Currently Browsing: Education Loans
Student loans are, for many people, one of the first wake-up calls in Real Adult Life. While we may be used to paying cell phone bills, credit card bills, and even monthly rent, adding another hundreds-of-dollars payment to a monthly budget can feel like a massive smack to the face. And with little to no experience with these sorts of lenders and creditors, there’s temptation to just not pay them. The day I found out my first “real” job came with an...
Overwhelmed by all the information on student loans out there? We’ve got you covered. ReadyForZero has addressed Federal Student Loans in previous posts on the blog. But a lot of students also have private student loans, and we’ve noticed that there seems to be a lack of unbiased information available about those. For borrowers with private student loans, trying to pin down accurate and helpful information about your loans can be tricky. With so many...
We’ve gone over what private student loans are and how to begin researching repayment options. Now let’s get into the basic pros and cons of taking out a private student loan. We hope to help answer your questions if you’re considering taking out a private student loan, or are just curious to see how they differ from other types of student aid: PROS Your education costs will be covered There’s no cap on private student loans – at least theoretically....
We’ve become a nation of student loan debtors. We’ve all heard the saying that the only things certain in life are death and taxes. These days, one additional certainty is the student loan: increasingly, higher education is necessary for jobs in every industry. But do you know how your student loans affect your credit score? When I was a bright young thing fresh out of school, I didn’t have a clue. Going to a private school, all I knew was that I had to...
It’s easy to feel financially stuck in a cycle of debt when you have a huge outstanding student loan balance. From 2004 to 2014, student loan debt increased by 56% with the average American student now owing over $28,000. For some, that amount is even much larger. For example, attending a private undergraduate university or continuing onto graduate school can easily set you back almost six-figures in student loans. When you make a big purchase or when...
While there are a lot of great loan calculators out, it can be hard to know where to look when you just want to understand how much you’re going to be paying for a student loan. If you’re starting to shop around for loans, you may want a general picture of how much you’re going to pay, and if you’re refinancing your existing debt, you may want a tool to compare your options based on how far you’ve already come with repayment. Either way, check out these...
A new dentist posted this question on Reddit: where should he start with his $520,000 debt for student loans? Six-figure student loan debt is not entirely unreasonable for a dental student, if you go by the rule that you should graduate with no more debt than your starting salary. But he is starting with a $129,000 salary, so his debt load is more than four times his salary. %VIRTUAL-article-sponsoredlinks%Dentists’ salaries range from $75,003 to...
Thanks to recent legislative decisions, student loans are all over the news. While politicians debate the future of our loan interest rates, we’re still required to pay our loans every month. When we’re sick or underemployed or with finances otherwise spread thin, we still pay them. Why? Because we borrowed the money and we need to pay it back. Responsible borrowers don’t dispute this fact (though by the look of comments directed toward us on some online...
Like most students, Robert Bowman paid for his degrees through student loans. It took time, but eventually he was ready to be a lawyer. Until, that is, five state judges decided that all of his efforts weren’t good enough, according to the New York Times. In layman’s terms, Bowman had fallen too far behind on his student debt and therefore didn’t deserve to be a lawyer. This story is unique to neither New York nor law, and it...
Do you know how student loan interest works? When I was a student, I sure didn’t: Several months before graduating from college, I and a group of my classmates gathered in one of the prettiest rooms on campus. On this particular day, the room was filled with financial aid office employees poised to give lots of boring PowerPoint presentations. Each of us were handed a shiny, new folder with a photo of a college senior in a cap and gown, holding a...
What Happens When You Stop Paying Your Student Loans
Posted on May 7, 2022 in Education Loans | 1 comment
Student loans are, for many people, one of the first wake-up calls in Real Adult Life. While we may be used to paying cell phone bills, credit card bills, and even monthly rent, adding another hundreds-of-dollars payment to a monthly budget can feel like a massive smack to the face. And with little to no experience with these sorts of lenders and creditors, there’s temptation to just not pay them. The day I found out my first “real” job came with an...
What Is A Private Student Loan?
