There are several important differences between federal student loans and private student loans. Namely, the important differences deal with cost, repayment, accessibility, and permitted uses of funds. Cost is usually most important to the majority of borrowers and is an excellent starting point to showcase the differences between federal and private student loans. The Cost of Federal and Private Student Loans
Student Loans Questions
Nov, 4, 2013
Student loans can be used for housing costs such as on-campus and off-campus rent. Borrowers can use student loans for other educational costs beyond tuition such as housing, food, and textbooks. There are some restrictions for certain student loans, both private and federal, and borrowers should closely review their loan terms. For example, Perkins federal student loans are primarily meant for tuition costs, but other federal and private loans can be used for both on-campus and off-campus housing.
Oct, 30, 2013
It is possible to get student loans for graduate studies and Master’s degrees. In fact, students have an option from several different types of financing. Joseph Rojek, the Director of Admissions and Financial Solutions at Olivet Nazarene University, said that when it comes to Master’s degrees, students have three options for borrowing student loans:
Oct, 22, 2013
Borrowers can apply for a refinance with their current student loan lender or with a new lender who offers refinancing services. There are a number of places that a college loan borrower can go to get their debt refinanced. Before examining those though, it is necessary to understand what student loan refinancing is. Similar to other types of refinancing, when a borrower refinances their college loan debt, they’re taking out a new loan with more favorable traits and paying off an existing loan with those new funds.
Oct, 14, 2013
Students can attend college for free through the use of five different methods: scholarships, tuition-free programs, grants, employer-paid programs, and fee waivers. The Higher Education system costs Americans $400 billion each year. A large portion of this money comes from the students themselves via student loans.
Jun, 28, 2013
Yes, you can pay your child’s student loans. However, a more important question may be whether you should be paying them to begin with. On top of that, there can be tax implications for making payments in someone else’s stead. Robert Farrington, editor-in-chief of The College Investor, told loans.org that even though parents can pay their child’s student loans it is considered a taxable gift.
Jun, 25, 2013
Consumers should not be afraid of marrying someone with large student loan debts as long as the indebted partner is open about their financial past and to future repayment plans. Money is one of the largest causes of relationship problems, but with the proper communication, financial problems can be resolved. If a couple discusses their debts, concerns, and future plans, large student debts should not keep a couple away from marriage.
Apr, 25, 2013
With college prices constantly on the rise and students graduating with an average of $26,000 in student loan debt, deciding how aggressively to pay off that debt is one of the first major financial decisions recent graduates make. Every situation is different, depending on a person’s starting salary, savings and student loan balance, but the rule of thumb is that you should save first and pay off debt later. Save up first
Mar, 21, 2013
Student lenders can garnish borrowers’ wages, but there are set limits based on the lender type and the state in which a borrower lives. According to the U.S. Department of Labor, wage garnishment is “any legal or equitable procedure through which some portion of a person’s earnings is required to be withheld by an employer for the payment of a debt.”
Jan, 31, 2013
Student loan debt is so high because college prices continue to soar higher and quicker than the rate of inflation. In other words, colleges are becoming more expensive when compared to the value of the dollar. Consequently, our purchasing power is not keeping up with the cost of our colleges. Take for instance California’s public colleges. California is known for its higher education and it boasts three types of public institutions: The University of California (UC) colleges, California State colleges, and California Community Colleges.