Showing posts with label student loans. Show all posts
Showing posts with label student loans. Show all posts

Saturday, June 18, 2022

Different Types of Loans and How They Can Help You

Saving up for a big purchase is always a good idea, but in reality, it's simply not always possible. This is especially true when it comes to paying for huge expenses such as land, a home, your college education, and any other purchase with a price tag reaching the thousands or even millions.

Fortunately, when you can't save up money in advance, there's a wide variety of loan options out there to choose from.

Personal Loans


As one of the broadest loan categories, personal loans provide funding for a wide variety of uses ranging from weddings and vacations to home renovations and debt consolidation

Most personal loans can be easily applied for online and feature repayment terms ranging from 24 to 84 months.

Auto Loans


An auto loan is a type of secured loan available solely for the purchase of a new or used vehicle. With most auto loans, borrowers can expect to pay an interest rate as low as three percent for excellent credit or as high as 10 percent for borrowers in the sub-650 range. 

Auto loan terms can range anywhere from 36-84 months and are often at the discretion of the borrower. However, as with any type of loan, the longer the term, the greater the amount of interest paid.

Mortgage Loans


Similar to auto loans, mortgage loans are secure loans, only they are for much more money and typically require regular monthly payments for up to 30 years. 



There are several types of mortgage loans, and while credit unions and banks are the most common mortgage lenders, they sometimes sell their qualified mortgage loans to federally-sponsored entities like Fannie Mae and Freddie Mac. Government-backed loan programs are also available for certain homebuyers.

Land Loans


With limited inventory and sky-high home prices, more and more people are buying raw land these days. However, the land isn't exactly cheap either, which is where a raw land lender comes in, someone like Raw Land Lenders

Land loans allow adventurous borrowers to buy raw land in order for them to build their dream house, create a mini-farm, and virtually anything else they choose to do with what they buy. 

While land loans generally have higher interest rates than mortgage loans, they also feature shorter terms and require less of down payment, making it possible for almost anyone to achieve their dream of land ownership.

Student Loans


Student loans are unsecured loans meant to pay for college tuition, fees, books, and living expenses. Unlike personal loans, which can be used for anything, student loans can only be used for education-related expenses at accredited schools. 

There are both private and federal student loans, and both often come with low-interest rates and flexible repayment terms.

As you can see, there are several different loan options available to fund just about whatever you need. Deciding on the right type of loan really just depends on what you plan on using it for. 

For example, if you plan on buying a car then obviously an auto loan would be of the most benefit to you. Meanwhile, a raw land loan can help you build a home while a mortgage loan allows you to pay for a home that’s already built.


Friday, April 21, 2017

How Can College Students Minimize Their Student Loans?



Student loans can quickly take over a graduate's life and strain their finances for many decades to come. 

That is one of the reasons why it is so important for students to do everything in their power to keep their loans as small as possible. 

While this process is not always easy, reducing one's student loans in college and immediately following graduation could save a student hundreds of thousands of dollars.

Carefully Calculate Your Expenses


Just as with any other type of loan, student borrowers must sit down and calculate their exact expenses. It might be tempting to take a guess at your future expenses, but every extra dollar that you borrow will end up costing you quite a bit of money. 




In addition to your tuition, you will also need to think about the cost of books, rent, food, and all the other expenses you are going to need help with.

Speak With the Financial Aid Office


Most students have relatively little experience managing money, and that can make applying for large student loans daunting. 

Some schools, like UC Clermont College, know that almost every school has a financial aid office that is staffed by experts who can help students manage their expenses. These consultants also have lists of different funding sources you might qualify for such as federal loans and state grants.

Explore All of Your Academic Options


Even if you plan on eventually graduating from a well-known university, you should consider taking care of your general education requirements online or at a city college. 

Many larger universities even have “feeder colleges” that are designed for students who want to save extra money. Taking general education courses online or at a smaller college could reduce your total loans by a few thousand dollars.

Take Courses throughout the Year


Taking just a few courses during the summer or over spring break might shave one or two full semesters off of your college career. 




Some of these courses are even discounted to attract students to the university when most others move away. 

While your student loans might not be accruing a large amount of interest over the course of just semester or two, signing up for a few extra classes could save you hundreds of dollars by the time you repay your loans.

In addition to keeping your loans to a minimum, you also need to have a repayment plan in place well before you graduate. 

All students should begin exploring career options months before they receive their diploma to avoid defaulting on any of their loans.


Wednesday, July 24, 2013

How to Find The Best Student Loan

Recent News: 

Amid the rise in student loan rates as of July 1st, it has become significantly more difficult to select a student loan that best suits your needs. The day your child receives his or her college acceptance letter is a day filled with joy and celebration, but the impending realization of having to cover the cost is daunting. Thinking about selecting a student loan is intimidating and it’s hard to know where to start. Accompanied by the many options out there, the recent rise in student loan rates has made selecting the best loan for you and your family even more difficult. 

On July 1st, the interest rates on federally subsidized Stafford loans doubled, soaring from 3.4 percent to 6.7 percent after Congress failed to reach a deal. Though lawmakers could potentially pass a bill to undo the damages, Congress has estimated an increase that will cost the average college student an additional $4,000. Currently, democrats have pushed to keep interest on Stafford loans low, believing that this will encourage students get a college education. On the flip side of the coin, Republicans have pushed to linking student loans to financial markets, rather than letting Congress set the federal lending rates. 

Recently, a coalition of Senate democrats and republicans have come to a tentative agreement with President Obama that would appeal the recent spike in interest rates on new federal loans for college students. There is a tentative agreement that will move the student loan rate to a market-based rate. If this new deal is not reached by the start of the upcoming school year, roughly 7.4 million students with federal Stafford loans could end up paying up to $4,000 more in interest rates for a four-year degree. Student Loans FindTheBest: Now more than ever, families are feeling the additional pressure and costs of sending a child to college. It is important to understand that there are resources out there to help families in selecting the best student loans. Here is a resource that will help you search for, compare, and select the best student loan for yourself, your son or your daughter.


It may also help to take a look at specific colleges and student loans by state to gain a better understanding of the market. Let’s start by taking a look at student loans offered in California. If you intend to study in a different state, you can access a specific state directory at the bottom righthand corner of the student loans resource page.



In addition to the student loan resources above, the college comparison below will help provide you with student loan data for your specific University. It will help provide you with information such as the percent of students who receive student loans, the total amount of student loan aid, the average amount of aid, and similar information involving federal loan aid.



Verdict: 

Although the rise in student loan rates may create a stressful transition from high school to college, it is important to understand that there are resources out there to help you overcome this major decision. FindTheBest’s student loan resources will help provide you with expert data and reviews on student loans and will ensure that you find the best possible loan for your family’s needs

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