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Articles tagged with: federal student loans

Should Parents Co-sign a Student Loan?

Yesterday, we talked about whether or not paying for college should be the parents’ responsibility. At the end of the post, I asked what you thought about cosigning a student loan. Is co-signing a great way for parents to help out their kids with the rising cost of college? Or is co-signing a slippery slope […]

Why Not All Student Loans Are Created Equal

by Mara Strom Some of you may be wondering whether qualifying for a federal loan is really that big of a deal. You figure money is money, and debt is debt. Plus, you’ve heard that applying for and getting accepted for a private loan is easier and faster. While it’s true that any green will […]

Getting Student Loans When You Have Bad Credit

The credit crisis has everyone on edge. If you are planning to take out student loans to help pay for your college education, you, too, may be worrying about how this financial crisis is going to affect you. If your credit rating isn’t all that good, your worry is probably pretty intense. But before you […]

The Fate of Private Student Loans

I have never hid my opinion from our readers that, if given a choice, federal student loans are far superior to private student loans. Federal student loans have lower interest rates, more favorable terms (such as income-based loan repayment), don’t require a co-signer, and freeze your repayments and interest while you’re in school. All these […]

Reader Question: Student Loan Income Repayment Option

It looks like the last two weeks have unintentionally turned in to the “Student Loan Hour” here at the Financial Aid Finder. Earlier this week, I covered the New York Times piece on student loan debt. Five experts sounded off on the question, “How much student loan debt is too much?” (Did you answer that […]

What Happens When You Default on Your Student Loans?

As the economy tanks and employment skyrockets, the number of former students struggling to pay off their student loans is likely to grow, too.  While failure to repay any debt can have serious consequences, not making payments on your student loan is especially grave.  Here’s a quick primer on what it means to default on […]

Congress Debating Student Loan Bankruptcy Law

A new law to make private student loans eligible for discharge in a bankruptcy is being debated by the U.S. Congress. It is stands right now, no student loans — neither federal nor private — can be discharged in a bankruptcy. Unlike home loans, car loans and credit card debt, so-called “education loans” are exempt […]

In the News: Plan to Increase Pell Grants Clears First Legislative Hurdle

President Obama’s plan to federalize student loans and increase funding for the Pell Grant cleared its first legislative hurdle today when the House Education Committee approved the plan. Known as the Student Aid and Fiscal Responsibility Act of 2009, the President’s plan would expand the number of students eligible for Pell Grants. Currently 40 percent […]

In the News: Obama Suggests Major Overhaul of Student Loans

On Wednesday, President Obama revealed his budget plan, which includes a major overhaul of the current federal student loan program. The sweeping and controversial plan would completely alter the $85 billion student loan business, which currently profits companies like Sallie Mae to the tune of $4 billion a year. Here’s how: The way federal Stafford […]

In The News: Financial Aid Is a Mixed Bag for Next Year

According to this recent article on MSNBC, college students are scrambling for financial aid for next year: “The financing system for college is in real crisis,” said Barmak Nassirian, associate executive director of the American Association of College Registrars and Admissions Officers. “Every one of the participants in the system is experiencing hardship – higher […]