Interest 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 …
Student Loans for Pharmacy School: What You Need to Know
LendKeyIf 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 …
How to Ask Someone to Cosign a Student Loan
LendKeyThese days, paying for college can be stressful. Even though both federal and private student loans are available, meeting the qualification requirements for these isn’t always easy. This may be especially true if you’re pursuing a graduate degree. Often as a graduate student, you are expected to “fend for yourself” and receive little-to-no help from family. Even qualifying for undergraduate loans or student loan refinancing may not be easy. This could leave you feeling stuck with high-interest rates or other unfavorable repayment terms. The good news is that with private student loans, federal student loans, and student loan refinancing, you …
Things to Consider When Exploring Private Student Loans
LendKeyIf 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 …
Student Loans for Graduate School
LendKeyAfter graduating from college, many people choose to continue their education through a graduate program. Some do it to become more competitive in the job market. Others go to graduate school as a result of a change in their personal interests or situation and use it as a way to break into a new field. Some are hoping to use graduate school as an opportunity to get promoted and move into a higher pay grade at work. Regardless of why you want to go to graduate school, the how can be decidedly more complex. Grad school is expensive. Even if …
Your Guide to Covering College Living Expenses
LendKeyFrom 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 …
When to Apply for Student Loans
LendKeyIn 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 …
Variable vs. Fixed Student Loan Rates
LendKeyTaking 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, …
Why Use a Cosigner for Your Student Loan?
LendKeyOften, students need cosigners in order to qualify for a student loan or student loan refinance. This is because many students don’t have an extensive credit history of their own. The other person cosigns the loan application so that the lender will consider their credit and income as well as yours. There are many benefits to using this strategy if you know someone who is willing to cosign your student loan. In this blog, we will answer some of the most frequently asked questions about having a cosigner on your student loan. What are some of the benefits of having …
Mixing Federal and Private Student Loans
LendKeyThe 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 …
Federal vs. Private Student Loans
LendKeyAt last, the college admissions process is over. You’ve filled out your FAFSA, chosen your school, and gathered your scholarships. If you’re like most students, scholarships, savings, and financial aid probably don’t cover the entire cost of your education. Aside from tuition, there’s room and board, living expenses, textbooks – the list goes on. One option is to supplement your funds with student loans. It may seem scary at first, but we’re here to break down the two main types of student loans. Federal vs. Private Student Loans The two major categories of student loans are private student loans and …