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PSAT: It’s Not Just a Trial Run
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Practice, Practice, Practice
Many parents and students alike approach the PSAT with a more casual attitude than they do the SAT. And they should not necessarily do that.
(No one likes to be taken for granted, right?)
The PSAT can be a gateway to winning some good scholarship money and getting some VIP treatment at various colleges. “Understanding the PSAT” will fill you in on the deets and school you on why you shouldn’t give the PSAT short shrift.
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Sherlock Holmes Not Needed
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Avg % Need Met, % Receiving Merit Aid, Avg Net Price - Is This A Foreign Language?
Finding Merit Scholarships should not be such an arduous process that you would need to call the guy from Baker Street to assist you in your search.
There is plenty of data available to help families do the necessary research to find schools that are more likely to offer students merit money.
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Tuition Due Bill?
Many families are just getting the tuition bill and figuring out exactly how much they will need to pay. Don't freak out if you'll need a loan. There's still time to shop around to find the best rate.
At this point in the summer, we strongly encourage you to apply to multiple lenders and compare the rates they offer you. There's no harm in applying to more than one lender. In fact the credit bureaus understand borrowers need to compare rates. So applications for mulitple loans (of the same type), filled out within 30 days, are viewed as one hard credit pull against your credit score.
Get the information you need to make a smart decision. Shop for rates. Compare the rates you're offered and the loan features. Having the ability to release a co-signer is an important feature for many families and this isn't available with all lenders, so make sure you ask.
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LENDER I RATES
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CommonBond I 3.66% - 9.64% *
MEFA I 3.95% - 7.30%**
College Ave I 3.96% - 11.98%*
Citizens Bank I 3.96% - 11.61%*
Sallie Mae I 3.98% - 11.35%*
Funding U I 7.99% - 13.99%**
*Variable rates as of 7/21/19, fixed rates may vary.
** Funding U & MEFA only offers fixed rates.
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| As a reminder, students should always access their federal student loans first, before borrowing from private lenders. Interest rates on federal student loans are generally the lowest rates students can find without a cosigner.
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A daily e-mail newsletter may not sound like something everyone needs, but if you (or your student) have any interest in the business world, we think you should check out Morning Brew.
They keep you informed, and they do it in a quick and witty way. It’s painless…unlike so many other things going on in the world today.
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| 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. |
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If this newsletter no longer fits your needs, consider receiving our new newsletter, focusing on financial issues related to students currently in college or recently graduated.
Road2College may receive affiliate compensation on items purchased through our links. |
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