For college graduates both new and old, the fun of “summer vacation” is often dampened by thoughts of the student loan debt they’re paying off. But if college grads take this time to assess whether it’s possible to refinance and consolidate student loans, it could end up easing their debt burden as well as their minds.
There are several factors that can help determine the need for a student loan switch-up. For example, student loan interest rates may have gone down since you first took out your loans, or your financial situation may have improved, making you eligible for a lower rate. If you find yourself in either of these categories, you may qualify to refinance student loans – and you may be presented with the option to refinance into a variable rate student loan.
So what’s the difference between variable (sometimes called “floating”) and fixed rate student loans, and how do you know which one is right for you? Here’s the quick breakdown:
Maybe you’ve spent too much time watching HGTV and now have visions of turning your kitchen into a chef’s paradise. Or perhaps your master bath is just one shower away from disaster.
If so, you’re not alone. The Joint Center of Housing Studies for Harvard University recently reported that the home improvement industry should post record-level spending in 2015. For many people, that means borrowing money to pay for those improvements.
So which home improvement loan is right for you? Many homeowners look to tap the equity in their homes. But home equity loans or home equity lines of credit (HELOC) may not be possible or practical for some borrowers. In that case, consider using a personal loan.
There are a few reasons why a personal loan can have an advantage over home equity loans or HELOCs for financing home renovations:
If you’re in the market for a mortgage this year, one of your first decisions will be whether you want to use a fixed-rate or an adjustable-rate mortgage loan.
Often it feels like you need a personal economist to assist in making that decision. Both products have their own unique advantages. The key is to choose the best option for your particular situation. So for those of us who don’t have a personal hotline to the Federal Reserve, here’s what you should know about these two types of home loans.
Student debt is often a key financial concern among 20- and 30-somethings, and rightfully so. Though the data still proves that higher education pays off over time, having a lot of student debt can hinder a borrower’s financial situation years into their professional life.
However, as the estimated three million parents that currently hold federal Parent PLUS loans can attest, student debt doesn’t discriminate based on a person’s age. Between the rising cost of tuition and the fallout from the financial crisis, a growing number of parents have had to supplement savings with other sources of financing – and the Parent PLUS loan has historically been the first line of defense.
While the Parent PLUS loan has some advantages, it’s not ideal for every situation. And now that it’s possible to refinance Parent PLUS loans at lower rates, it’s important to understand the key arguments for refinancing – and whether that strategy is right for you.
Here are five reasons to consider refinancing a Parent PLUS loan.
Today, the Treasury announced a public inquiry into marketplace lenders. As the nation’s second largest marketplace lender, we welcome the Treasury’s inquiry. At SoFi, fairness and transparency are critical factors in our partnership with our borrowers, and we strive to have an equally strong partnership with the Treasury. To that end, we’ve been forthcoming with the Treasury and have enjoyed regular, positive communications and meetings with officials for the past several years.
We appreciate the Treasury’s interest in areas of importance to SoFi and the marketplace lending industry — from SoFi’s differentiated business model (given that we originate our own loans) to the market’s overall growth potential. In fact, members of our executive team just recently met with Treasury officials and the National Economic Council at the White House Office to discuss many of these topics. We recently surpassed $3 billion in funded loans. As we grow, we look forward to continuing these conversations and creating opportunities to bring the benefits of marketplace lending to a greater number of members throughout the US.