If you’ve shopped for private student loans over the past year, you might have noticed that a “new kid” has arrived on the scene: the fixed-rate private loan. More banks and credit unions have introduced fixed-rate private loans over the past year in an effort to provide more options for consumers.
While interest rates can differ from lender to lender based on your creditworthiness, the rates on fixed-rate private loans tend to be a little higher than those on variable-rate private loans. However, the trade-off is that you know upfront exactly what the fixed-rate loan will cost to repay, while the total cost of a private loan depends on the market. Ultimately, you should analyze your financial situation and tolerance for risk-taking to determine which type of loan is best for you. Here is the breakdown:
Terrific infographic from the team at Mint.com. Expecting the unexpected, a visual guide to navigating the world of financial aid.
Unfortunately the ‘poor college kid’ stereotype is far from a fictional character and chances are you are (or will be) finding it difficult to keep enough cash around to actually live while you go to school. Here are some frugal tips to boost your money management skills.
- Shop Online. Many retailers offer special discounts for online shoppers like free shipping, percentages off, special clearance items, or final sale markdowns. When you shop online you can also watch the balance creep up as you add items to your cart so be sure to set a limit before you buy and don’t overspend.
- Use Coupons! There’s no shame in using coupons to rack up the savings. www.RetailMeNot.com is a great site you can use so that you never have to pay full price.
- Brew Your Own. Skip the morning frap and you can save up to $90 a month! Use your own coffee maker and you can splurge on fancy creamer while still staying far under budget.
- Save Loose Change. Keep a big jar on your dresser toss in all your loose change. You’ll be surprised at how fast is add up and how much you’ll appreciate it for a rainy day.
- Round Up. After a day at the mall or grocery store, always round up the amount of money that you think you’ve spent. If you bought a shirt for $7, count it as $10. This tactic will help you avoid overspending and you’ll be more pleased with your balance at the end.
- Be Preventative. Eating healthy, sticking to dental routines, and exercising regularly will cut down on expensive trips to the doctor. Being fit also makes you rmore productive. Start by tossing in some veggies with your ramen and take the stairs every time it’s an option!
There are thousands of ways to be frugal and still have all the things you need. What are some of your best ideas? We’d love to hear about them.
When you are going through the process of applying for and obtaining private student loans, you should take that opportunity to plan for repayment. Student loans must be repaid, so it’s essential to take the time to think through and decide in advance how you are going to manage that.
If you plan ahead, you won’t be shocked when the initial bills come. Though there are many options available to you, should you fall behind in payments or become unable to repay, you should take advantage these 10 tips so that you don’t have to worry about that. This is the lesson many students probably wish they had learned in the beginning!
It’s a time of great change for the members of the recently-graduated Class of 2014. Whether a few months into a new job or still looking for the right opportunity, everyone is trying to figure out their new life – and just as importantly, how to pay for it.
The first step towards gaining your footing financially is to take stock of your income and expenses and create a budget. Of course you’ll want to start by making sure you can pay for the necessities – food and shelter – but there are a lot of other expenses for which you’ll need to plan. A professional wardrobe. Your car note. TV and Internet. It all adds up quickly. And then there’s the other big milestone you’ll soon face: starting repayment on your student loans.