies, comes from the federal government. Private loans are funded by lending companies like Sallie Mae or Credible. So private …
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Ways To Change Your Student Loan Interest Rate
When you take out a student loan, you’ll have an interest rate that you will have to pay on the amount that you borrow. For the most part, interest rates will remain consistent throughout the life of your loan (especially if you opted for a fixed rate). Interest rates greatly affect how you calculate student …
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Are There Prepayment Penalties For Student Loans?
The world of loans can feel like a treacherous one at times. There’s a lot to keep track of, and even more to watch out for. As you’ve navigated your own student loans, you may have come across the term “prepayment penalties.” But what does that mean? And, more importantly, how does it affect you? …
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4 Ways Student Loans Affect Your Credit Score
Understanding how student loans affect your credit score will help you make informed decisions that will protect your credit history. It can even help you build a strong credit score. A bad credit score makes it very difficult to get approved for any loans in the future. And those few lenders who are willing to …
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Which Federal Student Loan Repayment Term Is Right For Me?
Many college students take out federal student loans, which also means paying them back someday. When that day comes, federal student loans have multiple repayment plans for students to choose from. The student loan repayment term that you choose directly impacts the amount that you have to pay back every month. It also affects the …
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Myth: I Can Just Reuse Essays On Multiple Scholarships
The essay is arguably the most important component of your scholarship application. It’s a chance to tell your story and help you stand out among all the other applicants. but writing them is also time-consuming. This is where many applicants are tempted to reuse the same college scholarship essay on multiple applications. It’s understandable; so …
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What Is Financial Awareness Counseling For Federal Student Loans?
Financial Awareness Counseling is online interactive tool. Provided by the federal government, the tool helps students understand their loans and their commitment as borrowers. All students and families who have federal student loans can access this tool by logging into their account on the Federal Student Aid site and clicking the Financial Awareness Counseling link. What …
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Scholarships Can Expire: Here’s What You Need To Know
Applying for scholarships is an important, must-do part of college prep, but it’s important to note what many students don’t ask: Do scholarships expire? The answer is yes, scholarships can expire. It’s not always obvious if they do, but here’s what you need to know about this reveal. They Can Be “Use It or Lose …
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6 Questions To Ask Yourself Before You Get A Private Student Loan
Private student loans come with much higher rates of interest compared to federal student loans, but that’s not their only downside. They also have rigid repayment terms and offer no scope for forgiveness. This is an option you should consider only if it is absolutely necessary and you’ve got your back against the wall. Are …
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Avoid These 5 Clichés In Your Scholarship Essays
The essay is the most important part of your scholarship application. It’s your scholarship essay that will help you stand out from the thousands of other scholarship applicants. But writing this essay is easier said than done. Many students find this one of the most challenging writing projects they have ever worked on. There are …
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