Just because student loan consolidation and refinancing are often mentioned together, does not mean the terms are interchangeable. In fact, the two services are quite different. Student Loan Consolidation Consolidate: combine a number of things into a single or more effective whole. That is exactly what student loan consolidation does. It takes multiple student loans …
Myths
Myth: I Don’t Have To Bother Applying For Scholarships Before Senior Year
This is one myth that can seriously derail your efforts at winning free money for college. Waiting for senior year to apply for scholarships is a big mistake. You will have your hands full completing coursework and applying to colleges during senior year, leaving you with very little or no time to look for or …
Myth: If I Match Most of a Scholarship’s Requirements, I Can Still Be Eligible
Submitting a scholarship application is a lot like submitting a resume. You’ll give them your name, your experience, answer some questions, and might even have an interview. So it follows that if you don’t 100% meet all the requirements on a scholarship, you can still submit your application…right? Meeting All Eligibility Requirements Nope. When it …
Myth: I Should Start Searching for Scholarships During Senior Year
Did you know you can win a scholarship as early as kindergarten? That’s right, scholarships aren’t just for graduating high school seniors. This means you don’t have to wait until senior year to start searching for, applying to, and winning scholarships—and here’s why you shouldn’t wait: Start as Early as Possible Ideally, you should start …
3 Myths About Financial Aid
There are plenty of misunderstandings when it comes to financial aid for college, particularly when it involves the Free Application for Federal Student Aid, also known as the FAFSA. Here are just three you may have heard: FAFSA Equals Free Money Some parents and students apply for the FAFSA under the impression that any offers …
Myth: You’re Stuck With Your Original Loans Until You Pay Them Off
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 …
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 …
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