Getting into college is hard enough, but the FAFSA (Free Application for Federal Student Aid) can feel like rocket science. Luckily, with some preparation and answers to your burning questions, you can tackle the FAFSA like a pro.
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.
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:
Refinancing your student loan can lower your monthly payment and potentially save you thousands of dollars on interest. While the process isn’t difficult, refinancing college loans does require some research on your part in order to get the most benefit. Here’s what you need to do:
Preparation is Key
Your credit score is a major factor that lenders consider when you apply to refinance your student loans. Since earning your degree, you have probably been earning a salary and consistently making payments on your loans and credit cards. These can contribute to a good credit score. You should check your credit report to make sure it accurately reflects your creditworthiness and that all the reported information is correct. Here’s how:
What’s your next step and what’s holding you back? If you are like most who have graduated college and started a new career, you probably have dreams of getting your own place, traveling or maybe getting married. And it’s also likely that student loan debt is interfering with those plans.