When you apply for a student loan, lender processes your application before it can be approved. In industry terms, this is known as to as student loan origination. Origination Think of the root word “Origin.” This is a brand new loan, created by the lender for you. Student loan origination basically refers to all the …
Questions & Answers
How Much is Too Much for Taking Out Student Loans?
Overwhelming student loan debt is a very real fear students and families have. It seems like everyone has a horror story associated with student loans—so how do you avoid it? How much is too much? Let’s break it down. Maximize Financial Aid First Before you ever consider student loans, maximize your financial aid. That means …
How Long Does It Take To Get A Student Loan’s Funds?
The application process and time it takes to process federal student loans is different from that of private student loans. Federal Student Loans To get a federal student loans, you must first file the FAFSA. It takes about 1 – 3 weeks to process the FAFSA and put together a financial aid package that is …
Can I Consolidate Federal and Private Loans?
If you’re taking out both federal and private loans, you may be wondering if you can consolidate, or combine, those loans after graduation. Here’s what you need to know about your options, consolidating, and refinancing. Yes, You Can Consolidate Federal and Private Loans! Although it wasn’t an option for years, you are now able to …
Can I Negotiate A Lower Student Loan Interest Rate?
The thought of being able to negotiate a lower student loan interest rate sounds tempting. Unfortunately, this tactic is not always fruitful, especially with federal student loans. The interest rates on federal student loans are set every year by the federal government and cannot be negotiated. The rate changes every year but once it is …
How Often Do Student Loan Variable Rates Change?
In variable rate loans, the rate of interest fluctuates several times over the lifetime of the loan. This is because variable rate loans are tied to market interest rates. Variable Rates and Market Trends When market conditions are bad, lenders reduce short-term interest rates to encourage lending. When this happens, the rate of interest on …
What Are Interest-Only Repayment Plans?
In an interest-only repayment plan, borrowers pay back only the interest that accrues on their loan every month. This is unlike standard repayment plans where monthly payments are used to cover a part of both, interest as well as principal. While there are some benefits to choosing interest-only repayment plans, there are also a few …
Should I Consolidate My Student Loans?
Student loan consolidation involves combining multiple loans into one. The consolidation is generally done through a new lender and the resultant loan is considered as a completely new loan with a different interest rate and different payment policy. Student loan consolidation is not the right decision for everyone, however. It does have a few downsides …
Should I Get A Summer Job Or Internship?
“Should I get a summer job or internship?” is an interesting question that high-schoolers are faced with. Both offer amazing benefits but they each have their downsides too. Whether a summer job or an internship is the right choice for you depends on what you are looking to get out of the experience. A snapshot …
How Do Graduate Students Qualify For Financial Aid?
Earning your Bachelor’s degree can be an exciting, yet scary, time. After all, you’ve worked hard to achieve all of this over the last four years, but now you have a choice. Search for a job or continue your education? Choosing education can be a bit frightening, due to the continued cost, but just like …
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