Many parents choose to take out Parent PLUS Loans to help their child or children afford the cost of college. While they may not be able to pay the full expense of college up front, they still want to help their children avoid the weight of debt that goes along with taking out student loans. In many cases, however, you may find that you eventually want to refinance your Parent PLUS Loans–and there are several reasons why this could be one of the best financial decisions you make. What Is a Parent PLUS Loan? A Parent PLUS Loan is a loan …
Generation Z Goes to College: How They Compare to Previous Generations
LendKeyMillennials might be the hottest topic of discussion shaping many product discussions, but not when it comes to going off to college. No, for college admissions, the hottest topic is Generation Z–and with good reason. Gen Z is headed to college, but they’re determined not to make the same mistakes as their predecessors–and as a result, they’re using their smarts and savvy to redefine the way they approach that time at school. A Means to an End For members of Generation Z, college isn’t just about four years of experience–though they’re certainly interested in what it has to offer. Instead, …
LendKey: Enabling Dreams – Student Loan Payoff
LendKeyHave you ever fantasized about a stranger walking up to you in public while you were minding your own businesses, maybe having lunch at Starbucks, and handing you one of those giant checks like lottery winners get? If you have student loan debt, the answer is probably yes. Well, fantasies do sometimes come true, and Liz Herlihy’s fantasy came true in pretty much that exact manner. Like many of us, Liz had student loan debt, a lot of it. And like many of us, she was worried about how she would ever get it all paid off. Dreams Deferred If …
How Does Student Loan Interest Work?
LendKeyHow Student Loan Interest Works The basics of student loans are pretty straightforward. A lender (usually the federal government) gives you a certain amount of money to help pay for college. Once you’ve graduated and you start your career, you pay that money back. However, student loans, like most other loans, generate interest on top of what was borrowed. Because of interest, you should always expect to pay back a more than your original student loan amount. To understand how special terms affect student loan interest and how you can pay as little interest as possible, let’s take a closer …
Why Does College Cost So Much?
LendKeyWhy is College So Expensive? Whether you’re just about to start college or you’re several years beyond graduation, you have probably heard stories about what it used to be like to pay for college. Many people have heard their parents talk about paying for college with income from a summer job or working just a few hours a week here and there to keep up with tuition bills. In 1987, tuition for the average public four-year college was $3,190. By 2017 that number had more than tripled, up to $9,970, and that does not include room and board, books and …