Compared to private student loans, whose interest rates vary depending on the borrower’s credit history, federal student loans are a steal. But according to USA Today, a large percentage of private loan borrowers don’t maximize their borrowing of federal student loans.
In fact, the newspaper found that more than half of private loan borrowers failed to max out on federal student loans, and a quarter didn’t take out any federal loans.
This is quite alarming and demonstrates the need for education about the differences between federal and private student loans. Unlike federal student loans, private student loans can have variable interest rates, some greater than 18%. This substantially increase the total amount you repay.
During the college admissions process, the cost of standardized testing, test prep services, college applications, and college visits can really add up.
And that’s before you even start thinking about paying for major expenses like college tuition, fees, textbooks, room, and board.
With college such an expensive investment, you may be wondering why anyone would pay someone just to help them figure out how to pay for it.
With the cost of college reaching as much as $63,200 at the nation’s most expensive college, Sarah Lawrence, getting financial aid has become a necessity for most families and students.
There are several steps families can take to maximize their financial aid package in order to make college more affordable.
According to U.S. News Education, here’s how to get colleges to show you the money.
Getting ready to go to college or have a child who is? It’s time to fill out the Free Application for Federal Student Aid (FAFSA).
Many parents and students have misconceptions about what the FAFSA is and who should fill it out. Some families don’t bother because they assume they make too much money to qualify for federal aid.
But confusion about the FAFSA can cost you–you may lose out on financial aid, including grants, scholarships, and student loans.
When applying to college, it’s important to be aware of which colleges will meet your family’s financial need.
Knowing which colleges are generous with need-based financial aid and scholarships can save you time and money during the college admissions process. It can help you avoid applying to colleges that don’t offer much in the way or need-based or merit aid.
Getting those last-minute applications in? Make sure you’re applying to plenty of schools that offer financial aid and scholarships.
In case you missed them, check out our best posts on finding affordable schools, finding scholarships, and paying for college.
December is a stressful time for college-bound students and their parents. With the pressure to finish up scholarship and college applications, along with the impending doom of paying for it all, students and families’ anxiety can really build up.
Hechinger Report recently took a look at five students and their families to learn how they’re navigating the college admissions process, dealing with the pressure and stress of applying, and figuring out how to pay for college.
At most colleges across the nation, the Science, Technology, Engineering, and Mathematics (STEM) fields have been increasingly dominated by men, with the number of women enrolled in STEM falling 10 percent in the last 15 years. One Western New York college, however, goes against this trend, making it a great choice for women interested in these fields. Thanks […]
Do you want to graduate from the school of your dreams without going thousands of dollars into debt? Start your degree at a community college, urges one University of Rochester graduate student. In an article he wrote for his college newspaper and in the video above, grad student Peter Thayer recommends that college freshmen drop out and […]
Without a doubt, college is one of the most expensive investments a student will ever make. Even for families who have saved since their child was born, the cost of higher education can be crippling. Even respected journalists say the cost of college has gotten out of control. In the video below from CNNMoney, Stephen […]