The Graduation Checklist for Parents

This milestone for your student can mean a lot of work for you. Use this checklist to bring some order to the chaos.

Work with your student to be sure they’ve completed the administrative steps to officially graduate.

  • Remind your student to follow through on these tips for college students and high school graduates.
  • Your student should receive information on how and where to obtain a cap and gown—along with any special stoles, pins, tassels or regalia—for the ceremony.

Consider mementos of the occasion.

  • Your student will have the opportunity to order class rings, yearbooks and other products to mark this important milestone. Check for deadlines.
  • Graduation is also a good opportunity for family and individual photos. Many photographers specialize in senior portraits.

Make any reservations required.

  • If you will be traveling to a college graduation, you may find that hotel rooms and transportation options are booked quickly and up to a year in advance.
  • Graduation party venues may also become scarce depending on location and number of other graduates on your desired date.
  • If you will order baked goods, catering, tents or other services, be sure to start that process early.

Invite friends and family to the party.

  • Work with your student to plan a celebration everyone will enjoy.
  • If guests ask what they can gift to your high school graduate, consider suggesting contributions to a college saving account or a gift card that can be used for textbooks and materials.
  • Don’t forget to have thank-you cards on hand for your student to send shortly after the celebration.

Start planning the move.

  • Whether your college student is moving to a new job or returning home for a while, he or she may need assistance. See our moving checklist for college graduates.
  • As your high school graduate prepares to move to campus, keep a copy of the college’s suggested packing list handy. Also see some items you may want to take care of before fall term begins.

By: Iowa Student Loan

Building Good Credit as a Student

Credit is a tool and, similar to wielding many other types of tools, using credit can have both positive and negative results. Using credit positively can help young adults build a history that may enable them to get better terms for future credit, such as car or home loans.

Federal regulations limit the amount of credit available to teens and young adults. But, it’s difficult to qualify for loans or other consumer credit without a credit history. Here are some tips for students who want to ensure they’re building good credit.

Opt for a student card

Many national credit card companies offer a student credit card for college students, or those soon to be in college. These cards often carry more lenient requirements and low annual fees, and they may offer incentives for certain actions. For example, you may qualify for cash back for achieving certain grades or discounts on purchases.

Don’t go it alone

Work with your parents to become an authorized user on an existing credit account, like a credit card. This means you have a card with your name on it, but the account holder is still responsible for paying the bills. Be sure you understand the card issuer’s policy for reporting credit for authorized users.

Alternatively, look into credit cards that will allow a cosigner. A cosigner would be responsible for any debt if you don’t pay your own bills, so parents or other close relatives are generally the best people to ask. The cosigner must also have good enough credit to qualify on his or her own.

Create a solid work history

A steady record of income from employment indicates that you‘re more likely to repay debt over time. Generally, you need to demonstrate full-time or near-full-time employment to qualify for a credit card or other credit before the age of 21.

Make a deposit

A secured credit card allows you to make a deposit to secure a line of credit. Even if the deposit must be equal to the credit limit, using the card instead of cash and then making regular on-time payments will build credit. Some credit card issuers may offer an unsecured credit card after you demonstrate good use for a period of time.

Take on bill paying

If you share housing with other students, consider holding a lease or utility in your name. This means you will be responsible for collecting your roommates’ share of the bill each month and making the full payment from your checking or savings account. Demonstrating your ability to pay bills on time each month will help build a positive credit history.

Pay early and pay often

Once you qualify for a credit card or other consumer loan, be sure to make payments. Although you may be required to make only a minimum payment, it’s better to pay a credit card balance in full each month to minimize interest. Making more than the interest payment is also a good idea for other types of loans. To help ensure you can make payments, limit your use and carry a low balance.

Check your results

As you build credit, monitor your credit reports and scores for errors and signs of fraud. Each year, you qualify for free credit reports from the three national consumer reporting agencies from www.annualcreditreport.com. (Never pay for a credit report.)

Educate yourself

The Consumer Financial Protection Bureau (CFPB) provides resources to learn more about credit reports and scores, building credit and what to do if you suspect fraud or identity theft.

