View Post

Is an Out of State School Worth it?

LendKey

In College Planning & Financial Aid GeneralLendKey

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 …

View Post

Federal vs. Private Student Loans: 4 Key Differences

LendKey

In College Planning & Financial Aid General Getting a Student LoanLendKey

It’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, …

View Post

Community College and Student Loans: What you Need to Know

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

A community college can be a great place to earn transferrable credits at a significantly lower cost than at many four-year colleges or universities. According to the Community College Research Center, about 34% of undergraduate students in 2017 attended two-year colleges—and for a good reason. Community colleges offer associate degree programs, allowing students to fast-track their way into fulfilling and rewarding careers in various fields. Perhaps your end goal is to obtain an associate degree. Or, maybe you’re planning on transferring to a four-year program down the road. Regardless, community college offers some excellent opportunities for you. Even with the comparatively low cost of …

View Post

What You Need to Know About the EFC

LendKey

In College Planning & Financial AidLendKey

Whether you’re a high school student starting to apply for college or a parent worried about how to pay for it all; Understanding the expected family contribution (EFC) can help you feel better prepared. Learn how the EFC is calculated, what it means for you, and what you can do to ensure that your college experience is as cost-effective as possible. What is the EFC? The EFC is the main driver of any need-based financial aid a student is eligible to receive. Its purpose is to measure the total amount of financial resources available to a student. For example, students with …

View Post

The Top 5 Benefits of Extracurricular Activities

LendKey

In College Planning & Financial Aid GeneralLendKey

If 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 …

View Post

Student Loans for Pharmacy School: What You Need to Know

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

If you’re looking for a career in the health field that is both fulfilling and generally well-compensated, pursuing a pharmacy degree can be a great decision. According to PayScale.com, the current average salary for a graduate with a Doctor of Pharmacy (PharmD) degree is $121,000 per year. Jobs can range anywhere from a pharmacist, clinical pharmacist, or pharmacy director to pharmacy manager or hospital pharmacy director. However, pharmacy school itself is six years long and can be quite pricy. Today we’re going to discuss student loans specifically as they apply to pharmacy school. Pharmacy Degrees and Student Loans While pursuing …

View Post

Things to Consider When Exploring Private Student Loans

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

If you need to borrow money to afford college, you’re not alone. Today, more than 44 million people in the United States hold some form of student loan debt, and the total student loan debt balance nationwide hovers around $1.5 trillion. The good news? There are plenty of student loan options available, so you can find the one that best suits your needs. And while Federal loans still make up the majority of student loan debt in America, it is estimated that about 11% of today’s student loans come from private lenders. Not sure whether a private student loan is …

View Post

Funding Your Study Abroad Experience: What You Need to Know

LendKey

In College Planning & Financial AidLendKey

No matter what your program of study is, spending a semester or more studying abroad can be an incredible and enriching experience. Specifically, a study abroad experience can give you a unique opportunity to see the world. You’ll immerse yourself in a new culture that might change your worldview as you learn about a different country both inside and outside the classroom. You might even pick up some new hobbies or languages along the way, and some study abroad programs even offer specialized courses that aren’t available at your current school. Finally, a study abroad experience can also help your …

View Post

Your Guide to Covering College Living Expenses

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

From registering for classes to taking out student loans to covering your tuition, preparing for college is quite a process. Unfortunately, many college students overlook the importance of planning for day-to-day living expenses, which can put them in a tricky financial situation when the academic year kicks off. While tuition, room, and board will likely be your biggest expenses throughout college, smaller living expenses add up. With this in mind, it’s best to budget for these costs and have a plan for covering them while you’re in school. By preparing for your college living expenses now, you can better enjoy …

View Post

When to Apply for Student Loans

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

In 2018, about 69% of all college students took out some type of student loan. This statistic, which includes both private loans and federal student loans, demonstrates how much students rely on this type of financial assistance to attend college. But student loans don’t automatically appear, even if you’re more than qualified to receive them. Finding and applying for student loans is a very specific process that, while maybe enabling you to attend the school of your choice, also obligates you and your cosigner (if applicable) to repay a debt. To get the financial assistance you need, below are some …

View Post

Variable vs. Fixed Student Loan Rates

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

Taking out student loans for the first time can be overwhelming, especially when you receive loads of advice from every direction about interest rates, lenders, and loan terms. We can help you break down interest rates quickly so that you can get back to enjoying your last summer before college. What is an Interest Rate? When you take out any kind of student loan, there are certain conditions attached. One of those conditions is interest. Interest is the amount of money you pay to the lender in exchange for taking out a loan. It is usually expressed as a percentage, …

View Post

Mixing Federal and Private Student Loans

LendKey

In College Planning & Financial Aid Getting a Student LoanLendKey

The cost of college has increased dramatically since the days your parents attended college. It’s not uncommon to need a bit of help financing it. At this point, you’ve applied for scholarships and grants, and have pooled your savings. You may have gone as far as to take out federal student loans. And what if you still can’t finance the full cost of your college education? After taking out federal loans, many students supplement them with private loans. Some students even skip federal loans and borrow all they need from private lenders such as banks and credit unions if they …