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May 15, 2018
By: Mason Gallik
There are many types of federal student loans that can appear in a financial aid package for undergraduate students. Stafford subsidized, Stafford unsubsidized, Perkins, and Parent PLUS are all federal student loans that can be used to help pay for an undergraduate education. Each of these loans have positives… more

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April 24, 2018
By: Mason Gallik
Last week we discussed how some colleges drop average grant aid offered after the first year of studies. This week we will discuss how it is made up for in extra federal loans. The previous article can be found here, but the gist of the article is that colleges on average drop grant aid… more

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April 24, 2018
By: Mason Gallik
Grants are great when paying for college because they don’t have to be paid back! Sometimes, colleges offer overly generous financial aid packages for your first year with large amounts of grants offered. It is absolutely necessary to find out if these grants will be offered again after the first year… more

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April 13, 2018
By: Mason Gallik
You may have noticed that some federal loans are subsidized, while some are unsubsidized. Many people ask, “What is the difference between subsidized and unsubsidized student loans?” There is one big difference between the two that should be taken into account when taking out student loans. Generally, there are two types of subsidized loans… more

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April 6, 2018
By: Mason Gallik
The total student debt owed to the federal government jumped by $30 billion from three months ago to a staggering $1.367 trillion. For reference, $1.367 trillion could buy almost 1.4 million homes that cost $1 million each. This total is up by 5.8% from a year ago as borrowing for college continues to expand. Remember, this number does not include… more

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March 30, 2018
By: Mason Gallik
Variable rate loans usually start out with a lower interest rate than fixed rate loans. Variable rates can change though and this can lead to payments that keep increasing if interest rates are rising. We are currently in an environment where the Federal Reserve has been raising short-term interest rates. Since variable rate student loans are often based off of a short-term… more

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March 23, 2018
By: Mason Gallik
Rates on student loans can be either variable or fixed. When taking out federal loans, rates are almost always fixed. This means that the rate will stay the same over the life of the loan. This leads to monthly payments that are stable unless you fall behind or miss payments. Rates can be variable though, which means the interest rate and thus your monthly payments… more

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March 17, 2018
By: Mason Gallik
The Trump Administration recently stated in a proposal that it wants reforms to the income-driven repayments plans for federal student loan borrowers. While the proposal could benefit undergraduate borrowers as shown in a previous article, there is bad news for graduate borrowers. The proposal for graduate borrowers calls… more

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March 11, 2018
By: Mason Gallik
The Trump Administration’s recent proposal to streamline the income-driven repayment plan offerings into one plan could have some good news for undergraduate borrowers. For undergraduate borrowers, the repayment period would fall to 15 years compared to 20 years in Revised Pay As You Earn (REPAYE) and then the loans would be forgiven… more

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March 3, 2018
By: Mason Gallik
The Trump Administration’s budget proposal calls for significant changes to federal student loan programs. While some of the specifics are vague on details, this proposal gives a glimpse into potential future efforts. The most significant proposal is probably reforming income-driven repayment plans… more

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February 16, 2018
By: Mason Gallik
If you are about to enroll in college, be aware that you will likely have tens of thousands of dollars in debt when you graduate. The average 2016 graduate with loans had $37,000 in student debt and this number has been increasing each year. College is very expensive… more

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February 15, 2018
By: Mason Gallik
To help increase student loan affordability, the government has several income-driven repayment programs. These are meant to keep student loans affordable for borrowers who are struggling to repay their loans. PAYE and REPAYE are two of the most popular. They provide… more

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February 7, 2018
By: Mason Gallik
Throughout the LoanMajor site, you may see several boxes called “Increase Annually” that ask for a number with a percentage sign. If you do not know what this is, this article is here to explain to you Increase Annually. This box can be a powerful tool so you do not underestimate… more

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February 2, 2018
By: Mason Gallik
As of the end of 2017, there is over $1.36 trillion in outstanding federal student loans. That is $1,360,000,000,000 or more than 13 billion one hundred-dollar bills. In the United States, it is the second largest area of consumer debt behind mortgage loans. Federal student loans increased 5.8% from… more

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January 9, 2018
By: Mason Gallik
Revised Pay As Your Earn (REPAYE) has been one of the most popular income-driven repayment plans for student loans over the past few years. There is a problem that can arise if you are enrolled in REPAYE and get married, which can be higher monthly payments… more