It’s a good week in the world of financial aid! Earlier this week President Barack Obama announced that some significant changes are being made to the FAFSA (Free Application for Federal Student Aid) in hopes of making it an easier process.
Even before taking out student loans, you should come up with a plan for repayment. Figure out how much you are borrowing, how much you will be earning, and what your best option is. This is where budgeting comes in handy.
With the class of 2015 graduating with an average of $35,000 of student loan debt per student, it’s arguably more important than ever that students know what they are getting into, and that those with student loans know the who, when, how, and how often when it comes to paying their loan providers. This all begins with a good, solid starter foundation.
You may feel a new sense of liberation having just graduated. To you, the post-grad life means no more homework, no more tests, no more surprise presentations, or six page papers at three in the morning. No more responsibilities right?…Wrong. If anything, you have just acquired one of the biggest responsibilities known to post graduates, paying off student loans. Make sure you are planning ahead and saving yourself money so that your loan repayment process can be a smooth transition and doesn’t completely stress you out.
There’s been big news in the student loan-isphere this week, ladies and gents. According to Forbes.com, there are a lot of changes happening with student loan lenders. The number of lenders has been skyrocketing due to the introduction of student loan refinancing a few years back, and the increase in lenders has lead to an increase in options. Borrowers now have more options when it comes to repayment, eligibility for loans, forbearance, and deferment than ever before.