Interest rates have a big affect on the overall cost of your student loan. Have you ever wondered how the interest rates are calculated? How Federal Loan Interest Rates are Calculated The government sets the interest rates and terms and conditions on Federal loans. This includes Parent PLUS loans, so if you are a parent …
What Is A Federal Student Loan Interest Subsidy?
When it is time to start repaying your federal student loans, if you are not earning enough to cover your monthly payments, you have the option of choosing an income-driven repayment plan. While researching these, you may have come across the term ‘federal student loan interest subsidy.’ Let’s dive into what that means. Income-Driven Repayment …
Are There Penalties to Paying Off Student Loans Early?
Student loans, both private and federal, have very specific repayment plans attached to them. These plans outline interest rates, monthly payment amounts, strict terms and conditions, and estimates on how long it’ll take to repay the loan. But what if you can pay it off earlier than the repayment plan suggests? What if you pay …
Should I Pay Off My Private or Federal Student Loans First?
If you have multiple students loans from multiple sources, you may be wondering the best way to start repaying your debts. It can be a daunting challenge to even consider tackling. Should I Pay Off Private or Federal Loans First? As a general rule of thumb, you should pay off your private student loans first. …
Can My Federal Student Loan Grace Period Change?
The standard federal student loan grace period lasts six-months after a student graduates from college. After that half-year, it’s time to start repaying the loan with interest. But that’s just the standard, what can cause a grace period to change? Active Military Duty No matter the military branch, if you’re called to active duty you …
What Happens At Financial Aid Night?
Every year, in the fall, almost all schools across the US hold Financial Aid Nights. The main purpose of this event is to simplify the complex financial aid process for prospective college students. If you are a junior or senior in high school, you should try and attend Financial Aid Night with your parents so …
What Information Will I Need to File the FAFSA?
Filing the FAFSA is one of the most important financial aid tasks you need to accomplish. It opens the gate to federal scholarships, loans, and work study programs. More than that, many outside scholarship opportunities require you to have the FAFSA filed too. Everyone needs to file the FAFSA. That being said, how do you …
What is Wage Garnishment in Regards to Student Loans?
While going over student loan repayment terms and details, you may have come across the term ‘wage garnishment’ among them. But what exactly is wage garnishment? What is Wage Garnishment? Wage garnishment occurs when you’ve taken out a federal student loan and have not begun to pay it back upon gainful employment. When this happens, …
Should I Start Repaying My Student Loans During College?
Student loans have a variety of repayment plans. Many student borrowers opt to utilize the grace period—a six month period after graduation where they don’t have to make monthly payments on their student loan debt. However, there is an option to start repaying the student loan back as soon as you take it out. But …
GPA Costing You A Scholarship? 5 Ways to Boost Your Grades and Gain Financial Help
With the cost of attending college continuing to skyrocket, financial aid in the form of scholarships is becoming more important than ever before. But many of these scholarships provided by the government, universities, and even private institutions require a minimum GPA to earn assistance as well as keep it throughout the duration of college. In …
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