ALASKA
Alaska Commission on Postsecondary Education
3030 Vintage Boulevard
Juneau, Alaska 99801-7109
(907) 465-2967
State Department of Education
Goldbelt Place
801 West 10th Street, Suite 200
Juneau, Alaska 99801-1894
(907) 465-8715
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ALABAMA
Alabama Commission on Higher Education
Suite 205
3465 Norman Bridge Road
Montgomery, Alabama 36105-2310
(334) 281-1998
State Department of Education
Gordon Persons Office Building
50 North Ripley Street
Montgomery, Alabama 36130-3901
(205) 242-8082
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Whether you’re planning to go to college or seek a technical or career education, there’s money to help you pay for it.
You should first check out grants, scholarships and other free money that you don’t have to repay.
Also, look into ways to cut your college costs. Consider starting at a community college, becoming an AmeriCorps volunteer to earn an education award, or taking AP courses in high school for college credit to help you graduate earlier and save on tuition.
If you don’t receive enough free money and aren’t able to cover your costs with savings or other resources, there are low-interest federal loans for students and parents that offer flexible repayment options.
The keys to finding money for college are to start your research early, explore all your options and make sure you meet all deadlines.
Applying for most financial aid is free — simply complete the Free Application for Federal Student Aid, known as the FAFSA, and provide any other information that may be required. To apply for a Cal Grant, for example, you’ll need to submit your verified Cal Grant GPA as well as the FAFSA by the March 2 Cal Grant deadline.
Missed the March 2 deadline? You should still complete the FAFSA to be considered for other state, federal and college financial aid. Contact your financial aid office to learn more.
You can apply for financial aid every year, from your senior year of high school through your senior year of college — and even beyond, if you’re headed to graduate school.
Here are some tips to help you plan and pay for college:
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Starting the Student Loan Application Process
Getting your student loan applications underway isn’t as burdensome as you might think. You’ll be back to the beach in no time. Here are some tips to get you started:
Block out an hour for uninterrupted attention to the loan process. Shut off your cell phone.
Run the numbers and figure out how much you need to borrow.
Borrow from the federal Stafford loan program first. Unless your school participates in the “Direct Loan” program, where money comes directly from the federal government, you will need to pick a lender.
If you still need to borrow more, consider a federal PLUS loan, for graduate students or parents of undergrads, or a private student loan.
Private student loans come in lots of different shapes and sizes – remember to compare your options.
If you need a private student loan, try to complete the application together with a co-signer. You will almost definitely need a co-signer to get approved for the loan, and applying together in the same session will make the process go smoother.
Keep track of where you have applied. Store your loan information, lender contact info, promissory note, and other information in a safe place.
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1 No origination or disbursement fees, or fees upon entering repayment.
2 The variable rate is based on the Prime Rate for U.S. banks published in the “Consumer Rates and Returns to Investor” section of The Wall Street Journal less a margin of 0.50% for qualified borrowers. The variable interest rate is set monthly based on the Prime Rate published on the 25th day of the calendar month immediately proceeding each monthly adjustment date. For example, the Variable Rate for the month beginning January 1st will be determined by the applicable PRIME RATE published on the preceding December 25th.
3 Benefit programs may be modified or discontinued at any time without notice. Program changes will not affect loans that qualify for the benefit prior to the time of the change. Borrower is responsible for payment of applicable taxes. Auto-debit must be used for regularly scheduled payments of principal and interest. Contact us for complete details and eligibility requirements.
Wachovia has been helping students and their families pay for college for nearly 25 years and is one of the nation’s most stable and well-trusted financial institutions. We make it easy to keep all your student loans under one roof with federal loans and affordable private loans to cover 100% of your costs. Plus, Wachovia can provide you with the financial products and services you’ll need throughout your career and into retirement.
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PROS
CONS
There are many good reasons to consolidate your student loans. However, there’s an equal amount of considerations that borrowers will need to think about before making their decision.
First, on the positive side. You’ll simplify your life with one monthly payment that will come from one lender (and one point of contact if you have any questions). Because you are extending your loan’s term (or how many years it’s going to take to pay back your consolidated loans), your monthly payment will be lower. That’s where the term “payment relief” comes from. Loan terms range anywhere from 10 years all the way up to 30 years. And the interest rate on a federal consolidation loan is fixed-which is unlike variable interest rate loans that can change. Your consolidated loan’s interest rate will be equal to the average of all the student loans you want to consolidate, which is then rounded up to the nearest 1/8 percent. The maximum rate your loan can be is 8.25 percent.
In addition, there are no fees, credit checks or prepayment penalties related to your consolidated loan. And, lenders are aggressively courting your business with incentives - called “Borrower Benefits” - that can offer you cash back, reduced rates, principal reductions and other goodies.
That’s all the good news.
Now for the considerations that make student loan consolidation not the right choice for everyone. First, you have to realize that by extending the length of your loan period (which does lower your monthly payments) you are adding to the total cost of the loan because of the extra time that interest on your loan is being charged. Put another way: You might end up spending more money in the long run.
Another consideration is that by locking in that one rate, you protect yourself if interest rates rise in the future; however, if interest rates go down, you are still locked in to your rate. Also, some new federal loans already have fixed rates. Consolidating these newer loans keeps the rate fixed, but it might get rounded up a bit. In addition, when you agree to the terms and conditions of your new consolidated loan, you lose all of the terms and conditions of your previous student loans. That’s important because some benefits to you that were contained within your previous loans might not be included, or may be different, in your new consolidated loan. Make sure you carefully read and compare how your original loans stack up against your new consolidated loan.
