For many students, pursuing higher education is a worthwhile investment in their future. However, this pursuit often comes with the financial burden of student loans. Beyond the immediate challenges of repayment, it’s crucial for parents and students to understand how these loans can have a lasting impact on students’ credit scores. In this blog post, we’ll dive into the intricacies …
Student Loans Can Help Build Strong Credit Scores
College students and graduates can use student loans to build a great credit score. These three steps will help you understand the credit scoring process and how student loans can help young consumers build a high credit score and open opportunities for future borrowing. Step 1: Understand the players and how credit scores are calculated Equifax, Experien, and TransUnion are …
Federal Student Loans – What You Need to Know
Interest rates have increased noticeably over the past year, which means that Federal student loan interest rates will climb as well. When? By how much? Will the rate on this loan increase more in the future? Is there a better option for undergraduate students to borrow for college? These are all questions into which potential college students and their families …
Left on the Table: The Saga of Unclaimed Pell Grant and Scholarship Money
Consider the tried-and-true axiom for the lottery: “You need to be in it to win it”. Well, when it comes to applying for federal financial aid, nearly two million high school students annually are deciding not to play the game whatsoever, a decision that is costing almost half of them the chance for some much-needed assistance in the form of …
Help Me Understand Financial Aid
Paying for college can be overwhelming. Knowing the options and identifying sources of money for your family to pay the college bill is half the battle and there’s no time like the new year to get a handle on the details, especially with financial aid season on the horizon. For most families, the options to pay for college boil down …
Saving for Higher Education is Better than Borrowing
There is no magic, one-size fits all way to pay for college. The trick is finding what works best for your family. Most families use a combination of savings, financial aid, and current income to pay the college bill. Current income is helpful to reduce total college borrowing but is often limited because there are so many other needs for …