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FinAid, Calculators, Education Loan Interest Rates, 6 month loans.#6 #month #loans


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Education Loan Interest Rates

The interest rates on Federal education loans change on July 1, and are based on the 91-day rate from the last Treasury auction in May and the average one-year constant maturity Treasury yield (CMT) for the last calendar week ending on or before June 26th. The following rates are updated automatically by a program that retrieves the latest appropriate Treasury bill auction data from the US Treasury web site. (During the month of June, the rates may reflect the updated reference rates. Check the date of the 91-day T-Bill and CMT reference rates listed below to see whether the student loan rates refer to the old or new academic year.)

Please note that the College Cost Reduction and Access Act of 2007 cut the fixed interest rates on newly originated subsidized Stafford loans for undergraduate students to 6.0% (2008-09), 5.6% (2009-10), 4.5% (2010-11) and 3.4% (2011-12), with a return to 6.8% in 2012-13. These cuts are available only to undergraduate students, not graduate students, and only for subsidized Stafford loans, not unsubsidized Stafford loans. Those loans remain at a fixed rate of 6.8%.

The Health Care and Education Reconciliation Act of 2010 switched to 100% Direct Lending for all new loans starting July 1, 2010. The Direct Loan program has a lower interest rate on the PLUS loan than in the FFEL program (7.9% vs. 8.5%).

In the following table, the In-School Rate includes grace and deferment periods, and the Repayment Rate includes forbearance periods.

For use with Net Present Value calculations, the discount rate based on the most recent 10-year Treasury note is 2.75%.

The interest rates listed above are based on the following reference rates:

  • 91-day T-Bill rate of 0.05% (05-28-2013)

  • 10-year Treasury Note rate of 2.75% (11-13-2013 10-YEAR)

    The interest rate formulas are as follows, where the 91-day T-bill rate is the investment yield of the 13-week Treasury Bill, not the discount rate:

    As of 11-12-2013, the current projections for the 2014-2015 variable interest rates are:

    • Projected Stafford Loan (In-School/Grace Period): 1.78%

  • Projected Stafford Loan (Repayment Period): 2.38%

  • Projected PLUS Loan: 3.18%


  • These projections would yield the following consolidation loan interest rates:

    • Projected Stafford Loan Consolidation (In-School/Grace Period): 1.88%

    • Projected Stafford Loan Consolidation (Repayment Period): 2.50%

    • Projected PLUS Loan Consolidation: 3.25%


    These projections represent a projected increase of 0.030% in interest rates.

    These projections indicate what the student loan interest rates would be if they were based on the most recent 91-day T-Bill auction, as opposed to the last 91-day T-Bill auction in May. They do not take into account the impact of future federal funds rate hikes and cuts by the Federal Open Market Committee (FOMC). Interest rate hikes and cuts by the FOMC usually trigger corresponding increases and cuts in education loan interest rates. Since education loan interest rates are based on market rates, and the market tends to anticipate interest rate moves by the FOMC, the dates of upcoming FOMC meetings should be considered when projecting likely education loan interest rate increases. Specifically, one should consider the dates of all FOMC meetings between the most recent 91-day T-Bill auction and the last 91-day T-Bill auction in May, plus any regularly scheduled June meetings of the FOMC. For example, if the FOMC has increased the fund rate by 25 basic points at each of its last three meetings and there is one more FOMC meeting before the last 91-day T-Bill auction in May, one can expect education loan interest rates to be about 25 basis points higher than the projections listed above.

    On February 8, 2002, President Bush signed legislation changing the interest rates on education loans from variable rates to fixed rates for new loans issued after July 1, 2006. The interest rate on the Stafford Loan is 6.8% and the interest rate on the PLUS Loan is 7.9%. The scheduled increase in the PLUS Loan interest rate was subsequently changed from 7.9% to 8.5% by the Higher Education Reconciliation Act of 2005, as passed on February 8, 2006. This bill, however, failed to make a parallel change to the Direct Loan program, so only the FFEL PLUS Loan interest rate will be increasing to 8.5%. Thus the fixed rates on new loans for which the first disbursement occurs on or after July 1, 2006 are: 6.8% Stafford, 7.9% Federal Direct PLUS and 8.5% FFEL PLUS.

