Tanza Loudenback, provided by Published 9:00 am CDT, Sunday, June 2, 2019 Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. MediaNews Group/Long Beach Press-Telegram via Getty Images/Contributor Student loans may seem complicated, but a step-by-step guide can help demystify the process. The first step to getting a federal student loan is filling out the Free Application for Federal Student Aid (FAFSA), which uses income information to determine how much a student or their family can afford to contribute to college. Up to 10 schools will receive a student's FAFSA and determine whether there is a need for financial aid. Aid award letters are sent out in the spring alongside college acceptance letters. If a student doesn't qualify for need-based federal loans or needs more … [Read more...] about How to get a student loan for college or grad school
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Anna Helhoski, NerdWallet Published 11:00 am CDT, Tuesday, May 28, 2019 This article was first published on NerdWallet.com. The summer before your freshman year in college means choosing classes, checking out your future roommate’s Instagram and figuring out how you’re going to pay the bills. Chances are you will need a loan: 2 out of 3 students have debt when they leave school, according to 2017 graduate data from the Institute for College Access and Success. But consider a loan after you’ve accepted grants, scholarships and work-study. You can get these by submitting the Free Application for Federal Student Aid, or FAFSA. Here are six things you need to know about getting your first student loan. 1. Opt for federal loans before private ones There are two main loan types: federal and private. Get federal loans first by completing the FAFSA. They’re preferable because you don’t need credit history to qualify, and federal loans have … [Read more...] about 6 Things to Know About Student Loans Before You Start School
Sections SEARCH Skip to content Skip to site index Your Money Subscribe Log In Log In Today’s Paper Your Money | Interest Rates on New Federal Student Loans Will Dip Slightly Advertisement Supported by Your Money Adviser ByAnn Carrns May 17, 2019 College borrowers will get a small break in the coming school year, as interest rates on new federal student loans fall slightly this summer. Rates had risen in the last two years. But rates on federal loans taken for the next academic year will drop more than half a percentage point, said Mark Kantrowitz, publisher and vice president of research at Savingforcollege.com. Mr. Kantrowitz calculated the new rates using the federal government’s formula. (The Education Department has not formally announced the rates.) Since 2013, rates on student loans have been set by a formula based on the sale of 10-year Treasury notes each spring. The new rates will … [Read more...] about Interest Rates on New Federal Student Loans Will Dip Slightly
Teddy Nykiel, NerdWallet Published 12:47 pm CDT, Friday, May 10, 2019 This article was first published on NerdWallet.com. Federal student loan rates are going down. Interest rates for student loans in the federal direct loan program are decreasing by 0.52 percentage points for the 2019-20 school year compared with loans borrowed for 2018-19. The difference can be hundreds of dollars over the life of a loan. The coming reduction is the first time in three years that federal loan rates have dropped. Federal student loan interest rates for the 2019-20 school year, effective July 1: 4.53% for subsidized and unsubsidized undergraduate loans (down from 5.05%). 6.08% for unsubsidized graduate school loans (down from 6.60%). 7.08% for parent and graduate PLUS loans (down from 7.60%). The government pays the interest on subsidized loans while the student is in school. Why federal student loan rates are dropping Congress sets new federal student loan interest rates annually … [Read more...] about New Federal Student Loans Are Getting Cheaper
Published May 05, 2019 Markets Motley Fool Facebook Twitter Comments Print Getting out of debt and saving for the future are both important. Here's how to balance the two.Image source: Getty Images. Student loans are an obstacle for more than 45 million Americans, holding them back from investing for their futures. With as much as $1.5 trillion in total student loan debt outstanding, paying it down in full takes most people years after they graduate. This leaves them with less money to invest in the stock market, causing them to miss out on the gains that stocks have delivered over the long run. When you combine student loans with other debt like personal loans and credit cards, it can be even tougher for graduates to find the money to start investing. Continue Reading Below It may seem like a no-brainer to get out of debt as soon as possible, but there are situations in which you'll end up better off in the long run if you're not in such a hurry to pay … [Read more...] about Should I Pay Off Student Loans or Invest in Stocks?