How You Can Shrink Student Loan Payments
When it comes to student loans, the terms “refinancing” and “consolidation” are sometimes used interchangeably. In fact, they are two very different processes, and generally involved two different student loan types. Student loan refinancesare provided by private money sources, such as banks and...
But there are many options for paying back federal student loans, which offer more flexibility and repayment options than any other kind of debt. Here are four options for making your student loan payments more manageable: 1. Loan consolidation. This would allow you to combine all qualifying stu...
You may wonder why so much money comes out of your pay, where it goes, and what can be done to change the deducted amount. The good news is that you usually have some control over your deductions.
Can I keep my federal loan repayment options, forgiveness eligibility, and protections?NoYes Can I merge federal and private loans into one monthly payment?YesNo How to consolidate private student loans Consolidating private student loans, known as refinancing, is much like any other debt consolidatio...
while private loans are through a lender such as a bank. After you apply and are approved for your student loan, the funds may be disbursed directly to you or the school and may come in one lump sum or several payments over the course of your schooling. The money may be used to pa...
Quick application process.While federal student loans require borrowers to fill out theFree Application for Federal Student Aid (FAFSA), private student loans do not. You can apply for most private student loans online in just a few minutes without providing nearly as much information. ...
Your loan servicer or school should send you a 1098-E form to show how much student loan interest you’ve paid over the last taxable year. You’ll need to fill out that in the proper section on your tax return. Are student loan payments tax deductible?
As part of the first coronavirus relief bill, the government stopped federal student loans from entering default and paused collection activities on those that already had.Federal student loan payments are paused— and those protections continue — until as late as summer 2023 while lawsuits work the...
Figuring out how much you owein either compound or simple intereston your student loan is a simple process—at least if you have a standard repayment plan and a fixed rate of interest. If you’re interested in lowering your total interest payments over the course of the loan, you can alwa...