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What Can Student Loans Be Used For? | Mortgages

3Apr

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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 Is a Checking Account? | Banking Advice

A checking account is the cornerstone of the financial lives of many Americans. People primarily use a checking account to pay household expenses such as mortgage payments and utility bills. The Federal Deposit Insurance Corp. reports that over 95% of U.S. households had a checking or savings account at a bank or credit union in 2021. Find out how a checking account works, the different types available, and how to choose the right one for you.What Is a Checking Account?A checking account helps people manage their finances and can be opened at a traditional bank, online bank or credit union. Checking accounts can be used for a variety of purposes, including: Paying for expenses by debit card or check. Making purchases online or in person. Depositing paychecks, Social Security benefits a...

How to Open a Savings Account | Banking Advice

A savings account is an important financial tool that helps protect your money and allows it to grow. Whether you're getting a savings account for the first time or interested in switching banks, knowing the steps to open a savings account can help you streamline the process.How to Open a Savings Account "The process to open a savings account varies by bank, but typically, you can open an account in person or online by showing the appropriate proof of identification and filling out an application with your information," says Kendall Meade, a certified financial planner at SoFi.The steps may vary depending on the bank and type of account, but here are the common steps involved: Compare your options. Start by deciding which bank and type of account best suits your needs. Meade says it's im...