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student loans

OneMain + Scholly: Announcing the College Affordability Series!

OneMain + Scholly: Announcing the College Affordability Series!

It is with great excitement that we announce our content partnership with OneMain. Together, we aim to inform and educate both of our communities about critical topics around college affordability, and suggest simple, effective ways to manage the financial commitment of college.

Scholly is all about matching students with scholarships to help them afford the college of their dreams, but we are aware that scholarships are only one part of a financial story. Since 1912 OneMain has provided personalized loan solutions to meet the needs of their customers. We believe that by partnering with great organizations like OneMain, we can provide college affordability information and financial education to a broader audience.


In this series, you can look forward to learning about college affordability/financial education topics such as: 

  • College costs
  • Financial benefits of a scholarship
  • Where scholarship money comes from
  • How to find and win scholarships
  • Stories and advice from scholarship winners
  • Tools that may help you reach your financial goals
  • Money saving tips
  • and more! 

 
 
Scholly is teaming up with OneMain to give students info on financial resources necessary to attend their dream school and beyond. We’re happy to be working together to make students, not money, first. We have always believed in the power of education, and getting informed about this crucial step in life is critical.
— Christopher Gray, Scholly's Founder & CEO
 
 
Attending college is an important step towards financial security, and it’s a step many of our customers are unable to take due to a lack of resources or understanding of just what support may be available to help them. OneMain is committed to helping our customers build their credit and increase their financial awareness and this partnership with Scholly is a natural extension of our goal to make our customers’ lives better.
— Sheldon Caplis, OneMain's Director of Community Engagement
 

So stay tuned for more in the College Affordability Series. We hope you’ll find it valuable and urge you to share it with your peers!

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.

5 Sad Deets about Student Debt

5 Sad Deets about Student Debt

As a company whose Vision is to help all students achieve their potential, we know all too well the financial sacrifices students make to get a good education. We developed our Scholarship matching platform to help students find Scholarships instead of taking out a ton of student loans... giving them the freedom to pursue their dreams once they graduate.  The fact is, the student loan crisis is out of control. Here are 5 quick facts that help illustrate how dangerous they truly are:

  1. 15% of undergraduate and graduate students have over $100,000 in debt.

  2. Americans owe more in student loan debt than credit card debt.

  3. More than 40 million Americans have student loan debt.

  4. There were $8 billion of defaulted private student loans as of 2012. 

  5. Private student loans can't be shed through bankruptcy, and they can be passed on to your family after your death.

There are millions of dollars of Scholarships awards that go unclaimed every year that are winnable if you can find them! You can read about how Scholly's Founder and CEO, Christopher Gray, won over $1.3 Million in Scholarships right here.