Tag: loans

Digit wants to help you pay off your student loans faster

Loknath Das

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…

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Have a question on loans? This may help you

Loknath Das

> 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…

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Pay Off Student Loans The Smart Way

Loknath Das

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…

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

Loknath Das

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,…

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

Loknath Das

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…

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A new study says an overwhelming majority of millennials want to be homeowners, but student loans are holding them back

Loknath Das

For many millennials, the idea of homeownership is still a big picture dream, with a new study saying 89 percent plan to purchase a home in the future — but simply can’t because of student debt. According to a recent study released by Apartment List, 6,400 millennial renters nationwide were surveyed in regards to their plan for owning a home. Despite the majority of young people wanting to migrate away from renting, 48 percent have nothing saved for a down payment. One of the leading reasons, according to Apartment List,…

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In rare move, India’s top bad-debt buyer eyes consumer loans

Loknath Das

While India’s soured debt is still among the biggest in the world, fresh bad loan formation for the top five banks has leveled off By Anurag Joshi and Saloni Shukla India’s massive pile of bad business debt has kept asset-reconstruction companies busy in recent years. But as signs emerge that the supply of such assets may be leveling off, the nation’s largest buyer of bad loans is considering a rare move to start purchasing soured consumer debt. Edelweiss Asset Reconstruction Co. is setting up a team for that and seeks…

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Degree of Debt: How to pay off student loans faster

Loknath Das

Americans owe $1.5 trillion in student loan debt. The average student owes nearly $37,000 when they graduate from college. Shane King owed $36,000 when he graduated from Auburn. “Got down there and didn’t realize the cost of living,” King said. The GI Bill covered his tuition, but he still had living expenses to cover. He tried to work three jobs to provide for his family while going to school. He couldn’t keep up with work and his studies, so he took out a student loan. It was a low interest…

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How to Get or Refinance New Hampshire Student Loans

Loknath Das

New Hampshire has it all, from the beautiful beaches of Lake Winnipesaukee to world-class ski resorts at Mount Washington Valley. But New Hampshire also has student loans — lots of them. In fact, as of 2016, the state tied for the highest percentage of four-year college graduates with student debt in the country. Fortunately, students have a lot of options to secure financing for the Granite State’s colleges and universities, and so do graduates looking to refinance their New Hampshire student loans. This guide will help you understand the different…

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How This Navient Lawsuit Affects Your Student Loans

Loknath Das

Members of the American Federation of Teachers, the second largest teachers union in the U.S., filed a lawsuit against Navient, one of the the nation’s largest student loan servicers. If you have a student loan, there is a good chance that it may be serviced by Navient. Navient, which spun off from Sallie Mae, has more than 12 million customers and services more than $300 billion of government and private student loans. Here’s what you need to know and the action you can take. Navient Lawsuit: The allegations The lawsuit alleges that Navient…

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