Believe it or not, student loans can actually be beneficial! If managed properly, student loans can have a positive affect on your credit score and history—showing that you’re a responsible borrower. However, if mismanaged, student loans can be detrimental to your score. Here’s how to avoid that negativity: Missing or Late Payments First and foremost: …
Student Loans
Public Student Loan Forgiveness Program Gets a Temporary Extension
The Public Service Loan Forgiveness program would forgive any outstanding federal loans after 10 years of consistent payments for borrowers that were employed in a public service field—such as a teacher, government worker, or social services worker, or a member of the military. In the fiscal 2018 budget, Congress announced that the current iteration of …
How to Avoid Student Loan Scams
With the ever-increasing cost of college, many students have the need to take out a student loan to pay for college. Sometimes, federal student loans are just not enough and many students end up having to cover the shortfall by applying for private student loans. While there are several legitimate and reputable private lenders, there …
Student Loan Delinquency and How to Avoid it
Once your college days are over and you have that first post-graduate job, it feels great to be able to be your own person financially and pay for things when you need or want them. One of the negative aspects of this, however, comes in the form of looming student loan delinquency. You signed that …
Federal Loan Interest Rates On The Rise
The last thing any student wants to hear is that attending college or graduate school is going to cost more than it did before. Unfortunately, that is the reality. Not only have tuition fees gone up, but federal loan interest rates are on the rise too. How Federal Student Loan Interest Rates Are Set Interest …
5 Things You Should Do During Your Student Loan Grace Period
A student loan grace period sounds pleasant, doesn’t it? It’s six months where you don’t have to make student loan payments. But that doesn’t mean you should sit idle. A grace period is the perfect time to make a plan for your financial future. Know What You Owe First up: Know exactly what you owe, …
How To Get Out Of Student Loan Default
The last thing any borrower wants is to let their loan go into default. When you default on your loan, it damages your credit score and makes it more difficult for you to get a home mortgage or to borrow money for any other large purchases. If, despite all precautions, you let your loan go …
3 Questions To Ask Yourself Before Consolidating Your Student Loans
While student loan consolidation is a great solution for anyone looking for a way to manage their monthly payments, this may not necessarily be the right option for you. Before you choose to consolidate your student loans, ask yourself these questions: Should I choose to lower my monthly payments? The only way lower your monthly …
All About Capitalization And Student Loan Interest
Just when you think you’ve read all you possibly could about student loans, you are sure to come across yet another new term that you need to read up about. Learning everything there is to know about student loans will empower you to make well-informed decisions. With that said, if you have not heard about …
How Credit Score Affects Student Loan Refinance And Consolidation
Refinance and consolidation are two of the most popular solutions that students turn to in order to better manage their loan payments. However, both options work differently from each other. How Credit Score Affects Student Loan Consolidation When you consolidate your loans you are simply combining multiple existing loans into a single consolidated loan. The …
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