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Happy "App of the Day" Day!

Happy "App of the Day" Day!

February 26th marked something special for Scholly. It wasn't our birthday, but it felt like it.  We celebrated the "App of the Day!" It's like winning an Oscar for apps. Apple joins our mission to provide opportunity for all by recognizing Scholly among the millions of other apps in the App Store.  This recognition furthers our work to help students just like you achieve their potential. We pride ourselves on providing the tools students need to get access to and funding for college.

Our CEO and founder Christopher Gray shared these words,

I  am honored that Scholly is being featured as the “App of the Day”. This recognition from Apple is a testament to all of the hard work my team has and is doing to help students find funding for college.

February has been a notable month, first with the Scholly Scholarship Summit in Chicago and now with Apple’s highlight. 

Students are graduating from college with alarming amounts of student loan debt. Scholly actively changes the tide of that trend and puts more money in the hands of students that need it the most. USA Today stated that Americans owe over $1.48 trillion in student loan debt, surpassing credit card debit by $620 billion. Less than two years ago, the average graduate from the Class of 2016 graduated with upwards of $38,000 in student loans. We are reversing this graduation to debt ratio by reaching students where they are in a compelling way. Our partners and brand ambassadors are committed to finding solutions to educational disparities that stem from socioeconomic restrictions. Scholly is creating a future where students can walk across the stage to receive their degree without the weight of loans. 

What's next for Scholly? 2018 is proving to be a great year, and there are more great things in store. New product features are slated to roll out this year, so the excitement is far from over.   

Celebrate our "App of the Day" feature by sharing Scholly with a friend or fellow student. For more information watch our screen share tutorial. 

Trying to avoid student debt? Start with our $10,000 'No Essay' Summer Scholarship below! Application takes 2 minutes.

Top 10 Student Loan Refinancing Questions of 2015

Top 10 Student Loan Refinancing Questions of 2015

We at Scholly pride ourselves in helping students find free money for college by finding Scholarships, but we know that loans are still often a necessity. That doesn’t mean the payments need to be a burden. One way to lower the amount you have to pay in total, and the amount you have to pay monthly, is to refinance your student loans. This is a relatively new concept, so it’s not surprisingly borrowers have questions about what student loan refinancing is and how it can help them save money. 

We have partnered with CommonBond to help our members through the process of refinancing their loans to make life more affordable. According to this Forbes article here are the 10 most frequent questions borrowers asked CommonBond this year, and their answers:

What is refinancing and what type of loans can be refinanced?

When you refinance, you take out a new loan to pay off your current student loans. People refinance student loans for a variety of reasons. Refinancing can lower a borrower’s interest rate, decrease monthly payments or let the borrower switch from a fixed-rate loan to a variable-rate loan or vice versa. Some private lenders, including CommonBond, can refinance federal and private student loans as well as previously consolidated loans.

How can private lenders offer lower rates than the federal government?

Private lenders can offer creditworthy borrowers better terms than the federal government because they customize the rate based on a borrower’s risk rather than a formula set by Congress.

What tradeoffs do I make when I refinance my federal loans to a private lender?

The federal government offers income-driven repayment plans and public service loan forgiveness. People who plan to use these extra borrower protections should keep their federal loans.

How is my interest rate determined when I refinance my student loan?

The interest rate for a refinancing loan depends on a variety of factors, including credit history, income, the choice of a variable or fixed rate for the loan, and the length of the loan term.

What’s the difference between a fixed-rate and a variable-rate loan?

The interest rate on a fixed-rate loan remains unchanged over time regardless of what happens with other interest rates. A variable-rate loan fluctuates based on a market benchmark rate. If that market benchmark rate increases, so too would the rate and vice versa. Most private student loans with variable rates use 1-month LIBOR, which is the estimated rate at which international banks lend to each other in a given month, as their market benchmark.

Who is eligible to refinance?

It depends on the lender. U.S. citizens and permanent residents who graduated from one of more than 2,000 universities or graduate programs are eligible to refinance with CommonBond.

It's not the size of the Scholarship....

It's not the size of the Scholarship....

When searching for Scholarships, many people start going for the big ones first. Which is why we suggest the opposite! Applying for many Scholarships in the $1k-$5k range allows you to increase your chances at winning a couple, and it adds up. Our Scholarship search platform gives you access to many of these Scholarships (yes along with the big-guys and full-rides) and winning just a couple of these awards can often get you through your first year of college. Think about it ... Winning $5k in Scholarships instead of taking on $5k in loans will save you a bundle... not just the $5k, but also the interest you'll owe on it after you graduate. So spend a little time finding and applying for lots of little Scholarships and it just might pay off, literally.

There's Scholarship money looking for you ...

There's Scholarship money looking for you ...

Did you know that millions in Scholarship money goes unclaimed every year? That could fund the tuition of around 14,000 students. Why on Earth would this be? Well it's certainly not because students and their families don't need the money to afford college tuition. The real problem is that students don't know where to find those opportunities, or aren’t always clear on eligibility and application requirements. That's why we created Scholly. Our Scholarship search engine turns the long months of searching for Scholarships into minutes. So lately instead of saying we help you find Scholarships, we like to say we help Scholarship money find you!