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: Stuck With Refinance Student loan 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 think that scholarships take up …
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
Taking on student loans can be intimidating, especially when you think about how much student debt there is. 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 …
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. Federal student loan repayment plans are inflexible and have strict rules, …
Myth: I Don’t Need to Look for Scholarships, My College Will Provide Financial Aid
You may think that because your college provides financial aid, you don’t need to search for scholarships. After all, wouldn’t your financial aid cover all your college costs? Well, that’s actually not true and you definitely want to find some scholarships. When it comes to scholarships, there are three major sources: the federal government, the …