5 Tips For Saving Money In College

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By Roshni Chowdhry, head of customer experience at SafetyNet

Of the 17 million Americans currently enrolled in college, 74 percent qualify as what we used to call “nontraditional” students:

  • One in five is 30 years or older.
  • About half don’t rely on their parents for money.
  • One quarter are caring for a child.
  • 47 percent attend college part time at some point.
  • 25 percent took a year off between high school and college.
  • 44 percent have parents without a bachelor’s degree.

In other words, if you’re a college student today, there’s a good chance you’re not the Hollywood stereotype of an 18-year-old on your own for the first time. Still, whether it’s your first year of indepe…

Video: Can You Get A Scholarship With A Low GPA?

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Is your GPA all that counts when you apply for college financing? Watch the Scholarship System Founder Jocelyn Paonita Pearson explain how to get a scholarship with a less-than-perfect GPA in our exclusive video above.

Your credit score could affect your student loan interest rate. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.

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Don’t Catch Sexually Transmitted Debt!

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“I picked up a really bad case of debt from my ex, and I can’t get rid of it.”

You can pick up several unpleasant surprises from a sexual partner, but have you considered painful, lasting financial ramifications? According to a recent survey from Finder.com, around 74 million Americans have picked up a “sexually transmitted debt,” a debt that’s assumed as part of a relationship.

The study determined that the average sexually transmitted debt (STD) works out to $11,485, with most acquired through marriage (28%) or in a divorce settlement (14%). In some states, the IRS says debt taken on by either spouse after the wedding is automatically a shared debt. The remaining reasons in the top five all relate to spending. Purchases made in a partner’s name account were cited in 25% of the cases, while joint account purchases were cited in 20% of the cases – and the dreaded secret …

#1 Older Millennial Debt Is Not Student Loans

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According to Federal Reserve data, student loan debt has surpassed $1.5 trillion and comprises 11% of America’s collective household debt balance – second only to mortgage debt. More than 44 million Americans have student loan debt, with an average balance of around $33,000.

Given those statistics, you might expect student loans to be the biggest debt burden for millennials. However, at least part of the millennial generation has other debt concerns. According to the 2018 Planning and Progress Study from Northwestern Mutual, credit card debt outpaces student loan debt for older millennials (ages 25-34).

Among older millennials, credit card balances make up one-quarter of the average debt burden, compared to the 16% burden from student debt.They also carry more personal debt ($42,000) than the average personal debt of $38,000.

In some ways, this finding makes sense. Younger millennials are just starting their careers and beginning to pay down their stude…

2 Out Of 5 Student Borrowers Expected To Default In Next 5 Years

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America’s cumulative student loan debt has topped $1.5 trillion, surpassing credit card debt as the second greatest debt burden behind mortgages. How will we pay it off? A study by the Brookings Institution suggests that approximately 40% of Americans won’t be able to pay off their loans and will end up in default by 2023. That’s just five years away.

Student loan default rates are typically reported as three-year cohort default rates, defined as the risk of a student loan holder defaulting within the end of one or two fiscal years after the year they enter the repayment stage. For a student debtor whose grace period ends in 2018, the default rate for the 2018 cohort will report the default rate for that group from 2018 through 2020 (a three-year cohort).

Reported this way, student loan default rates are down from a 14.7% peak in 2013 (2010 cohort) to 11.5% in 2017 (2014 cohort). That’s still bad – but a 2018 study by the

From Foreclosure To 800 Credit Score

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“I raised my credit score over 800 – and you can, too!” So says Tiffany Aliche, a financial speaker and author better known as The Budgetnista.

Tiffany was working as a schoolteacher, and had excellent credit, until she lost her job in the Great Recession. “I had a choice between paying my mortgage and paying my bills. I chose to pay my bills.” Due to trusting the wrong person, those bills included $30,000 in credit card debt. As she collected unemployment, she did her best to cut her expenses to the bone, losing her home to foreclosure.

“I moved in with my family, crashing on a sister’s couch, and at my parent’s home. I scrimped and saved. I stopped buying clothes. With four sisters, I could always borrow an outfit when I needed one!

“I watched videos to learn how to do my hair and other skills myself instead of paying for them. YouTube became my university. I was in my 30’s, when peo…

Women Have Most Student Loan Debt

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According to Federal Reserve Data, student loan debt reached $1.52 trillion in March of 2018. Women hold approximately $900 billion of that total.

Why do women hold more in student loan balances? A recently updated report from the American Association of University Women (AAUW) suggests that several reasons combine to shift the student loan burden toward women.

The most obvious reason – more women are attending college than men. AAUW notes that as of the fall 2016 semester, 56% of college enrollees were female, and the National Student Clearinghouse shows 57.3% female enrollment for 2017 – continuing the recent trend.

Women are also more likely to take on debt, according to AAUW’s analysis of government statistics. Using data from the 2015-2016 academic year, AAUW found that 41% of female undergraduates took on new student loan debt while only 35% of male undergraduates did so. The difference generally held over degree types, institution types, and degr…

Your Low Credit Score Could Cost You $45,000

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Your credit score is one of the primary items that lenders check when they consider loaning you money. A lower score means greater risk, and lenders will charge you a higher interest rate because of that difference – but how much could it cost you over the lifetime of a loan?

According to a new study from LendingTree, if you have only fair credit instead of very good credit, the difference can cost you over $45,000.

LendingTree analyzed loan data from their database to assess the costs of a lower credit score as applied to five different sources of borrowing (credit card debt, personal loans, auto loans, student loans, and mortgages). Interest was calculated based on the average loan amount for each type of credit. Combined, the loans totaled $310,263 – dominated by the average mortgage loan of $234,437.

At interest rates available with very good credit (740-799), the total interest payment over the lifetime of all five credit sources was $212,498. At t…

Why Millennials Aren’t Buying Homes

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Waiting to Buy

According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives.

Why are millennials late to homeownership? The Urban Institute provided several reasons:

External Factors

The study found three primary external factors keeping millennials from entering the market.

1. Lack of Supply – Affordable housing is rare in more popular urban areas that millennials prefer (and where jobs are located). Housing starts are at approximately 1.2 million – an improvement from the post-housing crisis 550,000 units in 2009, but still below levels from the 1960s. Low supply leads to high prices even for modest homes.

2. Tight Cred…