Nitro Knowledge. Your Guide to Paying for College.
If you're scrambling to fill a tuition gap for your child, you've probably considered taking out a PLUS loan from the federal government. While it may seem like an easy option — after all, it's right there on the financial aid award letter — it's not always the best option. Why? Because federal parent loans come with a much-higher interest rate than loans offered directly to students. The bottom line is that you may find a better deal elsewhere.
Let's take a quick look at why PLUS Loans (which may also be called Direct PLUS Loans)may not be a good value for parents and then examine three options that may make more financial sense.
It’s Monday morning, and you’re rushing to get to work on time. Suddenly, your car starts making a horrible cranking noise. You manage to get it to the shop, but the repair will cost thousands of dollars, and you simply don’t have that much money in the bank. What can you do?
If you love your home, but it’s just not functional for your needs, renovating your house can be a lot cheaper — and less stressful — than moving. You can get the features you dream of for less than you’d spend on the real estate agent fees and closing costs necessary to sell your home.
If you’re considering consolidating your credit card debt, you basically have two options: a personal loan or a balance transfer. A personal loan is a loan you take out with a bank. You use it to pay off all your credit cards, and then you pay off the loan over time. A balance transfer is when you move your balances from multiple credit cards onto a single credit card.
But which is better? Personal loans have lower interest rates and a fixed end date for paying off your debt. Balance transfers can offer attractive terms, but there are some things that can be problematic over the long term.
If you're thinking about taking out a personal loan, you're probably wondering just how much money you can borrow. While many lenders offer loans as large as $50,000, how much you actually qualify for is dependent on a number of factors.
If you're in the market for a personal loan, here's what you need to know.