6 other college costs (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 costs 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…
4 Options to Consider if You Need Student Loan Help
If you’re struggling to make the payments on your student loans, and you need student loan help, you’re not alone. When the 2017 college class graduated, the average amount of student loans each one carried was in excess of $39,000. College costs are increasing every year forcing students to borrow more. This only adds more to the total outstanding student loan debt which is just under $1.5 trillion dollars.
When you factor in that about 11% of these loans are in a delinquent status, taxpayers will be on the hook for a lot of money.
There are a few options available to you that can help get you back in control of your debt. Consider one or more of the following that can help to make your life a little View full post…
What Are Personal Loans and When Are They a Good Idea?
There are many different loans out there intended for specific purposes. You could be taking out a mortgage to buy a home, using an auto loan to purchase a car, or taking out a small business loan for your startup.
A personal loan, however, can be for any of these things—or something completely different. Sometimes they’re a great idea, and sometimes not so much. Let’s dive in to what personal loans are, and how they are most commonly used.
What are Personal Loans?
Unlike an auto loan or a mortgage, which are secured by the asset being financed, a personal loan is typically unsecured. Its approval is based mostly on the creditworthiness of the borrower.
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.
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