There’s no doubt that higher education or training pays off. In study after study it is estimated that a person with a bachelor’s degree will make more than 1 million dollars, in lifetime earnings, over a person without one. To get a college degree or training, however, takes money. Not every person will have the money to be able to authorize a debit purchase for costs of college or training. And, unfortunately, not every student will be eligible for grants and scholarships to help pay the bil...
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In this unprecedented environment, one of the primary concerns for the Alaska Commission on Postsecondary Education is ensuring meaningful relief is available for state student loan borrowers impacted as a result of the COVID-19 pandemic. To mitigate adverse economic impacts, the Commission has implemented a number of strategies to support borrowers:
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If loans are part of your plan for college or career training, the first way to save is to do your research and pick the best loan. But there’s another secret to big savings: payments in school.
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One of the most common questions I hear at financial aid offices is, “have you completed your FAFSA?” Most students, this time of year, have. However, there may be other requirements that you need to complete before receiving your federal loans. Your financial aid is sent to the institution, but before they disburse the funds, you may need to sign the master promissory note and complete entrance loan counseling. Here’s what you need to know:
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Navigating your path to postsecondary education can be confusing and challenging under ordinary circumstances. Many can agree that nothing about our current circumstances is ordinary. There have been many new challenges and changes to our daily life and routines, as well as changes to our plans. While things remain uncertain, we also want you to know that your postsecondary goals can still become a reality, it might just mean taking a new path to get there!
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There is an app on my phone that tells me exactly how long I have until my student loans are paid off. It is a basic countdown app that I set up after using this online calculator to find out just how long I will be paying off those loans. Here’s a calculator for federal loans.
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In the hierarchy of financial aid, you should always seek gift-aid first before taking out a student loan, but the cost of attendance can often exceed the amount of gift-aid – if that is the case, student loans are a viable option. When looking at your loan options, make sure to research the interest rates, repayment logistics, and always read the fine print (usually located in the promissory note). To help you navigate through the realm of student loans, we listed a few myths below:
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Whenever we assist students with financial aid (especially when the student is considering student loans), we make sure the student is aware of the logistics – the what/why/where. A topic that comes up often (especially when we work with students whom are in the last stages of their program) is aggregate [student] loan limits. Below is a quick breakdown of aggregate loan limits:
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If loans are part of your plan for college or career training, the first way to save is to do your research and pick the best loan. But there’s another secret to big savings: payments in school.
Read More
One of the most common questions I hear at financial aid offices is, “have you completed your FAFSA?” Most students, this time of year, have. However, there may be other requirements that you need to complete before receiving your federal loans. Your financial aid is sent to the institution, but before they disburse the funds, you may need to sign the master promissory note and complete entrance loan counseling. Here’s what you need to know:
Read More