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Student Aid FAQ

How Do You Become a Member of a Credit Union
Answered by Penny Redlin on 06/10/2022
To become a member of a credit union you generally need to have some specified affiliation, such as be a member of a certain group, work for a certain employer or live in a specific geography. Read Entire Answer
How Do Lenders Calculate Student Loan Payments
Answered by Penny Redlin on 06/10/2022
Student loan payments are calculated based upon the terms of your loan. This will include your interest rate, the repayment term of your loan (i.e. the number of years you agreed to pay the loan back within) and the current outstanding balance on your loan. Read Entire Answer
Can You Consolidate Student Loans From Different Lenders
Answered by Penny Redlin on 06/10/2022
Yes, you can consolidate (i.e., refinance) student loans from different lenders. When you apply to refinance your loans with a private student loan refinance lender, you can include all existing loans you may have, regardless of the lender. Read Entire Answer
Who Are the Lenders for Federal Student Loans
Answered by Penny Redlin on 06/10/2022
Federal student loans come from the federal government – U.S. Department of Education. While you may have a loan servicer that is working with the government to accept payments and manage the loan, the loan itself is from the government. Read Entire Answer
Do Private Student Loans Require Good Credit
Answered by Penny Redlin on 06/10/2022
Good credit is preferred by all private student loan lenders. In general, private student loan lenders are looking for borrowers to have FICO® a credit score of at least 680, a decent debt-to-income ratio, and at least two years of work history. Read Entire Answer
Which Private Student Loan Lenders Require a Cosigner
Answered by Penny Redlin on 06/10/2022
In general, private student loans are based upon your creditworthiness. Undergraduate student borrowers, are typically less likely to be able to demonstrate a strong credit history and qualify for a loan on their own. Read Entire Answer
Who Are Private Student Loan Lenders
Answered by Penny Redlin on 06/10/2022
Private student loan lenders are lenders (banks, credit unions, online lenders) offering loans to students looking to pay for college that are outside of the federal student loan program. Read Entire Answer
What Scholarships Do I Qualify For
Answered by Penny Redlin on 06/08/2022
To know which scholarships you qualify for is hard to say. There are many types of scholarships – academic, athletic, talent-based etc. There are even sweepstakes scholarships that have no pre-qualifications necessary to enter or win. Read Entire Answer
What Score is Needed to Qualify for the National Merit® Scholarship
Answered by Penny Redlin on 06/08/2022
National Merit Scholars are typically students who scored in the top 1% on the PSAT/NMSQT. That would mean you would need to score at least 1460 on the test on average. Read Entire Answer
How to Find Scholarships for Graduate School
Answered by Penny Redlin on 06/08/2022
Scholarships are not just for undergrads, there are a number of scholarships, grants and fellowships available to grad students. First step in finding scholarship money is to fill out the FAFSA® (Free Application for Federal Student Aid). Read Entire Answer