Anyone who’s been to college knows It’s always a good idea to have a backup plan. Whether it’s applying to more than one school, being open to multiple career paths after graduation, or looking at several homes before buying—almost everyone taps into their backup plan at least once in life.
For all the news about spiralling student debt, it’s important to remember that student loans are virtually never set in stone.
You want to help your kids through college, but what’s the most ideal way? You could give them money, or co-sign on a student loan. Or just offer advice on how to pay for college.
Getting a student loan to pay for college is easy. But paying it off? That’s not always so simple.
Federal Reserve Chairman Jerome Powell has highlighted the possibility of raising interest rates to control inflation as soon as March 2022.
Low interest rates could mean that now is a good time to refinance your student debt, but it depends on your circumstances. Is refinancing the savings solution you’re looking for?
Applying for a term loan can be difficult and tedious, not to mention all the different eligibility criteria. Applying for a mortgage? Be aware of the debt-to-income limit. Business loan? Let’s hope you’re making more than the minimum monthly revenue. Personal loan? Get ready to reveal your annual income.
A Candid Conversation with CollegeFinance.com’s Kevin Walker
The year 2020 began with a fairly healthy economy—stock market prices were high and unemployment rates were low. The COVID-19 crisis derailed financial security for millions of millennials and Gen Zers in a short span of time.
Here’s some good news in these difficult and uncertain times: student loan refinancing is about to become much cheaper. That’s because of the Federal Reserve’s two emergency rate cuts in March 2020, which brought the benchmark rate down 1.5 points to near-zero. When the Fed reduces its target rate, private lenders usually lower their rates soon after.
When it comes to refinancing your student loans, it can become confusing on which lender to go with - especially when the rates, terms, and options are all so similar. So in this article, we’ll pit three of them against one another - Credible, Splash Financial, and Earnest - so you can determine which one is right for you.
Your college classes might look a little different this year, but you will still need to figure out how to pay for your schooling. While preparing for your classes and buying the right textbooks, it is also important to think about your finances. Learning how to manage your money amidst school and working will benefit you long after you graduate.
If it feels like your student loan debts are spiraling out of control, reorganization might be all that’s needed to fix things.
Student debt is becoming one of the big issues of this presidential election season, and with good reason. According to the latest figures, Americans hold a combined $1.6 trillion in student debt. That’s double the amount of debt from 9 years ago, and more than 3 times the debt from 13 years ago, when federal authorities began keeping records.