    Other recent interest rates include:

    • 30-year Fixed Rate Mortgage: 4.87% [04/07/2011]
    • 91-day T-Bill: 0.09% [04/01/2011]
    • Certificate of Deposit (6 month): 0.36% [04/01/2011]
    • Commercial Paper Rate (3 month): 0.25% [04/01/2011]
    • Constant Maturity Treasury (1 year): 0.30% [04/01/2011]
    • Federal Funds Rate (Effective Rate): 0.13% [03/30/2011]
    • LIBOR (1 month): 0.29% [04/01/2011]
    • LIBOR (3 month): 0.42% [04/01/2011]
    • Prime Lending Rate: 3.25% [03/30/2011]

    Recent interest rate spreads include:

    • Spread Commercial Paper vs LIBOR (3 month): 0.17% [04/01/2011]
    • Spread Prime Lending Rate vs LIBOR (1 month): 2.96% [03/30/2011]
    • Spread Prime Lending Rate vs LIBOR (3 month): 2.83% [03/30/2011]

    Additional rate information can be found at the NCHELP E-Library.


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    A Look at the Shocking Student Loan Debt Statistics for 2017

    1 month loan

    Updated: September 13, 2017

    It s 2017 and Americans are more burdened by student loan debt than ever.

    You ve probably heard the statistics: Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.

    But how does this break down at a more granular level? Are student loans being used to attend public or private universities? Is it mostly from four-year or graduate degrees? What percentage of overall graduates carry debt? Are more grads utilizing private student loan consolidation and refinancing?

    Let s take a look.

    BONUS: Get a PDF of these statistics to print out, save, or send

    General student loan debt facts

    First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:

    • $1.45 trillion in total U.S. student loan debt
    • 44.2 million Americans with student loan debt
    • Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
    • Average monthly student loan payment (for borrower aged 20 to 30 years): $351
    • Median monthly student loan payment (for borrower aged 20 to 30 yea rs ): $203

    Public Service Loan Forgiveness statistics

    As of Q1, 2017 (latest available data)

    PSLF Borrowers: 611,598*

    * Total number of borrowers who have one or more approved PSLF Employment Certification Forms (ECF)

    Note that borrowers are self-identified based on submission of an ECF.

    Federal student loan portfolio

    (updated for Q2, 2017)

    Now let’s dive into how much debt student loan borrowers carry by loan type, term, and more.

    Student loan debt statistics by loan program:

    Student loan debt statistics by loan type:

    Student debt statistics by loan status (Direct Loan Program)

    Student loan statistics by repayment plan (Direct Loan Program)

    Student loan debt by servicer

    (updated for June 30, 2016)

    Data Source: National Student Loan Data System

    More shocking student loan debt statistics

    If those numbers weren’t stunning enough, here’s a closer look at how students accumulate debt based on the type of school they attend.

    In 2012, 71 percent of students graduating from four-year colleges had student loan debt:

    • Represents 1.3 million students graduating with debt, increase from 1.1 million in 2008
    • 66 percent of graduates from public colleges had loans (average debt of $25,550)
    • 75 percent of graduates from private nonprofit colleges had loans (average debt of $32,300)
    • 88 percent of graduates from for-profit colleges had loans (average debt of $39,950)

    Twenty percent of 2012 graduate loans were private

    Graduates who received Pell Grants were likely to borrow, and borrow more:

    • 88 percent of graduates who received Pell Grants had student loans in 2012, with an average balance of $31,200
    • 53 percent of those who didn’t receive a Pell Grant had student loan debt and borrowed $4,750 less ($26,450)

    Private student loan debt statistics

    • Private student loan debt is on the rise; $6.2 billion was borrowed in 2012-2013, up from $5.5 billion in 2011-2012
    • From 2011-2012, borrowers didn’t take advantage of federal student loans as much as they could have: 19 percent didn’t take out Stafford loans, 8 percent didn’t apply for federal financial aid, 11 percent applied for federal aid but didn’t take out a Stafford loan, 28 percent had Stafford loans but borrowed less than they were eligible for
    • In 2011-2012, 48 percent of private loan borrowers attended schools that had tuition costs of $10,000 or less
    • Nearly 1.4 million undergraduates borrowed private loans in 2011-2012

    Graduate student loan debt

    About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.

