Don’t be one of those students who automatically assume that they are stuck with their original loans until they pay them off. Believing this myth has resulted in students unnecessarily paying thousands of dollars extra by way of higher interest rates on their original loans. The fact is there are ways you can exchange your …
Myths
Myth: Only Federal Loans Have Forbearance Options
A lot has been written about forbearance options being one of the many benefits of federal student loans but what is generally overlooked is the fact that some private lenders also offer borrowers this option. Forbearance Options Forbearance allows you to postpone your monthly payments temporarily for a fixed period of time. This can come …
Myth: Scholarships Take Up Too Much Time and Aren’t Worth the Effort
Students have to juggle a lot while applying for college: regular school work, ACT/SAT test prep, college visits, seeking recommendation letters, narrowing their list, and then comes the headache of figuring out how to pay for it. With so many myths about scholarships out there, it can be easy to latch onto the “they aren’t …
Myth: Private Loans Can Qualify for Public Service Loan Forgiveness
Qualifying for the Public Service Loan Forgiveness (PSLF) can be a huge relief for federal loan borrowers. After some hard work in the public service sphere, graduates can find their debt vanishing. So, if students with private loans do the same thing—work as teachers, enlist in the military, work for the government, join a non-profit—could …
Myth: Taking On Student Loans Will Just Leave Me In Debt For 30 Years
While being saddled with student loan debt for up to 30 years can happen, it’s not the norm despite what you may hear. With some smart choices and strategic planning, you can actually pay off all your loans within a few years of earning your bachelor’s degree. Here’s how. Maximize Financial Aid The less you …
More Myths About Student Loan Refinance And Consolidation
When looking for ways to manage your loan repayment you will come across the terms ‘refinancing’ and ‘consolidation’. While both of these are offer practical alternatives to managing your student loans, they may not always be the best option for all borrowers. Moreover, there are several myths out about student loan refinance and consolidation that …
5 More Scholarship Myths
You’ve read about the 5 most common scholarship myths that stop many students from applying for free money that could be used to pay for college. Unfortunately, those aren’t the only scholarship myths out there. We’ve put together 5 more scholarship myths that you should not to believe in. Myth #1: I can apply for …
Myth: Federal Student Loan Repayment Plans are Rigid and Inflexible
The government is infamous for its red tape and paperwork. It can sometimes feel like you’re doing back-flips and jumping through hoops just to get things done. Add that mentality to student loans, and it’s no surprise that many people avoid federal student loans for fear of inflexibility and strict rules. However, it’s highly recommended …
Myth: I Don’t Need to Look for Scholarships, My College Will Provide Financial Aid
When it comes to scholarships, there are three major sources: the federal government, the colleges, and outside organizations / individuals. While colleges can indeed provide hefty financial aid packages that can greatly reduce your tuition cost, they probably won’t be able to cover the full amount. Scholarship Search Scholarships are the best way to pay …
Myth: Scholarship Competition Is So Intense I’ll Never Win Anything
It’s hardly surprising that there is competition for scholarships. It is free money after all! Unfortunately the thought of competing with hundreds of other applicants acts as a deterrent to many students who decide it just not worth jumping into the fray, as they are not likely to win anything. This is a huge mistake. …
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