In November, many high school seniors and their families are deep into college planning and beginning to think about how they’ll pay for it. Meanwhile, recent college graduates have begun repayment and may be thinking about their options. Here are some helpful resources:
On your mark, get set, file your FAFSA
The 2025-26 FAFSA (Free Application for Federal Student Aid) will open to all students on or before December 1, 2024. Filling out the FAFSA is the only way to qualify for financial aid. Students should always aim for federal financial aid before obtaining private student loans. Students and their parents must each create an account on studentaid.gov to complete the FAFSA. This can (and should!) be done before the FAFSA opens. Check out Granite Edvance’s YouTube video that walks you through creating a studentaid.gov account.
Want to learn more about the FAFSA and Financial Aid? Register for one of Granite Edvance’s free upcoming Financial Aid 101 webinars:
- Saturday, November 16, 8:30 a.m.
- Tuesday, December 10, 6:00 p.m.
Thinking about refinancing?: Here’s what you need to know
November is a popular month for refinancing student loans, as many students and their families exit the 6-month grace period after graduation.
A refinance loan is the combination of one or more private and/or federal student loans into one new, private loan. People choose to refinance for multiple reasons depending on their repayment goals. Some want to simplify repayment by combining all student debt into one loan with one servicer. Some want more favorable interest rates or repayment terms. Lowering your interest rate can save you money in the long run, while different repayment terms may provide the opportunity for lower monthly payments.
Is a refinance loan right for you? That depends on your personal situation and how the rates and terms of each of your current loans compare to the refinance loan — so it pays to do your research. It is important to remember that if you include your federal student loans in your refinance, you’ll lose access to all federal loan benefits, such as income driven repayment plans and various forgiveness options. Also, applying for a refinance loan generally requires a credit check to be approved.
If you have federal student loans and need to retain access to federal loan benefits, a federal loan consolidation may be an option. Learn more here.
Granite Edvance is here for you
Students and families looking for more information and personalized support with college and career planning and financial aid can find much more information at Graniteedvance.org, and by following Granite Edvance on Facebook, Instagram and LinkedIn.
