Loans Advice – The News Desk

What Can Student Loans Be Used For? | Mortgages

3Apr

By adminNo Comments

Money

What Can Student Loans Be Used For? | Mortgages

When you take out a student loan, your lender sends funds directly to your school. After your school deducts what's needed to pay for expenses such as tuition and room and board, it will disburse any remaining money to you for education-related expenses. But these expenses aren't just books and class fees. Student loan funds can be used to pay for rent, groceries and more.Before you have a heyday with your leftover cash, it helps to understand what the Department of Education considers "qualified educational expenses." While lenders don't track how you use your student loans, there are potential consequences for misusing the money.What Can You Use Student Loans For?Student loans can be used to pay for a range of costs related to higher education. Whether pursuing an undergraduate or gradu...

What are Joint Personal Loans? | Personal Loans

2Apr

By adminNo Comments

Money

What are Joint Personal Loans? | Personal Loans

Key Takeaways A joint personal loan is different from having a guarantor or a co-signer, in that the joint borrower has access to loan funds. You might have a better chance of being approved for a joint personal loan – and perhaps even score a lower interest rate – but there are also risks to consider. The process of applying for a joint personal loan is similar to other loans. Sharing a financial product with another person is not uncommon – just think of a joint bank account or mortgage. Personal loans are no different, and many banks allow you to take out one of these loans with another party, known as a joint personal loan.Taking out a joint personal loan is a bit different from having a co-signer or guarantor, and it comes with its own benefits and drawbacks. Read on to learn m...

Personal Loan Statistics and Trends to Watch in 2024 | Personal Loans and Advice

29Dec

By adminNo Comments

Money

Personal Loan Statistics and Trends to Watch in 2024 | Personal Loans and Advice

Consumers are increasingly turning to unsecured personal loans to achieve their financial goals, whether they want to knock out home improvement projects, consolidate high-interest credit card debt or simply pay for an unexpected car repair.Personal loan balances have ballooned – both at the individual borrower level as well as nationally – at a time when interest rates have also risen rapidly. Simply put, personal loans are getting larger and more expensive to repay. Meanwhile, more borrowers are becoming delinquent on their personal loan debt.Learn more about the personal loan trends from 2023 and how that will impact borrowers into 2024, according to a U.S. News analysis of industry data from TransUnion, Experian, the Federal Reserve and the National Credit Union Administration. Person...

How to Navigate Student Loan Repayment in 2024 | Student Loans and Advice

29Dec

By adminNo Comments

Money

How to Navigate Student Loan Repayment in 2024 | Student Loans and Advice

After three years of COVID-19 forbearance expired in October 2023, transitioning millions of Americans back into student loan repayment has been a logistical nightmare. More than 14 million borrowers had their loans transferred to a new servicer during the pandemic payment pause, according to the Consumer Financial Protection Bureau. Over four million borrowers were tasked with making payments for the very first time, per data from the Department of Education. All told, only about 60% of borrowers made federal student loan payments by mid-November, the Department says."While most borrowers have already made their first payment, others will need more time," writes U.S. Undersecretary of Education James Kvaal, in a recent blog post. "Some are confused or overwhelmed about their options."In ...

20Dec

By adminNo Comments

Money

What Is Escrow? | Mortgages and Advice

Most people never encounter the concept of escrow until they buy a home. Escrow accounts are set up by third parties as a safe place to hold money. They are used for two main purposes when it comes to real estate: during a home purchase and afterward as an easy way for homeowners to save for property tax and insurance costs. Here's what you need to know about escrow accounts, how they help facilitate a home purchase and how they help you manage your home expenses after the sale.What Does Escrow Mean?Generally, escrow is a type of account. It is held and managed by an escrow agent – a neutral third party who not only receives money, but can disperse it. The escrow account is held for two primary parties until a transaction is finalized or a contract's requirements are met. Escrow accounts ...

