You applied to college and you got in. Congratulations! Why so blue? You’re an undocumented student and you can’t afford college on your own? I get it. The first eligibility qualification for federal student aid is “you must be a U.S. citizen or eligible noncitizen.” The second qualification for most (but not all) state aid—right after the one that says “you must be a resident of that state”—is “you must be a U.S. citizen or eligible noncitizen”. Don’t throw in the towel just yet! Sure, your options are limited—but you do have options.
There are many federal student loan repayment plans to choose from and it can be difficult to pick the right one for you. For example, some offer forgiveness after a certain amount of eligible payments if you qualify, but will you pay more in the long run to get that benefit? How do you know which option is the best fit for your situation?
It’s still cold outside, and I’ve been trying to find entertaining things to do inside since this winter seems like it will never end. (Are we in Westeros?) So, I rediscovered board games. Oh, the hours of mindless play you can have with Monopoly—especially if you play the wrong way.
During a recent visit to the Community Chest, I started thinking about paying for college (because who doesn’t ponder such issues while holding this stuff and wishing it was real?). I noticed similarities between financial aid misconceptions and the game; however, unlike that bank error, making either of these mistakes is definitely not in your favor.
Financial aid season is upon us—and it can be a lot to keep track of and understand.
To receive financial aid, you have to file your taxes, complete the Free Application for Federal Student Aid (FAFSA), submit other financial aid documents, and potentially, do even more. (Anything else colleges can add to your plate before you even enroll??)
It’s no wonder things fall through the cracks during this process. However, if you miss something important, that doesn’t mean you should give up. In fact, here are a couple surprising things you can do and still (usually) receive aid.
It’s that time of year. While most of us battle the bitter cold of winter, college students and soon-to-be college students battle something else: financial aid applications.
And while that process can be tough, it’s not as tough as students skipping it because they think they won’t qualify. You see, there’s this notion that only U.S. citizens can get federal financial aid.
It’s been over 6 months since we published our eBook “60+ Ways To Get Rid Of Your Student Loans (Without Paying Them).” Since it’s a new year, I thought it was about time to review all the forgiveness and discharge goodies inside to make sure everything is still up-to-date.
I’m sure glad we described this as “almost comprehensive,” because I found some changes that have occurred, as well as three new forgiveness options that I hadn’t heard of yet.
Approximately 90% of private student loans in 2011 had co-signers.
This is because many 18 to 22 year olds can’t get loans on their own, as lenders view them as a risk. Lenders don’t know if a student will get a job out of school or even finish their program of study. Unfortunately, neither does a co-signer.
So while co-signing can open doors for students, you need think about all of the repercussions before you ink.
If you graduated in May, you probably went into repayment for most of your federal student loans last month. Making payments may be new to you, but perhaps you’ve already identified some problems you have with the process. (Besides the “parting with your money,” that is.)
If you’re having trouble staying organized or are worried about missing one of your five loan payments, I have an answer that may make your life easier, my friend: consolidation.
Did you hear there’s a repayment plan with $0 payments? Or that you can postpone payments for as long as you want? Well, with student loan info, sometimes the toughest thing is figuring out the fact from the fiction (and everything in between). These differences could literally cost you, so we enlisted loan expert Ashley Norwood to bust the myths. Today: a forbearance that sounds too good to be true (but isn’t!).
Wasn’t graduation great? No more classes. No more exams. No more putting up with awful roommates (hopefully).
Well, it’s been almost 6 months since May, and you know what that means, don’t you? If you took out federal Stafford or PLUS loans, your grace period is almost up and your first payment will be due soon.
Because we don’t want you to suffer from any Gunpowder Plot-level debacles (not that that failing was a bad thing), let’s make sure you’re prepared for repayment.