    Combined undergraduate and graduate debt by degree:

    • MBA = $42,000 (11% of graduate degrees)
    • Master of Education = $50,879 (16%)
    • Master of Science = $50,400 (18%)
    • Master of Arts = $58,539 (8%)
    • Law = $140,616 (4%)
    • Medicine and health sciences = $161,772 (5%)

    Clearly, as these student loan debt statistics show, the cost of attending college is becoming a growing burden for a huge portion of Americans.

    What are you doing to pay off your debt and ensure you aren’t another statistic? Be sure to let us know how we can help.


    Private Student Loans, FinAid, Loans, 3 month loans.#3 #month #loans


    Private Student Loans

    Private student loan volume grows when federal student loan limits remain stagnant.

    Private student loan volume grew much more rapidly than federal student loan volume through mid-2008, in part because aggregate loan limits on the Stafford loan remained unchanged from 1992 to 2008. (The introduction of the Grad PLUS loan on July 1, 2006 and the increases in the annual but not aggregate limits had only a modest impact on the growth of private student loan volume. The subprime mortgage credit crisis of 2007-2010, however, limited lender access to the capital needed to make new loans, reining in growth of the private student loan marketplace.) The annual increase in private student loan volume was about 25% to 35% per year, compared with 8% per year for federal loan volume.

    In addition to these lists of private student loan programs, there are several web sites that provide tools for comparing private student loans. These tools can help you identify the loans that match your criteria. These student loan comparison sites include Credible and other student loan comparison sites.

    Then the Ensuring Continued Access to Student Loans Act of 2008 increased the annual and aggregate loan limits on the federal Stafford loan starting July 1, 2008. This shifted significant loan volume from private student loan programs to federal. Private student loan volume dropped in half in 2008-09, according to the College Board’s Trends in Student Aid 2009.

    Private student loan volume is expected to return to the 25% annual growth rate unless there is another increase in federal loan limits or an expansion of the availability of federal student loans. For example, the proposal for expanding Perkins loan funding from $1 billion a year to $8.5 billion a year will cause a significant decline in private student loan volume. But so long as federal loan limits do not increase every year, private student loan volume will continue to grow at double-digit rates.

    If current trends continue, annual private education loan volume will surpass federal student loan volume by around 2030. Accordingly, it is important that students have tools they can use to compare different private student loans.

    As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms.

    The fees charged by some lenders can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees can ultimately cost more than a loan with a somewhat higher interest rate and no fees. (The lenders that do not charge fees often roll the difference into the interest rate.) A good rule of thumb is that 3% to 4% in fees is about the same as a 1% higher interest rate.

    Be wary of comparing loans with different repayment terms according to APR, as a longer loan term reduces the APR despite increasing the total amount of interest paid. FinAid’s Loan Analyzer Calculator may be used to generate an apples-to-apples comparison of different loan programs.

    The best private student loans will have interest rates of LIBOR + 2.0% or PRIME – 0.50% with no fees. Such loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a creditworthy cosigner. It is unclear how many borrowers qualify for the best rates, although the top credit tier typically encompasses about 20% of borrowers.

    Generally, borrowers should prefer loans that are pegged to the LIBOR index over loans that are pegged to the Prime Lending Rate, all else being equal, as the spread between the Prime Lending Rate and LIBOR has been increasing over time. Over the long term a loan with interest rates based on LIBOR will be less expensive than a loan based on the Prime Lending Rate. About half of lenders peg their private student loans to the LIBOR index and about 2/5 to the Prime lending rate.

