If you take out a student loan, the first thing you should know is that you’ll pay it back. This is not a scholarship or grant, which is gift aid or “free money”. A student loan is just like any other loan—you have to pay it back to the lender with interest. When you take …

Most students applying for student loans are not likely to have any credit history. While this does not affect their ability to apply for and get federal student loans, it can pose a problem when applying for private student loans. Private lenders are understandably more apprehensive about lending money to unknown entities. Without any credit …

Did you know that private student loans have varying rates of interest? This means you can shop around for loans and find some pretty good deals. You cannot do this with federal student loans. Those rates are set for the year and are fixed for that particular year. They are also the lowest rates you …

After you graduate college, you (and your co-signer if you have one) will be responsible for repaying any student loans you’ve taken out, private, federal, or both. Some loans, like federal loans, will have a six month grace period after you graduate or leave school, while others will require payment immediately. However, before you get …

Student loan default is becoming increasingly common across the USA. Unfortunately, this can have serious repercussions. Not only does it earn you a black mark on your credit history but it also pushes you even further in debt. But what do you know if you are just not earning enough to pay back your student …

The PLUS Loan for Parents is a federal loan program that allows parents to borrow money to fund their child’s college education. One of the main criteria in determining the parent’s eligibility for PLUS is their credit history. While the requirements for PLUS are not as rigorous as most other types of loans, in order …

In any area of life, it’s generally a good idea to be aware of what something entails before you sign your name to it. When it comes to anything that involves your finances, though, you need to be extra vigilant. If—and when—someone asks you to co-sign their student loan, you should read every single word …

Some students end up taking multiple student loans simply because one loan is just not enough to cover the cost of their college tuition. Taking out multiple student loans is not all-good, neither is it all-bad. There are a few pros and a few cons to this. Pros of Taking Out Multiple Loans Different loans …

Borrow protection programs are put in place to offer students a few alternatives if they are finding it difficult to repay their student loans. However, not all lenders treat borrower protection the same way. When it comes to any aspect regarding student loans, never take anything for granted. Always ask and preferably, get the answers …

You are eligible for a federal student loan if you meet certain basic criteria. Sometimes however, your circumstances may change and you may lose your eligibility for that student loan. This could have a considerable impact on your finances and your higher education. Without a loan, you may not be able to afford the cost …