If you have any experience at all with Nelnet, you may be one of the many people who have tried to contact their customer service. Since Nelnet is a financial planning site that offers information about educational funding, there is always the possibility of questions. The web site is free to access, and gives you a direct link to services like financial planning and loan applications.

Sometimes one of the most frustrating things to deal with when trying to work with financial sites like Nelnet is making phone calls. That frustration can be compounded through things like being put on hold, not being able to understand the representative you’re talking to, dealing with an automated system or not being able to reach an actual human being. Many companies are leaning towards more automated recordings for customer service, but that doesn’t always meet the customer’s needs. Nelnet has received numerous complaints from people trying to call in and talk to an actual person.

If you follow these steps you should be able to talk to someone. The process is lengthy, but should help you reach an actual person sooner that you would otherwise. Read the rest of this entry »

Some people say that earning an education is a student’s main job. I have always had a problem with this saying because of one simple fact: earning good grades does not pay your electric bill, put food on your table, or help offset your student loans…unless, of course, you have a GradeFund account.

GradeFund is a revolutionary new social media site that allows family, friends, corporations, philanthropists, or anyone else who wants to sponsor a student to reward hard-working students with financial contributions.

How does it work? Basically, you create an account and invite sponsors to support you. At the end of each semester, you send your transcript to GradeFund, and then if you meet the qualifications set by your sponsors, you receive either a check in the mail or a credit to your school towards your tuition. Sounds pretty easy, right? Read the rest of this entry »

We could all use some good news when it comes to money these days. And even if it’s not your own money, the federal government is taking steps to make borrowing money for student loans cheaper and easier to get and much simpler to pay off.

Here’s why:

On July 1, the federal government lowered the interest rates on many student and parent loans, and took out the middle-man by awarding loans directly through the government itself rather than through a bank.

The only downside is that there will be a bit of a learning and processing curve on the shoulder’s of the schools’ financial aid offices as they learn about the new rules and spend more time answering parents’ questions. So expect longer phone times and maybe mixed messages from school administrators during the first few months of the academic school year. Read the rest of this entry »

You know what it’s like: You apply to your dream school, then wait for the mail every day, hoping for that big envelope that says you have been accepted.

So what do you do if you do get accepted, but the financial aid that is offered isn’t enough? You write a letter to the financial aid office asking for more.

Sandra Oliveira is the executive director of financial aid at Providence College and has been spending the past few days reading 100 appeals from students who want to attend Providence College, but need more financial aid in order to do so. Every application for more financial aid is a heart-breaking plea for more money to “offset the impact of recent job losses, plunges in home values or other financial setbacks.” Some students submit medical bills, layoff notices, and tax forms to show how real their need really is.

How much money are these students receiving at first? It’s probably not a lot, right?

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We have all been writing blog after blog about how to save for rising tuition and prepare for the costs of college, but here is a way to save your money while spending money on everyday items.

Upromise is a free service that allocates money towards college bills and student loans when you purchase groceries, shop online or buy gas. Students can also use the money for 529 investment programs.

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Six months after you graduate, those lenders are going to want their money, and that means you may have to manage some serious debt.

I’m up to my eyeballs in it and considering consolidation. It may sound like a scary word for you new borrowers out there, but, like it or not, loan consolidation may be necessary if you’re having a hard time keeping up with your student loan payments. But keep in mind, it’s not right for everybody.

Here are five points you must consider before choosing student loan consolidation.

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It’s no secret that most graduates are in debt. By the time you walk across the stage in cap in gown you have likely built up several thousands in student loans. According to the Project on Student Debt, students, on average, are $23,200 in the hole by the time they get their degree. So instead of cringing when you get your first letter from Sallie Mae, you should educate yourself. Here are some tips on how to manage your student debt:

1. Know what you owe: Go to the National Student Loan Data System at to find out how much you owe. The website will be able to keep you up to speed on all the loans you have taken out so far. You should also know the different federal student loans you have, the lenders on each of the loans and the interest rates one each of them.

2. Never default on a student loan: There’s never a good reason to default on a loan. No matter what your financial situation is, lenders have several repayment plans, including a 36-month economic hardship deferment plan. Keep in mind that once your loans become delinquent, you lose the right to deferment and have to deal with those pesky collection fees. Read the rest of this entry »

St. Mary's College of Maryland

With most private colleges costing around $40,000 a year, students are opting for a cheaper education at schools that offer an amazing education, but at public school prices. And St. Mary’s College of Maryland is one hot-spot school that is attracting students who are hungry for a solid college education, but don’t have the appetite for private school tuition rates.

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College Board® recently found in a recent study that the average student debt from a private school for bachelor’s degree was around $22,380.

In another study, according to the research and advocacy organization Project on Student Debt, in Oakland, California, 10 percent of 2007 and 2008 graduates had accumulated over $40,000 worth of student loan debt. They gathered this data per calculated Federal statistics.

While the students are burdened with the debt, in my opinion, the responsibility also falls upon the financial loan providers and the colleges who connect the students with their loan sharks.

In reality though, prestigious universities are not likely to discourage student loans to afford their hefty tuition rates.

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It is no secret that a college education is expensive.

In fact, the average price for tuition at a private college according to the College Board for the 2009-2010 was $26,273, a 4.4 percent increase from 2008 and public school was an average of $7,020, up 6.5 percent. Over the next 18 years, the cost of a college degree is expected to increase to a couple hundred thousand dollars.

There is hope however for families who will need to start planning now for those expensive four years.

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