Posted on Dec 21, 2021 in Education Loans | 1 comment
Overwhelmed by all the information on student loans out there? We’ve got you covered. ReadyForZero has addressed Federal Student Loans in previous posts on the blog. But a lot of students also have private student loans, and we’ve noticed that there seems to be a lack of unbiased information available about those. For borrowers with private student loans, trying to pin down accurate and helpful information about your loans can be tricky. With so many...
The Pros and Cons of Private Student Loans
Posted on Oct 14, 2021 in Education Loans | 1 comment
We’ve gone over what private student loans are and how to begin researching repayment options. Now let’s get into the basic pros and cons of taking out a private student loan. We hope to help answer your questions if you’re considering taking out a private student loan, or are just curious to see how they differ from other types of student aid: PROS Your education costs will be covered There’s no cap on private student loans – at least theoretically....
How Student Loans Affect Your Credit Score
Posted on Jun 6, 2021 in Education Loans | Comments Off on How Student Loans Affect Your Credit Score
We’ve become a nation of student loan debtors. We’ve all heard the saying that the only things certain in life are death and taxes. These days, one additional certainty is the student loan: increasingly, higher education is necessary for jobs in every industry. But do you know how your student loans affect your credit score? When I was a bright young thing fresh out of school, I didn’t have a clue. Going to a private school, all I knew was that I had to...
How To Overcome the Stress of Student Loan Debt
Posted on Apr 7, 2021 in Education Loans | 1 comment
It’s easy to feel financially stuck in a cycle of debt when you have a huge outstanding student loan balance. From 2004 to 2014, student loan debt increased by 56% with the average American student now owing over $28,000. For some, that amount is even much larger. For example, attending a private undergraduate university or continuing onto graduate school can easily set you back almost six-figures in student loans. When you make a big purchase or when...
3 Fast Ways to Compare Student Loans Using Excel
Posted on Mar 5, 2021 in Education Loans | 1 comment
While there are a lot of great loan calculators out, it can be hard to know where to look when you just want to understand how much you’re going to be paying for a student loan. If you’re starting to shop around for loans, you may want a general picture of how much you’re going to pay, and if you’re refinancing your existing debt, you may want a tool to compare your options based on how far you’ve already come with repayment. Either way, check out these...
Ouch! Dentist Has $520,000 in Student Loans: Where to Begin
Posted on Dec 1, 2020 in Education Loans | Comments Off on Ouch! Dentist Has $520,000 in Student Loans: Where to Begin
A new dentist posted this question on Reddit: where should he start with his $520,000 debt for student loans? Six-figure student loan debt is not entirely unreasonable for a dental student, if you go by the rule that you should graduate with no more debt than your starting salary. But he is starting with a $129,000 salary, so his debt load is more than four times his salary. %VIRTUAL-article-sponsoredlinks%Dentists’ salaries range from $75,003 to...
Morality And Student Loans
Posted on Nov 22, 2020 in Education Loans | 1 comment
Thanks to recent legislative decisions, student loans are all over the news. While politicians debate the future of our loan interest rates, we’re still required to pay our loans every month. When we’re sick or underemployed or with finances otherwise spread thin, we still pay them. Why? Because we borrowed the money and we need to pay it back. Responsible borrowers don’t dispute this fact (though by the look of comments directed toward us on some online...
Falling Behind On Your Student Loan Debt Can Get You Fired
Posted on Aug 29, 2020 in Education Loans | Comments Off on Falling Behind On Your Student Loan Debt Can Get You Fired
Like most students, Robert Bowman paid for his degrees through student loans. It took time, but eventually he was ready to be a lawyer. Until, that is, five state judges decided that all of his efforts weren’t good enough, according to the New York Times. In layman’s terms, Bowman had fallen too far behind on his student debt and therefore didn’t deserve to be a lawyer. This story is unique to neither New York nor law, and it...
How Does Student Loan Interest Work?
Posted on Jul 13, 2020 in Education Loans | Comments Off on How Does Student Loan Interest Work?
Do you know how student loan interest works? When I was a student, I sure didn’t: Several months before graduating from college, I and a group of my classmates gathered in one of the prettiest rooms on campus. On this particular day, the room was filled with financial aid office employees poised to give lots of boring PowerPoint presentations. Each of us were handed a shiny, new folder with a photo of a college senior in a cap and gown, holding a...
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