By: Iowa Student Loan

Maximize Your Graduation Money

MaximizeYourGradMoney

Your high school graduation is an occasion to reflect on past accomplishments and prepare for a new adventure in college. It can also be a veritable gold mine.

As college becomes increasingly expensive, many of your family and friends may opt to give you a gift of cash to help you offset your costs. While it might be tempting to use that newfound cash to upgrade your phone or gaming system, you could use that money in ways that will better help you prepare for college. Here are some ideas to make the most of monetary gifts you receive.

If you have: You could:
$50–$100
  • Get a haircut.
  • Have the oil changed in your car.
  • Buy a few dorm or personal care items.
  • Pick up an interview outfit.
  • Buy paper, pens and other supplies.
$100–$500
  • Rent some of your required books.
  • Pay for a campus parking permit.
  • Buy a bike to get around campus.
  • Pay program fees or club dues.
$500–$1,000
  • Get a computer or other electronics you need.
  • Put money toward your tuition bill.
  • Buy plane tickets to come home at the semester break.
  • Save for a rental deposit if you plan to live off campus next year.
  • Pay major- or activity-specific fees.
$1,000–$5,000
  • Save to use toward future tuition and fees.
  • Buy textbooks and supplies for one year.
  • Pay a summer’s rent for an off-campus house or apartment.
  • Cover fraternity or sorority dues and other expenses.
  • Cover insurance deductibles for a car or medical emergency.

By: Iowa Student Loan

Parent PLUS Loan Features, Benefits and Drawbacks: What You Need to Know

The parent PLUS loan is a federal loan that is just one option available to parents looking to cover outstanding costs related to college attendance. Before applying for a parent PLUS loan, carefully consider its features, benefits and drawbacks.

Features of the Parent PLUS Loan

  • Availability: The parent PLUS loan is available to biological and adoptive parents, and in some cases stepparents, of undergraduate students who do not have adverse credit history. Some colleges may include the PLUS Loan in a student’s financial aid; however, just because a PLUS Loan is included does not mean that parents are required to accept it.
  • Limits: A parent can borrow up to the cost of attendance, an amount that is determined by the student’s school, minus other financial assistance received by the student.
  • Interest rate: The parent PLUS loan has a fixed interest rate, which is 7.60% for loans taken out for the 2018–2019 school year. The rate for the 2019–2020 year will be set on July 1, and it may be helpful to note that the rate for new loans has increased each of the last three years.
  • Fees: An additional loan fee is calculated as a percentage of the loan amount (currently 4.248% for disbursements on or before Sept. 30, 2019) and is deducted from each disbursement.
  • Repayment: Borrowers may choose from different plans to repay the loan over a 10-year period. Loans of more than $30,000 are eligible for an extended repayment period that allows borrowers up to 25 years to repay the loan. Repayment generally begins as soon as the loan is disbursed, but parents may request to defer repayment while the student is enrolled at least half time plus an additional six months.

Benefits of the Parent PLUS Loan

  • Pre- and overpayment: Some borrowers choose to make extra payments to pay down parent PLUS loans more quickly and to reduce the amount of interest repaid. There is no penalty for paying extra on PLUS Loans.
  • Federal repayment options: Borrowers may choose from different federal repayment plans to fit their budget, but most income-driven repayment plans are not options for parent PLUS loans. These loans also have deferment and forbearance options for borrowers who have difficulty making payments; however, interest continues to accrue daily even when payments are not required. Unpaid, accumulated interest will be capitalized, or added to the loan balance, at the end of the deferment or forbearance period.
  • Death and disability: The loan can be discharged if the parent borrower dies or becomes totally and permanently disabled. In addition, the loan can be discharged if the student dies.
  • Cancellation: If a parent applies for a PLUS Loan, he or she can cancel all or part of the amount before the loan is disbursed to the school. After disbursement, borrowers have a limited time to cancel all or part of the loan amount by contacting the school’s financial aid office.

