https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo en-us 2021-04-20 04:09:31 UTC 2021-04-21 17:24:05 UTC hello@padlet.com daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436193801 Student loans can be taken out to help pay for high education, from undergraduate, graduate, medical school, law school, etc. ]]> 2021-04-20 04:12:15 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436193801 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436196744 Most student loan borrowers opt to take out federal student loans, which have fixed interest rates. Federal loans can be subsidized or unsubsidized.]]> 2021-04-20 04:13:43 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436196744 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436197436 Due to the caps on federal loans, some students choose to take out loans with private companies. Private loans often offer interest rates that are slightly lower than for federal loans, though rates are dependent on each individual's financial situation.]]> 2021-04-20 04:14:09 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436197436 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436198936 Subsidized federal loans are meant for students with the highest financial need, as the government makes interest payments on the loan while the student is still in school. This means interest doesn't start collecting until after graduation.]]> 2021-04-20 04:15:05 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436198936 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436199947 Federal unsubsidized loans are available for the average student borrower regardless of financial situation. Interest starts as soon as the loan is taken out. Undergraduate students who are still dependent on their parents are allowed to borrow up to $31,000 total. This is higher for people who are independent.]]> 2021-04-20 04:15:43 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436199947 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436201631 The 2019-2020 federal student loan interest rates are currently 4.53% for undergraduate loans, 6.08% for unsubsidized graduate loans.]]> 2021-04-20 04:16:47 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436201631 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436203189 There are four main types of loans. Student loans, mortgages, auto (car) loans, and personal loans]]> 2021-04-20 04:17:44 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436203189 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436204601 Mortgages are used by consumers to finance home purchases. Because most homes cost much more than the average person makes in a year, mortgages are designed to make homebuying accessible by spreading out the cost over many years.]]> 2021-04-20 04:18:32 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436204601 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436205144 The most common home loan is the 30 year fixed-rate mortgage. This loan is repaid in fixed monthly installments over the course of 30 years in a process called amortization. Mortgages with term lengths of 15 or 20 years are also offered.]]> 2021-04-20 04:18:54 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436205144 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436205585 Mortgage programs also differ depending on which agency sponsors them. There are three main types of mortgages: conventional mortgages, FHA loans, and VA loans.]]> 2021-04-20 04:19:12 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436205585 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436207136 Auto loans can be used to purchase either new or used vehicles. The term of an auto loan typically ranges from 24 months to 60 months, though longer loans with 72 or 84 months are becoming more common.]]> 2021-04-20 04:20:11 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436207136 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436207833 Most lenders limit the term lengths to 48 or 60 months for older car purchases because used cars are riskier to finance. This is because car value generally declines over time, unlike home value. ]]> 2021-04-20 04:20:37 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436207833 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436208595 For an older used car, it's quite easy for borrowers to find themselves "upside-down"—meaning that they owe more on their loan than their car is currently worth. To avoid this situation, it's important to not take out money with too long of a repayment schedule, and to evaluate how quickly your car will depreciate.]]> 2021-04-20 04:21:08 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436208595 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436210831 Personal loans are the most versatile loan type. While mortgages, car loans, and student loans must be used for a specific purpose, personal loans can be borrowed for debt consolidation, living expenses, vacations, credit building, etc.]]> 2021-04-20 04:22:32 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436210831 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436211420 The terms of personal loans vary as widely as their uses, though term lengths are generally under 10 years and the maximum amount is usually capped at $100,000.]]> 2021-04-20 04:22:53 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436211420 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436212313 A common use of a personal loan is to consolidate existing credit card debt. Credit card interest can quickly accumulate when the balance isn't paid off, so personal loans are often a more affordable way to pay down debt. ]]> 2021-04-20 04:23:21 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436212313 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436214719 Conventional mortgages are for the average person and backed by Fannie Mae and Freddie Mac.]]> 2021-04-20 04:24:50 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436214719 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436215541 FHA loans are designed for low income or credit poor individuals and are backed by the Federal Housing Administration.]]> 2021-04-20 04:25:18 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436215541 daijahdeforge4 https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436216651 VA loans which are for veterans and are backed by the Department of Veterans Affairs.]]> 2021-04-20 04:25:59 UTC https://padlet.com/daijahdeforge4/3p02nb27h0rva1yo/wish/1436216651