Student loan debt can feel overwhelming. When you start repaying, those monthly bills can be frustrating. Depending on your lifestyle and your financial goals, there are two main ways you can handle your student loan debt (beyond a standard option). Maker smaller monthly payments. Or make two student loan repayment sums in a month and …
How Do I Prevent Student Loan Default?
You know what happens if you default on your student loans—your credit history takes a hit. This can have serious consequences on your future financial prospects. Lenders are reluctant to approve loans to defaulters and even if they do, they will charge you premium interest rates. This is not a scenario that anyone wants to …
What Is Financial Awareness Counseling For Federal Student Loans?
Financial Awareness Counseling is a government service that helps students understand their loan commitments as borrowers. This is done through an online interactive tool called the FACT or Financial Awareness Counseling Tool. The aim is to help borrowers manage their finances better to prevent potential financial disasters. All students and families who have federal student …
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? …
Which Federal Student Loan Repayment Term Is Right For Me?
The student loan repayment term that you choose directly impacts the amount that you have to pay back every month. It also affects the total amount of interest you will end up paying over the life of the loan. The standard repayment term on federal student loans is 10 years. That means you are expected …
What Happens If I’m Late On A Federal Student Loan Repayment?
You may have had every intention to make your loan payments on time, but life happens. Every month you find yourself juggling multiple payments on different due dates while also keeping up with your job commitments and deadlines to pay utility and other bills. With so much happening, loan payments can get lost in the …
Should I Pay More Than Minimum On Monthly Student Loan Repayments?
Did you know that the average student loan debt is just over $37,000? It’s an intimidating number, to be sure. While there are ways to lower that debt amount, or even prevent it, most students will have to deal with some amount of debt. So it begs the question: should you pay more than minimum …
Can You Have More Than One Cosigner On A Student Loan?
Many college students need to take out a private student loan in order to pay for college. However, not many have had the chance to build their own credit yet. Having a cosigner can help you get approved for student loans. But you may be wondering: can I have multiple student loan cosigners? Most Lenders …
How Often Should I Apply For Scholarship Programs?
When it comes to paying for college, every little bit counts. And scholarships can help more than just a little bit. So it begs the question: how often should you apply for scholarship programs? The short answer is you should apply for scholarships as often as possible. Consider these two features of scholarships: Scholarships are …
Is It Too Late to File the FAFSA?
Deadlines can be stressful, more so when you are juggling multiple. High school seniors come up against numerous deadlines: papers, scholarships, and college apps. One of the most important is the FAFSA deadline. You miss this one, and you’re missing out on all types of financial aid that can help lower the cost of college. The …
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