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Pay It Forward For Other Families |
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20/20 On THE COLLEGE ADMISSIONS PROCESS
In our never ending search for data that can be helpful for parents and students, we asked families of the class of 2019 from our Paying For College 101 Facebook group, “Did You Get What You Expected?”
The survey netted responses from over 550 families and provided us with a wealth of information.
Now, we are asking the same question of the families of the class of 2020.
Many of you have already responded, but we need just a few more.
Would you please fill out our survey and pay it forward to the next graduating class?
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| This time of year as you're getting to the finish line of deciding where your student will go to college, you need to turn your attention to - "how the h@$$ am I going to pay for it".
To help you understand the basics, I walked through federal student loans, parent plus loans, and private loans.
As I repeated multiple times...if your family needs to borrow any money, ALWAYS have your student borrow the federal Stafford loans first. These loans have the lowest interest rate your student will be able to get, in their name!
SHOP AROUND!
Just like with any other big purchase in life, it's important to shop, gather information, and compare your options.
The best way to gather your information is to apply to several lenders and then compare.
There are several student loan marketplaces (Credible is popular with many families).
These are good sites to check out but understand that not ALL lenders participate in these marketplaces, so you may be missing out on potentially better rates if you don't apply directly to some lenders.
It's worth your time to get all the information you need to make a smart decision. |
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LENDER I RATES
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CommonBond I 1.70% - 7.68% *
LendKey I 2.99% - 6.95%*
College Ave I 1.79% - 10.97%*
Citizens Bank I 1.47% - 9.80%*
Sallie Mae I 2.00% - 10.10%*
SoFi I 1.57% - 10.23%*ª
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*Variable rates as of 5/12/20, fixed rates may differ.
ªRoad2College followers will receive a $250 principal paydown when taking out a SoFi loan only when applying through this link. See more info in the email attachment.
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Here's a great summary of what you need to know about student loans- Everything You NeedTo Know About How Student Loans Work.
Reach out if you have questions about loans or anything else related to what's going on with colleges right now. |
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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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