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Here's what you need to know about how to get out from under your student loan debt fast. Interest rates play a role: High interest rates demand aggressive tactics. Key strategies to tackle your student loansBudgeting is your foundationThe path to paying down your student loans starts with a budget. When it's a federal student loan, that means knowing who your federal student loan servicer is, and that can change from time to time. To calculate how long it will take to pay off your loans, student loan calculators can help.

Persons: There's, Mark Reyes, Sallie Mae, Rick Castellano, it's, servicer, Reyes, Castellano, You'll Organizations: Albert, Chevron

☆ More students are dropping out of college — here's why
▼ + stars: | 2024-04-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Although college enrollment declines leveled off this year, the number of students who started but then withdrew has been on the rise, according to the National Student Clearinghouse Research Center. At the same time, roughly 26% of current undergraduates have seriously considered leaving college or are at risk of dismissal, according to a separate report by education lender Sallie Mae. "We need more support for early college planning, especially for first-generation students or those from underserved communities," said Rick Castellano, a spokesperson for Sallie Mae. Among students who are considering putting their education on hold, most said it was due to financial concerns. Others cite a loss of motivation or life change followed by mental health challenges, Sallie Mae found.

Persons: Sallie Mae, Rick Castellano Organizations: Student Clearinghouse Research

☆ Here are some strategies to maximize your financial aid for college
▼ + stars: | 2024-02-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Apply for financial aidIn ordinary years, high school graduates miss out on billions in federal grants because they don't apply for financial aid. Because this year's award letters are likely to look a lot different, that also opens the door for families to ask for more college aid. In that case, you may be able to appeal to the college financial aid office, according to Menaka Hampole, assistant professor of finance at the Yale School of Management. Alternatively, if the financial aid packages from other, comparable schools were better, that is also worth bringing to the school's attention in an appeal. "It's very important for students and families to know that financial aid offices tend to be very approachable," Greenberg said.

Persons: haven't, Rick Castellano, Sallie Mae, Greenberg, Menaka Hampole Organizations: U.S . Department of Education, National College, College, Network, Yale School of Management

☆ FAFSA delays likely to slow college decisions. 'It's a real mess,' expert says. Here's what to do if your financial aid letter is late
▼ + stars: | 2024-02-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

For most students and their families, which college they will choose hinges on the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans. This year, schools are now waiting on that FAFSA information to begin building financial aid packages and to give students and families enough time to weigh their options. "The delay in sending FAFSA data to colleges will cause college financial aid offers to be delayed until at least April, maybe even May." "Making an offer of admission without offering a full financial aid offer really isn't useful for most families," said Adam Miller, vice president for admission and financial aid at Whitman College in Walla Walla, Washington. To do this, Whitman and other colleges would need to leverage the information families provided in their completed CSS Profile.

Persons: Mark, Mark Kantrowitz, Adam Miller, Whitman, Miller, Rick Castellano, Sallie Mae, Castellano Organizations: National College, Whitman College, College Board, Decision Locations: Walla Walla , Washington

☆ The new FAFSA will be available by Dec. 31 — what families need to know about the college financial aid form
▼ + stars: | 2023-12-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds. However, that shouldn't prevent families from completing the FAFSA in the days that follow, he added. "While there may be some hiccups along the way, students and families should do what they need to do to file as soon as possible," he said. Up until now, "the multiple student adjustment has been the single most important data element affecting one's eligibility for federal student aid," Chany said. At the same time, the new FAFSA will raise the family income threshold, making more students eligible for federal need-based aid.

Persons: Rick Castellano, Sallie Mae, Castellano, What's, Kalman Chany, Chany, Pell Grant, Mark Kantrowitz Organizations: IRS, slims, Department, Education, Princeton, CNBC

☆ With or without loan forgiveness, fewer students are enrolling in college, questioning the return on investment
▼ + stars: | 2023-12-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Hero Images | Hero Images | Getty ImagesEven before the Supreme Court blocked President Joe Biden's plan to forgive student debt, fewer students were enrolling in college. But this fall, freshman enrollment continued its slide, sinking 3.6%, according to the National Student Clearinghouse Research Center. "This is more bad news for four-year colleges," said Doug Shapiro, the National Student Clearinghouse Research Center's executive director. Rising college costs and ballooning student debt balances have caused more students to question the return on investment. But increasingly, borrowers are struggling under the weight of education debt, which today totals more than $1.7 trillion.

