Digit wants to help you pay off your student loans faster

Digit, the automated savings app, wants to help borrowers repay their $1.5 trillion in student loan debt faster. Student Loan Payments, the app’s latest tool, allows users to allocate some of their automated savings to make extra payments on top of the user’s standard monthly bill. It works like this: If you have a Digit account, create a student loan goal and connect your loan account to the app. If you already have a student loan goal with Digit, you can change the settings to enable additional payments. The app…

Read More

Defaulting on education loan? Here are the ways to prevent it

Here are some of the measures to help you prevent a default on the loan Along with medical costs, the education cost in India has been on the rise over the years, both for secondary education and higher education. People generally take a loan to finance it. However, maintaining a loan is not always easy. For instance, similar to other types of loans, defaulting on an education loan ruins your credit score. The credit score effect is not only limited to the student, but even the parent or guarantor, who…

Read More

Education loan not enough? Take a top-up loan

The sanctioning of an additional loan or a top-up loan depends on the bank’s policies. The value of India’s currency is continuously falling and between January to September 2018, the value of rupee has declined by 12 per cent. The depreciation of the rupee against the dollar has affected a large number of people especially who have expenses in foreign currency. People who plan on sending their children abroad for studies, or people whose wards are already studying overseas, are the ones who are hit particularly hard. People generally take…

Read More

Seeking subsidised education loan? Check important details

As the cost of education has increased manifold in the last few years, getting an education loan has become a compulsion for those coming from the Middle Class and economically weaker sections of the society. However, getting an education loan is not an easy task. More difficult is to get the benefit of the subsidised education loan facility provided by the government. The single reason for this is the fact that not all are eligible for subsidised education loan facility provided by the government. As per the Union HRD Ministry’s…

Read More

Have a question on loans? This may help you

> I plan to take a loan for my son’s higher education. Do I have to pay EMI from the day I get it? – Gaurav Singh No, in an education loan the EMI essentially starts after completion of the course. In the interim period, you may clear the interest component, every month. In this period, the interest applied is simple interest and not compounded. > I want to invest some money in stocks. Can I take a bank loan to invest? —KS Sujan As an advisor, I would discourage…

Read More

Pay Off Student Loans The Smart Way

Paying off student loans can be a financial nightmare. The system is loaded with confusing payment plan options, bad information and pitfalls to avoid — and one wrong move can cost you thousands of dollars. But if you know how to navigate, with federal student loans, you can find a payment plan that you can actually afford. Plus, if you qualify for loan forgiveness, you might get tens of thousands of dollars of debt wiped out. Here’s what to remember: Download a list of all your federal loans from this page…

Read More

Even Borrowers Agree, Student Debt Is Worth It

FILE – In this May 15, 2016 file photo, students embrace as they arrive for the Rutgers graduation ceremonies in Piscataway, N.J. ASSOCIATED PRESS The amount of student debt, in raw, cumulative dollars is unquestionably growing, inching above $1.5 trillion. As a result, you cannot find anyone in the press, punditry and political class who has not declared student debt a “crisis” or a “big problem” or a “warning sign” or something. Maybe it is. But it is not a bad investment. In fact, the incessant drum beat around a…

Read More

Fall Behind On Your Student Loans? You Could Lose Your Job

Over 44 million Americans carry student loan debt and almost the same number of people need to get a government-issued occupational license to work. And currently, 15 states allow licensing boards to revoke the occupational licenses of workers who fall behind on their student loan payments . This authority can extend to any job that requires a professional license—including teachers and nurses—putting millions of Americans in jeopardy of losing their jobs and falling into government dependency. Today, Senator Marco Rubio (R-FL) and Senator Elizabeth Warren (D-MA) announced that they are reintroducing the Protecting JOBS Act,…

Read More

Saving For Retirement In Your 20s: The Effect Of Student Loans

While education is important, racking up student loans can put a big dent in your future savings.GETTY If you read the previous article about how and why to start saving for retirement in your twenties, you know how powerful of an effect time can have on your ability to compound your savings. If you haven’t read it, what are you waiting for? Time is of the essence. Saving money at a young age can be difficult for multiple reasons—minimum-wage jobs or entry-level salaries just cover your expenses, social pressures have you…

Read More

PM Modi In Dharamshala As BJP Completes 1 Year In Himachal: Highlights

PM Modi addressing a public rally-Jan Aabhar Rally-in Dharamshala. New Delhi:  Prime Minister Narendra Modi was in Dharamshala in Himachal Pradesh to mark a year of the BJP government in the state. PM Modi addressed a public rally-Jan Aabhar Rally-in Dharamshala. PM Modi also released a booklet on the achievements of the BJP government in Himachal Pradesh. Meanwhile, the opposition Congress observed December 27-the first anniversary of the BJP government in Himachal Pradesh-as “Nikamma Diwas”. The Congress demanded appropriate action against the BJP government by handing over documents of “scams” and “failures” of the…

Read More