Drawbacks of the Parent PLUS Loan

  • Discharge: Federal parent PLUS loans are rarely discharged for financial difficulties resulting from unemployment, age-related or other illnesses and injuries, or bankruptcy.
  • Nontransferable: Parents cannot transfer the PLUS loan to their student to repay after they finish school. Parents and their students may be able to work together to refinance the loan in the student’s name through a private lender; although doing so will result in the loss of federal repayment options.
  • Timing: Many parents face high education debt burdens at a time of life when earning power generally decreases and limited income is needed for living or medical expenses. Defaulting on a parent PLUS loan can lead to the garnishment of Social Security benefits, tax refunds and wages.

Other Considerations Before Taking Out a Parent PLUS Loan

The following items could be considered a drawback or a benefit, depending on personal and other circumstances.

  • Qualification: Approval for a PLUS Loan does not take into consideration a parent’s income, other outstanding debt, assets or years until retirement, so parents should carefully consider how much they can realistically repay.
  • Interest: The fixed interest rate will not increase during the life of the loan, but borrowers also won’t be able to take advantage of lower market rates in the future unless they refinance with a private lender.

Before taking on a parent PLUS loan, you should also compare it to other options, such as our College Family Loan, which is a private education loan with a cosigner option and that features lower rates than the parent PLUS loan as well as no fees.

Interested in the benefits of our College Family Loan? Check out the details here.

By: Iowa Student Loan

Plan for Total College Costs; Enter to Win

Use the free College Funding Forecaster online tool now through April 30 and enter for a chance at one of 10 $1,000 awards.

The College Funding Forecaster helps you get a clearer picture of the total costs, aid and shortfalls over four years using freshman year financial aid award information, as well as family contributions and outside scholarships and grants.

How to Use the College Funding Forecaster

Follow these simple steps to get started:

  1. Gather up your financial aid award information from the college(s) and any information about scholarships received from schools or outside organizations.
  2. Go to IowaStudentLoan.org/Forecaster.
  3. Enter in the college’s financial information as well as information about your family’s earnings and savings and any outside awards.
  4. Review year-by-year estimates and make adjustments for your own situation. For example, living off campus after sophomore year may cost less than living on campus. Or you may be expecting to earn more after the first year of college.
  5. Review the results, as well as the informational tips on how to address funding shortfalls.
  6. Enter your information at the end of the tool to be included in the drawings.

Awards for College

Iowa high school seniors and their parents and guardians can enter the giveaway for a chance at one of 10 $1,000 awards paid to the college on behalf of the winning students.

Use the tool and enter the giveaway today! 

Learn More About the Tool

By: Iowa Student Loan

Seven Tips for Summer Internships

7-Tips-Summer-Internships

Interning during college can help you prepare for the job market as you gain important skills and contacts. These tips will help you get started.

Cast a wide net

This is your opportunity to explore careers and employers, or take on a dream job, before settling down to your permanent career. Consider organizations like the FBI, Disney, MGM, Marvel Comics or the Jane Goodall Institute.

Combine two of your goals

Many college students gain a global perspective through a study abroad program. Similar work abroad programs can help you gain a new perspective on another culture as well as apply your studies in new ways. Start with your campus study abroad office to learn about reputable organizations and needed documentation or other requirements to work in another country.

Know what you want to gain

You can use an internship to define or affirm existing goals, set new ones, earn money or academic credit, meet potential contacts or mentors, gain entry to a coveted employer, or all of the above. Define your goals for your internship so you know which potential employers and workplaces to focus on.

Know what you offer

Internships, especially paid positions, can be competitive. Be prepared to treat the search and acquisition of an internship just like you would a job: prepare a resume and cover letters, interview professionally and sell your skills and enthusiasm.

Ask for help

Besides searching for internships online and through your campus career office, let family and friends, former employers and teachers, and others know you’re looking for certain types of internships. These connections can help pave the way with their acquaintances if needed.

Be flexible and reliable

Some internship providers will have set projects that will help you gain important skills, while others may not know exactly what to do with you. Be prepared to accept projects or tasks others don’t have the time or desire to complete. Use the opportunity to learn more about the inside workings of the organization, make connections and develop suggestions for improvement.

Meet the requirements for credit

You may be able to earn academic credit for an internship. Work with your campus career office or the related academic department to determine if you need to meet certain prerequisites, complete required paperwork or turn in a project or report to earn credit.

