Teddy Nykiel, NerdWallet Published 12:47 pm CDT, Friday, May 10, 2019 This article was first published on NerdWallet.com. Federal student loan rates are going down. Interest rates for student loans in the federal direct loan program are decreasing by 0.52 percentage points for the 2019-20 school year compared with loans borrowed for 2018-19. The difference can be hundreds of dollars over the life of a loan. The coming reduction is the first time in three years that federal loan rates have dropped. Federal student loan interest rates for the 2019-20 school year, effective July 1: 4.53% for subsidized and unsubsidized undergraduate loans (down from 5.05%). 6.08% for unsubsidized graduate school loans (down from 6.60%). 7.08% for parent and graduate PLUS loans (down from 7.60%). The government pays the interest on subsidized loans while the student is in school. Why federal student loan rates are dropping Congress sets new federal student loan interest rates annually … [Read more...] about New Federal Student Loans Are Getting Cheaper
Jennifer Chambers The Detroit News Published 10:45 PM EDT Apr 29, 2019 Detroit — Detroit’s public school district is struggling with two realities: Most of its buildings are broken, but it can’t collect a single penny of taxes to address nearly $543 million in needed repairs. Inoperable boilers. Corroded plumbing fixtures. Missing ceiling tiles in classrooms. Exterior walls with cracks. Roof leaks. Incomplete fire alarm systems. Electrical panels in classrooms known to be fire hazards. These expensive, growing capital needs exist across 100 school buildings at the Detroit Public School Community District where facilities were neglected for nearly a decade under emergency management. Waiting another four years to deal with widespread poor building conditions would cause the price to soar to nearly $1.5 billion, according to an assessment by engineering consulting firm OHM Advisors. But waiting is what … [Read more...] about Detroit schools face tough choices with too many repairs, not enough money
Erin Arvedlund Philadelphia Inquirer Published 5:07 PM EDT Mar 31, 2019 When it came to paying for college, Celeste Hernandez Revelli wishes she could go back in time — and tell her younger self to avoid all those mistakes. Revelli, 32, is now the director of financial planning at eMoney Advisor in Radnor, Pa., and she creates interactive plans for financial advisers to help their clients avoid the errors she made. To pay for college, her mother, a single parent trying to do the right thing, went to a local bank and took out a federal Parent Plus loan. “What we didn’t know was how much it would cost down the road,” said Revelli, who graduated from Loyola University in Maryland in 2008 with $90,000 in debt. Looking back, Revelli would have done things differently. “I would have researched all the options for college instead of loans — such as grants, scholarships, and financial aid. Or perhaps I should have gone to a community college for two … [Read more...] about How a couple paid off $150K in student loans early
Tanza Loudenback, provided by Published 7:35 am CDT, Wednesday, March 13, 2019 Robert Alexander/Getty Images Financial planner Jill Schlesinger doesn't think a 30-something with $104,000 in student loan debt is ready to be a homeowner. On an episode of her podcast "Jill on Money," Schlesinger suggests the woman prioritize paying off her highest interest loans and building an emergency fund. She also says that in order to pay off the debt more quickly, the woman shouldn't put money toward investments outside of her retirement savings. Linda, a 30-something Bay Area resident, is more than $100,000 in debt from student loans, she told certified financial planner Jill Schlesinger on an episode of her podcast "Jill on Money." Linda earns $98,000 a year and recently moved back in with family to save money on rent, but she's not sure what to do with the extra cash. She wants to buy a house, have kids, and solidify her emergency fund, she told Schlesinger. "I would like to be … [Read more...] about A financial planner has advice for a 30-something with over $100,000 in student loans who wants to buy a house near San Francisco: don’t
Sections SEARCH Skip to content Skip to site index Your Money Subscribe Log In Subscribe Log In Today’s Paper Your Money | Risky Home Loans Are Making a Comeback. Are They Right for You? Supported by Wealth Matters ByPaul Sullivan Dec. 14, 2018 Interest rates have started to rise, and the housing market is cooling off, a combination that is putting a squeeze on mortgage lenders. Now, some of them are turning to more complicated loans, a remnant of the last housing boom, to bolster their business. These risky offerings fall under the umbrella of non-qualifying loans, meaning they do not conform to standards set by the Consumer Financial Protection Bureau. But lenders are starting to push the loans on borrowers, who are using them to get into homes that may be bigger and more expensive than what they could otherwise afford. One popular loan is the interest-only adjustable rate mortgage, with which a borrower … [Read more...] about Risky Home Loans Are Making a Comeback. Are They Right for You?