Borrowers struggle to get accurate information from their servicers. Confusion about federal student loans creates opportunities for scammers to take advantage of borrowers. Borrowers fall into default, unaware that programs exist to keep their monthly payments manageable. Plenty of Blame to Go Around ...
Private student loans,on the other hand, are loans offered by banks or credit unions.When borrowers exhaust their college savings and reach their federal student loan limits, they may turn to private student loans to help cover the remaining cost of attendance. Students will generally need a par...
Act quickly to recover financially from student loans borrowed without your consent through identity theft.
You can consolidate multiple federal student loans into a single, new federal loan on studentaid.gov. To consolidate (a.k.a. refinance) private student loans, go directly to a private lender.
When it comes to federal student loans, interest rates are determined by Congress each year. This interest rate is valid from July 1 of the current year until June 30 of the following year and is always fixed. With federal student loans, everyone — regardless of their credit score and inco...
Why would a borrower want to turn private student loans into federal loans? Private student loans can be brutal. The terms of a private loan are dictated by the contract signed by the borrower. These terms can vary significantly from one lender to the next, but are usually very rigid. Borr...
You can defer the interest payments while still enrolled but these will be added to the loan’s principal amount. If you want to qualify, you should be enrolled in a post-secondary degree or educational program.How to Get Federal Employee Student Loans to Help You Earn a Second Degree...
The application process for federal student loans is separate from the private student loans application process, and the lending terms tend to differ between the two. You’ll need to fill out the FAFSA form, which is free and opens in October each year, in order to unlock federal student ...
Should You Defer Your Student Loan Payments? When deciding whether to pursue student loan deferment, you should ask yourself the following questions: Do I have subsidized federal loans or Perkins Loans?Interest on federally subsidized loans andPerkins Loansdoes not accrue during the deferment period....
If you consolidate federal loans into a private loan, you will lose some of the benefits that federal loans offer. How Does Student Loan Consolidation Work? There are two basic ways toconsolidate your student loans. You can do so either through a private lender or the federal government. Only...