    Some lenders use the LIBOR rate because it reflects their cost of capital. Other lenders use the Prime Lending Rate because PRIME + 0.0% sounds better to consumers than LIBOR + 2.80% even when the rates are the same.

    It is not uncommon for lenders to advertise a lower rate for the in-school and grace period, with a higher rate in effect when the loan enters repayment.

    Federal student loans are not available for expenses incurred by law, medical and dental students after they graduate, such as expenses associated with study for the bar or finding a residency. There are two types of private student loans for these expenses:

    • A Bar Study Loan helps finance bar exam costs such as bar review course fees, bar exam fees, as well as living expenses while you are studying for the bar.
    • A Residency and Relocation Loan helps medical and dental students with the expenses associated with finding a residency, including interview travel expenses and relocation costs, as well as board exam expenses.

    Comparing Private Student Loans

    Key information to understand student loans includes being aware of the annual and cumulative loan limits, interest rates, fees, and loan term for the most popular private student loan programs. Often the interest rates, fees and loan limits depend on the credit history of the borrower and co-signer, if any, and on loan options chosen by the borrower such as in-school deferment and repayment schedule. Loan term often depends on the total amount of debt.

    Most lenders that require school certification (approval) will cap the annual loan amount at cost of education less aid received (COA-Aid). They may also have an annual dollar limit as well.

    Lenders rarely give complete details of the terms of the private student loan until after the student submits an application, in part because this helps prevent comparisons based on cost. For example, many lenders will only advertise the lowest interest rate they charge (for good credit borrowers). Borrowers with bad credit can expect interest rates that are as much as 6% higher, loan fees that are as much as 9% higher, and loan limits that are two-thirds lower than the advertised figures.

    The APRs for variable rate loans, if listed, are only the current APRs and are likely to change over the term of the loan. Borrowers should be careful about comparing loans based on the APR, as the APR may be calculated under different assumptions, such as a different number of years in repayment. All else being equal, a longer repayment term will have a lower APR even though the borrower will pay more in interest.

    The information presented below is based on lender provided information. Actual rates and fees may differ.


    Quick – Easy Personal Loans from 36MonthLoans, 12 month loans.#12 #month #loans


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    Personal Loans Made Easy

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    Helping thousands of people get a personal loan.

    • Borrow up to $25,000 and repay overtime in small manageable installments.
    • Fast loan decisions and flexible terms that fit your needs with no pre-payment fees.
    • Make on-time payments and unlock better rates by improving your FICO credit score.

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    Quick Easy Personal Loans

    Personal loans from our lenders are flexible, secure and quick loans that an eligible applicant can repay in up to 36 months. Whether you have a good or bad credit score you will always have the best chance of finding a personal loan through us. We only work with reputable lenders that believe in responsible lending and offer fast loan solutions that everyone can afford, sometimes ignoring a less than perfect credit record.

    Quick Loan Application And Decision.

    Personal loans are made easy with 36MonthLoans. Waste no time and start your loan application online right now. The lending process is quick and secure and you will know within minutes if you are matched with one of our lenders.

    Less-than-perfect credit welcome.

    We are trying to find the best loan solution regardless of your credit record. Our lenders provide personal loans for people with bad credit as well, loans with a fair APR based on credit records.

    Loans with Flexible Payment Options.

    Loan repayment should be easy and convenient and missing payments should always be avoided. Borrow as much as you can afford, improve your FICO® credit score and get access to better loan rates.

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    Best loan experience

    Basically I woke up and decided I wanted to pay off all my credit card debts and the ridiculous finance charges I was getting each month. So I went on the 36month loan website and applied online and within 30 minutes I was approved for $7200 and had the money in my account within 24hours.

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    Very easy and did what they advertise

    I was hesitant at first to trust an online loan site but I did it anyway and am very happy I did. Y’all set me up with a lender who loaned me what I needed and a year to pay it off. This saved my Christmas and I thank you!

