Lower Interest Rate On Student Loans

Lower interest rate on student loans

Student loan debt is at an all-time high. In fact, Americans owe nearly $1.4 trillion in student loan debt. These numbers have been rising for years, and they continue to do so. If we don’t act now, experts believe that student loan debt could reach $4 trillion by 2023.

No payments until after graduation

If you’re graduating soon, you may not be worrying about how much money you’ll need for school. Instead, you might be thinking: How am I going to come out of school with thousands of dollars in student loans? Well, you won’t have to worry if you’re enrolled in a public college. According to College Board data, students who attend schools that are part of the federal government’s Free Application for Federal Student Aid (FAFSA) program won’t rack up any payments while still in school — and those who graduate without taking out loans could end up paying back less than $0 in federal student loan interest.

Pay off student loans as fast as possible

One way to lower monthly student loan payments is to pay them off faster. You’ll want to focus on doing so before you start repaying your loans each month. By working toward that goal, you’ll take advantage of low rates and make big savings down the road.

Take advantage of income based repayment

Income Based Repayment was created to help borrowers manage their student loan debts. Under this plan, your monthly payment is determined by your household income. So, even though your loan amount is higher, you’ll only have to repay a smaller percentage of the total borrowed amount.

Avoid private student lending

Lenders that provide student loans often charge exorbitant fees that put borrowers at risk of defaulting. To avoid these types of lenders, check out national nonprofit organizations like the U.S. Department of Education, which offers free and confidential counseling services to potential borrowers.

Lower Interest Rate On Student Loans

Federal Government Loan Consolidation

The federal government offers student loan consolidation, where you can consolidate many loans into one single monthly payment. You’ll have to pay a fee of $50-$100 depending on how much you owe. However, if you have multiple private loans, then you may not qualify for the federal loan consolidation program due to some rules set by the lenders. Private loans include any type of personal loan, including car loans, home equity loans, payday loans, business loans and others. If you have more than two private loans and want to consolidate them, you’ll need to contact each lender independently.

Direct Subsidized Stafford loans

Direct subsidized Stafford loan consolidation means that you only make payments on your original loan while your income remains below certain levels. Your interest rate will be lower than what you would pay if you were paying back multiple loans separately.

Income Based Repayment (IBR)

Income-based repayment plans allow borrowers to cap their monthly payments at 10% or 15% of their discretionary income. Borrowers who do not make sufficient discretionary income have the option of paying off their debt over 25 years.

Graduated Payment Plan

A graduated payment plan (GPP) allows students to begin repaying their loans after they graduate school, but before they incur additional fees or interest charges. These plans require that you start making low initial payments and gradually increase your payments until you reach your final repayment amount.

Pay As You Earn (PAYE)

Pay As You Earn plans offer borrowers the opportunity to repay their loans based on their income. Under this plan, your monthly payments will increase as your earnings increase, up to a maximum percentage of your disposable income.

Lower Interest Rate On Student Loans

Education-Related Products and Services

The United States Department of Education issues its own debt instruments including Treasury securities (T-Bills), agency bonds (Treasury Inflation Protected Securities or TIPS) and agency loans (Direct Loans).

Educational Savings Accounts

Students have access to their federal student loan money through these accounts. Funds deposited by students are federally insured by the U.S. Department of Education’s Federal Family Education Loan Program.

IV-Federal Student Aid

This program provides grants and low interest loans to help pay for college costs.

Direct PLUS Loans

These loans provide additional funding for undergraduate students who need them to cover tuition, fees, room and board plus books and supplies.

Perkins Loans

Perkins Loans are awarded if education institutions do not meet financial standards set forth by the government.

Pell Grants

Pell Grants are given to students who demonstrate financial hardship. Recipients should contact their local school district to find out how much they qualify for.

Graduate PLUS Loans

Graduate Plus Loans are available to graduate students enrolled at least half time in a Masters degree or Doctoral program.

Lower Interest Rate On Student Loans

If you’re currently enrolled in high school, college or university, check out www.studentloans.gov/ for information about loan repayment options. There are several programs available that allow you to pay back your student loans at lower interest rates while still paying minimum monthly payments — plus some have no payment for certain months during your degree program.

If you’re not currently enrolled in school, visit www.finaid.org/ for information about free federal assistance programs that could help you pay for post-secondary education. You might qualify for Pell Grants, work study (for students looking to make money), or even scholarships.

And if you want to learn more about how to manage your finances well enough to start saving for your future, check out my book, “The Total Money Makeover.” It’s written specifically with young adults in mind, but many of its strategies can apply to anyone. I wrote it to show people how they can achieve financial success, regardless of their age or background.

Lower Interest Rate On Student Loans

(Video)

Description: In the United States today, there is currently a shortage of workers to hire for entry level jobs such as housekeeping and servers. This results in students paying high interest rates to their student loans and hiring managers looking for people who have those skills. Today we get to know about a program called LIFT Scholars that provides scholarships for students seeking entry level jobs where employers need employees to fill open positions.

The video explains how these students were able to apply through this scholarship and what they do while attending school.

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