Higher education is an investment in your future, but it often comes with a hefty price tag. Many students find themselves buried under significant amounts of loan debt after graduation. However, with strategic planning and smart money moves, you can reduce or even avoid college loan debt. Below, we share some strategies to consider. View full post…
6 other college expenses (and opportunities) to consider when the financial aid letter arrives
(BPT) – The last year of high school is a whirl of activity, and it’s no different when it comes to the final leg of college selection. Once the acceptance notifications arrive, it will soon be time to sit down with a different stack of mail: financial aid letters and other college expenses to consider.
As you undoubtedly know, the cost of college is no small investment. In the 2017-18 academic year, the average tuition and fees for four-year public colleges is $25,620, while for private colleges, the costs are $33,520, and public two-year colleges cost $3,570, according to the College Board.
At the same time, the College Board reports that more than 70 percent of students receive grants to help pay for college. Hopefully, those financial letters contain some good news.
For most families, analyzing the letters is a process of uncovering the college that can offer the best education at the best value for your student. One way to get there is to parse the details of the letter itself so you understand the net cost of your student’s education. Still, it’s critical View full post…
5 Warning Signs That Might Indicate a Student Loan Scam
Many individuals have student loans to repay, and unfortunately, some are having trouble making those monthly payments. This is often due to other debt they are carrying like a car loan payment(s), a mortgage payment, and even credit card debt. This issue is ripe for a student loan scam.
In practically all publications that accept advertising, you’ll run across ads that say your problems can be over if you sign up with them. The ad will go on to say that they can help you to repay your student loans faster and at a lower cost – or they will get them completely forgiven.
These types of claims should be a red flag waving in your face and making you extremely cautious. There are some companies that may be legit, but there are also many that are scammers.
The following will help you to identify a student loan scam: View full post…
Warning: Colleges Caught Cheating on Student Loans? Decide for Yourself
Just when you thought the student loan problem couldn’t get any worse – it did. A recent report issued by the GAO (Government Accountability Office), cited serious infractions by some colleges and universities regarding default rates, effectively cheating on student loans.
Some background and explanation will illustrate it better. In order for a college or university to be eligible for federal financial student aid, they must maintain a “cohort default rate” that is below a certain level. What that default rate means is the college’s share of their students who have student loans that went into default within three years of beginning repayment.
You can be sure that when a lot of money is involved, educated minds are at their highest level of creativity. Some colleges hired outside consultants who were motivated in helping the college and not the student. The consultants improperly placed many unfortunate borrowers in forbearance, even when there were better options for the student to pursue.
This action took View full post…
Co-signing a Student Loan Could Ruin Your Retirement
This is one aspect of parenting that has many opinions and heated discussions. Let’s say that your child or grandchild just finished high school and has been accepted by their favorite college. Unfortunately, some part of their borrowing will require co-signing a student loan with a private lender.
Like many other students who apply for financial aid, the federal government will approve loans directly to the student. This is done without as much as a credit check. But, many times the federal government approval doesn’t cover all of the costs and the student must apply to the private student loan lenders.
These loans do require a credit history check, and the young student usually View full post…
What You Must Know About Borrowing for College
The College fall semester is right around the corner and if plans haven’t been finalized on how you plan to pay for it, don’t delay. Especially if borrowing for college is necessary. College costs continue to increase and the average cost for just one semester at a public college is around $7,000.00 and around $13,000.00 at a private school. These amounts are after grants and scholarships.
To cover the cost remaining, many families use a combination of current income, savings, and loans. It’s highly recommended to borrow money only as a last resort. Some colleges allow you to pay some part of the balance in installments, so it’s a good idea to ask.
There are still many families that have no other choice but to borrow to cover some part of the cost. A survey done by Sallie Mae indicated that almost 42% borrowed some amount of money the past year.
If borrowing for college is necessary, there View full post…
Getting Student Loans for College Has Never Been This Easy
With outstanding student loans for college, as well as student loan delinquencies, at an all-time high, law schools continue to add to the problem. At the present time, there are many more graduates than jobs, yet the law schools continue to raise tuition, further compounding the problem.
The primary reason for this problem is that federal student loans can be obtained fairly easy despite the fact that many of those students will not be able to get a job in the legal profession.
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4 Ways to Keep Student Loans from Taking Control of Your Life
College tuition is already ascending towards record setting levels, but as reported in the latest survey from Credit Sesame, Millennials are not looking for other routes, demonstrating the future pay back is definitely worth the price tag.
In other words, even though the cost of post-secondary school continues to rise substantially, the general view of Millennials has long been optimistic in regards to furthering their education after high school. The results showcase that the new age group of students carries a brighter perspective concerning just how useful a post-secondary college degree is going to be while career scouting.
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