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

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In Getting a Student LoanLendKey

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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In Getting a Student LoanLendKey

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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In Getting a Student LoanLendKey

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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In Getting a Student LoanLendKey

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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In Getting a Student LoanLendKey

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 …

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How AutoPay Works for Variable Rate Student Loans

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In Getting a Student LoanLendKey

Using an AutoPay option offers lots of convenience and peace of mind when repaying federal or private student loans. The way AutoPay systems work is that you set up your account so that all of your monthly payments are paid automatically from your savings or checking account. The set-up process is quick and easy, can be completed online, and your lender can walk you through the steps if you have any questions. After that’s done you don’t have to bother with watching the calendar, writing and mailing a check, or even logging in to your student loan account to authorize …

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I Was Awarded a Parent PLUS Loan, Should I Take It?

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In Getting a Student LoanLendKey

Several different types of financial aid are available for students enrolling in college, including scholarships, grants and loans. While scholarships and grants require no repayment, borrowers must eventually repay the full balance of their student loans plus interest. As the parent of a student in college, you may be offered a unique type of financing known as a Parent Loan for Undergraduate Students, or PLUS loan. Before you decide whether to accept a PLUS loan, it helps to learn a little about how these loans work. What is a PLUS Loan? A PLUS loan is a federal student loan offered …

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3 Tips For Managing Your Student Loans While You’re Still In School

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In Getting a Student LoanLendKey

Getting a student loan is incredibly easy – you simply go to your schools financial aid website, enter some of your personal information, and click on a few “I Agree” boxes. Bam! You now have student loan debt. The fact is, though, that you have to do this multiple times throughout college. In fact, you are probably doing this for the first time before you even get to school – usually in the summer before your first semester. As such, you need to make sure that you are staying organized with your student loan debt even before you graduate college. …

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Private Student Loan Interest Rates in 2015

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In Getting a Student LoanLendKey

With the costs for tuition and other expenses at colleges and universities continuing to rise, it’s more important than ever to make sure you find the best interest rates for your student loans. While many accept student debt as an inevitable part of a professional degree, it’s a good idea to learn more about the student loan landscape so you don’t owe more money than you have to. 1. Variable Rates Can Help You Save Interest rates for Federal student loans are fixed to be around 4.5 to 7 percent for the 2015-2016 school year. In contrast, many private lenders offer …

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Why Student Loans are Considered Good Debt

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In Getting a Student LoanLendKey

As it stands, incomes aren’t growing, but many people are spending more. Many people have easy access to debt which, helps them extend their income, so to speak, but not really. They use credit cards, loans, and lines of credit as an extension of their income. However, all debt isn’t bad debt. Understanding the difference between good and bad debt helps many people increase their overall net worth. Continue reading to understand the difference between good and bad debt and how you can make debt work for you. What’s the Deal with Good Debt? Owing another person or company money is a …

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Statistics on Student Loans in the US

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In Getting a Student LoanLendKey

Congrats, you just graduated from high school! Here are some recent statistics on student loans that you should know about as you progress towards a college degree. 1. Average Tuition Keeps Climbing Pursuing a higher education has become the norm for most high school students even though the costs associated with it continues to rise. In the 2014-2015 school year, the average yearly tuition for public, in-state 4-year colleges and universities was $9,130. That’s up $254 from the previous school year, an increase of 2.9%. For out-of-state students at public institutions, the average yearly tuition was $22,958, up 3.3% from the …

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Your Quick Guide to Federal and Private Student Loans

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In Getting a Student LoanLendKey

When you’re preparing to pay for college, it can feel like piecing a patchwork quilt together. If you’re like most students, you’ll need to supplement your savings and scholarship money by taking out some student loans. Here’s a brief introduction to the student loan options available to help fund your education. Federal Student Loans Several different kinds of federal loans are offered to students and their parents. Federal loans offered directly to students generally do not require a credit history or cosigners and they have fixed interest rates. Details on each of these loans can be found on the Federal …