Financial Aid

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...

While the coronavirus pandemic has posed financial challenges for many over the past nearly two years, student loan borrowers have enjoyed some relief in this period. In March 2020, the government paused student loan payments and interest on eligible federal loans. Since then, the student loan moratorium has been extended five times, most recently through May 1, 2022. (UPDATE: The moratorium in early April was extended for a sixth time, through Aug. 31, but this study was based on the May 1 end to the pause.) This long-term, zero-interest forbearance is resulting in major savings for borrowers — $145 billion in total, according to Student Loan Hero researchers. Analysts estimate the typical borrower in active repayment will have kept $6,949 that would have otherw...

Vermont borrowers have an average balance of $35,276 in federal and private student loans, 4% below the national average of $36,689. Those going to school in the Green Mountain State can tap into incentives like the Catamount Commitment, which covers tuition and fees — in full — for University of Vermont students receiving federal Pell grants. While both need- and merit-based programs are available, many students lean on federal and private loans to cover the cost of going to college. Here’s a look at Vermont student loans and repayment options. Vermont student loans: Borrowers owe average of $35,276 in federal, private debt College students in Vermont borrow, on average, $35,276 in federal and private loan debt. Compa...

Just Admit It: What is the Transfer Admissions Process Like?Learn the Ins and Outs of the Transfer Admissions Process With approximately one in three students choosing to transfer colleges at least once during their undergraduate career, it’s important to have a clear understanding of the admissions process. While there are some parallels to first-year admissions, there are also some key differences that transfer applicants must be aware of. If you’re considering transferring colleges, preparing in advance and doing your research can help set you up for success. Keep reading to learn more about our tips for transfer applicants and check out our Just Admit It! podcast episode for even more insights on the topic. Understand Your Why Every student may feel frustrated with their college exper...