No, personal loans are most definitely not a better option than student loans. Personal loans should be your very last resource for borrowing money for college. If possible, they should be avoided altogether. Here are three reasons why: Higher Interest Rates Interest rates on personal loans vary depending on your credit score. As you would …
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Where’s The Best Place To Get Money For College?
With today’s soaring tuition fees, the question on everyone’s mind is: how do you pay for college? While there are many sources of aid and funding, two options stand above the rest. The two best sources to start with are the FAFSA and scholarships. FAFSA Filling the FAFSA (Free Application for Federal Student Aid) is …
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What Is “Discretionary Income” And Why Does It Matter For Student Loans?
Discretionary Income is the money that you have left over after you have finished paying all your essentials such as rent, food, and utilities. Spending Discretionary Income While nobody can tell you how to spend your discretionary income, if you have outstanding student loans, you may want to be a little careful about what you …
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When Is The Best Time To Refinance Student Loans?
For many students, one of the more popular reasons to refinance is to save money on student loans, but as with most student loan options, it should be chosen carefully. Refinancing can help you improve your current financial situation but only if you refinance student loans at the right time. When to Refinance Student Loans …
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What is Student Loan “Principal Balance?”
When you’re applying for (or repaying) student loans, you’re going to come across quite a few terms that you may not quite understand. One of these terms is your student loan “principal balance.” Here’s a quick rundown of what that means for your student loan debt. What is “principal balance?” The principal balance is the …
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Can Students Build Good Credit In High School?
You know you will be heading off to college after high school and that means you are likely to be looking for student loans. While building and having a credit history does not matter when it comes to federal student loans, it can make a huge difference when borrowing money from private lenders. The Importance …
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When is the Best Time to Consolidate My Student Loans?
Let’s say you went to college and had to take out multiple student loans. Now that you’ve graduated, it’s time to repay all those loans. It can get overwhelming quickly. Luckily, there’s consolidation. Student loan consolidation can be a huge relief to students juggling multiple loans. This process combines the loans into one simple monthly …
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Is There A Silver Lining To Student Loan Debt?
Nobody likes to be in debt, and the thought of borrowing thousands of dollars to fund your college education can be a scary thought. The good news is, unbelievable as it may sound, there actually is a silver lining to student loan debt. Student Loans Can Be “Good Debt” Unlike borrowing money to buy a …
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Should I Refinance My Student Loans Or Should I Consolidate Them?
When it comes to managing your student loans, there is no one option that is right for everyone. Whether refinancing or consolidation is the best choice for you will depend on your unique circumstances and your short and long term financial goals. When to Consolidate Your Loans Consolidation is the right choice if your main …
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Which Is Better: A Subsidized Federal Loan Or An Unsubsidized One?
When it comes to paying for college, many students end up taking out student loans. If students filed the FAFSA (which everyone should), they’re eligible for federal student loans. But did you know that there are two types of federal loans? Both a subsidized and unsubsidized federal loan is offered by the federal government and …
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