By: Iowa Student Loan

Staying on Track for College Graduation

Growing numbers of college students end up staying — and paying — beyond the traditional four years in college. While college can be one of the best times of your life, the cost of extra semesters means you should do your best to stay on track.

Here is what you can do, beginning with your freshman year, to increase your chances of graduating within four years.

1. Know your graduation requirements.

  • Colleges usually have a minimum number of credit hours required for a degree; some majors may require additional hours.
  • Know which classes count toward the degree requirements.
  • Maintain good grades to ensure you meet academic progress standards. If you fall below the minimum, you may be required to take classes that don’t count toward your degree.
  • Understand which electives outside your major you need to complete.

2. Plan out academic courses now through graduation.

  • Your college may offer an online program or paper planner to help you track progress.
  • Some required courses may entail prerequisites you need to ensure you take first.
  • Follow the recommended course plan or curriculum path for your major as a guide.
  • Know which classes are offered every term and which ones are only offered in the fall or the spring.

3. Ask for assistance early and often.

  • Meet with your academic adviser before signing up for classes and any time you need to evaluate progress.
  • Go to your professors’ office hours with questions or discussion ideas.
  • Attend tutoring sessions and meet with classmates to go over work.
  • Visit the campus career center to discuss career paths for your major and plan for resumes and interviews.

4. Focus on your goals.

  • Identify your major as early as possible.
  • Avoid taking classes that provide credit but don’t count for graduation requirements.
  • Attend every class.
  • Stay ahead of your assignments and projects.
  • Check your school email and online portal several times a week.

5. Know how special circumstances affect you.

  • If you are planning to study abroad or take on an internship or co-op, understand how that affects your course plan and timeline.
  • Summer, intersession and online courses can help you gain required credits, but be sure to know how the credits you take outside your college system transfer.
  • You may be able to test out of certain classes. Investigate these opportunities and how those credits are applied.
  • Credits are often “lost” when students transfer to different schools or change majors. Before taking these steps, work with your school to determine how they affect your graduation plan.

By: Iowa Student Loan

Before the Next Big Step: What to Do After Graduation

It may seem like everyone else has it all figured out, and you are undoubtedly tired of the question “What will you do after graduation?” But, if your plans are not yet set as the big ceremony approaches, be assured you are not the first or last to be in this situation.

Whether you’re a new high school grad who isn’t sure about college or you’ve finished a college degree but haven’t been able to land the job you want, here are some suggestions for what to do until you’re able to take the next big step:

Keep Working Toward Your Goals

Don’t let inertia or rejection take over your attitude. Continue working on ways to improve your chances of getting the job you want or being admitted to your desired college.

  • Continue to send out resumes or explore education options.
  • Work on your soft skills, like communication techniques, teamwork, initiative and creative thinking.
  • Review your resume and practice interviews with a professional.
  • Clean up social media accounts.

Volunteer

Opportunities abound to provide service to those who need it. Check out volunteer options that help you expand your horizons and suit your interests. Many volunteer opportunity and matching sites are available online, including:

  • Createthegood.org
  • Dosomething.org
  • Unitedway.org
  • Volunteer.gov
  • Volunteermatch.org

Work

You may have student loans to repay or other expenses, so consider working even if you haven’t found an ideal job. You can:

  • Work one or more part-time jobs that provide skills related to your career choice.
  • Try out a type of career you haven’t previously considered.
  • Provide freelance or consulting services in a field you have knowledge in.
  • Start your own company.
  • Teach something you have a passion for, such as yoga, skiing or beginning coding.

Take a Short-Term Position

Although many opportunities are designed strictly for current college students, you may be able to find paid or unpaid positions.

  • Find an internship related to your degree or in a completely different field you’d like to try out.
  • Apprenticeships may be available to recent college graduates and can offer a good chance to break into a specific job market.
  • Research assistantships are available in both scientific and non-scientific fields.

Travel

This may be your best opportunity to explore the country and the world, before you are committed to a full-time job, settle down with a partner and children, and have social and financial obligations that would prevent it.

