Most college students who take out private student loans will need a cosigner in order to be approved for the funds. So what exactly does a cosigner do when it comes time to repay the loan? Why do most student loans involve a cosigner? Why Do Most Student Loans Involve A Cosigner Myth: Student Loan …
Myth: I Won’t Earn Scholarships Because My Parents Make Too Much Money
Unfortunately, many students fall prey to the myth that because their parents have a certain income, they won’t be eligible for many forms of financial aid, including scholarships. However, that myth can cost them significant gift aid money. With the cost of college so high, even families who don’t qualify as low-income can need assistance …
Myth: Fixed Student Loan Interest Rates Are Always Better Than Variable
As with anything related to student loans, there is no one option that is best for everyone. The best way to decide whether a fixed or variable student loan interest rate is a better option for you is by weighing the pros and cons of each. Pros & Cons Of Fixed Student Loan Interest Rates …
Myth: Student Loan Consolidation is the Same as Refinancing
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 …
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 …
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