College is an investment for a lifetime – the gift of a college education can open the door to a world of opportunity for your child or grandchild. Saving, even a little at a time, can make a big difference down the road. With the cost of a college education continuing to increase, the key is to start saving early and regularly.

Rising cost of education

According to the College Board, the average cost for tuition and fees at four-year public institutions has increased nearly 51% over the last 10 years (after adjusting for inflation), and these costs will almost certainly continue to rise. Saving for college can help with the Read the rest of this entry »

It’s possible to get yourself out from under a heavy debt load a lot faster than you think.

Carrying a heavy debt load for many years can prevent you from truly enjoying your money. Large debt payments can make it impossible to save for retirement, and the pressure of all those bills can tie you to a job you don’t enjoy. That’s why making debt repayment a priority can be hugely rewarding. Here’s how to get started.

If you have a lot of consumer debt — a car loan, several credit cards, maybe a line of credit — your first step is deciding on the best strategy for paying it down. Let’s say you have four different debts and can afford $600 a month in payments. Should you throw $150 at each one? Read the rest of this entry »

NEW YORK (CNN/Money) – You may be out of school, but that doesn’t mean you’re free from report cards. In fact, if you want to buy a house, a car or any other big-ticket item, a lender will look up your “grade” as soon as you come knocking. That grade is your credit score.

Generally speaking, a credit score measures the likelihood you’ll repay what you owe, and it is based on information in your credit report.

The rewards of raising your score speak directly to your wallet: You’ll qualify for more loans and be offered better interest rates. Read the rest of this entry »

Most homeowners would love nothing more than not to have to put that mortgage check in the mail every month. But trying to pay off your mortgage ahead of schedule is not something to be undertaken lightly.

You must make sure you are financially secure, with no other significant debt, and have money in reserve for emergencies. Learn to calculate your Debt to Income Ratio.

There are also compelling arguments for not paying off your mortgage ahead of schedule. If you are inclined to take some risks, you could invest the money instead. Your investment could conceivably earn enough money to offset the benefit of paying off the mortgage.

Or maybe you would just like to enjoy your money now. By allotting less of your income toward your mortgage, you have more money available for vacations and other uses. Or you could use the money for home improvement, which can make your home more comfortable and more valuable when you are ready to sell. Read the rest of this entry »

Having bad credit is not the end of the world and it’s not impossible to get a loan. Generally, credit scores below 600 are considered sub-prime and the lower your credit score, the harder it will be for you to secure a mortgage. A mortgage is a secured loan, meaning you put up your house as collateral. Therefore, if you fail to pay off your loan, the lender has the right to foreclose on your property. So as we said before, it may be more difficult but not impossible to get a mortgage if you have bad credit. Statistically speaking, those with a lower credit score are more likely to default on their loans. To offset the risk, lenders usually charge you a higher interest rate and limit the amount of credit you can borrow (because the higher your interest rate, the higher your payments, which means you have less ability to pay back a higher loan amount). Lenders may also charge higher late payment fees.

What Are Your Options?

If you have bad credit and want to get a mortgage, here’s what you can do:

Apply for the Mortgage Yourself Read the rest of this entry »

When it comes to loans there are plenty of choices available for consumers these days, from secured and unsecured loans to short term loans and more. One type of loan that has become more and more popular over recent years is the bad credit loan, and this is because many people have found themselves in difficulties when it comes to managing debts, and this has led to a poor credit scoring. Read the rest of this entry »

By Jose Vazquez,YOUNG MONEY Financial Aid Columnist
 

After four plus years of college (emphasis on the plus for some of us), and what may be thousands of dollars in loans, you’re getting ready to walk away from campus and venture into the real world with that new degree. Problem is, you have a new worry: how are you going to pay it all back?

Luckily, you have options that can help reduce your debt or clear it completely off your personal balance sheet, leaving you free to spend your money on more important things. (Like that new 60-inch flat screen plasma TV you’ve been dying to play your X-Box on!)

Uncle Sam can help.
You can always count on the military to provide some of the best educational benefits around. The Army, Navy, Air Force, Marine Corps, and even the Coast Guard, have some form of loan payback program for enlisting after college. Read the rest of this entry »

NOW is the time to consider a Mortgage Refinance, Second Mortgage, Home Improvement Loan or a Debt Consolidation Loan.

Our simple to use Internet wizard forms allow you the simplicity and security of providing the required information needed in just a few minutes and will connect you with some of the country’s most respected Mortgage, Home Improvement and Debt Consolidation Lenders.

When Interest rates fall, like they have now, refinancing may make sense even if you have done so once already.

One example: Tom and Danielle Condon of Asheville, North Carolina, refinanced twice within three months in 2005. In August, they trimmed the rate on their 30-year fixed mortgage by a full point – from 9.19% to 8.19% – for a yearly savings of $897. Home prices in their area had boosted their home equity and subsequently they were also able to stop paying for private mortgage insurance that cost them $160 a month.

“We now have a cash emergency fund savings thanks to refinancing our mortgage a second time!” Tom Condon, Asheville, North Carolina.

We offer an easy way to get professional quotes from lenders that specialize in Lending and Refinancing nationwide. This insures that You receive the best possible and financially feasible information available.

Make your refinance work for you!

Refinance for more than the balance remaining on your old mortgage, i.e. tapping your home equity, or “cashing out.” Thanks to favorable rates, you should be able to do so without boosting your monthly bills. For example, at 8.5%, the payment on a $200,000, 30-year fixed-rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more. Read the rest of this entry »

Put simply, refinancing means paying off your old mortgage with a new one. Most lenders require that you have 10% equity in your home before you refinance.

There are many reasons to refinance your mortgage. First, interest rates may be lower than when you first got your mortgage. If the rate is below 7%, or is 2 percentage points below your current rate, it might be time to “refi.”

You may also refinance if you want to trade in your adjustable rate mortgage for a fixed rate one. According to Mortgage101.com, “if you took out an ARM in the past two years or so, you’re probably paying 7.75% to 8.5%. By switching to a fixed-rate loan today, you will not only reduce your payment, you will also lock in an attractive rate for as long as you own your home.” Read the rest of this entry »

Q: What is the Stafford Loan interest rate?

A: For the 2006-2007 school year, the rates are:

• In school/in grace: 6.543%
• In repayment: 7.143%
• New Stafford Loans (disbursed after July 1, 2006) will be fixed at 6.8%

For the 2005-2006 school year, the rates are:

• In school/in grace: 4.70%
• In repayment: 5.30%

Q: What can I use a Stafford Loan for?

A: Stafford Loans can be used towards the total cost of education – tuition, room and board, books, and other education-related expenses.

Q: Where can I use a Stafford Loan?

A: Stafford Loans can be used at any eligible school which accepts them. Take a look at the Student Loan Network Eligible Schools Directory for information about which schools accept which loans.

Q: What are the deadlines for Stafford Loans?

Unfortunately, there is no single set deadline for Stafford Loan applications; you will need to contact your school’s financial aid office to obtain deadlines for your specific institution. Read the rest of this entry »