Am I Eligible to Refinance or Consolidate my Student Loans

Student loan refinancing and student loan consolidation are different methods of debt restructuring, and have different eligibility criteria. Private student loan refinance requires approval from a private student loan lender.

How to Apply for a Federal Direct Stafford Student Loan?

You need to file the FAFSA (Free Application for Federal Student Aid) before you can take out federal student loans, including Direct Loans (sometimes called Stafford Loans) and Perkins Loans.

Are Scholarships Taxable

Generally, scholarships are not taxable income. In some instances, scholarships can be considered taxable income. That makes this question somewhat tricky to answer.

Are There Options for Private Student Loan Forgiveness

Borrower benefits, like forgiveness, vary by lender. Before you obtain a private student loan, it is recommended you review the terms and conditions for each loan you are considering.

Are Trade Schools Worth It

Trades schools are a great option if you are looking to get working in your field sooner. Trade schools can also cost less than a traditional 4-year college potentially saving you money in tuition.

What is the average student loan debt?

The average student loan debt for a bachelors degree is $36,510 and the average student loan debt for a masters degree is $71,318

What are the benefits of consolidating federal student loans?

Federal consolidation loans allow borrowers to combine several federal student loans into one loan to streamline loan repayment. The monthly payment amount may decrease because repayment can be spread over a longer time period.

Can a Cosigner be Removed from a Student Loan

If you cosigned a student loan and now would like to be removed, you and the borrower of the loan have three options: a cosigner release, refinance or consolidate the loan, pay off the loan.

Can I Consolidate my Loans with my Parent Loans

No. Students may not include their parent’s Parent PLUS Loans in their Direct Consolidation Loan. However, if you are looking for options to transfer your parent's PLUS Loans to your name, this can be accomplished through a private student loan refinance.

Can I Consolidate Private Student Loans Through the Government

At this time, you cannot consolidate private student loans through the government. But it is possible to consolidate private student loans by refinancing multiple student loans into one new loan. Refinancing is done through a private lender.

Can I Consolidate Student Loans with my Spouse

You will not be able to consolidate your federal student loans with your spouse through the federal consolidation program (they ended the spousal consolidation option several years ago). However, some private lenders do allow spouses to combine their student loans when they refinance. Check with your lender to see if this option is available to you.

Can I Get a Student Loan for a Certificate Program

Yes, some private student loan lenders offer options for students who are seeking professional training and trade certificate programs.

Can I Lower my Interest Rate after Consolidation

A Direct Consolidation Loan provides auto-debit interest rate discounts for making automatic monthly payments by direct debit from a bank account (ACH). The interest rate reduction will be 0.25%.

Can I Pay Off a Credit Card with my Student Loan

The short answer is nope, you shouldn’t do this. Student loans are intended to cover educational related expenses such as tuition, fees, textbooks, housing.

Can I Pay Student Loans with a Credit Card

If you are looking to repay your federal student loans with a credit card, the answer is simple, no. Federal student loan services will not accept credit card payments for federal student loans. If you are a private student loan borrower, your lender may allow you to pay your student loan with a credit card.

Can I Postpone Payments on a Student Loan

Federal student loans, including Direct Consolidation Loans, offer borrower benefits such as deferment and forbearance. As long as you meet the criteria and have not used up all your time, you may be able to temporarily postpone payments on your loans.

Can I Refinance my Student Loans

While you can refinance your federal student loans, keep in mind, if you do refinance your federal loans with a private lender, you will lose the federal benefits on those loans.

Can I Refinance my Student Loans After Consolidation

In most cases, yes you can refinance your student loans after consolidation. If you previously refinanced your student loans through a private lender, you can refinance again with or without including any eligible new loans. It is advisable to go through the entire process again, from comparing lenders, to choosing a lender and applying. This will help ensure you get the interest rate and terms that are right for you.

Can You Consolidate Student Loans From Different Lenders

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.

Can You Get A Scholarship While In College

Yes, you can get scholarship while in college. Most scholarships will not cover all the costs of education each year, so it’s good practice to regularly apply for scholarships you qualify for throughout your college years to help subsidized the cost the costs of school.

