Student Loans and Advice – The News Desk

Best Student Loan Refinance Lenders of April 2024

3Apr

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Best Student Loan Refinance Lenders of April 2024

Student Loan Refinance Rate Trends Interest rates for student loan refinancing increased last month, according to a U.S. News analysis of minimum and maximum APRs reported by private lenders. Student loan refinancing rates have trended higher during the past year, with variable rates climbing by a higher margin than fixed rates. Here are the student loan refi rates offered during the month of February 2024: Average fixed APR range: 5.53% - 10.59% (Compared to 5.35% - 10.97% the previous month). Average variable APR range: 5.76% - 11.09% (Compared to 5.59% - 11.40% the previous month). The APRs on the lower end of the range are generally reserved for applicants with a high credit score and low debt-to-income ratio, while those with poor credit or limite...

Best International Student Loans of April 2024

3Apr

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Best International Student Loans of April 2024

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 in student loans for international students.You must use international student loans for education-related expenses including the cost of attendance, room and board, books and insurance. Unfortunately, there aren't a vast array of options for these loans. Because international students must complete the College Board's Certification of Finances form, they attest that they have the funding available to pay the tuition, fees and other...

Best Student Loans for Graduate School of April 2024

3Apr

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Best Student Loans for Graduate School of April 2024

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 financial aid at Montclair State University.Direct PLUS loans are federal loans reserved for graduate students and parents of undergraduates. If you want to apply for a Direct PLUS Loan, which offers higher limits than the standard graduate loan, you'll fill out a separate application after you submit the FAFSA on the Federal Student Aid website. Interest rates are also higher for Direct PLUS loans at 7.54%. With private l...

Best Student Loans for Bad Credit of April 2024

3Apr

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Best Student Loans for Bad Credit of April 2024

How to Choose the Right Bad Credit Student LoanThere 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. The amount of time you have to repay a loan is an important consideration. Repayment options like extending the term, deferring payments or refinancing can provide you with more flexibility in the future. Funding available. Consider how much funding each lender offers to ensure that it can meet your needs. Eligibility requirements. Lenders may require you to meet certain conditions in order to qualify for bad credit student loans, such as citizenship, age, credit history, incom...

Best Student Loans Without a Co-Signer of April 2024

3Apr

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Best Student Loans Without a Co-Signer of April 2024

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 rates offered during the month of February 2024: Average fixed APR range: 4.46% - 14.90% (Compared to 4.46% - 14.90% the previous month). Average variable APR range: 5.08% - 15.23% (Compared to 5.08% - 15.08% the previous month). The APRs on the lower end of the range are generally reserved for applicants with a high credit score and low debt-to-income ratio, while those with poor credit or limited income ...

3Apr

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Best Medical School Loans of April 2024

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 want," Miller says. "Most doctors are able to take out the debt they need. The limits are quite high."An unsubsidized loan accrues interest the day it is disbursed until it is paid in full. You can wait until after graduation to repay loans or make interest payments while you're in school to reduce the amount due later.A Direct PLUS loan is available to help students pay for education expenses not covered by other financial aid. A medical student might...

How to Navigate Student Loan Repayment in 2024 | Student Loans and Advice

29Dec

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How to Navigate Student Loan Repayment in 2024 | Student Loans and Advice

After three years of COVID-19 forbearance expired in October 2023, transitioning millions of Americans back into student loan repayment has been a logistical nightmare. More than 14 million borrowers had their loans transferred to a new servicer during the pandemic payment pause, according to the Consumer Financial Protection Bureau. Over four million borrowers were tasked with making payments for the very first time, per data from the Department of Education. All told, only about 60% of borrowers made federal student loan payments by mid-November, the Department says."While most borrowers have already made their first payment, others will need more time," writes U.S. Undersecretary of Education James Kvaal, in a recent blog post. "Some are confused or overwhelmed about their options."In ...

25Dec

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Best Student Loan Marketplaces of 2023

What Are the Pros and Cons of a Marketplace?Take some time to understand the virtues and limitations of a student loan marketplace. Serves as a good starting point for loan research. Offers easy access and navigation. Helps you easily compare loan options. Saves time by allowing you to prequalify with multiple lenders in one place. Produces a curated list of recommended lenders. Excludes federal loans. Includes many but not all private lenders. May lack support for borrowers. Find the Student Loan That's Right for YouHow Is Prequalifying Through a Marketplace Different From Applying Directly Through a Lender?When you apply through a marketplace instead of directly through a lender, the main difference is that you can prequalify with multiple lenders simultaneously. The marketplac...

Best Student Loans Without a Co-Signer of December 2023

25Dec

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Best Student Loans Without a Co-Signer of December 2023

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 rates offered during the month of Nov 2023: Average fixed APR range: 4.41% - 14.49% (Compared to 4.46% - 14.89% the previous month). Average variable APR range: 5.00% - 14.62% (Compared to 4.98% - 14.60% the previous month). The APRs on the lower end of the range are generally reserved for applicants with a high credit score and low debt-to-income ratio, while those with poor credit or limited income will see hi...

Best Student Loans for Bad Credit of December 2023

25Dec

By adminNo Comments

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Best Student Loans for Bad Credit of December 2023

How to Choose the Right Bad Credit Student LoanThere 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. The amount of time you have to repay a loan is an important consideration. Repayment options like extending the term, deferring payments or refinancing can provide you with more flexibility in the future. Funding available. Consider how much funding each lender offers to ensure that it can meet your needs. Eligibility requirements. Lenders may require you to meet certain conditions in order to qualify for bad credit student loans, such as citizenship, age, credit history, incom...