What Is the Average Student Loan Payment? | Student Loans and Advice

15Dec

By adminNo Comments

Money

What Is the Average Student Loan Payment? | Student Loans and Advice

The average student loan payment is between $200 and $299, according to the most recent available data from the Federal Reserve. But considering the average debt among recent graduates who took out student loans is nearly $30,000, per an analysis by U.S. News, the monthly payment on a 10-year standard repayment plan would be on the higher end of that range – around $300. How much you pay toward your student loans each month will depend on a number of factors, such as the cost of your college program, the type of student loans you borrow and the repayment plan you choose.Find the Best Student Loans for You Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan TermHow Are Student Loan Payments Dete...

Warning Signs, Examples and How to Avoid (231212loans.predatoryloans) (1 PV)

14Dec

By adminNo Comments

Money

Warning Signs, Examples and How to Avoid (231212loans.predatoryloans) (1 PV)

If you find yourself in desperate need of money, you're probably eager to get cash the fastest and easiest way you can. This might lead you into the wrong hands, however. Some lenders offer predatory loans in order to take advantage of your financial situation, which will only make things worse for you. Learn how to spot predatory loans, how to protect yourself from them and how to find alternative ways to borrow money.What Is a Predatory Loan?Predatory loans are loans that have unfair, misleading or unaffordable terms that tend to trap consumers in cycles of debt.Lenders who provide these abusive loans may target low-income families, consumers with low credit scores, older adults, small-business owners and communities of color, according to consumer advocates and research from the Center...

What Is a Tax Refund Advance? | Personal Loans and Advice

13Dec

By adminNo Comments

Money

What Is a Tax Refund Advance? | Personal Loans and Advice

For many, springtime means relief in the form of a tax refund. But if you need money right now, waiting for the IRS to issue your refund might not be ideal.That's where a tax refund loan comes in. While these loans can get you early access to funds, they can be expensive and unnecessary."Consumers should carefully consider the advantages of having quicker access to the money versus the costs incurred to obtain the loan," says April Walker, lead manager for tax practice and ethics with the American Institute of Certified Public Accountants.Read below to learn how to get a tax refund loan, where to find one and if it's the best option for you.What Is a Tax Refund Loan?When you file your tax return, you may end up owing the government money or getting a refund from the government. If you are...

What to Do With Student Loan Debt in Retirement | Student Loans and Advice

12Dec

By adminNo Comments

Money

What to Do With Student Loan Debt in Retirement | Student Loans and Advice

Seniors are increasingly carrying the burden of student loan debt in America, as many enter their golden years saddled with an extra monthly loan payment eating into their retirement savings.The outstanding student loan balance held by Americans age 60 or older increased twentyfold over the past 15 years, from $6.4 billion in 2004 to $126.6 billion in 2021, according to consumer credit data from the Federal Reserve Bank of New York. The share of student loan debt held by this age group also quadrupled during this time, from 1.9% to 8%.Carrying student loans into retirement can make it difficult to keep up with living expenses such as health care, transportation and assisted living – not to mention the leisure spending and travel you've been working for decades to afford. But managing (and...

Holidays on Hold: Student Loan Repayment Has Borrowers Trimming Budgets | Student Loans and Advice

6Dec

By adminNo Comments

Money

Holidays on Hold: Student Loan Repayment Has Borrowers Trimming Budgets | Student Loans and Advice

Federal student loan payments resumed in October just ahead of the holiday season, so it may not come as a surprise that most Americans with college loan debt plan to spend less money this year on family gatherings, festive trimmings and gift-giving, according to a November survey from U.S News. And while it may be a blue Christmas for student loan borrowers, the financial strain of loan repayment doesn't end once the holidays are over. Between Nov. 17 and 27, U.S. News ran a nationwide survey of 1,202 former college students with federal student loan debt, conducted through PureSpectrum. We asked respondents a series of questions about how their finances have changed since the three-year student loan forbearance ended, including what it means for their holiday budget, whether they've bee...