Category Archives: Borrowing Money

Paying for College: Your CSS Profile

About 400 post-secondary schools use the CSS/Financial Aid PROFILE, and application for this goes hand in hand with the Free Application for Federal Student Aid, or FAFSA®. While the CSS application is more involved than FAFSA, it’s a resource for funding that’s otherwise not available through a FAFSA application on its own. What is the CSS/Financial Aid PROFILE? This process accesses non-federal financial aid for post-secondary education. It’s administered by the College Board, the creator and administrator of the SATs. … Read more

Credit Reports 101

Credit is a curious concept. If you don’t have any, you want some. When you do have it, you may not want so much! Credit reports describe your life in financial terms, but for many, the logic and nature of these reports aren’t easy to follow. Considering the importance personal credit reports have on many aspects of one’s life, few can afford to ignore how their credit reports stack up. Three-for-One: The Major Credit Bureaus For those new to the … Read more

The Difference Between Credit Unions and Banks

When it comes to financial services such as checking and savings accounts, personal loans and basic investments, a person can turn to either a bank or a credit union. Yet many consumers recognize little difference between the two, save for their type. Since each provides similar services in similar ways, pinpointing a reason to choose one institution over the other isn’t immediately obvious. So what, then, is different between the two? Let’s take a closer look to illustrate the advantages … Read more

Is It Time To Settle That Debt

Debt settlement is the process of paying some of what you owe to either a creditor or collector. Settling a debt effectively cancels it. The settlement option has become more common over the past few years, thanks to aggressive advertising. Settlements are reported to the credit reporting agencies and considered serious derogatory items by FICO and other credit scoring systems. They’ll likely result in lower credit scores, though most debtors are already in arrears. How To Settle Your Debt Almost … Read more

The Student Loan Bailout

student loan bailout

Students who take out loans for their higher education have many struggles—unemployment, expensive tuition, and the cutting of subsidized loans for graduate programs. However, a Presidential order, nicknamed the Student Loan Bailout, could help many students out of their loan rut—and Congress may not even need to approve it. Student Loan Consolidation It’s imperative to understand that consolidating private loans together with federal loans is next to impossible. Federal Family Education Loans issued by banks can be consolidated with direct … Read more