| | You Say July, and We Say "Loans?"
July means a lot of things to different people: Summer; sun; sand; student loans.
Say, what???
That's right, for those families who are coming into the home stretch of the college admissions and financing process, July is the perfect time to research, shop for, and (hopefully) get accepted for student loans.
So, as well as being a time to get a tan, it's also time to get the best interest rate and loan features. |
| | Research, Shop, and Compare
The first order of business:
Make sure your student ALWAYS maxes out the federal student loans.
If you still need more, you'll want to compare private student loan rates to the Parent PLUS loan, which is 6.28% plus a 4.228% origination fee, equaling an APR of 7.25% (the interest rate to compare private loans rates to).
Still need more $$$? Follow our steps (above) for shopping for rates of private student loans.
You can check with Credible, a marketplace that makes it easier to get rates from multiple lenders, but not all lenders are represented, so also go directly to lender sites. |
| LENDER I VARIABLE RATES (APR)
LendKey as low as 1.49%*
*Variable rates as of June 23, 2021. Rates are based on automatic payment discounts of 0.25 percentage points. |
| And last, but certainly not least...
After shopping around and before you commit to a lender, check Juno to see if they can beat your lowest rate. They've negotiated better rates based on giving the "winning" lender higher volume.
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| If you find a lower private student loan rate anywhere else, Juno will match the cost and beat it.
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| Fun in the Sun
Once you've reached this point, congratulations!
There will still be opportunity to enjoy the summer and spend quality time with your freshman-to-be. (And don't forget to do some dorm shopping, but that's a topic for another newsletter.)
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| | My goal is to provide affordable services, insightful information and a support system so your family can make more informed decisions about college.
Feel free to respond to this email with any questions you have. |
| | Debbie Schwartz Founder, Road2College I'm a parent, like many of you, navigating college admissions and paying for college. With an expertise in personal finance, analysis, and marketing, I'm working to give families the information and tools to make smarter financial college decisions. |
| | Road2College may receive affiliate compensation on items purchased through our links.
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