Student

Can You Get A Personal Loan Even If You Have Student Debt?

When you need to take a loan for whatever reason, personal loans can undoubtedly help. This type of loan is repaid in monthly installments over a set period of time, typically ranging from 1 to 7 years.

Moreover, the loan amount you can take out will rely on your credit history. However, offers usually fall between 1,000 dollars and 50,000 dollars. Even so, if you bear a high amount of educational debt, you might be thinking about your chances of getting approved for a personal loan.

Keep in mind that lenders examine or evaluate borrowers in many different ways. It always helps to know the steps you need to obtain the funding you need and where you stand. Do you want to know more? Read on!

Things Lenders Assess In Personal Loan Applications

A personal loan is typically unsecured. It means that you do not have to offer or show

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Fifth Third Bank Helps Customers Pay Down $5 Million in Student Loan Debt

The MarketWatch News Department was not involved in the creation of this content.

Fifth Third MomentumTM recently hit a milestone: It now has helped customers pay down $5 million in student loan debt. The Fifth Third Momentum app, which launched three years ago, allows customers to round up their debit card purchases to apply to a student loan.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200915005836/en/

“We’re proud to play a role in helping families find solutions for student loans,” said Melissa Stevens, chief digital officer for Fifth Third Bank. “Even in times of hardship due to the pandemic, we want to help our customers continue to work toward a goal we know causes a lot of stress, especially for our Millennial customers.”

Fifth Third Momentum allows users either to round up debit card purchases to the next dollar or to add $1 to every purchase.

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You don’t have to pay your federal student loans right now, but here’s why you should

Part of American lawmakers’ sweeping stimulus efforts in response to the pandemic included federal student loan relief — meaning borrowers don’t have to make their student loan payments and won’t be penalized for nonpayments.



a person with a frisbee in front of a building: CHAPEL HILL, NC - AUGUST 18: A student walks through the campus of the University of North Carolina at Chapel Hill on August 18, 2020 in Chapel Hill, North Carolina. The school halted in-person classes and reverted back to online courses after a rise in the number of COVID-19 cases over the past week. (Photo by Melissa Sue Gerrits/Getty Images)


© Melissa Sue Gerrits/Getty Images
CHAPEL HILL, NC – AUGUST 18: A student walks through the campus of the University of North Carolina at Chapel Hill on August 18, 2020 in Chapel Hill, North Carolina. The school halted in-person classes and reverted back to online courses after a rise in the number of COVID-19 cases over the past week. (Photo by Melissa Sue Gerrits/Getty Images)

But if you’re carrying student debt and can still afford to pay the monthly loan, experts say you absolutely should.

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Under the CARES Act, borrowers aren’t required to pay federal student loan payments, and interest won’t be accrued on those loans. The temporary relief through the CARES Act was

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How to get approved for a personal loan when you have student debt

Take these steps to secure the financing you need. (iStock)

If you need to consolidate debt or pay for an unexpected emergency, you may consider a personal loan. However, if you have a high amount of student debt, you may be wondering about your chances of being approved. Lenders assess borrowers in a variety of ways. It helps to know where you stand, and the steps you can take to get the funding you need.

Factors lenders look at in personal loan applications

Personal loans are usually unsecured, which means you don’t have to put up any collateral. As a result, lenders scrutinize applicants to minimize their risk. Banks will look at three key elements as they determine your ability to repay the debt.

  • Debt-to-income ratio
  • Credit history
  • Career or education experience

1. Debt-to-income ratio

A lender will look at how much debt you already have compared to

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Student loan refinancing rates drop to dramatic new lows

As student loan refinancing rates drop, now may be a good time to compare borrowing options. (iStock)

In an effort to ease some of the economic strain caused by the coronavirus pandemic, the Federal Reserve opted to slash interest rates to historic lows early in 2020. The decision to cut the Fed Funds Rate could have a direct impact on your bottom line if you owe private student loans.

Student loan refinancing rates have dropped dramatically according to Credible, with rates on 10-year fixed-rate loans down 31% from their April 17 peak. Rates on variable rate loans are down 63% from their February 2018 high. If you have private student loans, refinancing now could help you save money and potentially lower your monthly payments.

Are student loan refinance rates going down?

Fixed interest rates and variable interest rates for private student loans are down across the board, largely

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