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    I was dealt with in a highly professional manner,I secured my loan quickly and efficiently it was a very smooth process. Im very happy and if needed will definitely use their service again!

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    Responsible lending & Understanding Loan Terms

    Implications of Non-Payment

    We always recommend repaying on time, and our representative examples assume that you will. If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest. We suggest contacting your lender as soon as you are aware there is a problem, as otherwise, it may be noted on your credit record. Read more

    Renewal Policy

    If you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account. Nonpayment may affect your credit score. Some lenders may pursue claimants by legal means in the event of repeated non-payment. All of the above varies between lenders. Read more


    Top national 6-month CD rates pay %, 6 month loans.#6 #month #loans


    Top national 6-month CD rates pay 0.93%

    It was a long 18 months that the top nationally available 6-month CD rate held steady at 1.05%, offered almost unwaveringly by one leading bank.

    But while that finally changed in September, it wasn’t in the direction we’d hoped. Instead, the leading return dropped below 1% for the first time since April 2015.

    For savers seeking worthwhile short-term yields, one option is to instead sink funds into a nation-leading savings or money market account, since close to 20 banks currently pay more than the best national 6-month CD.

    But if locking your investment and rate for a guaranteed six months is preferred, your best bet is to shop the local or regional deals that beat the national banks, some paying as much as 2.00% APY.

    It’s possible we’ll see some upward movement for 6-month CDs, given the Federal Reserve’s interest rate hike last week. So far, the needle hasn’t moved for these short-term yields, but we’ll tell you what the Fed indicated about potential additional rate hikes in 2017.

    The top national deals

    The previous 1.05% APY leader among nationally available 6-month CD rates was MySavingsDirect.

    When it rose to the top of our rankings in spring 2015, it became the first bank to pay a 6-month yield above 1.00% in more than four years.

    Indeed, from 2011 to early 2015, the top national yield had languished between 0.80% and 0.93% APY (if you don’t count a few ultra-brief blips at 1.00% APY).

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    But in early September, MySavingsDirect abandoned the lead when it lowered its 6-month return to 0.85% APY.

    The top spot is now occupied by VirtualBank and its 0.93% APY offer.

    Operating solely online, VirtualBank is an FDIC-insured division of Miami-based Sabadell United Bank, which operates two dozen branches throughout Florida and is owned by Banco Sabadell, Spain’s fifth-largest bank.

    TOP 6-MONTH CD RATES: Nationally Available Bank Deals

    Earning more locally

    As we always say, credit union and community bank CDs are usually the best game in town for those who live in the right place or work for a certain employer.

    In fact, more than a dozen currently outpay VirtualBank’s 0.93% APY on CD terms of 3 to 9 months, including one that’s available nationwide.

    The best of these is paying 3.00% APY for savers willing to shorten to 3 months, or 2.00% for those more interested in stretching to a 9-month guarantee. For a strict 6-month term, 1.74% is the leading offer.

    As always, eligibility requirements apply. So contact the bank or credit union directly to determine if you qualify.

    TOP REGIONAL 6-MONTH CDS: Credit Unions & Community Banks

    Whether it’s a local deal or a leading national CD, you’ll want to take advantage of offers like these since they all pay at least five times more than the current national average of 0.19% APY, according to our weekly nationwide survey of banks and thrifts.

    Waiting for a Fed impact

    The national average for 6-month CDs sank to a record low of 0.14% APY in September 2013 and remained there as recently as June 2014.

    Back in February 2007, before irresponsible mortgage lending led the economy over a cliff, the average return for 6-month CDs was 3.50% APY.

    But after the Federal Reserve stepped in to talk the markets off a ledge by holding interest rates down to allow the economy to rebuild to full capacity, it kept them there for seven years.

    That era finally concluded in December 2015 when the Fed’s rate-setting committee launched what was expected to be a series of gradual rate hikes over the next several years.

