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Students and Debt: Where the 2016 Democratic Presidential Candidates Stand on Student Loan Debt

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Current student loan debt stands at more than $1 trillion, with students graduating from four-year colleges and universities with the highest debt in the nation’s history. As such, it’s not surprising that the 2016 presidential candidates are being asked how they plan to tackle the student debt crisis, should they be elected the next president. With that said, here’s a look at where four of the leading Democratic candidates stand on student loan debt: Hillary Clinton Clinton’s plan for making college more affordable and reducing student debt comes with a $350 billion price tag over ten years, and will be …

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Students and Debt: Where the 2016 Republican Presidential Candidates Stand on Student Loan Debt

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With just over a year until the 2016 presidential election, candidates from both parties have found themselves having to answer more and more questions regarding how they feel about what some have called the student loan debt crisis. As such, here’s where a few of the 2016 Republican presidential candidates stand on student loan debt: Source: Michael Vadon Jeb Bush Bush has called on colleges to help ensure students graduate on time so they don’t continue to accumulate debt over years. In addition, he has said that colleges need to help students select degrees that will lead to employment after …

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4 Student Loan Options for Non-Traditional Students

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The term “non-traditional students” refers to students who are not enrolled full-time in a four-year college or university immediately after high school. Though the name would suggest otherwise, these students actually make up the majority of students seeking college degrees today. In fact, as recently as a few years ago, only 5.2 million of 18 million undergraduates were considered traditional students. To put it another way, a mere 29% of college undergraduates are technically traditional students. With so many more non-traditional students (older, married, divorced, working, attending school part-time, attending community college first, etc.) seeking college degrees, it is clear …

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What Is Cosigner Release on Private Student Loans?

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When comparing private student loans, it’s important to remember the needs of the cosigner. Often, students that are in need of additional college funding turn to loans, and may need a cosigner to get approved for some. Usually a parent ends up handling the duties, but before signing up, they should consider all the details. What is a cosigner release on a private student loan? It’s when a cosigner can be released from an application once certain repayment requirements are met by the primary borrower on a private student loan application. This allows for the cosigner’s credit to be cleared …

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4 Reasons Community Lenders are Better Than Big Banks

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When choosing a lender for your loan, you have two general options: community lenders or large national banks. Community lenders are smaller local banks and credit unions, while large national banks are the well-known names almost everyone is familiar with, like JP Morgan Chase and Bank of America. While both of these options offer their own distinct advantages, we’ve found that most borrowers benefit from working with smaller community banks and credit unions. Here’s why: 1. You’ll likely save money. Most people save money when they work with community lenders because of the way these institutions are set up. For …

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Aggregate Loan Limits: Federal and Private Student Loans

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There is a life-time cap for student loan eligibility. It is referred to as the “Aggregate Limit”.This is the point where a student is no longer eligible to receive any more loan funding. They are maxed out. It’s basically the same as having a max limit on a credit card. Lenders simply establish a maximum amount and will not lend any further than that. The Federal Direct Loans Program limits As indicated above, aggregate limit can be affected by Parent PLUS loan denials. If the Parent is credit denied for a Parent PLUS loan, the student becomes eligible for an additional …

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Student Loan Certification: What Is It and How Does It Work?

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Every year, students around the country complete student loan applications in order to pay for tuition and other related expenses for college. These applications can be for federal and private student loans. Before a student loan can pay to a student’s account a process called certification must be completed. Student loan certification is basically a borrower protection put in place to make sure that correct loan amounts are being distributed to students. There are two different types of student loan certifications out there; Self certification and school certification. Self certification A required part of any private student loan application where the …

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Cut Private Loan Costs: Get a Low Rate and Pay It Off Fast

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Comparing loan applications feels like tedious work until you realize that taking a few minutes to compare your options will save you thousands of dollars. It’s amazing how most people will agonize for hours over buying clothes or electronics, but when it comes to loan shopping there is no effort. Learning about what’s available is simple and you will not need a finance degree to figure it out. It’s easy to use a loan calculator online to quickly compare loan applications. Determining what your monthly payment would be is a good start. But when dealing with a private loan you …

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Features to Look for in a Private Student Loan

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Shopping for student loans is common over the summer months with schools sending out many billing statements before the Fall semester begins. Once students find out how much financial aid eligibility they have, they can calculate their total bill outstanding to know what they need to apply for. In a previous post, I compare the Parent Plus loan and private loan features to help educate students and parents to better understand their options. If a private student loans is an option that makes sense for your education financing needs, here are some additional items to look out for when comparing lenders and programs. …

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What to Do When You Are Denied for a Private Student Loan

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One of two things happens when anyone submits a loan application; either it gets approved or denied. This goes for auto loans, home loans, business loans and of course private student loans. Getting approved can feel good, but getting denied for a private student loan brings out the opposite side of the emotional spectrum; it feels bad. When it comes to loans for education, the emotions can run high, especially when gaining access to the school of your choice depends on funding resources. The following is an honest review of the options people have should they be denied the loan …

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2 Student Loan Questions Students and Parents Always Miss

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When student loans become a necessity, parents and students should be well aware of what is owed. But during all the rush, key financial questions get easily brushed aside. Asking the wrong questions about debt Families looking to secure a quick college tuition solution tend to focus on two questions that fail to completely answer issues involving debt. They are “What’s the interest rate and what’s the payment?” Indeed, the interest rate and minimum payment are important to know, but are only components of a student loan application. They fail to provide the “big picture” answer necessary considering how expensive …

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5 Things About Graduate School Loan Limits You Need to Know

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What You Need to Know about Applying for a Graduate School Loan If you’re headed to grad school, you may think you’ve got the federal student loan game figured out after four long years of experience as an undergrad. However, federal student loans for graduate school are actually quite different from undergrad loans in many ways, especially when it comes to interest rates and the graduate school loan limits. The Difference between Graduate School Loan and Undergraduate Student Loan It’s important to be aware of these differences before you begin applying for a graduate school loan, to ensure you make …