Student Loan News, Updates and Blog Posts

Am I Refinancing or Consolidating My Student Loans?

First off, it's not actually refinancing that you are doing as much as it is consolidating your student loans. Still, you will have a new interest rate and loan terms extended to you which is what refinancing is all about, so it is very similar.

Why I Chose A Private Student Loan Over A Federal Student Loan

I'm sure the title of this blog alone has fired up some staunch federal student loan supporters. In fact, when I told my friends I was going with a private student loan even they called me an idiot and told me that anyone in their right mind knows that federal student loans are the way to go. But by the end of my defense they were the ones on the defensive.

Why Can I Not Consolidate Federal with Private Student Loans?

In short, consumer banking regulations governing each specific loan type are different making consolidating federal and private student loans a non option.

Non Valid Dependency Override Conditions for Stafford Loans

The Higher Education Act allows a financial aid administrator (FAA) to make dependency overrides on a case-by-case basis for students with unusual circumstances. If the FAA determines that an override is appropriate, she or he must write a statement detailing the determination and must include the statement and supporting documentation in the student’s file.

Private Student Loan Deferment

Before you apply for a private student loan to help fund your undergraduate education it is important to think about where you see yourself after graduation. If you see yourself taking on more education and do not think you will be able to start paying back your loans you might want to think twice before taking on a private student loan.

Graduate Loans For All Types Of Students

Most people who go to grad school fall into one of two categories; professional students or professionals advancing their career. For some, four years of college can be grueling enough, others love going back to campus every fall. If you fall into the first category and thought you were done with school forever you might want to think again. In today’s world even people who never imagined touching another textbook are being forced back into the classroom.

Debt Relief for Law School Grads

Debt relief could be on the horizon for recent law school graduates. The American Bar Association has proposed extending debt relief to law school graduates who have not been able to find a job because of the recession. While most unemployed graduates can already defer their federal loans or qualify for income based repayment, the ABA’s proposition suggests letting graduates convert their private loans into federal loans so that they can receive the same benefits.

FAFSA Verification

A FAFSA Verification is basically an audit of your information. Either the Department of Education or the school can request a verification from you.

Correcting FAFSA Errors

Generally speaking, a student cannot update information, such as income or assets, that was correct as of the date the application was signed. However, three items—household size, number in college, and dependency status—must be updated in certain circumstances.

Who is my Stafford Loan Lender?

I actually hear this question quite often, and in the interest of full disclosure I must admit that I didn't know who my lender was when I took out my Stafford loan either.