  • Work abroad as a nanny, an English teacher or in another capacity.
  • Get a job on a cruise ship or train as an airline attendant.
  • Join a program like Peace Corps, Americorps, GoAbroad or World Wide Opportunities on Organic Farms.
  • Become a tourist or adventure guide.

Get a Degree

Even if you’ve already earned a college degree, you may want to continue your education if you have the funds and time.

  • Retrain in a different major or field.
  • Take continuing education classes.
  • Go back to school to get an advanced degree.

Have an Adventure

Like travel, an adventure may be best experienced while you don’t have too many other obligations. Options are limited only by your imagination and come with varying levels of risk and financial commitment.

  • Fix up a house.
  • Audition for a reality show.
  • Take a commercial fishing job.
  • Become a roadie for a band on tour.

By: Iowa Student Loan

Checklist for College Prep

With your student’s final year of high school winding down, the list of things to do may seem limitless. One way to help manage the stress and emotions of the final months before your child goes off to college is to make an organized checklist.

Here are some items to include for each month between now and the start of freshman year of college:

March

□ If your student hasn’t made a final college decision, visit or revisit those that have offered acceptance and your student is still considering.

  • Use these trips to help your student envision what it would be like to attend each school and decide if it’s a good fit.
  • You may wish to help your student set up visits to specific departments or programs or to sit in classes.

□ Compare financial aid offers from the schools that remain on the list. Your student can contact a school’s financial aid office with any questions about the aid offered.

April

□ Work with your student to make a final college selection by the end of the month, as many colleges require a commitment by May 1.

  • Your student should notify the chosen school and make any required deposits.
  • Check for specific forms or actions that need to be completed, and add deadlines to your calendar.
  • Your student should also notify other schools that he or she will not attend and send a thank-you for any special assistance or offers.

□ Help your student understand the full cost of attending college.

  • Have a family conversation about what you will and won’t help with financially.
  • Encourage your student to continue looking for scholarships that can help defray the cost of attendance. You may wish to investigate how the college will apply any outside scholarships to aid already awarded, such as whether outside scholarships would replace institutional scholarships from the college or offset student loans.

□ Help your student set reminders for requesting final transcripts.

  • The high school counseling office may have required forms or processes for this.
  • Check on whether the student needs to make a separate request for transcripts for any college courses already completed, such as dual enrollment classes.

□ Check personal IDs and documents.

  • Have your student renew his or her driver’s license or passport if necessary before going to college.
  • Consider TSA Precheck and Global Entry if your student will be flying frequently or expects to travel internationally.

□ Help your student finish strong.

  • Advanced Placement exams occur at the beginning of May. If your student is enrolled in AP classes, be sure to help them understand if a particular score is needed to obtain credit for courses at the selected college.
  • Encourage your student to try to achieve the best grades possible for second semester of senior year. Disciplinary or academic issues could result in a college rescinding acceptance or scholarships.

May

□ Review the college’s timeline for completing actions and submitting forms and deposits.

  • Your student may need to sign up for orientation to enroll in classes, select a residence hall or roommates, opt in or out of college-sponsored health insurance and take other action.
  • Work with your student to set up access to a student or parent portal offered by the college.
  • Determine whether the college requires a Family Educational Rights and Privacy Act (FERPA) agreement to provide parents with information about a student.

□ Make a four-year plan for coursework.

  • If your student has decided on a major, look for an existing flowchart or plan of required and elective classes available from the school. If none is available, look at the requirements for the major and start to plan out possibilities based on class offerings from previous years’ course catalogs.
  • Even if your student is undecided, you can look together for interesting entry-level classes, prerequisites for a particular academic college and graduation requirements to create a one- to two-year plan.

□ Plan needed transportation and accommodations.

  • Many college towns have limited hotel availability, especially on popular weekends for move-in, parent weekends, breaks and move-out.
  • Watch for deals on airfare, hotels and other accommodations and venues.

June

□ Work on life skills with your student.

  • Ensure your student can carry out the functions of everyday college life, such as waking up on time for early classes, doing laundry, arranging transportation, making appointments and preparing simple meals.
  • Discuss how your student will obtain money, such as from a job or from you, and access it for transactions. Many students use combinations of a credit or debit card, payment apps like Venmo or PayPay, cash withdrawals, and other forms of payment.

