The Education Finance Council has unveiled an online tool designed to assist families with saving, planning for, and paying for their college education.
ForYouNotForProfit.org provides content, tools, and tips for students and their families. It teaches students how to find free money and how to best use those resources. It also presents student loan options, including federal student loans and other nonprofit loan opportunities.
Students can find free information about who to turn to for specialized guidance in their specific state of residence. This individualized help might assist a would-be student who is struggling with filling out the Free Application for Federal Student Aid or figuring out which student loan repayment plan would fit in best with their particular situation.
Students can also get information about opening a college savings account, constructing an effective college essay, how to apply for the colleges they are interested in, and comprehending their financial aid offer.
Sometimes students and families have a hard time making sense of the financial aid packages they receive, not fully understanding how to read them or decipher if all the costs are included.
The site offers help finding loans for current students and can help find student loan refinancing rates for borrowers who want to explore the possibility of finding a plan that saves them money or helps them pay off their debts earlier.
Why Are Nonprofit and State-Based Organizations Good Resources?
Colleges are in the business of attracting students and getting them to enroll as students at their university. Students are often on their own when it comes to determining whether the college is a good financial fit for them.
But nonprofit organizations, without having obligations to the colleges, focus on giving students and families all the information they need to make informed decisions about their college selection and finding the money to pay for education.
Nonprofit and state-based lenders also offer personalized counseling. This helps students understand the choices they have and the importance of only taking loans for the amount they need and can comfortably pay back.
We always recommend that all federal student loan options be exhausted before looking into private, nonprofit, or state-based loans. However, these lenders may offer lower interest rates than certain types of federal loans like Parent PLUS and Grad PLUS loans.
Many nonprofit and state-based loans have perks for borrowers that can be helpful. These perks may include no penalties for prepayment, loan forgiveness if a student dies or is disabled, and several different repayment options.
Author: Shannon Serpette
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