Mortgages and student loans are among the two most common types of consumer debts in the U.S. Per the Federal Reserve, home loans total around $17.05 trillion, while total student loan debt sits around $1.60 trillion.    Since many borrowers have student loans from multiple loan servicers, rolling student loans into your mortgage could be tempting. Doing so will result in fewer monthly payments. But there are several factors to consider before moving forward with this strategy. Can You Roll Student Loans Into A Mortgage? You can roll your student loans into your mortgage if you’ve bu ..read more

More students are choosing to pursue postbaccalaureate education. The National Center for Education Statistics reported that the total postbaccalaureate enrollment increased by 9% between 2010 and 2021, the last available data.    But graduate school can be expensive; tuition and fees cost an average of $19,749 per year, which doesn’t include living costs. Most students will have to use student loans to cover some of the costs, and graduate school loans have different terms than undergraduate loans.    Do you have to pay student loans while in grad school? Whether payments ..read more

When it comes to student loans, you have two main options: federal or private. Federal student loans are by far the most common, making up approximately 92% of the student loan market.    However, private student loans can play an important role in completing your education. Depending on your education plans and credit, private loans could be more cost-effective than federal loans.    In this breakdown of federal vs. private student loans, learn about these different loan options and what factors differentiate them from one another.  What Are Federal Student Loans?&nbs ..read more

It’s no secret that paying for college and graduate school can be expensive. Besides buying a home, earning a degree is one of the most costly (yet rewarding) steps in a person’s life.    Most students enter college when they are 18 or 19 years old. They likely have never worked full-time before, nor have they established their credit histories yet. Those issues, combined with the high cost of tuition — the national average for the 2023-2024 academic year being $28,961 for public universities and $42,162 for private schools — many need their parents’ help to take out loans and pay fo ..read more

Federal student loan interest accrual and payments were paused due to the COVID-19 pandemic, but both resumed in fall 2023. As a result, millions of federal student loan borrowers are now managing an extra monthly payment. While budgeting for this extra payment can be challenging after a long pause, there are a few benefits of making more than the minimum payments on your student loans.    Here’s what to know about student loan minimum payments, different federal loan repayment plans and their requirements, and the advantages of making extra payments toward your student loans. Unders ..read more

With so many changes to the student loan system, there’s plenty of opportunity for scammers to take advantage of the confusion. Student loan scams are increasingly common. In fact, the Federal Trade Commission (FTC) announced in March it was issuing more than $4.1 million in refunds to people who lost money in a student loan scam.    The problem won’t end anytime soon, but by being aware of common scams and red flags to watch out for, you can protect yourself. Top 4 Types of Student Loan Scams Student loan scams can come in many forms, but scammers usually use the following approache ..read more

When applying for private student loans, many borrowers have the luxury of asking their parents to cosign. Using a cosigner could mean the difference between qualifying and not qualifying for a loan and, at the very least, help you secure a better interest rate.   But how can you find a cosigner for student loans when your parents aren’t an option? That’s a complicated question requiring a nuanced answer, so let’s look at this problem from a few different angles to get a clearer picture. What Is A Cosigner? A cosigner is a trusted, creditworthy partner that serves as support on your priva ..read more

There’s no getting around it: law school is expensive. With programs averaging $53,920 per year, it’s no wonder that 90% of law school students use student loans to pay for their education. Worse, the average student loan debt for lawyers was $130,000 as of 2021.    The cost of pursuing a law degree can be intimidating. However, there are a variety of financial aid opportunities available that can help you pay for your education. By learning how to pay for law school, you can take advantage of those opportunities and reduce the need for student loans.  1. Maximize Your FAFSA Awa ..read more

Side hustles are a popular way to make extra money, pay down debt, and boost savings. According to a 2023 Bankrate survey, 39% of Americans have a side hustle, earning around $810 a month on average from their gigs.   But many people don’t report their side gig income on their taxes. They often believe that extra income isn’t taxable, but that’s a costly mistake. The Internal Revenue Service is very clear: you must file a tax return and report earnings from self-employment of $400 or more, even if it’s from gig work, a side hustle app, or a temporary job.    If you don’t report ..read more

Typically, the FAFSA for the upcoming academic year opens on October 1. However, due to changes to the 2024-2025 FAFSA, there were significant delays in the process. Instead of being available in the fall, this year’s FAFSA wasn’t available until January, and further glitches made it difficult for students and families to submit their FAFSA.    Worse, the U.S. Department of Education (ED) announced that schools wouldn’t receive the submitted FAFSA information until March. As a result, many colleges were unable to give students financial aid details at the time of admissions notificat ..read more