Financial Aid

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...

If you think your federal student loan servicer didn’t give you the best information, and may have even cost you money — or if you think you were unfairly denied loan forgiveness — then you might be in for some good news. In an April 19 release, the Department of Education stated it is making a series of fixes to the past treatment of federal student loans, particularly where income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF) are concerned. Previously, some student loan servicers would advise borrowers who were having trouble repaying their debt to pause their repayment through forbearance (a temporary stop), even though in many cases these borrowers might have been better off with an IDR program. Through IDR, a borrower’s monthly student lo...

Earnest is an online company that has refinanced $16.4 billion in student loans since its founding in 2013. It also makes in-school loans for undergraduate, graduate and professional students, as well as their parents. While it’s been acquired by industry veteran Navient in 2017, Earnest has still maintained its innovative practices. Refinancing borrowers with excellent credit can expect access to as many as 180 repayment term options. Borrowers of private student loans, meanwhile, are promised an extremely flexible repayment, including the ability to skip one payment per year. Earnest student loan refinance review Earnest student loan refinance allows borrowers — including parents — to refinance federal and pri...

MyFedLoan might not be your federal loan servicer anymore — or for much longer. FedLoan Servicing, which operates the MyFedLoan online platform, is due to stop managing federal loan accounts when its contract with the Department of Education expires in December 2022. Whether your federal loans have already been transferred away from MyFedLoan or soon will be, it’s imperative to stay on top of changes to your servicer. It’s the company that can help — or, unfortunately, harm — your chances of successfully navigating repayment. Here’s our MyFedLoan review: everything you need to know about this outgoing servicer, when your account may be transferred and what options you have to manage your debt, both now and in the future. (Note that the situation for student loan...

College Ave Student Loans refinances and lends education debt to students at every level of higher education, as well as their parents. Founded by two ex-Sallie Mae executives in 2014, College Ave touts itself as an upstart competitor that beats out traditional lenders. Applicants who are refinancing or borrowing for the first time with College Ave can expect a greater degree of flexibility than is offered by your local bank or credit union, plus a prequalification process that won’t waste time. College Ave Student Loans review: Refinancing The online-only College Ave is a sensible choice to consider when shopping around for student loan refinancing. It allows borrowers to prequalify and receive potential intere...

Consider the coronavirus pandemic — and throw in the passage of time and perceived inaction — and it’s clear that student loan borrowers are losing optimism that relief is on the way. About 4 in 10 Americans with education debt now say they expect the President Joe Biden-led White House to positively impact their loan repayment, according to our latest survey of 1,000-plus borrowers. That’s down from nearly 7 in 10 borrowers who said the same in December 2020 as Biden was preparing to assume the Oval Office. Though borrowers’ confidence in federal support, such as mass student loan forgiveness, is waning, a slight majority of survey respondents admit they’re managing their repayment with the potential for forgiveness in mind. More than a quarter of borrowers stil...

The Biden administration recently announced the reconstitution of an office designed to safeguard taxpayer-funded student aid dollars and protect students from predatory colleges. The previous administration had “deprioritized” the department tasked with enforcement of student protection regulations within the Office of Federal Student Aid in a move viewed by pro-student advocates as enabling problematic behavior on the part of predatory colleges. The history of waste, fraud, and abuse in federal student aid programs has followed a cyclical pattern, as successive political administrations imposed widely differing regulatory structures that alternately clamp down on or tolerate high-risk behaviors that particularly surface in for-profit higher education. In 1991 and again in 2012, sele...

Rumblings emerged from Washington, D.C., in early March that the White House was considering yet another extension of the pandemic-inspired moratorium on federal student loan repayment. That would be welcome news for a majority of borrowers nationwide. Nearly 3 in 4 federal student loan holders report not being financially ready to resume monthly payments if the freeze on interest and dues expires as scheduled on May 1, according to the latest Student Loan Hero survey of 1,050 borrowers. (APRIL 6 UPDATE: There’s good news for these borrowers as the moratorium has been extended through Aug. 31, 2022.) The survey also indicates that the majority of moratorium-eligible borrowers have used their monthly savings to pay for basic necessities, while borrowers whose loan...