Great Student Loans

Great Student Loans

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Great Student Loans is a website dedicated to student loan debt where students can find free information on how to best manage their money while paying off their loans. Here at Great Student Loans, we’re here to help people pay off their student loans through simple and effective means.


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Great Student Loans

The Great Student Loan Scam may have saved millions of Americans from going broke, but it is not without its downsides. In fact, it was partly responsible for creating the US student debt crisis we find ourselves in today. Here’s how it happened.

In 1965, Congress passed the Higher Education Act (HEA) which provided federal grants to states to help cover tuition costs. These federal grants were conditional on students being enrolled at least half time and receiving no financial aid from any outside sources. Under these conditions, if a private lender offered to loan money to a student who would pay back the loan over 10 years, then the government would only reimburse the lender 30% of the amount borrowed. The remaining 70% had to go directly towards paying off the student’s tuition.

This system worked well until the 1980s. By then, many colleges had started using financial aid counselors to try to get students to borrow money from private lenders instead of taking out loans from the government. Students would start borrowing huge amounts of money immediately after they arrived on campus. The problem was that these financial aid counselors didn’t always do their jobs correctly.

It is estimated that between 2005 and 2008, some $12 billion worth of loans went bad due to these errors. As a result, the Federal Government ended up having to write off over 40% of the outstanding student loan balance. This meant that over 8 million borrowers owed the government $140 billion dollars.

To make matters worse, the government never actually received enough tax revenue to repay the entire amount of student loan debt. To recover some of the lost funds, the Obama administration took steps to provide incentives for people to start repaying their student loans earlier, but this only created even more problems. Today, student loan interest rates are higher than ever before and many students are struggling to keep up with payments.

The truth is that many Americans owe tens of thousands of dollars in student loan debt and simply cannot afford to pay it back.

If you are thinking about getting student loans, know that the best way to avoid them is to take advantage of free educational opportunities available right now. There are plenty of scholarships, grants, and other ways that you can save money while still pursuing a college education. And remember, the government does offer several different repayment plans to help ease the burden of student loan debt. You just need to look hard enough to find them.

Great Student Loans

Federal Direct Subsidized Stafford Loans (Subsidized)

Federal Stafford Loans are subsidized loans if eligible. These loans have low interest rates compared to unsubsidized loans. There is no application fee to apply for these loans. You may need a signature from your parent or guardian verifying the information provided on the loan documents.

Federal Direct Unsubsidized Stafford Loan (Unsubsidized)

If you do not qualify for federal direct subsidized loans, then you can still qualify for an unsubsidized loan. You will need to pay higher interest rates, however, than those who get a subsidized loan. There is a $50 application fee for this type of loan. You may need a verification letter from a relative or friend verifying your income and employment status before you submit your application. Also, make sure to add your parents’ names to your FAFSA.

Federal Family Education Loans (FFEL)

These loans are not for everyone, but they are great for people who want to attend college. If you already have an undergraduate degree, then you should wait until after graduation to take out a student loan. Otherwise, you will need to repay them while you are enrolled in school. If you plan to use the money to finance post-graduate education, then you should start planning right now. You will not need a cosigner on these loans, and you will not need to complete an FAFSA to apply for FFEL loans. However, you will need to provide documentation about the financial situation of your family in order to receive approval. 4. Private Loans

Private loans are generally taken out by students after their senior year in high school. You will need to go through a private lender to apply for private loans. Once approved, you will need to pay back the loan monthly. Make sure to keep track of all payments so that you can avoid late fees.

Great Student Loans

The following videos are informative, educational, and entertaining. I hope people find them useful and interesting! Please enjoy, share, and comment 🙂

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Cons: Interest Rates

How Much You Pay In Private Student Loan Payments

Great Student Loans

Federal student loans

Federal student loans are offered by the government and have varying amounts based on how much money you make per year. These loans can be useful to pay for college since they don’t require repayment until after you graduate. However, if you use federal student loans to pay for school, you will not receive any kind of state-sponsored loan assistance when you begin repaying them. Additionally, it’s not recommended to take out a private lender for tuition payments because while these loans do offer low interest rates (starting at 2.65%), they are still high compared to what banks give out.

State tuition aid

State tuition aid programs exist at public universities and community colleges across the country. If you live in the state where your university is located, you may qualify for financial help with tuition costs. You should apply for state grants and aid as early as possible because many states make application deadlines long before you even start looking for funding opportunities.

Student debt forgiveness

There is some good news regarding student debt, depending on what type of loan you took out. There are two types of student debt: consolidation loans and private loans. Private loans are considered worse than consolidated loans because they were taken out directly from lenders instead of being put together by a bank under one name. Private loans tend to have higher interest rates than consolidation loans and are only eligible for discharge if you declare bankruptcy. On the plus side, consolidation loans can be discharged through bankruptcy if you work with a lawyer who specializes in bankruptcy law.

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