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.
While you hear the most about students borrowing high debt to pay for college, parent debt is usually overlooked–even though it makes up a significant portion of the country’s $1.2 trillion in student debt.
A recent study shows that about 3 million parents have $71 billion in federal student debt, in the form of Parent PLUS loans they took out to pay for their children’s college, according to Bloomberg Business.
The average college graduate now leaves school with $30,000 in student debt, and the national student debt total of $1.3 trillion is rising every day. Many prospective college students don’t realize the huge impact student debt can have on their lives–and how much compound interest can add up over time, resulting in a much larger […]
While college costs continue to rise, there’s some good news for students who will be enrolled in college this fall: lower student loan interest rates.
Interest rates on federal student loans for the 2015-16 school year will drop by more than one-third of a percentage point, according to Inside Higher Ed.
While the White House has introduced recent proposals to lower the cost of college for incoming students, the 40 million Americans struggling with student loan debt haven’t seen much relief.
But President Obama’s new Student Aid Bill of Rights could help change that and make borrowing and repaying federal student loans a less painful process.
While college is extremely expensive, there’s a lot of free money out there going unclaimed.
In fact, according to a new analysis by NerdScholar, U.S. high school graduates left over $2.9 billion in free federal grant money on the table last academic year.
How’d they miss out on the free money?
They didn’t fill out the Free Application for Federal Student Aid (FAFSA).
For recent college graduates, paying student loans can be a struggle.
But what if you could get yours paid for you just for moving to a certain city?
Niagara Falls, NY is trying to attract young residents by doing just that. The city will pay off $7,000 of a borrower’s student loans if they live in a designated area of the city for 2 years.
Applying for financial aid can get confusing.
It can be difficult for families to keep track of all the different types of financial aid available, from grants to student loans.
But this helpful infographic from Southern New Hampshire University makes it a bit easier.
Many of the nation’s top universities, such as Harvard, Stanford and Duke, are lauded for having need-blind admissions policies, meaning they don’t take into account a student’s ability to pay for college when making admissions decisions. These schools say the policy a way to make sure the best students are accepted because of their merit, […]
Sen. Elizabeth Warren (D-MA) says student loan interest rates are ‘crushing’ former students, and something needs to be done. She introduced a plan in March that would let student loan borrowers refinance their loans at lower interest rates. And last week, she filed the bill with the support of 27 co-sponsors. Plan would let borrowers refinance […]