perkins loan

perkins loan

Which Student Loan is Best for You?

dollar signApplying for student loans can be very confusing and difficult. Do you need a subsidized loan or a Perkins loan? A Stafford or a private? Here’s a quick rundown of what the different types of student loans are.

Stafford Loans: These are federal loans. They come directly from the government through the Federal Family Loan Program. These require the FAFSA to be completed by the student.

Subsidized Loans: These are a type of Stafford loan and are designed for students who demonstrate financial need. While students are in school, the government pays the interest on these loans. Read the rest of this entry »

How To Get A Student Loan

According to a report from the National Center for Public Policy and Higher Education, college tuition and fees increased over 1,000 percent from 1982 to 2018, while median family income rose just 218 percent. You don’t have to be a math professor to see how that sort of trend puts amazing pressure on students and their families to find ways to pay for a college education. We want you to know how to get a student loan.

If you haven’t saved enough money to pay for your education, all is not lost. Financial aid has more than doubled in the last decade. And while the recent credit crunch has made it even more difficult on those in need of financial assistance, you still have options. We’ll show you how to tap into public and private sources of aid.

Loans for higher education come in three major categories: student loans, private student loans, and parent loans. Let’s take a look at each option. Read the rest of this entry »

Student Loan Consolidation 101

What does it mean to consolidate your student loans? Here’s a quick primer on this important financial aid topic.

student loansCollege students often take out more than one student loan to pay for college. This can result in multiple monthly payments and an awful lot of paperwork. To simplify the process, and to save money, students often choose to consolidate their student loans, which means they combine all of their loans and make one (usually lower) monthly payment on all of them. Often, loan consolidation allows students to pay the loans off over a longer period of time, which results in a lower monthly payment.

How do you go about consolidating your student loans? You work with a bank. For information about this process, visit the Federal Direct Consolidation Loans Information Center at the U.S. Department of Education website. Compared to many other kinds of loans, loan consolidation is actually fairly simple. In fact, there’s not even a credit check when you consolidate government loans.

Students can consolidate both U.S. government student loans and private student loans. However, most lends recommend that public and private loans should not be consolidated together.

Is a loan consolidation right for you? Talk to your lender. In most cases, consolidation makes sense, but there are a few situations in which this might not be the best idea. If you have a Perkins loan, for example, you will lose the benefits that come along with this loan if you consolidate.

In addition, if you do consolidate, try to avoid the temptation of getting a lengthy loan payment plan that takes many years to pay off. The low monthly payment may be very tempting– and depending on your financial situation, this may be a life saver. However, keep in mind that the longer you take to pay off a loan of any kind, the more you will pay in interest. If you can handle the higher monthly payments, do so, and pay off the loan as soon as possible.


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