How Does Divorce Affect Financial Aid Applications?

Filing out financial aid applications, more specifically the FASFA (Free Application for Student Financial Aid), can be daunting already for many students. However, with those who have divorced parents, it’s important to understand how that may affect your application and awarded financial aid. Who is Your Custodial Parent? The parent who completes the financial aid …

Should You Lower Your Student Loan Payments Or Not?

When it comes to whether or not you should lower your student loan payment, there is no one answer that is right for everyone. In general, lowering loan payments is not recommended as it increases the accrued interest and you end up paying much more than if you continue making the payments you agreed on. …

What is the Student Aid Report (SAR)?

When you complete the Free Application for Federal Student Aid (FAFSA), you’ll receive your SAR sometime afterwards. The FAFSA is used to calculate what kind of financial need you personally have, which can make you eligible to several federal scholarships, grants, work study programs, or even loans. Essentially, the SAR is your “results” for what …

Can Legal Guardians Take Out PLUS Loans?

As their name would suggest, most student loans fall to the responsibility of the student themselves. However, there is one loan that revolves around the parents—PLUS loans. PLUS, in fact, stands for Parent Loan for Undergraduate Students and differs a little from other federal loans. It takes into consideration a family’s credit history, and is …

What is an “Outside” Scholarship?

During your research into financial aid opportunities to help fund your college education, you may have come across the term “outside scholarship.” Scholarships are, without a doubt, the best way to pay for college—but what exactly does “outside” mean in regards to scholarship opportunities? Simply put, an outside scholarship is any scholarship not awarded by …

Should You Use Crowdfunding To Pay Off Student Loans?

Crowdfunding is typically used as a way to generate funds for various causes. Using crowdfunding to generate funds only works if you have a compelling reason for asking strangers to donate towards your student loans. Most people are reluctant to pay for an unknown person’s college education without proper justification. For example, if you are …

Is Work Study Income Taxable?

In addition to scholarships and grants, joining a federal work study program is a great way to pay for college (and should definitely be considered before taking out a loan). In a work study, students will have a part-time job—typically related to their field of study—and have their earnings funneled towards tuition and other college …