When you take out a student loan, your lender sends funds directly to your school. After your school deducts what’s needed to pay for expenses such as tuition and room and board, it will disburse any remaining money to you for education-related expenses. But these expenses aren’t just books and class fees. Student loan funds…
How to Choose the Right Bad Credit Student Loan There are a number of factors to consider when finding the best bad credit student loan for you. Interest rates. Bad credit student loans come with higher interest rates, but there may be options to lower those rates, such as by adding a co-signer. Repayment terms….
How Do You Apply for a Graduate Student Loan? The application process for graduate loans depends on whether you’re applying for federal or private student loans. Graduate students “can generally avoid having to go through the verification process that some undergraduates must complete because they are receiving only non-need-based loans,” says James Anderson, director of…
What Are the Different Types of Medical School Student Loans? Federal student loans for medical school students. The federal government offers medical students direct unsubsidized and Direct PLUS loans. Direct loans – also known as Stafford loans – are available to students enrolled at least part time. “It’s easy to get approved for what you…
How Do International Student Loans Work? Unlike U.S. citizens or eligible noncitizen students, international students do not have access to federal student loans, and scholarship opportunities are scarce. If you’re an international student who needs to borrow money to fund your studies and living expenses, you may need to turn to private lenders that specialize…
Key Takeaways Default happens when you fail to make payment on your student loans – typically for 270 days, though the timeline can vary by lender – and can result in wage garnishment, withholding of federal tax refunds and a damaged credit score. Options like repayment assistance or loan deferment may help you avoid default. …
Key Takeaways It may be possible to get out of student loan debt faster through income-driven repayment plans, student loan forgiveness programs, student loan refinancing or student loan consolidation. Borrowers who are struggling to repay their student loan debt can explore programs like forbearance or deferment, although this might result in a longer repayment period….
Key Takeaways International students pursuing a STEM degree in the U.S. may find it difficult to fund their education with scholarships and grants alone. Options to bridge the financial gap include private student loans and part-time employment. Other ways international students can reduce costs include living off-campus with a roommate, carpooling and using free resources…
Private Student Loan Interest Rate Trends Student loan interest rates increased last month, according to a U.S. News analysis of minimum and maximum APRs reported by private lenders. Student loan rates have trended higher during the past year, with variable rates climbing by a higher margin than fixed rates. Here are the in-school student loan…
Key Takeaways If you took out an educational loan for yourself, your spouse or your dependent, you may be able to deduct the interest you paid on your taxes. The amount you can deduct depends on your modified adjusted gross income and is capped at a maximum of $2,500. Your lender should send a Form…
