Advice on Student Loans - Bills

Overview

A college education is expensive and the costs increase every year. Rising college tuition and living costs mean you will need to come up with more funds to pay for a college education. You must plan carefully to accomplish your education goals and not end up burdened by debt.

Currently, about two-thirds of students who graduate carry student loan debt. The average of those with debt is more than $25,000 in student loan debt. Amazingly, many dont understand how much their monthly student loan payment will be when they finish their schooling.

Are you shopping for student loans? Looking for student loan rates and information? Whether you are a current student or about to be one, a students parent, or someone that already has student loans, you need to take time to research all of the options available to you.

Federal vs. Private Student Loans

There are two main categories of student loans: federal student loans and private student loans. Federal student loans are based on need, generally, not on your income or credit score. Federal loans usually have lower interest rates and more flexible repayment terms than private student loans. So, check out your federal student loan options first. However, the amount you can borrow in federal loans is capped, so it may not cover all your expenses.

If you need to take out private student loans, Bills.com partners with private student loan lenders, to help you find the best rates available.

If you are currently making payments on your student loans, be sure to look into consolidating them. Consolidating your student loans can help you lower your interest rate and monthly payment.

Millions of borrowers are unable to make their monthly student loan payment. If you struggle to make your loan payments, make sure you understand the deferment and forbearance options available. If youre in collections for your student loans, its crucial for you to know exactly what kind of harm you can suffer, such as a wage garnishment.

Use Bills.com as your online resource for learning about student loans, finding the best student loans available, and understanding your options for paying back your student loans.