If you’re struggling to keep up with loan payments, your lender may offer relief options. One of the most common is deferment, which lets you temporarily pause your payments. What is loan deferment, and when does it make sense to use it? Here’s what bo…
Category: Debt Guide
Graduation is a big milestone, and the last thing most people want to think about afterward is loan payments. But understanding when you have to start paying student loans, and what to do before that date arrives, can save you money, protect your credi…
If you’re like many college graduates, you got a degree to improve your life. However, some graduates are finding that handling college debt is harder than they thought. If you qualify for income-based repayment, student loans may get easier to manage….
Student loan debt is money borrowed to pay for higher education, including tuition, fees, housing, and other school-related expenses. Borrowers take out these loans with the agreement to repay the principal (the amount borrowed) plus interest over time…
If you’ve been accepted into a higher education program, you’re probably excited to get started. This is a big step, and certainly worth celebrating! Before you start, however, you’ll have to overcome a hurdle: paying for your education. Unless you hav…
Unsecured debt is money you owe that is not backed by collateral. Collateral is an asset, like a house or car, that you pledge to a lender as security for a loan. With unsecured debt, there’s no specific property tied to the balance. The lender a…
A variable APR is an annual percentage rate that can change over time based on a benchmark interest rate. According to the Consumer Financial Protection Bureau, a variable-rate APR changes with the index interest rate, while a fixed APR does not fluctu…
Both subsidized and unsubsidized student loans are federal Direct Loans, carry the same interest rate for undergraduate borrowers, and come with the same repayment options and borrower protections. The single biggest difference is what happens to inter…
Key Takeaways At no other time in life are finances more challenging than age 60+. Many retirees have fixed incomes that do not keep up with inflation. In addition, there are critical decisions such as the timing of Social Security benefits, choice of …
When debt payments are hard to keep up with, debt consolidation and credit counseling are two repayment options people often compare. Both may make debt easier to organize, but they work in different ways. Debt consolidation usually moves several…