Can You Pay for College with a Credit Card

Can you use a credit card to pay for college expenses? Just because you technically can does not necessarily mean you should. If you’re considering the pros and cons, here are some things to add to your evaluation.

Can You Use Unofficial Transcripts for a Scholarship

It’s ultimately up to the scholarship provider. If you are applying for a merit-based scholarship (i.e. grade-based) you may be required to provide an official transcript opposed to an unofficial transcript as decisions are made based upon the information, namely your GPA, as stated on your transcript

What's the difference between scholarships and grants?

Both scholarships and grants are forms of gift aid, which is money for college that does not need to be earned or repaid. Although people often use the terms scholarships and grants as synonyms or interchangeably, there are important differences.

Are there any repayment discounts for private refinance loans?

Some lenders provide auto-debit discounts for making automatic monthly payments by direct debit from a bank account. Typical discounts include an interest rate reduction of 0.25% or 0.50%.

DO AP Scores Matter in College Admissions

A high AP score of 4 or 5 will definitely look good on your transcript, as would any other high score, but there are other factors that college admissions officers may consider with more weight such as your high school GPA, standardized test scores (such as SAT or ACT) as well as your personal statement essay.

Do I Need Renter's Insurance

While no one plans for a disaster to strike, a renter’s insurance policy allows you to be prepared for the unexpected and covers your personal property.

Do Private Student Loans Offer Cosigner Release

Some lenders offer cosigner release as an option on their private refinance loans. Typically, these require 12, 24, 36, or 48 months of consecutive on-time payments by the primary borrower.

Do Valedictorians Get Full Scholarships

While valedictorians certainly have impressive academic achievements and may very well have many other stand-out qualities, this does not ensure they will receive a full scholarship.

Do You Have to Pay Back the FAFSA®

The FAFSA application is used to determine a student’s eligibility for federal student aid, it’s free to complete and submit. Based on the information provided on the FAFSA, you may be offered a federal student loan, if accepted, you will have to repay the loan.

Do You Have to Pay for Community College

Yes, you do have to pay for Community College, but it typically will cost less than a 4-year college. In-state residents get the best tuition rates, so it would be beneficial to attend a community college near where you live to take advantage of the in-state discount.

Do you Need a High School Diploma to go to Trade School

It depends on the trade school and the specific program you are interested in. Some trade schools may require a high school diploma or equivalent (such as a GED), while others may not have any formal education requirements.

Does a Private Refinance Loan Have to be Approved by my School

No. Private refinance loans are not school-certified since they refinance existing loan debt.

Does Harvard Give Scholarships

Yes, Harvard does give scholarships. The scholarships offered to undergraduate students are based upon demonstrated financial need and will cover 100% of the need that is determined.

Does the FAFSA Cover Trade School

Yes, the Free Application for Federal Student Aid (FAFSA) can cover trade school. Trade schools that participate in the federal student aid program can receive funding from the government to provide financial assistance to students.

Does the Military Pay for College

Yes, the military does have programs that you can take advantage of to help pay for college. For qualified active-duty personnel, the Military Tuition Assistance program can pay up to 100% of your tuition.

What is the Difference Between Federal and Private Student Loans

The main difference between a federal student loan vs a private is that federal student loans require you to complete the FAFSA and come with fixed interest rates. Private loans may have fixed or variable rates and do not require the FAFSA.

What should I do if I filed the FAFSA, but got no aid?

Some students will file the FAFSA, but won’t qualify for need-based student aid such as grants, scholarships that require financial need, and subsidized federal student loans. For example, more than half of undergraduate students who file the FAFSA don’t qualify for a Federal Pell Grant or other federal grants. But you do have options if you didn’t receive any need-based aid.

How to Pay for Grad School

To qualify for federal, state, and college financial aid for graduate school, you have to submit the FAFSA (Free Application for Federal Student Aid). The FAFSA is required to receive federal and state grants and scholarships, as well as federal student loans, including Perkins Loans, Direct Unsubsidized Loans, and Grad PLUS Loans.

How Accessible are Professors

Accessibility of professors can vary depending on the institution and the specific professor. However, most professors are accessible and willing to help students succeed. While professors are there to help, they also expect students to take initiative in their learning. Don't be afraid to reach out and take advantage of the resources available to you.