    But then the global and market instabilities of 2016, coupled with a still-missing healthy inflation rate, caused the Fed to downgrade its plans to wait-and-see. As 2016 concludes, the Fed’s eight rate meetings resulted in just a single additional hike.

    The Fed has indicated it expects to raise rates three more times in 2017, and its first meeting of the new year will conclude Feb. 1. But we, of course, know better than to assume three hikes will actually be announced in the next calendar year.

    With any rate hikes potentially on the horizon, though, 6-month certificates can be a savvy buy.

    Disclaimer: The rates above were verified Dec. 20, 2016. Banks and credit unions should be contacted directly to determine eligibility for opening accounts with that institution, as well as to verify current rates.

    I am not too clear how CDs rate translates into dollar. Could you please shed some lights for me and tell me what would be the return would be on a $50k investment on a 6 months CD (considering the best rate). There is monthly, qtrly, and yearly interests which can sometimes be confusing. Thanks.

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    Types of Loan Programs: Conforming, Jumbo Loans, FRM, ARM, Balloon Mortgage, 6 month loans.#6 #month #loans


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    Types of Mortgage Loans

    Conventional and Government Loans

    Any mortgage loan other than an FHA, VA or an RHS loan is conventional one.

    The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Go to FHA Programs page to get more information.

    If you are looking for an FHA home loan right now, please feel free to request personalized rate quotes from HUD-approved mortgage lenders via our website.

    VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

    VA-guaranteed loans are obtained by making application to private lending institutions. If you are interesting in obtaining a VA-guaranteed loan you can try our VA loan request form.

    Please see also pamphlets published by VA.

    RHS Loan Programs

    The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. Visit our page RHS programs for details.

    Ginnie Mae which is part of HUD guarantees securities backed by pools of mortgage loans insured by these three federal agencies – FHA, or VA, or RHS. Securities are sold through financial institutions that trade government securities.

    State and Local Housing Programs

    Many states, counties and cities provide low to moderate housing finance programs, down payment assistance programs, or programs tailored specifically for a first time buyer. These programs are typically more lenient on the qualification guidelines and often designed with lower upfront fees. Also, there are often loan assistance programs offered at the local or state level such as MCC (Mortgage Credit Certificate) which allows you a tax credit for part of your interest payment. Most of these programs are fixed rate mortgages and have interest rates lower than the current market.

    Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

    Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.

    The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Since early 2008, a series of legislative acts have temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the contiguous United States. Permanent limits, which apply to the Enterprises’ acquisitions of certain mortgages originated prior to July 1, 2007, are set under the terms of the Housing and Economic Recovery Act of 2008 (HERA).

    For every county and county-equivalent in the country, maximum loan limits for mortgages can be found at: http://www.fhfa.gov/Default.aspx?Page=185

    The 2013 conforming loan limits for first mortgages remain at the limits set in 2006, 2007, 2008, 2010 and 2011:


    6 Questions to Ask Before Taking Out Student Loans, 6 month loans.#6 #month #loans


    6 Questions to Ask Before Taking Out Student Loans

    6 month loans

    Americans are more burdened by student loan debt than ever, with the average graduate in their 20s making $351 a month in student loan payments. Suggested changes to the federal student loan program could have even more college students questioning just how much student loan debt they want or can afford.

    As part of its overall budget plan, the Trump administration would like to eliminate current provisions in which the government pays the interest on student loans taken out by low-income students while the borrower is still in school and for six months after graduation.

    The Trump administration is also proposing to end the Public Service Loan Forgiveness program. This program allows borrowers who go on to work for the government or for nonprofits to have the remainder of their federal student loans forgiven after they make 10 years of payments.

    Even though these potential changes might never be signed into law, just the possibility of such changes makes it even more important for students to ask the right questions before they take out federal or private student loans.

    Here are six questions you should ask before signing up for any student loan.

    1. Have you considered all education options?

    Your first-choice school might be the most expensive university on your list. You might be able to reduce the amount of money you borrow each year by choosing a less costly option.

