Financial Aid

You may find you need to apply for student loans to help cover the rising cost of college tuition. After all, about 55% of bachelor’s degree recipients in 2020 graduated with at least some student loan debt. This step-by-step guide breaks down how to apply for federal and private student loans, as well as additional funding sources to consider. Note that federal student loans are generally better than private ones since they offer lower rates and flexible repayment terms. But if you need additional funds, private student loans can help. Before you begin: Gather the paperwork You’ll need to gather essential financial information when applying for college loans. The exact forms will vary based on the lender, but preparing in advance can help the process go as smooth...

American Express offers a variety of financial products to its customers — but there’s no such thing as an American Express student loan. If you’re looking to cover educational costs, you could in theory use your Amex card or take out a personal loan, but is either option the best for you financially? Although American Express student loans may not be an option, alternatives are available that won’t require you to max out your credit card or take out a high–interest loan. Here are a few options if you need money for school. Alternatives to American Express student loans Some students manage to pay for their education by receiving gift aid (such as scholarships), working to increase their income and asking for help from f...

While federal loans are the best starting point when you need to borrow money to pay for college, there are times when you may need additional financing. If you’re ineligible for federal aid or have reached the annual or aggregate maximum, private lenders like ISL Education Lending — formerly known as Iowa Student Loan — can come in handy. The Iowa Student Loan Liquidity Corporation is a nonprofit organization that offers student loans and student loan refinancing under the name ISL Education Lending. As a nonprofit organization, ISL Education Lending is able to provide multiple low-interest loan options, including non-cosigned loans for undergraduate students. ISL Education Lending student loan refinance review While most student loan refinancing compa...

LendKey is a relatively young company — it was founded in 2009 — but has grown at a rapid rate. Since its inception, it has worked with its partner lenders to issue over $4.5 billion in loans. LendKey offers private student loans and student loan refinancing. LendKey is a marketplace, meaning it connects borrowers with lenders. But while most marketplaces only work with a few companies, LendKey partners with hundreds of banks and credit unions. So, will LendKey be right for you? Whether you need private student loans to cover your remaining education costs or want to refinance existing student loan debt, here’s what you need to know. LendKey student loan refinance review LendKey allows borrowers to refinance both federal and private student loans. You c...

Social Finance — more commonly known as SoFi — became the first company to refinance both federal and private student loans in 2012 and has remained an industry leader. More recently, in 2019, the online lender began providing student loans for current students and their parents. While sometimes restrictive with its eligibility requirements, SoFi reviews and improves its products to reward members with competitive interest rates, a high degree of repayment flexibility and unique, company-exclusive benefits. SoFi student loan refinance review SoFi is one of the largest student loan refinancing companies in the industry. The online lender has refinanced over $30 billion worth of student loans for more than 375,000 members, while delivering many features n...

U-Fi by Nelnet was a leading private student loan lender. However, in April 2022, U-Fi was phased out — Nelnet now operates its private student loan and student loan refinancing business under the name Nelnet Bank. Through Nelnet Bank, customers can borrow money for their undergraduate or graduate degrees, or refinance existing student loans. Nelnet Bank (formerly U-Fi) student loan refinance review With Nelnet Bank, you can refinance your loans and select a loan term as long as 25 years. Plus, Nelnet Bank is one of just a few lenders that allow parents to refinance and transfer the loans to the student. Nelnet Bank student loan refinancing is a good fit for parent PLUS loan borrowers that want to transfer their debt to their child. (Note, however, that...

The White House says there’s no final decision on student loan cancellation, despite a report from the Washington Post that the Biden administration is set to forgive $10,000 per federal borrower. The latest Student Loan Hero study looks at how borrowers would be impacted by the proposed $10,000 in forgiveness. For deeply indebted borrowers, the impact might be minimal, but it could potentially free others — 1 in 3 eligible borrowers, in fact — from all their federal student debt. The difference lies in how much debt each borrower carries and what kind of student loans they have. It’s expected that only federal loans owned by the government will be eligible for forgiveness, accounting for about $1.4 trillion (or 78%) of outstanding student debt. Forgiveness isn’t...

PNC Bank is the result of a 1983 merger of two prominent Pennsylvania banks (Pittsburgh National Corporation and Provident National Corporation), though its history dates as far back as 1852. It offers private student loans and student loan refinancing, as well as a wide range of checking accounts, mortgages, auto loans and the like. Its refinancing loans are available to borrowers without bachelor’s degrees — a rarity in the student loan refinancing industry — and it has a range of loan options for undergraduate and graduate students. PNC student loan refinance review PNC has a range of refinancing options for undergraduate and graduate students, but it also allows borrowers with associate degrees, and even those who didn’t graduate from college, to re...

