The new semester is fast approaching and students and parents are starting to make decisions about college costs. According to ConsumerReports.org and StudentLoanHero.com, parents and students alike should weigh the total costs beyond just tuition and housing in their decision process.
As college tuition costs continue to rise, parents and students are left struggling to find ways to pay.
College is the start of your adult life, and you'll start to see some changes in your day to day routine. From paying rent, to grocery shopping, to managing your free time and homework schedule, college comes with a lot of responsibilities you've never had to consider. One of these considerations is your personal finances. You might be wondering, "Where do I even start?". We hear you. Here's 5 helpful tips from our friends at Money Under 30 to follow as a college student getting started in your financial journey.
It’s July! We hope you all enjoyed your holiday. While you were barbecuing, swimming, and gazing at fireworks, a small part of you may have been a bit distracted. Maybe you were celebrating LeBron James’s contract with the Lakers, maybe you were dreading going back to work, or perhaps you were stressing about a seemingly intimidating topic: student loans. It seems like such a big deal (I mean, its my education right?!). It’s hard to even know where to begin. Luckily, the USC Credit Union offers incredible student loans in addition to refinance and consolidation services. We have taken the ~liberty~ of predicting and answering some Frequently Asked Questions about our incredible loan services. So there is no need to worry—you can get back to celebrating the Lakers very soon after scanning this basic information. Enjoy!
A majority of college graduates today struggle with managing life and affording their student loan payments. Yet many fail to consider student loan refinancing as a way to reduce college loan interest, lower their monthly payment or get out of student loan debt sooner. The reason? Belief in four common myths about student loan refinancing.
Ask your son or daughter why they haven’t considered refinancing their college loans. If they respond with one of these myths, you can help set them on the right path:
If your son or daughter has graduated college, you probably are hearing about the plans they have for their next stage, like buying a home, getting married or doing some traveling. But you may also pick up on some anxiety they have over paying back their student loans.
Life with student loan debt can be stressful. Graduates must come to terms with the fact that college loan payments will be with them for years. And those payments may interfere with their plans to save money and afford their dreams like moving out on their own.
When prospective college students don’t qualify for enough federal funding, a supportive parent may step in to cover the financing gap. The Department of Education’s Direct PLUS Loan program allows parents to take out a federal student loan on their child’s behalf to cover any remaining education expenses.
While this is a popular solution to soaring education costs – more than 3 million parents are currently repaying PLUS loans – it also leaves parents with a major portion of their kids’ student loan debt. And, Parent PLUS loans come with a much higher interest rate than other federal student loans.
As a recent grad with student loans, you probably already know your repayment is just around the corner. I encourage you to take advantage of your grace period and not wait to get your first bill before making plans for repayment. Here are a few tips I thought I’d share to help you tackle your student loan debt head on.
If you're a recent college graduate who took out student loans, you likely owe about $35,000. As eye-popping as that average debt figure is, you're certainly not the only one wondering how you'll possibly get out from under your loans. As with any difficult assignment, though, research and a well-thought-out plan will help you tackle even the most challenging of debt situations.
Making use of the following strategies will help you get out of student loan debt. Here's a look at where to get started.
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The average college student loan debt for the graduating class of 2016 is $37,172. What could you actually buy with all that money? Well, you could…