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 rely on your grades. Many scholarships require a minimum GPA to earn assistance as well as keep it …
Should I Refinance ALL Of My Loans?
Many college students end up taking out loans to pay for college. In turn, they graduate with some amount of student loan debt. Student loan refinancing is the preferred solution for borrowers looking for a way to lower their monthly payments, get a lower interest rate, or otherwise renegotiate the terms of their loans. This …
Should I Consolidate ALL Of My Student Loans?
By the time you graduate, you probably have taken multiple loans. This can make the monthly payments quite overwhelming as you have to keep track of different amounts to be paid back over different dates every single month. This is where the option to consolidate multiple student loans into one can come as a huge …
What’s a FSA ID and Why is it Important for Financial Aid?
There are enough acronyms used in financial aid to make your head spin. While filing the FAFSA (Free Application for Federal Student Aid) you may come across the term FSA ID. But what exactly is that? The FSA ID It stands for Federal Student Aid Identification. This handy little ID is comprised of a username …
What Can a Student Loan Pay For?
Many college students end up taking out student loans. We know that student loans are used to pay for college, obviously, but “pay for college” is a pretty broad description. So what can a student loan pay for? Let’s narrow it down a bit: Tuition & College Fees This is often what people first think …
Can I Make Student Loan Payments During My Grace Period?
A student loan grace period typically is a six-month-long term where a student doesn’t have to make payments on their student loan debt. This time allows new graduates to find a job, start making a paycheck, and get their feet underneath them. While you don’t have to, can you start paying your student loans during …
What is a DRN and Why is it Important for Financial Aid?
DRN stands for Data Release Number, but what does that mean in context with the FAFSA? We explain more below. Financial aid is already complicated and potentially frustrating. And that’s not including all the acronyms involved. When it comes to financial aid, there is a whole dictionary of acronyms you’ll come across. DRN, FAFSA, EFC, …
Do I Have to Demonstrate Financial Need to Earn Scholarships?
Some students don’t bother looking for scholarships because they don’t think they’ll qualify for any. There’s a persisting myth that in order to have a chance at winning scholarship money you have to have significant financial need. However, that’s not true of all scholarships. There Are Student Finance-Based Scholarships, But… While there are plenty of …