Most people understand that student loans come with interest — which can add several thousand dollars onto the life of the loan, especially if you extend out your payments.
But many people don’t realize that federal student loans also come with origination fees, much like mortgages or car loans, which can add significantly to student debt totals.
Since it’s now been six months since May college graduates left school, it’s time for them to confront the reality of paying off their student debt. The end of the student loan grace period means that students will start receiving bills from their student loan servicers.
Here’s how to take control of your student debt once your grace period is over — and what you can do before to make it easier.
It’s that time of the year: time for college-bound students and their parents should fill out the Free Application for Financial Aid (FAFSA).
Students and parents should complete the FAFSA ASAP for priority financial aid consideration.
Even if you’ve filled out the FAFSA before, there are some big FAFSA changes you need to know about if you haven’t submitted one in the past couple of years.
We’ve written in the past how net price — the price you actually pay for college after financial aid, grants and scholarships — is more important than a college’s published price.
Many colleges have high sticker prices, but end up being affordable because they have generous financial aid policies.
Unfortunately, because the rise in financial aid hasn’t kept up with rising costs, the net price of college has risen for the sixth straight year, Money reports.
As of October 1, students can no longer take out federal Perkins Loans to help them pay for college.
The government’s oldest federal student aid program, established in 1957, ended Sept. 30, after Congress failed to extend the program. As a result, up to 500,000 eligible students at 1,500 colleges will no longer be able to take advantage of this financial aid program.
As of October 1, the Free Application for Federal Student Aid (FAFSA) is now available for families and students applying for financial aid for the 2018-19 academic year.
Current high school seniors as well as college freshmen, sophomores and juniors will need to fill out the FAFSA to receive federal financial aid for next year.
With college as expensive as it is now, public colleges have been touted as a good alternative for students looking to limit college costs.
But, like private colleges, tuition at public colleges across the country has risen rapidly over the past ten years.
Between 2008 and 2017, the average cost of attending a four-year public college went up in every state, even adjusting for inflation, according to a recent report by the Center on Budget and Policy Priorities, as reported by MarketWatch.
Living off-campus and commuting to college can be a great way to save on college costs.
But it’s not always the most ideal for making new friends. One of the downsides of commuting is missing out on the college dorm experience, which facilitates many friendships.
Commuting also comes with some expenses and inconveniences, such as dealing with traffic, extra time spent in the car and transportation costs.
Luckily, there are still plenty of ways to make friends even if you’re not living on campus and reduce the hassle and expense of commuting to college. We’ve put together a list of tips on making commuting to college easier.
It seems there’s a light at the end of the college cost tunnel.
While college costs are higher than they’ve ever been (and continuing to rise), the yearly increases are, finally, slowing down, according to new data from the Labor Department.
The department found that over the past 12 months, tuition rose by just 1.9 percent–the lowest rate since before 2007, StudentLoanHero notes.