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Do your research and compare to save money

A recent survey of lenders offering private student loans to Iowa students and families highlights a clear lesson: Shop around and do your homework, or risk paying more for your education.

Federal student loans are always the best option for student borrowers. However, many Iowa students will find that scholarships, grants, and federal student loans fail to cover all their costs. Private student loans can close gaps in financial aid packages.

This summer, the Iowa Attorney’s Office surveyed student loan lenders in an effort to better understand the state of private loan lending in Iowa. The lenders surveyed were on lists that Iowa educational institutions provide to students. The AG’s office examined 10,452 loans from 20 lenders that responded to our survey.

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Good scores don’t always equal low rates

Data collected in our survey showed that students and cosigners with similar credit scores received widely different interest rates. Although interest rates are often related to credit scores, and borrowers with poor credit receive less competitive rates, Iowans with high credit scores shouldn’t assume they’re always being offered the lowest interest rate.

Our survey found that rates obtained by borrowers or cosigners with similar credit scores varied widely and many borrowers with good or excellent credit scores receive the same high interest rate as students with fair or poor credit scores. Applying for private loans from several lenders gives borrowers the ability to comparison shop without greatly affecting their credit score. (Credit bureaus will typically treat inquiries within a short period of time as a single credit inquiry after the loan is selected.) Iowans should consider applying to a variety of financial institutions, including national or state banks, credit unions, and non-profit lenders, as the rates and terms offered may differ. Continue reading “Survey: Private student loans vary widely in rates, costs”

If you’re in college and want to get a credit card for emergencies or to start building your credit, a student credit card can be an excellent option. They’re easier to qualify for if you don’t have an established credit history, and you can get one even if you only have limited income from a part-time job.

However, your application isn’t guaranteed to be approved. Depending on your situation, you could be denied because of your credit history, student status, or for other reasons. If you’re wondering, “Why am I getting denied for student credit cards?,” here’s what you should know.

Key Takeaways

• Student credit cards can be easier to get than other cards, but approval isn’t guaranteed.
• Card issuers review the information on your application and check your credit history and income.
• You can be denied for a wide range of reasons, including poor credit or a lack of income.
• If you’re unable to get a student credit card, you may still be able to get a store credit card, secured card, or credit builder loan. Continue reading “What to Do if You’re Rejected for a Student Credit Card”

The conversation about student debt policy is heating up, and there’s been a recent focus on how student debt adversely impacts Black students. At Trellis Foundation, we care deeply about postsecondary affordability, access, and completion. This post provides a brief context of the research and headlines that have helped shape our thinking on these issues as they relate to Black students. First, we’ll talk about the disproportionate student debt problems that Black students are facing. Then, we’ll discuss some possible explanations for these obstacles. We have also conducted a brief summary of these 10 sources, for your reference.

Significantly fewer Black students graduate without debt.

There’s an alarming relationship between degree attainment and larger amounts of debt for Black students. A study by The American Council on Education (ACE) found that about 30 percent of badcreditloanshelp.net/payday-loans-sc/ all 2015–16 bachelor’s degree recipients graduated without debt, but only 14 percent of African-American graduates could say the same. Continue reading “What percentage of college students graduate with student loans”