Melanie Pincus – The News Desk

What Can Student Loans Be Used For? | Mortgages

3Apr

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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...

Best Student Loans for Bad Credit of April 2024

3Apr

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Money

Best Student Loans for Bad Credit of April 2024

How to Choose the Right Bad Credit Student LoanThere are a number of factors to consider when finding the best bad credit student loan for you. Interest rates. Bad credit student loans come with higher interest rates, but there may be options to lower those rates, such as by adding a co-signer. Repayment terms. The amount of time you have to repay a loan is an important consideration. Repayment options like extending the term, deferring payments or refinancing can provide you with more flexibility in the future. Funding available. Consider how much funding each lender offers to ensure that it can meet your needs. Eligibility requirements. Lenders may require you to meet certain conditions in order to qualify for bad credit student loans, such as citizenship, age, credit history, incom...

Best Student Loans for Bad Credit of December 2023

25Dec

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Money

Best Student Loans for Bad Credit of December 2023

How to Choose the Right Bad Credit Student LoanThere are a number of factors to consider when finding the best bad credit student loan for you. Interest rates. Bad credit student loans come with higher interest rates, but there may be options to lower those rates, such as by adding a co-signer. Repayment terms. The amount of time you have to repay a loan is an important consideration. Repayment options like extending the term, deferring payments or refinancing can provide you with more flexibility in the future. Funding available. Consider how much funding each lender offers to ensure that it can meet your needs. Eligibility requirements. Lenders may require you to meet certain conditions in order to qualify for bad credit student loans, such as citizenship, age, credit history, incom...

15 Fastest Co-Signer Release Student Loans of December 2023

24Dec

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Money

15 Fastest Co-Signer Release Student Loans of December 2023

What Is a Co-Signer Release?Borrowing a student loan with the help of a creditworthy co-signer can boost your chances of approval and help you qualify for better terms, like a lower interest rate. But, importantly, a co-signer is legally obligated to pay off the loan if the borrower fails to pay, and the loan shows up on the co-signer's credit report. This is why borrowers and co-signers will sometimes look for a loan that has a co-signer release option, says Elaine Rubin, director of corporate communications for Edvisors, a consumer resource for college financial aid. "A co-signer release means after meeting all the terms and conditions, the co-signer's responsibility can be removed from that loan," Rubin says.For the co-signer release to be approved, however, the borrower must make a sp...

23Dec

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Money

PenFed Student Loans Review 2023

Find the Best Student Loan Refinance Lenders 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 TermWhat Types of Student Loans Does PenFed Offer?PenFed refinances federal and private student loans.How Does PenFed Work?You can start refinancing your student loans with PenFed by filling out an online form and checking your rate. The lender says you can pre-qualify for a loan within a couple minutes, and apply for a loan online in under 15 minutes. The next step involves submitting documentation. You’ll also need to get a PenFed membership as part of the overall loan application, but anyone is allowed to join. You’ll view your loan rate and term, and then be able to e-sign your loan agreement. P...

17Dec

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Money

Compare Current VA Loan Rates

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

16Dec

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Money

Compare FHA Loan Rates | U.S. News

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

16Dec

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Money

Compare Current 30-Year Mortgage Rates

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

15Dec

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Money

Best HELOC Lenders of December 2023

What Are the Current HELOC Rates?The average rate for a $30,000 HELOC is at 10.08% as of Dec. 13. This average is based on a 30-year term, a 80% loan-to-value ratio and a 700 FICO score. This analysis is powered by Bankrate, which gathers data from applicants who prequalify for HELOCs through its website and affiliates.What Is a Home Equity Line of Credit?A home equity line of credit is a form of revolving credit that is secured by your home. Similar to a credit card, you can borrow against the credit line as needed – up to the limit. When you do so, you pay interest on the balance. As you pay the balance down, more of your credit line opens back up.Unlike a credit card, however, HELOCs have what's known as a draw period. This is the time when you're allowed to spend against your credit ...

15Dec

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Money

Best Home Equity Loans of 2023

What Is a Home Equity Loan?A home equity loan, also known as a second mortgage, allows you to borrow against the equity in your home and uses your property to secure the loan. You get a lump sum, and the loan typically has a fixed interest rate and a repayment term of five to 30 years. Equity is the market value of your home minus what you owe on your mortgage. Lenders may want you to keep your borrowing to 80% of your home’s equity at the most, according to the Federal Trade Commission. That means if you have $100,000 in equity, you may be able to borrow $80,000. But you can find lenders that let you borrow 85% of your home’s equity, or even more.What Are the Benefits of Home Equity Loans? You'll pay a fixed interest rate. Whether interest rates rise or fall, your monthly payment on a h...