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  Borrowers have gotten a long break from federal student loan payments and interest during the COVID-19 pandemic, but that relief is scheduled to run out at the end of the year. As part of its response to the coronavirus crisis back in March, the government put student debt payments on hold, dropped the interest rates to 0% and stopped collections on defaulted student loans. Those measures are set to expire on Dec. 31. Congress has so far failed to approve an extension. Meanwhile, President-elect Joe Biden wants to cancel $10,000 in student loan debt for every borrower — but he doesn’t take office until Jan. 20. So, it’s looking likely that student loan payments and interest rates will return to normal after next month. And if you’ve got student loan debt you should take steps now to clear out as much as you can. Here are a few things you can do to help pay off your student loan debt faster. Take your payments off ‘pause’ While it might be tempting to use the remaining few weeks o...

  When used wisely, a personal loan can be a smart financial move. It can help consolidate debt, pay for medical expenses not covered by your insurance, pay off high-interest credit cards, or cover an unexpected emergency. When you’re ready to take on a new loan or refinance an existing loan, visit an online marketplace like Credible today. If you want to reduce your monthly loan payments or take advantage of a lower interest rate, refinancing your current personal loan with a new one at better rates and terms might be the right call. Can you refinance a personal loan? How to do it? In order to refinance a personal loan — and snag the best rates possible, there are a few simple steps you need to take. Boost your credit score and debt-to-income ratio Shop for personal loan lenders and compare rates Apple for your new loan Pay off the original loan 1. Boost credit score/debt-to-income ratio Refinancing a personal loan will cause a minor dip in your credit score because the lender wil...

  Many mortgage lenders offer what they call “no-closing cost” loans — mortgages you can roll your closing costs into rather than paying them upfront. As an investor, these loans can be tempting. After all, they reduce the amount of money you’ll need upfront to buy a property. They also free up cash flow, ensuring you have plenty of funds to finance any repair, rehab, or marketing costs on the tail end. But make no mistake: These mortgages aren’t perfect. In fact, they could actually cost you more in the long run. Are you considering a no-closing cost loan for your next investment purchase? Here’s what you’ll want to think about. Is it a short-term or a long-term investment? With no-closing cost loans, upfront fees are really just rolled into the loan balance (essentially, you’re financing those costs). That means a higher monthly payment and more interest paid long term. For these reasons, these types of loans heavily favor short-term homeowners — ones who expect to pay off the lo...

  If you have a home loan, it is possible that you might have faced the dilemma at least once whether to make part prepayment of your home loan or invest that extra sum you might have received as your bonus. As home loan is generally one of the biggest loans one might avail of during the lifetime, and there is no prepayment penalty, you would want to get rid of it as soon as possible and be debt-free. However, making the decision whether to make part prepayment or invest the sum is not that easy in case of home loans because there are multiple factors that you need to consider, including the rate of interest on loan, remaining tenure, rate of return from the investment, tax benefit forgone on interest and principal repayment, among others. However, there are certain situations when it is advised to make the part prepayment rather than investing. Let’s explore them. Rate of return is lower In case you are planning to prepay your loan, you first need to calculate the opportunity cost...