Everyone needs a good student loan guide.
One must never take a huge step in life such as securing student loans without at least the basic knowledge of this often complicated world.
This article seeks to shed light on some of the most common and pressing concerns when it comes to student loans—such as private student loans and refinancing student loans.
Here’s what you need to know.
Student Loan Guide for the Perplexed
1. Why Student Loans are Important
Think #studentloan #debt is no big deal? This 3-min #video might change your mind. #finance #parenting https://t.co/S57PIBqZhQ
— Jeannie Burlowski (@JBurlowski) July 4, 2017
First things first: student loans are important.
This student loan guide is dedicated to letting you see this and helping you every step of the way as you discover student loans.
2. How Federal Student Loan Forgiveness Works To Your Advantage
Read this article by @CeSpeaks to understnad what #studentloan forgiveness means. https://t.co/4vPmll1fLC pic.twitter.com/LCk0ztD5uO
— Jean Pickering (@TektiteGroup) July 4, 2017
After looking around, this student loan guide will reveal that there are different types of student loans.
Federal student loans are one of them, and they helps students in a lot of ways.
Be knowledgeable of these advantages.
3. What You Need to Know About Private Student Loans
Aside from federal student loans, you may also turn to private student loans for financial help.
Co-signing a #privatestudentloan? You should think about life insurance: https://t.co/cTphjDBvin pic.twitter.com/ztxIV3JXdB
— Baltimore Life (@BaltLife) April 1, 2016
Private student loans, however, are a bit more complicated than federal student loans, so extra research is a must.
4. Subsidized vs. Unsubsidized Student Loans
In addition to the student loans themselves, there are subsidized or unsubsidized student loans.
What you should apply for is up to you and your needs.
It helps to read up on their differences.
5. Graduate Student Loans
Meet Kasey Edwards. She paid off $25K in #studentloan debt and launched her own business. https://t.co/Gyt52kV5xV #entrepreneurship pic.twitter.com/uG2AM6Tcmo
— Student Loan Hero (@StudentLoanHero) July 4, 2017
Who says only undergraduate students can avail of student loans?
With this student loan guide, you’ll be able to fund even your graduate studies.
A basic guide to graduate student loans will help in this endeavor.
6. Student Loans with Bad Credit
Student loans are still borrowed money, so it is, therefore, understandable that credit score is taken into consideration.
A lot of people are confused, however, by the exact way credit score affects student loans and vice-versa.
Here’s a little clarification.
7. How to Pay Off Student Loans
5 Ways to Pay Off Student Loans Faster @wisedollar https://t.co/VfKU8RFLOx #paystudentloans
— John (@wisedollar) June 23, 2017
After finding the right student loans for you, it becomes all about paying it off.
There are many ways to pay off student loans, and this article will you guide you through it.
8. How to Get Student Loans Out of Default
Default is when student loans go unpaid for a significant stretch of time.
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— Gift of College (@GiftofCollege) May 22, 2017
Student loans require big amounts of money, so it happens.
This student loan guide includes information on how to get them out of default.
9. How to Defer Student Loans
Sometimes, you have to take a break from repaying student loans.
This is what student loan deferment is for.
New #StudentLoan Interest Rates Cost Borrowers Little https://t.co/9kn1fzFMU7 pic.twitter.com/uQqhGLBfmt
— Student Loan Ninja (@StudentLoanInfo) July 5, 2017
Deferment terms vary and may be complicated when other forms of agreement are in place.
Here are the basics you must know.
10. How to Consolidate Private Student Loans
The answer begins with a few follow up questions. Check it out at https://t.co/zBsddi24g9 #studentloanconsolidation #diycreditrepair pic.twitter.com/wygLxk031I
— DIY Credit (@credit_diy) April 20, 2017
Another aid in repaying student loans is student loan consolidation.
Consolidation means combining student loans as one big loan so that you don’t have to keep track of several ones with varying interest rates and repayment duration periods.
Betsy DeVos rolls back rules on student loans and for-profit colleges https://t.co/EzZbnFvyqd
— BillMoyers.com (@BillMoyersHQ) June 19, 2017
11. Benefits to a Student Loan Consolidation
Why add another step in the painfully long process of paying off your loans?
Consolidating has more pros than cons, and this student loan guide will help you see it.
12.Tips for Refinancing Student Loans
Refinancing student loans is important to understand in order to be fully equipped to handle your student loans.
