Knowing how to calculate student loan payments is important for your overall financial stability. If you understand how interest is calculated over the duration of the loan period and how quickly it can add up, you might be able to save some money in the long run.
Student loan interest rates are outrageous. At a time when the government can borrow for 10 years at 2.25 percent, it is forcing many students to repay their loans at interest rates as high as 7.9 percent, or higher, depending on when the loans were taken out.
It's no secret that most college graduates will spend a large portion of their early careers paying back their student loans. Many borrowers do not graduate with just one student loan, but with multiple loans each with its own interest rate, repayment period, and fine print.
Those currently in repayment often opt into automatic payments to make life easier and to take advantage of a rate reduction. Although this passive option provides some student loan relief, there are options that could potentially save you a lot of money and shave a few years off of your repayment terms.
Student loan deferment, putting a pause on payments without facing penalties, is available to borrowers under special circumstances. In certain times, deferment is necessary to stay afloat financially.
Student loan debt will be a key issue in the 2016 presidential election - and it should be. The $1.3 trillion in student loan debt has become a defining economic factor for students and graduates across the country.
An exploding industry of debt relief companies, many who used to sell debt settlement services, think selling student loan assistance programs is the new fountain of gold. They will sell the hell out of these programs all day and all night, for an advanced fee and monthly payments.
Finding ways to save on your student loan payments can be useful if you want to manage your loans effectively, avoid delinquency or default, and save money. Here are a few tips and suggestions to get you started.
The best way to pay less for business school is simply "getting the right loans." Let's be honest.
With more than 70 percent of the country's latest degree recipients using student loans to pay for their recently earned degrees, understanding student loans has become more important than ever. One of the only benefits is that you can deduct interest paid on those loans.
Partnering with the organization Pencils of Promise, which provides education to underserved students in developing countries, CommonBond funds a year of schooling for a child abroad for every degree fully funded through its platform.
For those of you who dream of being future doctors, lawyers, financial wizards, architects, or English professors (if there are any of those anymore), you'll still have to pay exorbitantly for years of graduate school or professional training, which means ever more debt to come.
A personal loan can be a quick way to pay off your financial expenses under new, hopefully more favorable conditions. The loan has a set term and fixed payment throughout the life of the loan.
Earnest entered the loan market in 2014 by offering small merit-based personal loans to young professionals at rates lower than credit cards to help with "life milestones".
Embrace your scars. When you have something to offer you'll be sought. The person who wants something least holds the stronger position. Living the dream is never giving in to adversity -- hold ground, then bounce back.
Even though the job market for new college graduates is better than it has been in recent years, there is still a vast amount of unemployment and underemployment among college graduates.