January 14th, 2014
To celebrate the new year, we asked the Credit Karma team to share any resolutions they were making or tips they had to get one’s finances into shape in 2014. We got a lot of great responses and decided to share them in a week-long series on Facebook. Now we’re sharing them with you, along with our thoughts!
Sadly, student loans are a harsh reality for many Americans, with nearly 12 million borrowing money to help pay for school each year. Even some people over the age of 60 are still making monthly student loan debt payments, showing that student loan payments can last a lifetime. Kayleigh is smart to want to pay those off… if her situation meets certain conditions:
- Her credit cards and other loans with higher interest rates are already paid off. Student loans typically have lower interest rates than most credit cards, so it’s usually smarter to try paying those off first while maintaining consistent student loan payments. Credit card debt also has a higher impact on your score, so it’s best to pay them off ASAP.
- She has other installment loans or doesn’t mind a slight score decrease. This condition only applies if Kayleigh is planning on paying off her student loans early. When you pay off a student loan early, lenders miss out on interest and your score may take a (slight) hit if this is the only installment loan you have.
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September 23rd, 2013
For most people, student loans represent their first encounter with the world of credit and finance. They can open a world of opportunity to young people who might otherwise not be able to pay to continue their education. More than 60% of American students (that’s almost 12 million in total) will borrow money annually to help pay for college. It’s likely that this is where you’ll begin to build your credit score: a little number with huge consequences. It can be intimidating, but there’s really no reason to stress out. Staying in control of your student debt is easier than it sounds. When dealing with loans, you should:
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August 26th, 2013
Everyone always talks about Christmas being the biggest budget-busting time of year. And I agree, because we buy more presents during that six week period than we do all year long. However, the back-to-school season can be just as much of a financial war zone when you think about it: between the endless amount of school supplies, new clothing, and equipment for activities - not to mention the fact that everyone seems to have one last vacation or party before the summer ends - your wallet can get exhausted. Whether you are working to pay off debt, save for a mortgage, or build your retirement fund, you need that extra cash. So to keep you from feeling the pinch, here are a few ways to get back to school while staying on budget.
August 17th, 2013
Ready for another infographic? This week we thought we'd share more financial facts-- like we did in our debunking credit myths infographic. Here are some helpful tips to keep college students financially savvy.
July 3rd, 2013
Students heading back to school this fall with new student loans could be shelling out more money. The deadline to raise the federal student loan rate passed without a vote on July 1st. Congress left for the their July 4th recess with no resolution, allowing interest rates on new subsidized Stafford loans to increase to 6.8 percent from 3.4 percent.
April 8th, 2013
Even if your child hasn’t yet learned to walk, it’s never too early to start saving and budgeting for his or her college education. In these tough economic times, when it comes to creating and adhering to a successful savings plan for college, you may need to work over the long term to save enough money. In order to get a substantial head start on the rising cost of tuition, it’s a good idea to have several eggs in your basket when you're budgeting for college.
March 22nd, 2013
Each month, we take a look at data from our members to analyze the current state of credit and debt in the U.S. This month we’re honing in on student loan debt, which has been a hot topic for quite some time now. What we found might surprise you.
January 30th, 2013
This week on Facebook we shared the following question from our Credit Advice Center: “Should I pay off my entire credit card balance with student loans?” This one spurred a lot of conversation on our Facebook wall, and it got me thinking – What should and can you do with student loan money? Let’s take a look.
October 15th, 2012
When I started college, the internet wasn't the machine it is today. You couldn't apply for a credit card online. It could only be done over the phone, via snail mail or on a college campus, where credit card companies would set up tables and advertise to new, wide-eyed college students. Sure enough, I was one of those new college students who knew nothing about credit cards, and I applied for my very first card.
June 27th, 2012There's a lot to think about stepping into the real world. Are you prepared? This infographic, from the team at Credit Donkey, is a helpful guide to help you on your way after graduation.