For many students, pursuing higher education is a worthwhile investment in their future. However, this pursuit often comes with the financial burden of student loans. Beyond the immediate challenges of repayment, it’s crucial for parents and students to understand how these loans can have a lasting impact on students’ credit scores. In this blog post, we’ll dive into the intricacies of how student loans affect a student’s credit score and what steps can be taken to manage this financial aspect responsibly.
The college admissions process can be tricky for any family, especially those going through it for the first time. Separate financial aid and admissions applications, multiple deadlines at each school, standardized exams, letters of recommendation, required essays, and, this year, changes to federal financial aid. No wonder you feel stress.
The U.S. Department of Education (ED) is about to fundamentally change how eligibility for college financial aid is calculated. Here’s what you need to know and a link to a free calculator to estimate eligibility for college aid using the new methodology.
College students and graduates can use student loans to build a great credit score. These three steps will help you understand the credit scoring process and how student loans can help young consumers build a high credit score and open opportunities for future borrowing.
Interest rates have increased noticeably over the past year, which means that Federal student loan interest rates will climb as well. When? By how much? Will the rate on this loan increase more in the future? Is there a better option for undergraduate students to borrow for college? These are all questions into which potential college students and their families should be looking.
In the 1990s, Congress started 529 college savings programs to help families create a nest egg for college. Although marketers would surely advise against naming a program after a section of the tax code, Section 529 in this case, “529s” grew into a preferred way of saving for college. And now the 529s can be used for more than just paying for college.
For gardeners, April showers bring May flowers. For high school seniors, the bloom may already be off the rose. The joy of getting college acceptance letters often quickly fades as the reality of comparing colleges and determining “the one” comes into focus.
A great college fit means finding the best collective academic, social, and financial match. But what happens if the academic and social fit are great, but the financial fit is not?
Consider the tried-and-true axiom for the lottery: “You need to be in it to win it”. Well, when it comes to applying for federal financial aid, nearly two million high school students annually are deciding not to play the game whatsoever, a decision that is costing almost half of them the chance for some much-needed assistance in the form of free money. What’s behind what would appear to be an otherwise easy decision, and what can be done to connect more of these students with available Pell Grant funds?
Paying for college can be overwhelming. Knowing the options and identifying sources of money for your family to pay the college bill is half the battle and there’s no time like the new year to get a handle on the details, especially with financial aid season on the horizon.
It’s never too early or too late to save for college and other education expenses using 529 savings programs. Here are four tips to add a little holiday cheer to your 529 savings accounts. In addition to saving for college, 529 plans can now be used to pay for some elementary and secondary school expenses, up to $10,000 of student loans, and certain apprenticeship programs.
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Picking a student loan that meets your needs requires an understanding of some basic concepts. Student Loan Basics empowers you with information to make informed choices to borrow for college. This article explains the difference between undergraduate federal and private loans.