Before you take out a loan, apply for credit or consider any other borrowing mechanism, how thorough are you in researching all of your options? With the internet, it is quite easy 
to make an informed choice — there is so much good stuff online — but, it is just as easy to make a snap decision. Indeed, in these days where lax lending has led to an increase in loan defaults, consumers should exercise plenty of caution before agreeing to any loan.
Our companion site, SayLending, has all of the material you need to make an informed decision before taking on debt. Whether borrowing money for a new home; refinancing your current mortgage; seeking to tap your home’s equity; applying for a credit card; looking for a loan for school, vacation, new car, etc.; we’ve developed specific guides for various life events.
Specifically we invite you to peruse the following:
Each guide is designed to help you decide which loans are best for you and how to negotiate the best deal. Lenders are eager to have you borrow money, particularly as credit has tightened and loan applications are down. However, don’t let their eagerness force you to take a loan that doesn’t meet your needs — you’re in control and in a position to work out a deal that is best for you.
Children seem to grow up so fast — one moment you’re changing diapers and what seems like moments later you’re watching them play high school sports, get their driver’s license, and prepare for college. The college preparing part can be the most unnerving of all as you hope that you taught your children right as you release them to the world. You also hope that you have enough money on hand to pay for tuition, board, books, and related college expenses.
Not too many families can say that they are financially prepared to pay for their children’s education. Tuition is increasing at a rate well above inflation, pushing private education costs past $30,000 per year. Even public education is becoming more costly, particularly when all of the related expenses with schooling are factored in. 529 plans, scholarships, personal savings and grants may not be enough and not every family can rely on government Stafford Loans to fund their child’s education. Fortunately, private student loans are filling the gap for thousands of families caught in a financial short fall. Let’s take a look at how you can make private student loans work for you.
Calculate How Much Money You Will Need
Tuition, room/board, books/fees, transportation, computer and printer are some of the expenses related to education. Clothing, allowance money, and emergency funds should also be included as part of college expenses. These costs can be offset by money on hand, gift funds (from grandparents and other relatives), Stafford loans, PLUS loans, college savings funds, scholarships, other gift aid, even prepaid tuition. Use a financial calculator to determine what funds you still need by adding up college costs and subtracting the funds on hand. This “deficiency” is the amount you will need to borrow in order to meet expenses for the coming school year.
What You Can Borrow
Private student loans allow applicants to borrow as much as $30,000 per year, even up to $40,000 if college expenses are above $30,000 annually. Your son or daughter can apply for the loan, but because it is a credit-based lending instrument, the lender may be looking for a co-signator. Likely, that will be the parent(s) or other adult who has an established credit history.
As with other loan options, the higher your credit score the lower the rate will be on the loan. Students who have two years of employment history, proof of current income, at least 21 months of credit history (and currently in good standing), have lived at no more than two addresses during the past 12 months, and are U.S. citizens can apply for college loans themselves. Clearly, the majority of students will need a co-signator, but obtaining a loan based on one’s own name is possible if the foregoing criteria has been met.
Quick Approval From Lenders
Lenders who specialize in private student loans can offer a quick approval and get funds to borrowers in as little as five business days. Funds are sent directly to the borrower and, just like a Stafford loan, repayment begins after college has been completed.
Yes, the cost of college continues to rise but with private student loans factored in, many families are able to educate their children at even the most expensive private universities.
SayLending Has Been Completely Revamped
More than four years after it was first launched, the SayLending consumer financing center has been overhauled. New tools and calculators have been added, representing a complete revamping of this popular and well established consumer-friendly website.
SayLending offers to visitors all of the tools they need to borrow money wisely. Before committing to a loan of any type, you should completely understand what your options are and choose the best option available. Our tools can help you with that.
Four popular areas resourced by visitors to SayLending include the following loan categories:
Mortgage Loans
Home Refinance
Home Equity
College Financing
In addition, information on debt consolidation, credit cards, and personal loans is available to you.
Empowering You To Make Wise Borrowing Decisions
Please use these loan calculators to estimate your financing position. SayLending keeps every calculator simple so that you can make smart borrowing decisions for all of your lending needs. That way, you are empowered with interest rate content and calculations to select the right financing choice for you and your family.
We hope that you find SayLending’s free internet tools to be personally enriching.
