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☆ Student-loan borrowers will automatically receive refunds on pandemic-era payments if they qualify for Biden's debt relief
▼ + stars: | 2022-09-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department updated guidance on the process for receiving student-loan payment refunds. Borrowers who apply for and receive Biden's debt cancellation will get refunds automatically. In an FAQ posted on studentaid.gov with details on accessing Biden's debt relief, the department recently added a refund section explaining that borrowers can automatically receive a refund for payments they made during the pause if:You apply for and receive loan forgiveness through Biden's plan. "We're glad to see that the Department understands the importance of automation and maximizing relief to borrowers. We urge them to deliver the rest of Biden's promised debt cancellation by making it all automatic."

Mortgage interest rates are always changing, and there are a lot of factors that can sway your interest rate. Average mortgage interest rate by stateThe state where you're buying your home could influence your interest rate. Here's the average interest rate by loan type in each state according to data from S&P Global. A mortgage rate, also known as an interest rate, is the fee charged by your lender for loaning you money. In general, you can consider a good mortgage rate to be the average rate in your state or below.

Can you pay your mortgage with a credit card? How to pay your mortgage with a credit cardIn order to pay your mortgage with your credit card, check out Plastiq, a third-party platform that offers this service. With Plastiq, you can pay your mortgage or even a home equity line of credit (HELOC) with your Mastercard or Discover credit card. Credit utilization impact: Another downside of paying a mortgage with a credit card is its potential impact on your credit utilization. Making a large mortgage payment will push you closer to your credit limit and increase credit utilization, potentially harming your credit score.

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☆ Student loan payments are set to resume in September — should you pay now or wait for loan forgiveness?
▼ + stars: | 2022-08-04 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

Borrowers who can afford to pay say it's a 'big deal' to chip away at their principal loan balance. But it's unclear what the government's next steps will be on loan debt and time is running out for students. "One recent study shows that student loan borrowers were more likely to have taken out a first mortgage while payments have been frozen compared with those who have no student loans," Leondis wrote. With the current interest rate at zero, student loan repayments would go directly toward the borrower's principal balance. One Tiktoker who typically posts about student loan forgiveness has advised viewers to "pay attention to communication from (their) loan servicer" in the coming weeks.

Types of loans Conventional, FHA, VA, USDA, Arrive Home, Zero Down, jumbo, construction, refinancing, reverse mortgagesTerms 15 to 30 yearsCredit needed 540 for FHA, VA and USDA loans; 600 for Zero Down; 620 for conventional loans, 680 for jumbo loans. Standout benefits: You can be approved for a conventional mortgage with as little as 3% down and no mortgage insurance. Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. After reviewing the above features, we sorted our recommendations by best for no down payment, affordability, no lender fees, low-income borrowers, VA loans, USDA loans and online lenders.

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We've chosen the best lenders with loans for fair credit, based on rates, mortgage type, down payment requirements and other factors. VA loans Insured by the U.S. Department of Veteran Affairs, VA loans are available to current and former service members and their spouses. Mortgage type Minimum credit score Conventional loan 620 Jumbo loan 700 FHA loan 580 (or 500 with 10% down) VA loan 620 USDA loan 640FAQs What credit score do I need to get a mortgage? Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans.

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Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). As the coronavirus affects Americans' finances, the federal government has put federal student loans in forbearance. Forbearance can be a great source of relief for people with federal student loans. David Klein, CEO of CommonBond (Update: Beginning with the 2022-23 academic year, CommonBond is no longer originating student loans nor offering refinancing), suggests three possible approaches to federal student loans during the pandemic. Come October, your federal student loan balance won't be lower, but you'll owe less on your most expensive debts.

Persons: Insider's, forbearance, David Klein, CommonBond, Klein, autopay, servicer, you've Organizations: Service, Loan Relief Locations: Wall, Silicon, forbearance

When you consolidate your student loans, you merge all of your loans into one. Take an inventory of your student loansThe first step in the process is to take an inventory of your student loans. If you have federal loans, look at Direct Consolidation LoansIf you have federal student loans, you can consolidate your loans with a Direct Consolidation Loan, which allows you to consolidate your loans after you graduate. If you have federal or private loans, consider refinancing through a private lenderAnother option is student loan refinancing, for which both federal and private student loan borrowers are eligible. If you choose student loan refinancing, apply directly with the student loan refinancing company.

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