How Do Credit Cards Work

In a nutshell, credit cards allow you to charge purchases so you don’t have to spend cash up front. In exchange for that convenience, the credit card issuer charges interest when you repay what you’ve charged on the card, if you don’t pay the balance in full as dictated by the billing statement.

How Do I Apply for a New Credit Card

First, check your credit report and credit score. Go to https://www.annualcreditreport.com to get a free copy of your credit report, next decide why type of card you want, then start shopping.

How Do I Apply for the FAFSA®

Most people apply for the FAFSA online at StudentAid.gov . While it might be easier to fill out on a computer, it can be also be filled out through the mobile app called myStudentAid, or by filling out the paper FAFSA application and mailing it in.

How Do I Calculate APR on a Credit Card

This is an important concept to nail down. The APR, or annual percentage rate, is the cost of credit conveyed as an annual rate. But what you really need to understand is the daily periodic rate. Most credit card companies use a method called Daily Balance which means interest is compounded daily.

How Do I Find a Private Student Loan Lender That Works With My School

One way to find a private lender that works with your school is to contact your school’s financial aid office, you can also enter your school on the home page of Edvisors.com to see a list of lenders that work with your school.

How Do I Locate my Student Loans

It is always best to determine if you have federal or private student loans, and who services them before you start the refinance or consolidation process. To find your federal student loans log into your My Federal Student Aid account with the U.S. Department of Education. For private student loans request your free annual credit report at AnnualCreditReport.com.

How Do I Refinance or Consolidate my Student Loans

To refinance your student loans, you need to find a lender that offers student loan refinancing. If you choose to combine your loans into a Direct Consolidation Loan, you will need to submit an application to StudentLoans.gov.

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Student Aid Matters® FAQ

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What is Debt

Answered by Penny Redlin on 10/25/2022

Debt is money that was borrowed and is now owed to another individual or an entity. You might borrow money to buy a house, pay for college or buy or a car. Applying for and using a credit card is another form of debt. Read Entire Answer

How Does a Check Bounce

Answered by Penny Redlin on 10/25/2022

A check that “bounces” is a check that is returned for insufficient funds. If you write a check for $100 but only have $80 in your checking account, you have insufficient funds to cover the amount the check is written for. Some banks will charge over-draft fees when this occurs. Read Entire Answer

What is FICO®

Answered by Penny Redlin on 10/25/2022

FICO® FICO is a particular type of credit score. While there are other brands of credit score, most lenders use the FICO score. A number typically between 300-850 that represents the data present on your credit report. 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

Are there Credit Cards if you Have No Credit

Answered by Elaine Rubin on 04/26/2022

Indeed there are. A number of companies are willing to help you start building your credit through the use of a student credit card, even if you have no proven track record or robust credit score to date. Read Entire Answer

How Does Cosigning a Student Loan Affect My Credit

Answered by Elaine Rubin on 04/25/2022

If you decide to cosign a student refinance loan, you are equally responsible for that debt. The debt will show on your credit report, and lenders may consider the cosigned loan(s) while approving you for other types of credit. Read Entire Answer

Is There a Credit Check Required for a Direct Consolidation Loan

Answered by Elaine Rubin on 04/21/2022

No. Eligibility for federal student loan consolidation does not depend on the borrower's credit history or credit scores. However, if your federal student loans are in default, you may encounter a few issues. The U.S. Department of Education will let you know what additional steps you need to take in order to qualify. Read Entire Answer

Does Private Student Loan Refinancing Affect My Credit Rating

Answered by Elaine Rubin on 04/20/2022

Refinancing can increase or decrease your credit score, or it may remain unchanged. Refinancing reduces the number of outstanding loans, but the total amount of loan indebtedness does not change. If refinancing reduces your monthly payment through a longer repayment term, it may improve your credit score. Read Entire Answer

Do Private Student Loans Build Credit

Answered by Elaine Rubin on 04/14/2022

Whether or no private student loans build credit depends on you. If you make all of your payments on time, your credit may improve over time. Late and missed payments may damage your credit. Read Entire Answer

What are the credit requirements for Grad PLUS loans?

Answered by Edvisors Network

The primary credit requirement of a Grad PLUS Loan is that the borrower must not have an adverse credit history. Read Entire Answer