What a pain!https://t.co/atDPCADhRx#StudentLoan #money #scholarships #FreeMoney #college #HighSchool #FinancialFreedom #StressFree #Pay pic.twitter.com/BREKVpU36r
— Sprowl & Smith Coach (@MaycSprowl) July 5, 2017
Even across banks, refinancing student loans is usually the same process at its core.
What you really need, therefore, are tips to make the process easier and successful.
13. Public Service Loan Forgiveness Program
Aside from deferment and consolidation, student loan forgiveness helps in repaying student loans.
They at least look into #studentloan forgiveness programs. #finances https://t.co/gbuEPWuM66 pic.twitter.com/hRkRW2U48D
— Yana Smith (@yanamyrtle) July 5, 2017
In fact, forgiveness means the entire loan is canceled and you, therefore, don’t have to repay anything.
But, as always, there are specific terms and conditions that come with it.
14. Careers that Forgive Student Loans
Here are some things to know about the different types of #StudentLoans. #StudentLoanForgiveness – https://t.co/8FF7H9r72G pic.twitter.com/KlcE6yqlu9
— Global Doc Prep (@GlobalDocPrep) July 5, 2017
One of the specifications of student loan forgiveness programs are the types of careers that qualify for a complete loan forgiveness.
Here’s a list that might help you reconsider switching career paths.
15. Income Based Repayment Plan
If you prefer to repay your student loans in a more traditional manner, there are various repayment plans that could help you.
The Best Income-Driven #RepaymentPlan?
Opt 1: REPAYE
Opt 2: PAYE
Opt 3: https://t.co/dv6gxP61lA#payforschool pic.twitter.com/rojyprYSih— Ariel Pryor (@arielpryor) June 30, 2017
One of them is the income-based repayment plan.
A portion of your income will be deducted and will go to your student loan debt.
16. Pay as You Earn Repayment Plan
Similar to the income-based repayment plan is the pay as you earn repayment plan (PAYE).
The good news with this plan is only up to 10% of your discretionary income can be deducted for your student loan repayment.
17. Revised Pay as You Earn Repayment Plan
With the revision of the PAYE, borrowers repay their student loans in accordance with the amount of income they earn and their family size.
Moreover, there’s a possibility the rest of your loans may be forgiven after paying for 20 to 25 consecutive years.
18. Standard Repayment Plan
If you decide not to apply for other repayment plans, this is the default repayment plan you’ll end up having.
You will be required to repay your student loans 6 months after graduating.
Anticipating steady financial growth in your distant future? Graduated #RepaymentPlan is the option to go for. https://t.co/g2Q3bnfqlM pic.twitter.com/NwdDWlZyn8
— StudentLoanServicing (@loanreliefUS) March 16, 2017
The best thing about this plan is it guarantees less interest to be paid by the borrower.
19. Graduated Repayment Plan
The @HuffingtonPost discusses if an income-driven #repaymentplan is right for you. #StudentDebtChallenge https://t.co/aLzJMrNYkJ
— ASA (@asa_org) September 8, 2016
If you have secured your student loans through the Federal Direct Loan Program or the Federal Family Education Loan Program, the Graduated Repayment Plan is the plan you are assigned to repay your debt.
This plan is faster than most as its repayment is made within a 10-year duration only.
20. Student Loan Rehabilitation
It is not uncommon for people to fall behind on their loan repayments.
Who Are We? https://t.co/onjPl5rnym #studentloanrehabilitation #studentloanincomebasedrepayment #studentloancounseling @WestwoodCollege
— The Loan Educators (@Loan_Educators) March 29, 2016
When loans go into default, your credit score is affected which, in turn, affect your purchasing capacity in the future—or even your job applications.
Student loan rehabilitation helps cover these pitfalls.
21. The A-Z of Student Loans
Finally, here’s the essential dictionary every excellent student loan guide must have.
Federal #Student Loans: Stafford and PLUS #Loans #StudentLoans #Stafford #Tuition https://t.co/HI3zt0rHgN
— Davies Wealth Mgmt (@TDWealthNet) July 6, 2017
Student loans are quite a world and a language of their own.
To avoid getting lost and making mistakes, the terms and basic knowledge you need are in this article.
To add more information to this student loan guide, watch this video from How to Adult:
Living with student loans can be daunting, and this is precisely why the US Student Loan Center exists.
There’s no need to worry if you have the right information to guide you along the way.
A good student loan guide allows you to be fully competent in handling and managing them.
Remember, you are not captives of your student loans; they are means to achieve your dreams.
Do you have any information on student loans you would like to share? Comment them below!
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