Archive - January 5, 2023

Congratulations on graduating! Now it’s time to start repaying your student loans. If you have a Federal student loan, you have options for repayment that I went over in a related article. This article will go in-depth on Income driven repayment plans so if this is the road you decide to take to pay back your student loan, you will know enough to make good decisions. There are four income-driven repayment plans available to help you pay back your student loans. The Four Types Of Income-Driven Repayment Plans: Revised Pay As You Earn Repayment Plan (REPAYE Plan) Pay As You Earn Repayment Plan (PAYE Plan) Income-Based Repayment Plan (IBR Plan) Income-Contingent Repayment Plan (ICR Plan) If you’re struggling to make payments on your student loans, then you might want to check out...

Federal student loan debt is money that is owed to the federal government in the form of student loans. As of June 30, 2020, the total amount of outstanding federal student loan debt was more than $1.6 trillion dollars. This figure includes both Direct Loans and FFELP (Federal Family Education Loan Program) loans, which make up roughly half of the student loan market. These numbers don’t include private student loans, which represent another $1.5 trillion in outstanding debt. Most student loans  (about 92%)  are owned by the government, according to a July 2021 report by MeasureOne, an educational data firm. This includes both federally backed and privately held loans. As of June 30, 2020, total federal student loan borrowers numbered 43 million, up from 39 million a year earlier...

There are a lot of things to consider when you refinance your student loans. You need to compare interest rates, repayment terms, and any other fees associated with the loan. Also, make sure that you’re not going into too much debt if you decide to refinance. If you have federal student loans, you may be able to get a lower rate by refinancing them through the government-sponsored program known as Direct Consolidation or Public Service Loan Forgiveness (PSLF). If you have private student loans, you can usually refinance those through a bank or credit union. Many people are not aware that they can refinance student loans. In this article we are going to go over all the things you need to know to make an informed decision on whether refinancing your student loan is a wise thing to do...

Student loans are a form of financing that students use to pay for their higher education. They are usually provided by the federal government, with some private loans available.  After you graduate from college, you will need to start repaying your student loans. The amount you pay each month and the length of time you are in debt will depend on the type of loan, the interest rate, and the repayment plan.  As long as you have the right information and make smart choices, repaying student loans can be affordable. Interest accrues on student loans while you’re in school. That means you might not pay that much each month when you first borrow the money — but as time goes on, it adds up.  If you want to keep your monthly payments from getting too high, you can start with a lower interest...

Anyone who has ever tried to get a student loan knows that the process can be overwhelming. After all, there are so many different types of loans and repayment options to choose from.  But don’t worry—that doesn’t mean getting a student loan is impossible.  People take out student loans with the expectation that they will pay them back once they have completed their education. However, many students may not realize the cost of borrowing for their higher education or how much it can affect them in the future.  Different Types Of Student Loans Student loans usually come in the form of federal or private loans.  They are divided into different categories based on their purpose, such as undergraduate or graduate school, or for a specific field of study like art.  Federal loans are guaranteed...