College is an eye-opening world for many students. While their biggest expense is directly tied to tuition, books, and room and board, they will, no doubt, have quite a few expenses that may not have been figured into the higher education budget. Electronics and gadgets, fashion, parties, and spring break trips will require additional funding. How can they pay for all these extras that are a normal part of college life? credit card issuers have the answer with a student credit card.
Credit card issuers set up booths around campus, offering freebies to anyone who applies for a student card. Student cards are targeted to young adults who don’t have much credit and debt experience. Unfortunately, many college students are quick to apply for credit card after credit card, without a sound debt management plan. Six years of pizza, beer, and minimum payments often leave a young adult with a substantial debt before they’ve even secured the job that they’ve received their education for.
It may be difficult for an inexperienced credit card user to fully grasp the consequences of over-using a credit card. Everywhere they go, credit cards are an accepted form of […]
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Any student who had paid their own way through undergraduate or graduate school can tell you that education can be pricey. However, a good education is something worthy of the high cost. To provide themselves with the skills and knowledge need to gain expanded career opportunities, student loans may be a necessary “evil” that’s part of the education process.
One advantage of student loans, and other sources of educational financial aid, is that they typically have a low interest rate. However, even with student loan rates normally ranging between 4.7% - 8.25%, the interest can quickly add up. Many students find themselves over their head in student debt. Aside from acquiring several thousands of dollars of students loans, young couples are often also taking out money for car loans and house mortgages. At a time of life when young people are encouraged to begin saving for retirement, students find themselves in tens of thousands of dollars of debt.
Before we discuss the consolidation of student loans, it’s important to understand the three types of funding available: federal loans made to students, federal loans made to their parents, and private loans from a third-party funder. Each has its own advantages and disadvantages, and […]
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