Best of the Web: Loans
Summary: Helpful links and sources for more information about student loans.
Time to read: Under a minute
Who this is for: Juniors, Seniors and Parents
Please note: Although the College Money Matters Team has found the information on the sites listed here to be useful, we do not endorse these or any sites from any organization. Also, we have not verified the content. Please be aware that there are always assumptions and flaws in any statistics and information that are gathered by any researcher.
College Scorecard
A website managed by the US Department of Education, this source provides details about specific colleges, graduation rates, student body profiles, costs, financial aid and debt, and more. It also presents potential salaries after graduating, but remember that averages and medians can sometimes be misleading, especially if you’re looking for starting salaries.
FAFSA Application for Federal Student Aid
In terms of paying for college, your FAFSA application may be the most important form you fill out. It’s your key to getting low-cost government loans for your college education, no matter what your or your family’s income may be.
The Personal Side of Student Debt
This article from The Atlantic magazine profiles the impact of student loan debt on the lives of students at the University of Alabama.
How to avoid financial aid fraud
The Federal Government’s advice on how not to get scammed.
College choice and student debt
This article, researched and written by McKinsey and Company, profiles the student debt crisis and which colleges tend to have more students who can handle their student loan debt than others.
How much you can borrow in student loans
This link shows you the maximum you can borrow in Federal student loans each year that you're in college.
Federal loans vs. private loans
A useful article that outlines the basic differences between these two types of student loan options, and why one may be much affordable than the other.
Do the math with these loan calculators
Simple Student Loan Calculator
This calculator will help you estimate what a loan of any amount will cost you over time. But remember, each year that you're in college can mean another loan – and a different interest rate, too. So do the math for one year and four years.
Detailed Student Loan Calculator
This link takes you to a calculator on FinAid.org, a site run by recognized FAFSA expert, Mark Kantrowitz. Please note: the information you provide on the FinAid site may be used for marketing purposes.
Financial Aid Comparison Tool (US Govt.)
Designed by the Consumer Financial Protection Board, this calculator lets you enter your specific information so you can estimate what each of your college choices may cost. A quick guideline: don't borrow more over four years than you expect your starting salary to be.
Compare Financial Aid Packages (uAspire)
Uaspire is a nonprofit organization that created this tool to help college-bound students and their families compare financial aid packages and estimate what a college may really cost.
Helpful links and sources for more information about student loans.