□ Encourage contact with future roommates.

  • Whether your student selected or was assigned a roommate, it can be helpful for people who will be sharing a small space for an extended time to have some preliminary conversations about preferences, habits, who is bringing what and any special needs.
  • You may want to encourage a meeting before move-in if the roommate lives nearby or can arrange to attend the same orientation session as your student.

□ Develop a network.

  • The college your child will attend may have parent associations, alumni groups or other organizations you can join.
  • Look for groups on social media, such as Facebook and Twitter. These groups can be a forum for information and support now and throughout college.

July

□ Start exploring the college community with your student.

  • You may wish to find activities to participate in for future visits.
  • Your student may want to investigate student organizations, community service opportunities, events and activities as well.

□ Shop for books and supplies.

  • As soon as the class schedule is finalized, your student can start looking for assigned books. Encourage comparison shopping between the college bookstore, other bookstores and online sites. Also compare rentals to used and new purchases, and compare downloads and ebooks to printed materials.
  • Be aware that many college courses also require an electronic access code, which may not be included with used, rented or electronic versions.
  • Determine what dorm furnishings and supplies are needed and start shopping for those.

□ Talk to your student about common college student issues and how to get help.

  • You may wish to talk about drug and alcohol use, as well as other behaviors.
  • College students often face academic issues when entering college, even if they were excellent high school students. Discuss the advantages and availability of professor office hours, study groups, teaching assistants, help centers, tutoring and other resources.
  • Mental health can often be a concern for college students as well. Most campuses offer counseling and other services; encourage your student to be aware of how to reach out.
  • Your student may have specific physical, dietary, emotional or other needs. If you are unsure about the help available, contact student services or admissions for direction.

□ Consider dorm or renters insurance for lost, damaged or stolen valuable items like laptops, cell phones, bikes and other assets. Homeowners insurance may cover some losses for your student, but an inexpensive dorm policy from a specialized provider may be an option if you have a high deductible.

August

□ Make a communication plan.

  • Sometimes it’s helpful for the parents and the student to know when they will next speak to each other after the move.
  • You may want to set up a regular time and day for a video or phone chat.

□ Get ready for the big move. Be prepared for emotions to run high as your student faces a new situation and leaving behind familiar friends and family.

By: Iowa Student Loan

4 Hot Tips for Refinancing Your Parent PLUS Loans

Well they did it — they made it to college. While your children may be busy with college classes or working at the job that college education afforded them, you may be making payments on federal PLUS Loans for parents for many more years to come.

Parent PLUS loans are pretty easy to get and many schools “packaged” these loans for parents into students’ financial aid award letters. Those conveniences come with a hidden price, though. Repayment options that may be great for some but not beneficial to others and interest rates that are often higher than financially savvy consumers deserve and that vary each academic year.

Today, education loan refinance rates are often much lower than what you may be paying for your PLUS loans.

When Should You Refinance Your Parent PLUS Loans?

Although refinancing federal parent PLUS loans may not be the right choice for everyone, here are four examples of when doing so might be the right thing for you.

1. When you want a single lower rate

Parent PLUS loans are fixed-rate loans, so the rate for the school year your child used the funds is the rate that specific loan will always be. For example, PLUS loans taken out for the 2018–2019 school year have fixed rates of 7.60%.

And because rates for new PLUS loans change every year, if you have more than one parent PLUS loan, each loan likely has a different rate. Since 2006, rates have been as low as 6.31% and as high as 8.50%.

Refinancing PLUS loans is more common than ever, and it’s easy to combine multiple loans into one new loan with one rate. And, with private lenders, the rates you are offered are based on your credit, not a number set by the federal government for everyone. The better your credit, the lower the interest rate you will be offered.

Keep in mind: Many lenders offer online tools to provide you with a rate quote or pre-qualification offer. Some companies make you create an account before getting their information, so be sure they are only making a “soft” inquiry into your credit history or that their website states the information will not impact your credit score.

Want to see what rates you would get with our refinance loan?