Persons: Joe Biden's, Rick Castellano, Sallie Mae, Doug Shapiro, Shapiro Organizations: Nationwide, Student Clearinghouse Research, Clearinghouse Research, Student, Research, Lumina, Gallup

☆ Should you apply early to college? It could affect your odds of acceptance but also your financial aid
▼ + stars: | 2023-10-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

Early decision, on the other hand, can "help leverage someone's admissions chances." Despite the possibility of improving your odds of acceptance, there are other factors to consider, especially when it comes to financial aid. For colleges, early decision is a win-winFor schools, offering students an option to apply early has clear advantages. In addition, getting a head start on the makeup of the freshman class helps admissions officers balance out enrollment needs with financial aid requests. (Some schools also offer another option, called Early Decision II, which is due in January.)

Persons: Eric Greenberg, Rick Castellano, Sallie Mae, — that's, Vasconcelos, Robert Franek, Greenberg, Franek, Jeff Greenberg, Louis Organizations: Greenberg Educational Group, Federal Student Aid, The Princeton, Greenberg Educational, Getty, Princeton, Emory University, Colgate University, Swarthmore College, Tulane University, Middlebury College, Washington University Locations: New York, St, Vermont

☆ Parents paying for college 'is the norm,' expert says. Here's how students can contribute
▼ + stars: | 2023-05-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Kevin Dodge | The Image Bank | Getty ImagesWho pays for college, and howMost students and their parents rely on a combination of resources, Sallie Mae's data shows. Even now, there is still plenty of merit-based aid available and free scholarship matching services to help students find it. It's also not too late for families struggling to afford college next year to apply for financial assistance or ask the college financial aid office for more money. Set financial expectations earlywatch now"When it comes to who is responsible for paying for college, it really is a family decision," said Sallie Mae spokesman Rick Castellano. "Setting expectations and involving students in the college planning process ensures everyone enters this major decision with eyes wide open," he said.

☆ Supreme Court decision on Biden's student loan forgiveness plan is key for those who never finish college
▼ + stars: | 2023-04-26 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"Growing numbers of stop-outs and fewer returning students have contributed to the broader enrollment declines in recent years," said Doug Shapiro, executive director of the National Student Clearinghouse Research Center. "There's a variety of issues students face in college, many unexpected," said Rick Castellano, a spokesperson for Sallie Mae. Students with 'some college' more likely to defaultIf Biden's plan to cancel $400 billion in student loans is blocked, default rates may spike, the U.S. Department of Education has warned. But the borrowers most in jeopardy of defaulting are those who start college but never finish. The default rate among borrowers who leave with student debt but no degree is three times higher than the rate for borrowers who have a diploma.

☆ Should you apply early to college? Here’s what the experts say about this 'strategic game'
▼ + stars: | 2022-10-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

What to know about early action versus early decisionWhether it's nonbinding early action or early decision, which is binding, the deadlines for these types of applications are typically Nov. 1 or Nov.15 for a December decision, or even earlier for rolling admission. "A lot of people view early action or early decision as interchangeable," said Eric Greenberg, president of Greenberg Educational Group, a New York-based consulting firm. However, "early action, in certain cases, makes no difference in admission." Early decision, on the other hand, can "help leverage someone's admissions chances." watch now"If someone is applying early decision or early action and gets in, at that point in the calendar there's more money available," Greenberg said.

☆ 'Maximize that free money first.' The best time to apply for financial aid for college is coming up
▼ + stars: | 2022-09-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Whether it's due to belt-tightening or the promise of federal student loan forgiveness, suddenly families are paying closer attention to financial aid for college. Of those parents with college-bound students who didn't plan on applying for federal aid, 58% have now changed their minds, according to a new report by Discover Student Loans. That's where the Free Application for Federal Student Aid comes in. "You want to maximize that free money first," such as scholarships and grants, said Sallie Mae spokesman Rick Castellano, "before you borrow." For the 2023-2024 school year, the FAFSA filing season opens on Oct. 1 — and the sooner students file, the better.

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