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Parent PLUS Loans and Other Student Loans for Parents

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In College Planning & Financial Aid Getting a Student LoanLendKey

One of the biggest things on your mind as a parent is probably supporting your child through college. A potential way to do this is by using college savings accounts to save money for tuition, textbooks, and other education-related expenses. However, savings accounts are only useful if you have time to plan ahead for your child’s college education, and enough disposable income that you can comfortably set aside money month-over-month. Fortunately, there are other ways to help your child pay for college: student loans for parents. Usually, when we think of student loans, we think about all the debt being …

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Student Loan Benefits for Veterans

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In College Planning & Financial Aid Getting a Student LoanLendKey

The U.S. Department of Veterans Affairs and many private organizations offer education benefits and assistance to veterans and their families. In fact, 25 percent of those benefitting from VAs education programs are non-Veterans. Below is an overview of these benefits. Keep in mind that many colleges and universities also have dedicated resources on campus to assist Veteran students in understanding and obtaining their full benefits. Post-9/11 GI Bill The Post-9/11 GI Bill provides up to 36 months of education benefits for veterans enrolled in both degree and non-degree programs. Recent changes include lifting the 15-year time limit to use the …

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Are Private Student Loans the Best Option for You?

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In Getting a Student LoanLendKey

For many of today’s students, student loans are the only effective way to get the education you want. You want to get the best possible start in life and ensure that you have the skills and education necessary to jump into the workforce and reach your career goals–and as college tuition prices continue to rise, student loans may be your best avenue for getting there. Before you jump in with student loans, however, it’s important to consider whether federal or private student loans are the right choice for you. What is a Private Student Loan? When most people think of …

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The History of Student Loans

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In Getting a Student LoanLendKey

Today, student loans are an integral part of the college experience. With the rising cost of college, fewer and fewer students are able to afford tuition expenses alongside room and board and textbooks all on their own. Instead, 70 percent of college students are graduating with student loan debt in 2018. However, this hasn’t always been the financial landscape of education. In the past, there were fewer students with student loan debt, and college was generally cheaper than it is today. However, access to college was more limited by a student’s available finances. Early Student Loan Legislation: The GI Bill …

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When to Apply for Student Loans: How to Get Student Loans at Any Time

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In Getting a Student LoanLendKey

Student loans have started to become the backbone of the modern education system. Now that college has become more expensive, it’s difficult for students without substantial parental support (or large college savings accounts) to afford an education without drawing on student loans. Student loans have made college affordable for many, but federal student loan programs operate with broad rules and regulations. These programs don’t always fit every student, leaving many people who want to pursue a college education needing to find other options. Student Loans Basics There are two types of student loans: federal and private. Federal student loans are …

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Can You Get Student Loans With Bad Credit?

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In Getting a Student LoanLendKey

Your credit score can make or break your ability to be approved for many types of loans. It can affect the interest rates that lenders are willing to offer you, the repayment periods that are available, and even the total amount of money you may be lent. However, since college costs so much, many current and prospective college students are wondering: Can you get student loans with bad credit? The answer is that it depends on the kind of loan. Some student loans are available without a credit check, but others do require a credit check and judge your loan …

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Beginning Your Student Loan Application: A Guide for High School Students

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In College Planning & Financial Aid Getting a Student LoanLendKey

It’s never too early to start preparing for college. In fact, if you’re in your junior or senior year of high school, then you’ve probably already begun preparing for college. Perhaps you’ve been hard at work studying for the SAT, keeping up your GPA, and completing college applications. These are all important parts of college preparation, but determining how you’ll pay for college should be a priority too. Now that college costs so much, it’s more important than ever to have a plan for how you’re going to pay for things like tuition, rent, and other expenses. For many students, …

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9 Things You Didn’t Know About Student Loans

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In Getting a Student LoanLendKey

Around 71% of Americans have student loan debt when they graduate from college–and paying it off isn’t easy. The standard repayment plan is set up so that students can pay off their loans around 10 years after graduation. Unfortunately, not every student is able to reach that goal. Some may take twenty years or longer to reach their student loan repayment goals–and that means a long time spent with debt hanging over their heads. Whether you’re thinking about taking out student loans in order to help pay for college or you’re looking for more information about paying your existing loans, these …

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How Does Student Loan Interest Work?

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In Getting a Student LoanLendKey

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 look. When Do Student Loans …

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How to Get Student Loans Without a Cosigner

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In Getting a Student LoanLendKey

How to Get Student Loans Without a Cosigner Lending institutions are a business and, like any business, they want to control the risk that they take on with borrowers. One way that lenders avoid risk is by only lending to borrowers who have high credit scores and an established credit history. However, many students are just beginning to build their credit, and while attending school may not have a regular source of income. In spite of their position as higher-risk borrowers in the eyes of many lenders, students are nonetheless in dire need of financial aid (like student loans) to …

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5 Tips for Students Filing Taxes for the First Time

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In Getting a Student LoanLendKey

Many people filing their taxes for the first time this season are college students or recent college graduates. Here are a few tips to help you tackle your first tax season on your own. 1. Call Your Parents Even if you have gone away for school or graduated in the past year, your parents may still be able to claim you as a legal dependent for tax purposes. If they paid more than half your living expenses for the tax year, they are probably planning on claiming you as a dependent. Give them a call and find out. 2. Organize …

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Should You Borrow Money to Study Abroad?

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In Getting a Student LoanLendKey

Consider this scenario: You’re a third-year college student and you’ve chosen to study in Dublin, Ireland, for a semester. Your room and board costs will be roughly the same as at your stateside university, because of a reciprocal agreement. But there will be extra opportunities for enrichment activities, field trips, and travel to additional countries. You worked hard during the summer, so you have extra cash to cover some of these extra expenses. Your older sister who studied abroad before you urges you to take out an extra loan because, after all, this is a great opportunity to do more! …