Common Student Loan Mistakes to Avoid

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Lending an Ear

A weekly guide to financing college.

July 7, 2024

A Former Student Reveals Her Student Loan Mistakes So Your Family Can Avoid the Same Pitfalls

Get helpful advice from a former student about the mistakes she made before, during, and after graduating college to help your student borrow responsibly. Read HERE.

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Follow These Steps to Find the Best Student Loan Rate

Always make sure your student is maxing out Federal Direct Student Loans before borrowing private loans.
Apply to at least 3 lenders to compare rates. Choose from our recommended lenders below.
Create a free account with Juno, a partner who negotiates interest rates with lenders.
Use Juno to see if they can offer a loan, from their lender, with a better rate than your best private loan offer from step 3.
Compare your best rate with the Parent Plus Loan (PPL) interest rate. The adjusted PPL interest rate to compare against is 10%. This includes the origination fee.

Our Private Lenders Suggestions

(Variable APRs as of 7/1/2024)

➡️ College Ave 5.59% - 16.85%*

➡️ Sallie Mae 5.37% - 15.70%*

➡️ SoFi 5.74% - 15.86%*

➡️ Ascent (Cosigned) 6.23% - 16.09%*

➡️ Citizens (through Credible) 5.98% - 16.48%*

*Rates are based on automatic payment discounts of 0.25 percentage points.

We're Here to Help You!

📊 Download our FREE Student Loan Comparison Spreadsheet.

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💻 Join our free PFC101 Facebook group and connect with other parents on the paying for college journey.

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Got Questions About Paying for College?

We're Lending an Ear and Answering!

Question: If we borrow the federal student loans and want to make payments while our student is still in school, how do we know who to make the payment to?

Answer: After your student's first federal loan is disbursed to the school, they will be assigned a federal loan servicer. They can view the servicer information by logging into their account on www.studentaid.gov. To make a payment, they'll need to create an account on the servicer's website.

Submit your questions here, then check back each week as we highlight the most pressing questions and share our advice.

Our R2C Content Team is dedicated to helping families navigate the

ever-changing world of college admissions and financing.

Lending an Ear is written & edited by Becca Blauch.

Disclaimer: The information provided in this email is for general informational purposes only. Road2College is not a financial advisor or planning service, and as such, cannot be held responsible for any direct or indirect circumstances. Please consult a licensed financial professional before making any financial decisions. Road2College may receive compensation from products and links featured in this email. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding.

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Subject: Common Student Loan Mistakes to Avoid