    Instead of attending a private college, you might investigate a public university. Instead of going to an out-of-state school, you might consider going to school in-state, which comes with lower tuition. You could also attend a community college for two years before transferring to a private or public university for the remainder of your college years. These choices could reduce the amount of student loan debt you’ll have to take on.

    2. Can you cut out room and board?

    The College Board reported that the average yearly cost of room and board at a public four-year university stood at $10,440 during the 2016 2017 academic year. You can save that expense if you attend a college that allows you to live at home while taking classes.

    Yes, you will lose out on some of the traditional college experience. But taking on less student loan debt might be an acceptable trade-off.

    3. Are you borrowing too much for your potential future income?

    Certain careers pay more than others. You need to remember this when applying for student loans. You don’t want to take on huge debts if you expect to make $40,000 a year when you graduate. But taking on larger amounts of debt might be a solid financial choice if you are working toward a higher-paying degree.

    4. How big of a student loan payment are you willing to make once you’re working?

    Borrowing money might seem easy when you’re still in school. After all, you’re probably not making payments on these loans yet. But once you’re out in the working world, that student loan debt won’t seem so benign.

    You will have to make payments each month. And these payments will come in addition to rent, car payments and, eventually, mortgage payments. Student loan payments become a huge financial burden to many. Before borrowing today, you need to consider how comfortable you’ll be making those payments in the future.

    5. Are there other types of financial aid available?

    Before applying for a student loan, make sure you explore all financial aid options with your high school counselor, or the university you plan to attend. Many universities offer merit scholarships to incoming students. You usually don’t have to apply for these scholarships. Schools automatically provide them, usually based on your academic performance. Even if you’ve been offered one, you might be able to persuade your university to provide you with a larger merit scholarship, especially if you are worried that you won’t be able to afford the yearly tuition without financial help.

    There are other types of scholarships, too, that you should investigate. The U.S. Department of Education says that there are several ways for college students to search for scholarships and grants. They should first speak with the financial aid office at the college they are attending. These professionals often have tips for hunting down scholarship and grant money.

    They can also use the free online scholarship finder offered by the Department of Education. The department also offers an online list of state grant agencies that students can search to find scholarships and grants in their states.

    Call your school’s financial aid office to discuss options such as work-study programs and possible additional financial help.

    6. Can you get by without private loans?

    Even if you get grants and scholarships, you may still need student loans. There are two types of student loans to consider: Federal loans offered through the federal government or private loans offered by private lenders. Federal loans are preferable because they usually come with lower interest rates and more flexible repayment programs. Federal loans also provide more options if, after graduating, you find yourself struggling to make payments, including deferment and eventual forgiveness programs.

    It’s far better to rely as much as possible on federal subsidized or unsubsidized student loans. The challenge is that these federal loans have limits; you can only borrow so much each school year.

    Your school might also offer its own lower-interest loans that would be cheaper than private loans. But if these options still aren’t enough, you’ll have to determine whether taking out less attractive private student loans to attend college is worthwhile. It might be the only option.

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    Private Student Loans

    Private student loan volume grows when federal student loan limits remain stagnant.

    Private student loan volume grew much more rapidly than federal student loan volume through mid-2008, in part because aggregate loan limits on the Stafford loan remained unchanged from 1992 to 2008. (The introduction of the Grad PLUS loan on July 1, 2006 and the increases in the annual but not aggregate limits had only a modest impact on the growth of private student loan volume. The subprime mortgage credit crisis of 2007-2010, however, limited lender access to the capital needed to make new loans, reining in growth of the private student loan marketplace.) The annual increase in private student loan volume was about 25% to 35% per year, compared with 8% per year for federal loan volume.

    In addition to these lists of private student loan programs, there are several web sites that provide tools for comparing private student loans. These tools can help you identify the loans that match your criteria. These student loan comparison sites include Credible and other student loan comparison sites.