If you don’t qualify to refinance your parent PLUS loans with a private lender, you have the option to consolidate those federal loans through the U.S. Department of Education. If you apply for a Direct Consolidation Loan, the interest rates of your current federal loans are used to determine your new consolidation loan rate, though, so you may not see a lower overall rate. Learn more about the differences between consolidating and refinancing with our Beginner’s Guide to Student Loan Refinance.

2. When you want to lower your payment

Parent PLUS loans are owned by the federal government, and, along with being fairly easy to get, they have a basic repayment term of 10 years. The federal government offers extended repayment, up to 25 years, to borrowers who owe more than $30,000 in PLUS loans. But what if your current remaining term or the amount you owe each month doesn’t work for you?

If you are looking to lower your payments, whether it’s to save for today, help other children with college costs or plan for your retirement, refinancing can get you a longer term. Many lenders have terms ranging from 5 to 20 years with multiple options in between.

The trade-off for a longer term with a refinance loan is that you will likely pay more in interest over the life of the loan. However, reputable lenders won’t penalize you for paying extra whenever you wish, which will reduce overall interest costs. You may feel like a longer-term loan, which doesn’t require high monthly payments and allows for extra payments at any time, provides a financial safety net.

If you’d like to see how repaying at a lower rate or with a different repayment term can impact your overall costs and monthly payment, or if you want to learn more about the benefit implications of refinancing federal loans into a new private loan, check out our Beginner’s Guide to Student Loan Refinance.

Keep in mind: Refinance loans with shorter term lengths typically provide the lowest rates that you see advertised. But even loans with longer terms often have rates lower than federal PLUS loan rates.

3. When you need a change

Refinancing your existing parent PLUS loans (or any other education loans in your name) lets you reset your loan; at today’s terms and on your terms.

When you and your child were reviewing financial aid award letters and trying to understand the different types of financial aid and student loans was likely a busy, stressful time. When you first signed paperwork for those loans, you may not have had enough time to fully consider the differences between federal loans for students and PLUS loans for parents and the financial impacts of taking out parent PLUS loans.

Today is a new day, and you can find that right mix of fixed interest rates and terms to set yourself up for financial success going forward. Take time to check out your different options, and determine how different rates, payments and terms will impact your short- and long-term budgets. Without the stress of making decisions quickly to pay college bills on time, you can find the right loan for you today.

Keep in mind: The better your credit, the lower rates you will be offered for the different loan terms available. The great thing with the refinance loans offered by most lenders is that you are able to select the rate and term combination that is right for you.

4. When it’s not you, it’s them. (The servicer that is.)

Education loans are long-term financial commitments, and like all long-term commitments, your partner plays an important role. With federal parent PLUS loans, you probably didn’t pick that partner, and maybe it’s just not working out. Maybe they aren’t giving you the attention you deserve. Maybe they’re a large corporation that cares more about profits than customer service. Or maybe they are constantly trying to sell you more or different financial products.

Whatever the reason, you can get away and pick your new partner. Lenders today offer a range of benefits like rate reductions for automatic payments or for military service. Many also have policies in place to forgive loans in the event of unfortunate circumstances. Now’s your chance to take a look around and make the choice your own.

Start by learning more about us and all the details on our refinance loan.

Keep in mind: Some lenders detail their repayment benefits and policies on their websites, while you may have to call and ask others for more details. Do you want to work with a lender who is transparent and provides all the information you are seeking in the manner you prefer? If you speak with representatives on the phone, are they pleasant and helpful or do they try to get you off the phone quickly without providing the information you need?

Ready to refinance?

Regardless of your situation, if you’re considering refinancing your parent PLUS loans, it’s important to spend time weighing your options and finding the right loan and lender for you. What do you not like about your current loans? What does work now? What would be ideal in a new refinance loan?

Want to know how we can help?

Iowa Student Loan offers the Reset Refinance Loan with a rates and terms to help meet your needs. We are a nonprofit business that focuses on Iowa students and families, but we proudly provide “Iowa nice” customer service no matter where you call home. Pre-qualify today and we’ll provide you with rate and term options specific to your situation.

Get Your Rate

By: Iowa Student Loan

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