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Know Your Credit Score
Your credit score will be a major part of your adult life, so keeping it satisfactory (meaning as high as possible) is critical. While in college, you may need to apply for a private student loan to help you with your college expenses. To qualify for the funds, your private lender may review your credit history to determine if you are “credit worthy,” which is based on its lending criteria. Your credit score can be obtained through Experian, Equifax or TransUnion—the three major credit reporting agencies. Banks, credit card companies and other financing agencies all regularly report your payment history, amounts borrowed and loan terms to the credit reporting agencies. Bad credit such as liens, collections, past due accounts and bankruptcy can remain on your credit report for years, thereby lowering your credit score. A low credit score can make it difficult to get additional credit or a good interest rate on a loan. So keep and eye on your credit score, and do your best to keep it high.
Finding a Loan if You Have Poor Credit History
A poor credit history can keep you from getting a low-interest student loan through a private lender. However, each lender has its own credit-granting criteria, and you may be able to find one that will work with you. Of course, the loan you are qualified to receive may have a high interest rate or may require a cosigner. Either way, if you repay this loan in a timely manner it could help you reestablish a good credit history.
Working with a Lender of Last Resort
If you have a terrible credit history, and it seems like no lender will help you out, you have one option. They’re called “lenders of last resort.” Despite the ominous name, there are lenders of last resort for students in each state that may be able to help you out. While you are still required to complete an application and go through a credit check, the lender of last resort is a private lender with credit-granting criteria that may be more flexible than a traditional lending institution. Keep in mind that you may still be denied credit for a student loan.
Don’t Default on Your Student Loan
After graduation, besides getting a good job, don’t forget to repay your loans. You are granted a grace period before repayment commences, which will give you some time to get established in your new life. Once it’s time to begin making payments, however, take the responsibility seriously. You are considered to be in default on your student loans when you don’t make the required payments. This will be reported as a negative mark on your credit report and could influence your ability to get future loans (such as automobile and home loans). Since some employers also look at your credit history, this could prevent you from landing that perfect job . There are so many options available through the federal government to help you when you are having financial difficulties, so it is better to contact your student loan servicing agency before going into default.
Avoid Credit Scams
Unscrupulous businesses know that college students are not usually credit savvy, and that makes students easy prey for credit scams. Student credit card scams come in a variety of forms that include offers for low interest-rate loans or unsolicited phone calls on how to get an easy loan. You may even receive an offer through e-mail. Before you provide any information, check out the offer carefully and read the fine print. Once you provide some basic information on yourself, such as a Social Security number and birth date, a crook could steal your identity–so don’t give this out to anyone unless you initiated the contact. Also, watch out for anyone offering special loan deals. These could end up costing you quite a bit in fees and may even destroy your credit history. Do a little homework before taking advantage of an offer, and if it sounds too good to be true, it probably is.
Watch Out for Identity Theft
At any point in your life, you could become the victim of identity theft. When your credit history is stolen and abused, it can be difficult to obtain any credit, including a private student loan. Finding out your identity has been stolen may be a shock at first, but it is important to immediately follow up with law enforcement agencies and the credit bureaus. A note can be added to your credit report indicating that you were the victim of identify theft, which alerts potential lenders that they need to verify all information when they are offering credit. Repairing your credit may take many years and could require a lot of work on your part to get each creditor to remove the “bad” credit. Though it may be difficult, it is still possible to obtain credit after your identity was stolen.
Improve Your Credit by Rehabilitating a Bad Student Loan
After graduation it is important to maintain your credit history since this will impact your future ability to qualify for a car loan, mortgage and other types of credit. If you default on a student loan, this will appear as an adverse mark on your credit report. However, you can fix your credit scores by rehabilitating the loan. During this process, you will be required to make regular payments on the student loan by a due date each month for a period of usually nine to 12 months. (The length of time that you may be required to make payments depends on the type of loan that you defaulted on.) After making on-time payments for the required number of months, your student loan servicing agency will update your credit history to reflect your new payment history.
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For federal student loans, such as Perkins or Stafford, you do not need a co-signer. For private student loans, you should apply with a credit-worthy co-signer to increase your chances of approval and possibly improve the rate and fees you are offered. Some lenders require you to apply with a co-signer regardless of your income or credit rating. You’ll need to look at each loan program for these requirements. Applying with a co-signer may also help you receive a lower interest rate and better terms on your loan offer.
Most lenders will require a borrower to have a strong credit score (good to excellent) in addition to other criteria such as no negative credit history (such as missed payments), debt-to-income ratio (amount of debt vs. your current income) and even proof of current employment and income.
So, if you are an undergraduate student without sufficient personal income or credit history, you’ll almost certainly need to apply for a private student loan with a credit-worthy co-signer.
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*Loan pricing shown with these borrower benefits automatically applied.
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And paying for it with a CompleteEd™ student loan is smart. With over 70 years of financial expertise, we’re committed to helping you borrow responsibly for college by offering a loan that is fully certified by your school.
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With Virgin Money, you’re in charge. You create your own way to pay for school. Borrow from friends and family, or have them borrow for you, and then pay them back on terms that are affordable and flexible. See how:
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