    Then the Ensuring Continued Access to Student Loans Act of 2008 increased the annual and aggregate loan limits on the federal Stafford loan starting July 1, 2008. This shifted significant loan volume from private student loan programs to federal. Private student loan volume dropped in half in 2008-09, according to the College Board’s Trends in Student Aid 2009.

    Private student loan volume is expected to return to the 25% annual growth rate unless there is another increase in federal loan limits or an expansion of the availability of federal student loans. For example, the proposal for expanding Perkins loan funding from $1 billion a year to $8.5 billion a year will cause a significant decline in private student loan volume. But so long as federal loan limits do not increase every year, private student loan volume will continue to grow at double-digit rates.

    If current trends continue, annual private education loan volume will surpass federal student loan volume by around 2030. Accordingly, it is important that students have tools they can use to compare different private student loans.

    As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms.

    The fees charged by some lenders can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees can ultimately cost more than a loan with a somewhat higher interest rate and no fees. (The lenders that do not charge fees often roll the difference into the interest rate.) A good rule of thumb is that 3% to 4% in fees is about the same as a 1% higher interest rate.

    Be wary of comparing loans with different repayment terms according to APR, as a longer loan term reduces the APR despite increasing the total amount of interest paid. FinAid’s Loan Analyzer Calculator may be used to generate an apples-to-apples comparison of different loan programs.

    The best private student loans will have interest rates of LIBOR + 2.0% or PRIME – 0.50% with no fees. Such loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a creditworthy cosigner. It is unclear how many borrowers qualify for the best rates, although the top credit tier typically encompasses about 20% of borrowers.

    Generally, borrowers should prefer loans that are pegged to the LIBOR index over loans that are pegged to the Prime Lending Rate, all else being equal, as the spread between the Prime Lending Rate and LIBOR has been increasing over time. Over the long term a loan with interest rates based on LIBOR will be less expensive than a loan based on the Prime Lending Rate. About half of lenders peg their private student loans to the LIBOR index and about 2/5 to the Prime lending rate.

    Some lenders use the LIBOR rate because it reflects their cost of capital. Other lenders use the Prime Lending Rate because PRIME + 0.0% sounds better to consumers than LIBOR + 2.80% even when the rates are the same.

    It is not uncommon for lenders to advertise a lower rate for the in-school and grace period, with a higher rate in effect when the loan enters repayment.

    Federal student loans are not available for expenses incurred by law, medical and dental students after they graduate, such as expenses associated with study for the bar or finding a residency. There are two types of private student loans for these expenses:

    • A Bar Study Loan helps finance bar exam costs such as bar review course fees, bar exam fees, as well as living expenses while you are studying for the bar.
    • A Residency and Relocation Loan helps medical and dental students with the expenses associated with finding a residency, including interview travel expenses and relocation costs, as well as board exam expenses.

    Comparing Private Student Loans

    Key information to understand student loans includes being aware of the annual and cumulative loan limits, interest rates, fees, and loan term for the most popular private student loan programs. Often the interest rates, fees and loan limits depend on the credit history of the borrower and co-signer, if any, and on loan options chosen by the borrower such as in-school deferment and repayment schedule. Loan term often depends on the total amount of debt.

    Most lenders that require school certification (approval) will cap the annual loan amount at cost of education less aid received (COA-Aid). They may also have an annual dollar limit as well.

    Lenders rarely give complete details of the terms of the private student loan until after the student submits an application, in part because this helps prevent comparisons based on cost. For example, many lenders will only advertise the lowest interest rate they charge (for good credit borrowers). Borrowers with bad credit can expect interest rates that are as much as 6% higher, loan fees that are as much as 9% higher, and loan limits that are two-thirds lower than the advertised figures.

    The APRs for variable rate loans, if listed, are only the current APRs and are likely to change over the term of the loan. Borrowers should be careful about comparing loans based on the APR, as the APR may be calculated under different assumptions, such as a different number of years in repayment. All else being equal, a longer repayment term will have a lower APR even though the borrower will pay more in interest.

    The information presented below is based on lender provided information. Actual rates and fees may differ.