What is a Private Student Loan?

Getting the education you need to succeed in life is going to be costly. Many people cannot afford to pay for their college education, or graduate school, without some kind of financial aid or student loan. Student loans can come from various sources, including the Federal government. Private student loans are also available, and these can be obtained through various lending institutions. A private student loan is...

Where can I get a student loan?

Getting money to pay for your college education can come from a number of sources. Many financial institutions offer student loans of various types, and so does the Federal government. When trying to get money to pay for your education, the best question to ask is “Where can I get a student loan with the best terms? There are many sources you can go to for a student loan. For practical purposes, however, you...

What Is A Student Loan?

Getting an education is a very important part of preparing for a successful future. Apart from having to invest at least four years (or more) of your life for that college degree, there is also going to be a lot of cost involved. Knowing what is a student loan is a crucial step in that education.  Many students take out student loans to pay for their education which can be paid back after graduation. There are two...

Will Congress Let the Interest Rate on Student Loans Double?

When it comes to borrowing money for student loans, there is no doubt that the best way to go is to get one from the government. Federal student loans are incredibly good when it comes to interest rates and repayment options, and private institutions just cannot compare. Recent events, however, may be changing the low interest rates on student loans that so many have enjoyed for so long. At the present time, the...

How much student loan debt is outstanding and what is the default rate on student loans?

The crunch in the economy just a few years ago put a lot of people out of work. It also prevented many new college graduates from getting jobs quickly. This caused many people to either want more college training, or retraining in the case of older people. When put together, the number of new student loans since 2010 is now threatening to push the overall student loan debt to over $1 trillion for the first time this...

Student Loan Principal-Only Payments: The Basics

The trick to getting ahead on loan payments, especially for student loans and mortgages, is making principal-only payments. Such payments are also called “prepayments.” Principal-only payments cause a loan to amortize sooner. If you have an adjustable rate or interest-only mortgage, principal-only payments can lower your interest rate. There are many ways to make principle-only payments. The first step is to...

Is a Student Loan Still a Good Investment?

“Borrowing for college should be the best investment you’ll make,” says the student loan ombudsman, Rohit Chopra, of the newly formed Consumer Federal Protection Bureau, “but for many Americans, paying off those student loans is a real challenge.” Since the mid 1960’s when the federal student loan program was put into effect as part of Lyndon Johnson’s Great Society program, low to middle income...

Marriage and Student Loan Debt: The Basics

There are two primary ways to assume the student loan debt of a spouse or domestic partner. These are to be married to a partner in a community property state when the partner takes out a student loan or sign an agreement to repay a student loan for a partner. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin are community property states. In these states, when one partner...

Keeping Out of Financial Trouble at College

Many college students enter university life with little financial education – if they did not learn how to deal with money from their parents, and were decent students in high school, they probably did not attend the most important class they SHOULD have taken – Business Math (or whatever financial class the students were shunted off to who were not good at math).  What results is the graduation of Americans...

Tax-Free College Savings

The government has created two tax-free college savings programs are available for Americans to use for their children – 529 Plans and Coverdell Education Savings Accounts (ESA). The 529 Plan allows citizens to set aside funds in an account to either prepay or save for future educational purposes at accredited institutions.  The plans are mostly administered at the state level, though some educational...