With so many student loan options available, how do you know which is best for you? A college education is an investment in your future but can be expensive. Taking out student loans is one way to help pay for school when savings, scholarships, and federal student aid like grants and work-study don’t cover all the costs. This comprehensive guide examines the pros and cons of different types of student loans to help you make the best choice. Read Also: Student Loan With Co-signer Federal Student Loans Federal student loans issued by the government tend to offer the best terms,…
Author: elizegan
Interest rates are a key factor that impacts the cost of your student loans, but what do you know about variable interest on your loan? Federal student loans typically have fixed interest rates that remain the same over the life of your loan. But you may also take out private student loans with variable rates that fluctuate periodically. Understanding how variable rate student loans work can help you make smart borrowing decisions as you pay for college. Read Also: Debt Consolidation Loan: All You Need To Know What are Student Loan Variable Interest Rates? A variable interest rate means your…
You may receive a Tax Form 1099 E from your loan servicer if you have federal student loans. This important tax document shows the interest you paid on your loans in the previous tax year. Receiving a 1099-E can be confusing, especially if it’s your first time dealing with student loan interest and taxes. Don’t worry – I’ll walk you through what Form 1099-E is, why you receive it, and how to handle it on your tax return. Read Also: 10 Online College Programs That Are Becoming Obsolete What Is Form 1099-E? Form 1099-E, or the Student Loan Interest Statement,…
How to get student loan zero balance: With the rising costs of higher education, many college graduates are saddled with high amounts of student loan debt. Paying off student loans quickly may seem challenging, but you can eliminate your debt and reach a zero balance with the right strategy. This guide will provide tips and strategies to help you pay off student loans faster. We will cover budgeting, increasing income, minimizing expenses, making extra payments, refinancing, and taking advantage of student loan forgiveness programs. You can develop a payoff plan tailored to your unique financial situation with commitment and focus.…
You’ve probably heard rumors that student loan interest rates are rising. With outstanding student debt at an all-time high of $1.75 trillion across 45 million borrowers, the question of whether interest rates will increase is important. In this article, we’ll discuss the factors that impact student loan interest rates and what you can expect shortly. Read Also: College Ave Student Loans: 10 Things To Consider Before You Apply What Determines Student Loan Interest Rates Interest rates on federal student loans are determined by federal law. Specifically, rates are set yearly based on May’s last 10-year Treasury note auction results. Because…
You’re not alone if you feel overwhelmed trying to track or lookup your student loans. With different types of federal and private student loans from various lenders, it can be unclear to determine exactly how much you owe and to whom. Thankfully, there are ways to lookup all your student loans in one place. This guide will walk you through the process step-by-step. Read Also: Top 10 Online Degrees For Art Students Looking up Federal Student Loans If you took out any federal student loans, such as Direct Subsidized Loans or Direct Unsubsidized Loans, you can view them by logging…
A student loan can be an important way for students to fund their college education, and as a student in Jamaica, there are several loans you can access. However, taking on debt is a big responsibility that requires careful consideration. This article provides an overview of student loans in Jamaica – who is eligible, how to apply, repayment options, and tips for managing your loan responsibly. Read Also: Top 10 Online Degrees For Art Students Who is Eligible for a Student Loan in Jamaica? In Jamaica, the main provider of student loans is the Students’ Loan Bureau (SLB). To qualify…
Paying off student loans can be a huge financial burden for many Americans, with interest rates gradually increasing, which is why many students seek loans with 0% interest. The average student loan debt in 2023 for a graduate is over $30,000, according to educationdata.org. While this figure is for people who took federal student loans, those who opt for private loans owe almost twice this amount. With interest rates on federal student loans ranging from 4-7%, that debt can grow substantially over the ten or twenty-year repayment period. However, there are times when your federal student loans will have…
Applying for student loans can be a daunting process. Knowing where to start is hard with so many options, including several private student loan companies and factors. But having the right student loan can make all the difference in managing college costs. This guide will walk you through the top student loan companies and help you find the best fit for your needs. Read Also: Student Loan Application: All You Need to Know Best Student Loan Companies of 2023 Student loans are primarily in two categories: federal and private. It’s always a race to see which best suits your needs.…
Misconceptions about student loan Supreme Court: The student loan debt crisis has been making headlines recently as the total outstanding student loan debt in the United States surpassed $1.7 trillion. With rising tuition costs and increased enrollment in higher education, student loan debt has skyrocketed over the past decade. In June 2022, the Biden administration announced a plan to cancel up to $10,000 in federal student loan debt for borrowers making under $125,000 per year. This announcement has sparked much debate and discussion around student loans and potential relief measures. The possibility of broad student loan forgiveness has also shone a spotlight…