As a source of student loans, the Bank of North Dakota is very unusual: It is a state-owned and -operated lender issuing private student loans and student loan refinancing for qualifying borrowers in select states. In 2020, the Bank of North Dakota disbursed $127 million in student loans. Although that’s a relatively small amount, these Bank of North Dakota loans can be an attractive option because of their low interest rates and extended repayment options. Bank of North Dakota student loan refinance review The Bank of North Dakota offers limited student loan refinancing options for qualifying borrowers. Those that are eligible can refinance existing loans and have up to 25 years to repay their debt. Bank of Nor...

Despite its name, the Massachusetts Educational Financing Authority (MEFA) isn’t just for Massachusetts residents. It issues private student loans and student loan refinancing to borrowers nationwide. Its products boast competitive fixed interest rates, and MEFA doesn’t charge any fees — not even late fees. If you’re considering applying for a loan from MEFA, here’s what you should know about its available loans, repayment terms and benefits. MEFA student loan refinance review MEFA offers student loan refinancing for borrowers with federal or private student loans. Unlike other lenders, MEFA doesn’t require a degree to qualify for a loan, so you can refinance your debt even if you didn’t graduate. MEFA student loan refinancing is a good fit for individu...

What are the COVID-19 student loan relief deadlines for federal debt repayments? When do you need to file your FAFSA for this year? You may have heard some student loan servicers are closing shop — when does that happen? To help you navigate this school year (and the next one), we’ve put together a list of important dates that should be marked on your calendar, whether you’re repaying student loans or applying to college now. Key dates to be aware of: Recurring dates: Student loan calendar: Key events to be aware of Finally, here are some more dates you may want to jot down, some of them a little further into the future. Aug. 31, 2022: Federal student loan forbearance is set to end Due to the coronavirus pandemic, the government announced earlier this year th...

Students can pay anywhere from $0 to more than $1,500 per college credit hour, according to the latest analysis from Student Loan Hero researchers. But whether students actually pay the higher range depends on the amount of grant aid they receive, which can lower their student loan debt. Researchers calculated how much a credit hour costs at various institution types, from community colleges to four-year private schools. Here’s what was learned. Key findings The average cost of a credit hour at a four-year private, nonprofit college is $1,586 — highest among any institution type examined. This is based on average published tuition and fees and assumes a 12 credit hour course load per semester. However, this figure falls by nearly $1,000 a credit hour to $625 af...

In 2020, students left college with an average of $28,400 in loans. For millions of people, student loans and high interest rates are a significant burden, and many struggle to keep up with their payments. If you have a balance higher than $15,000 and are considering student loan refinancing, Education Loan Finance (ELFI) is worth a look. While its refinancing eligibility criteria are more strict than some competitors, the low interest rates could help you save money each month or overall. Education Loan Finance student loan refinance review Education Loan Finance is a student loan refinancing and consolidation program run by SouthEast Bank, a financial institution based in Tennessee. The company, which also lends private student loans to undergraduates...

Ascent Funding was launched in 2015 to address a growing need in the private student loan industry: International students, Deferred Action for Childhood Arrivals (DACA) students and individuals without established credit histories often struggled to find financing for college. Ascent offers both cosigned and noncosigned loans for undergraduate and graduate students, as well as loans for career schools and coding boot camps. Students can also check available rates without impacting their credit scores, and Ascent has multiple loan terms and repayment plans to give students more flexibility. Ascent student loans review Ascent stands out from other lenders because it serves students that are often ineligible for loans from private student loan companies. ...

PNC Bank is the result of a 1983 merger of two prominent Pennsylvania banks (Pittsburgh National Corporation and Provident National Corporation), though its history dates as far back as 1852. It offers private student loans and student loan refinancing, as well as a wide range of checking accounts, mortgages, auto loans and the like. Its refinancing loans are available to borrowers without bachelor’s degrees — a rarity in the student loan refinancing industry — and it has a range of loan options for undergraduate and graduate students. PNC student loan refinance review PNC has a range of refinancing options for undergraduate and graduate students, but it also allows borrowers with associate degrees, and even those who didn’t graduate from college, to re...