The choice of a college is a major one. It does not just affect the next four years of your life but will influence the many years yet to come. Many decisions go into finding out which school is right for you. One of the biggest decisions is whether to pick an in-state school close to home or an out-of-state school instead. There are many pros and cons of each to consider, and no answer is one-size-fits-all. Whatever you choose, here are some points you should keep in mind before making the final choice. 1. What is the difference between …
Federal vs. Private Student Loans: 4 Key Differences
LendKeyIt’s the words high school seniors around the country anxiously wait months to read: “Congratulations! We are pleased to offer you admission to…” Whether received via U.S. Mail or email, these words of college acceptance can be life-changing for both you and your student. While your recent high school graduate eagerly prepares for their first year at their dream college, you’ve been in the background running the numbers. And the news isn’t good. Scholarships and grants won’t cover the cost of the first semester, let alone the first year. The money you’ve set aside in a college savings fund helps, …
6 Everyday Expenses That Can Sneak Up on You
LendKeyDo you ever feel like you’re watching your budget and have everything figured out, only to be hit with a surprise auto repair or medical bill? Whether you’re dealing with seasonal expenses, lifestyle creep, or emergencies, unexpected costs can often set you back for months. Which everyday expenses are most likely to catch you unprepared, and what can you do to fit these costs into your budget? 1. Subscription Services While subscription services and memberships can provide an inexpensive source of entertainment, too many $10 or $20 monthly subscriptions can add up, especially nowadays. From gym memberships to music streaming …
Savings Accounts: What’s Right for You
LendKeyA savings account is an opportunity to safely tuck money away that you don’t need for routine and daily purchases. They allow you to save money for the future, whether that’s saving for college, a house, a car, or a vacation. The longer you save, the better that’s because a majority of savings accounts earn interest, which means their value grows as long as there are funds in them. It’s quite different from a checking account. But what is it, and why is it so valuable to you? What Is a Savings Account? Unlike checking accounts that are designed to …
How to Build Credit as a Student
LendKeyLooking for ways to start building your credit at a young age? If so, you’re already ahead of the game. Getting started on the right foot financially can potentially make things a lot easier for you down the road. Generally, people with established credit have an easier time getting approved for loans. This can be anything from a car loan or student loan to a mortgage, or even a business loan. An excellent credit score can also help you secure a low-interest rate, which allows you to save money over time. What is a credit score, anyway? In simplest terms, …
The Top 5 Benefits of Extracurricular Activities
LendKeyIf you’re looking to learn about the benefits of extracurricular activities, you probably already know how valuable they can be. But what exactly are extracurricular activities, and just how important are they? “Extracurricular activities” refer to any regular activities that you commit to outside of the regular school curriculum. This can mean involvement with any number of clubs, teams, associations, and charities. Activities such as theater and sports qualify as extracurriculars. Even self-driven pastimes such as writing and moviemaking count, as long as you can confirm that you have spent a significant amount of time on them. The college admissions …
How to Avoid Capitalized Student Loan Interest
LendKeyInterest is one of the most commonly misunderstood aspects of student loan repayment- and the concept of capitalized interest can be especially confusing. But you could potentially save yourself thousands of dollars over the repayment period of your student loans by knowing what capitalized interest is and how to avoid it. What is Capitalized Interest? Capitalized interest refers to a process where the unpaid or outstanding interest on your student loan is added to your total loan balance and as a result, you pay interest on that new amount. For example, while you’re in school, your lender may not require …
Why Women Carry More Student Loan Debt Than Men
LendKeyCollege students in America are taking on more student loan debt than ever before. In fact, the American Association of University Women (AAUW) finds that “about 44 million borrowers in the United States holds about $1.46 trillion in student debt.” Of that debt, women account for about $929 billion—which is nearly two-thirds of the total student loan balance in the United States. Of course, there are a number of reasons that may explain the disparity between female and male student loan debt. All of this isn’t to say that if you’re a woman preparing for college, you’re automatically doomed to …
The Six Best College Majors For Job-Seekers
LendKeyYou don’t need to look further than biochemical engineering major Ashton Kutcher or licensed physician Ken Jeong to know that having a certain degree doesn’t always determine what you’ll spend your working life doing. But for many, a degree in a certain subject can set up the foundation for a potentially lucrative career. Starting salary alone isn’t always the best way to evaluate a college major. Other factors like market demand, flexibility and benefits, projected growth, and your skills and aptitudes can all work together to point you toward a specific major. Learn more about a few of the most …
Repayment Options for Student Loans: What You Need to Know
LendKeyWith so many borrowing options available, choosing the right student loan for your needs requires a fair amount of research and consideration. Your decision-making doesn’t end there, however. Whether you opt for a federal or private student loan, you’ll also need to choose from a number of possible repayment plans. Your goal should be to pay off your student loans in full and in a timely, responsible manner. Of course, everybody’s needs are different and there is no one-size-fits-all approach to student loan repayment. By understanding the most common repayment options, you can ultimately decide on the best strategy to …
Can You Refinance Your Student Loans Multiple Times?
LendKeyIn recent years, student loan interest rates have varied, and currently, they’re at a relative low. This makes refinancing a more attractive option than ever, especially for those who have multiple loans with different interest rates. But, the prospect of refinancing your loans can seem intimidating, especially if you’ve already gone through the process once before. What happens if interest rates continue to drop? Is there a limit to the number of times you can refinance your loans? Learn more about how to make this important decision and what to expect from the refinancing process. Refinancing Your Student Loans There …
Should I Get a Cosigner on My Student Loan Refinance?
LendKeyIf you’re carrying student loan debt, you’re clearly not alone. In fact, the average American with student loan debt graduates with more than $37,000 of debt. If you feel like you’re paying too much in monthly student loan payments, you may be considering refinancing your loan(s). Specifically, refinancing your student loans allows you to replace your existing student loans with a new loan, often at a lower interest rate and with more favorable terms. By refinancing, you may be able to lower your monthly payment and/or save money over the repayment period of your new loan. One thing to consider …
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