On August 24th, President Joe Biden announced his comprehensive student loan relief plan, complete with up to $20,000 in student loan forgiveness per eligible borrower.

Now, as the application is nearing its release, it’s time to prepare. Here’s what you should do before the application comes out to make sure you’re ready.

Stay Updated on Any Changes

Details regarding student loan forgiveness are changing frequently. To ensure you’re up-to-date with the latest information, subscribe to the Department of Education’s email updates.

If and when information changes, you’ll receive an automated email complete with everything you need to know. (Don’t worry. You can pick exactly which newsletters you want to subscribe to, so your inbox won’t wind up packed with emails you don’t care about.)

Prepare Necessary Documentation

When the student loan forgiveness application is released, thousands of borrowers will flock to...

Student loans are a HUGE burden on most college students and graduates. The average student loan debt is roughly between $37,113 and $40,904, which makes it difficult for many to get their lives started. This type of debt has continued to grow over the years, and it has now become the second most common form of consumer debt in America. In some cases, this can lead to people falling behind on payments, which then leads them to default on their loans.

In order to avoid this, people are encouraged to make payments on their loans, but how can you when you lack the funds? Some people are informed by lenders to take "pay-as-you-earn" agreements, which establish a repayment length of 20 years.

This might not be the right solution for everyone as anything can happen in that time span, like changes in income, marital status, familial status, etc. Fortunately, people have another option available to them to deal with their debt.

The good news is that there are many lenders out there...

For many families, shopping for the right college can look like shopping for a new car. Too many get caught up in the style and luxury and overpay, pushing them into excessive debt.

At SimpliCollege, we stress the importance of finding a college with the best social, academic, and financial fit for your lifestyle. The first step is becoming aware of the common challenges families tend to face. To help you lower the cost of college, we've gathered our top five costly college mistakes you can avoid.

1. Not negotiating the best financial aid offer. 

Did you know that you can negotiate with colleges to get a better price? Negotiating is a proven tactic with many private colleges, though it is more challenging to deal with state colleges. The key is getting leverage. Having multiple offers from competing colleges gives you the best opportunity for success. 

Access over 70+ Appeal Letter Templates with your SimpliCollege membership! 

Learn More

2. Failing to exhaust...

For many students, the financial aid package, or scholarship money you receive from a college, can make or break the decision to attend that particular school. But before you rule out a college because of their financial aid package, have you considered asking for more money? 

With the cost of college rising exponentially each year, more families find it harder to afford higher education. Colleges have plenty of open seats to fill, creating an opportunity for you to appeal and possibly get more aid.

Does it Work?

Many people are skeptical or scared to appeal and negotiate with colleges, but it's a proven tactic that can unlock those hidden funds that colleges keep stored away. Many parents fear that asking for more money will jeopardize their child's chance to attend that particular college. Remember, you are the customer. Colleges are businesses that need to enroll students.

More students are beginning to discover this tactic, finding that many colleges can offer more aid. In...