Direct PLUS Loans are unsubsidized loans available to graduate/ professional students to help pay for educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. For the past 3 years, many young people who are unable to find jobs or find jobs that are in the [...]
What is Master Promissory Note (MPN)?
The student loans and processes have been getting more complicated. Most of us don’t know what MPN. It stands for Master promissory Note. The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs [...]
Make sure you make your student loan payment on time
Just like mortgage payments, student loan repayments need to be on time also. Your loan servicer will provide information about repayment and will notify you of the date loan repayment begins. In most cases, your loan payment will be monthly. It is very important that you make your loan payment on time every month. You [...]
There are some loans are ineligible for consolidation
Although most education loans are eligible for consolidation into a Direct Consolidation Loan. There are some private loans that are always ineligible for consolidation. So before you take out any student loans, consider your options and study all fine prints. It’s easy and tempting to get the loans before you enter the programs and thinking [...]
Students: save money in your first year of university
You will have probably heard that your first year of university will be a financial struggle – with mounting debt, the costs of rent and food, it is essential that you do all you can to save yourself money. There are many ways in which you could save money during your first year of university. [...]
Some federal education loans are eligible for consolidation into a Direct Consolidation Loan
If you have several student loans and are overwhelmed by the payment, you need to consider the option of consolidating. If you have a federal education loan, you can consolidate it into a Direct Consolidation Loan. The subsidized loans that can be consolidated are: Subsidized Federal Stafford Loans Direct Subsidized Loans Subsidized Federal Consolidation Loans [...]
There are some student loans you can’t consolidate
This is the perfect time to consolidate your student loans. The rates are low and you won’t see this kind of rates once the economy starts growing again. While most federal education loans are eligible for consolidation into a direct consolidation loan including subsidized loans and unsubsidized loans. There are a few exceptions that some [...]
Once you leave or graduate your school, you have 6 months grace period
Did you know that when you leave school which includes graduating, withdrawing, or dropping below half-time attendance, you have 6 months of grace period before you have to make student loan payments. This applies to direct subsidized and unsubsidized loans. But be very careful with one scenario: There’s no second grace period. If you have [...]
Student Direct Loans are better options for you
If you are thinking about taking out student loans, look into the option of Direct Loans. Unlike private student loans, the lender of student direct loans is the U.S. Department of Education instead of a bank or other financial institution. These loans usually have lower rates.You borrow directly from the federal government and only need [...]
You have the Borrower Grace Periods no matter what the lender says
You are graduating, or you have graduated for 3 moths and yet there’s no sign of a full time job. You’re still hunting for that job and you’re losing sleep over the upcoming payment of your student loans. You are worried that someone from the lender will call you soon and you will receive a [...]