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How to get the cheapest student loan for fall 2024

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If you’re enrolling in the fall 2024 college semester, there are a few ways to find the most affordable student loan. 

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The cost of higher education has been rising rapidly over the last decade, making it tough for many students to pay out of pocket for the cost of college. So, to help finance their college classes and living expenses, it’s becoming more and more common for students to turn to student loans to help finance the costs of their education. But between today’s high-rate environment and the growing costs of higher education, that kind of borrowing can be costly.

The good news is, though, that the federal government is actively trying to help cut down on the student loan burden many borrowers face. For example, last week, the White House announced another round of student loan forgiveness totaling $7.7 billion. This round of student loan forgiveness will benefit about 160,500 federal student loan borrowers — and brings the total amount of student loan forgiveness under the Biden administration to $167 billion across about 4.75 million people.

But while this new round of student loan forgiveness offers a reprieve for those who qualify, many other students still face the challenge of financing their educations. In turn, it’s crucial for the students who are planning to enroll in the fall 2024 semester to find the most affordable student loan options so they can avoid being burdened with excessive debt after graduation. And, if you’re one of them, there are a few strategies you can use to find the cheapest student loan options for the upcoming semester. 

Get a head start on your fall financing. Compare your private student loan options online now.

How to get the cheapest student loan for fall 2024

If your goal is to find the most affordable student loans for the fall 2024 semester, these tips might help:

Exhaust your federal student loan options first 

While private student loans can be a useful tool, federal student loans should be the first choice for borrowers due to the unique benefits and protections these types of loans can offer. For starters, you will typically get offered lower, fixed interest rates on your federal student loans, which can make this type of borrowing the most affordable for higher education purposes. Plus, federal student loans tend to come with flexible repayment plans — and, in certain cases, you could be eligible for options for loan forgiveness or income-driven repayment plans. 

And, these types of loans typically don’t have the same types of credit or borrower requirements that come with private student loans, either. You generally apply and potentially qualify by completing the Free Application for Federal Student Aid (FAFSA). The FAFSA can determine your eligibility for federal loans as well as grants and work-study programs, which can significantly reduce the amount you need to borrow.

Find the top private student loan rates you may qualify for here.

Closely compare offers from multiple lenders 

If you need to explore private student loan options, it’s essential to do your homework and thoroughly compare interest rates and fees across multiple lenders. After all, interest rates on private student loans can vary widely, and even a small difference can have a substantial impact on the total cost of the loan over its lifetime. 

But your interest rate isn’t the only thing that impacts the affordability of your private student loans. There are other factors to weigh, like extra fees or costs. For example, you should be aware of any origination fees or prepayment penalties tied to the private student loans you’re comparing, as these can add thousands of dollars to your overall debt.

Consider fixed-rate student loans 

Variable-rate student loans may seem attractive because they typically offer initially lower interest rates, making them appear more affordable upfront. However, these types of loans are subject to market fluctuations and can increase over time depending on the overall rate environment. And that can make it challenging to budget for repayment, as there’s always a chance that rates could climb in the future. 

Fixed-rate student loans, on the other hand, provide stability and predictability. This, in turn, allows you to plan your finances more effectively, so while they may not seem like the more affordable option at the start of the loan, fixed-rate student loans are often the cheaper, and more practical, option.

Explore lender benefits and discounts

If you want to get the cheapest private student loans possible this fall, don’t discount lender-specific discounts and benefits. Depending on what discounts or perks you qualify for, the benefits your lender offers could help you save significantly on the cost of your private loans. 

For example, some private student loan lenders may offer interest rate reductions for setting up automatic payments or rewards for good academic performance. Others may provide loyalty discounts for existing customers or allow you to release a cosigner after a certain number of on-time payments. These lender-specific perks can help make your student loans more affordable, so be sure to inquire about these perks and factor them into your decision-making process.

Enlist a co-signer 

The cost of your private student loans depends, in large part, on your borrower profile and credit score. The lower your credit score and income, the higher your interest rate tends to be, as lenders will use that information to determine there’s elevated risk when lending to you. 

But if you have a creditworthy cosigner, such as a parent or legal guardian, who is willing to co-sign on your private student loans, you may be able to secure a lower interest rate, helping you to save money on interest charges. That’s because lenders view co-signed loans as less risky, which can result in more favorable terms and conditions. 

That said, there’s risk involved for the co-signer on your loans, as they’ll be responsible for paying what you owe if you default. So, it’s important to fully understand the responsibilities and potential consequences for both parties before entering into a co-signer agreement.

Borrow only what you need

When you take out student loans, many lenders will offer you more money than what you need for just your tuition and books. And, while it may be tempting to borrow more money than necessary, it’s crucial to exercise restraint and only borrow what you truly need for your educational expenses. 

After all, excessive borrowing can lead to an overwhelming debt burden and make repayment more challenging after graduation. It can also make the cost of your student loans more expensive, as you’ll have larger payments to contend with, even if you get a low rate on your loans.

The bottom line

Securing affordable student loans for the fall 2024 semester requires diligent research and a comprehensive understanding of the available options. By exhausting federal loan options, comparing interest rates and fees, considering fixed-rate loans, exploring lender benefits and discounts, enlisting a co-signer if possible and borrowing only what you need, you can minimize the financial burden of your education and set yourself up for a more manageable repayment journey after graduation.



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Mike Tyson says he has “no regrets” after losing boxing match to Jake Paul

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Mike Tyson to take on Jake Paul


Mike Tyson returns to boxing ring to take on Jake Paul

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Despite losing his boxing match to Jake Paul, Mike Tyson in a social media post Saturday said he had “no regrets” to getting “in ring one last time.” 

The boxing legend was defeated by social media star Jake Paul in a highly anticipated fight on Friday night with an age difference of over three decades between the two contenders. 

Netflix said Saturday that 60 million households worldwide tuned in to watch the match. The two fighters went eight full rounds, with each round two minutes long. Paul defeated Tyson by unanimous decision and the 27-year-old upset boxer and 58-year-old former heavyweight champion hugged afterward. 

Paul was expected to earn about $40 million from the fight, and Tyson was expected to take around $20 million for the fight, according to DraftKings and other online reports. 

Mike Tyson v Jake Paul
Jake Paul punches Mike Tyson during their heavyweight bout at AT&T Stadium on Nov. 15, 2024 in Arlington, Texas.

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Tyson said on his social media that “this is one of those situations when you lost but still won. I’m grateful for last night.”

The fight almost didn’t happen after Tyson experienced an ulcer flare-up while on a plane in March. He addressed his illness Saturday, writing that he “almost died in June.” He said he had eight blood transfusions and “lost half my blood and 25lbs in hospital and had to fight to get healthy to fight so I won.”

Tyson retired from boxing in 2005 after a 20-year career. He last fought in a 2020 exhibition match against former four-division world champ Roy Jones Jr.

“To have my children see me stand toe to toe and finish 8 rounds with a talented fighter half my age in front of a packed Dallas Cowboy stadium is an experience that no man has the right to ask for. Thank you,” he said. 

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In their final meeting, Xi tells Biden he is “ready to work with a new administration”

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In their final meeting, China’s leader Xi Jinping told U.S. President Biden that his nation was “ready to work with a new administration,” as President-elect Donald Trump prepares to take over.

The two leaders gathered Saturday on the sidelines of the annual Asia-Pacific Economic Cooperation summit. Mr. Biden was expected to urge Xi to dissuade North Korea from further deepening its support for Russia’s war on Ukraine. It marked their first in-person meeting since they met in Northern California last November.

Without mentioning Trump’s name, Xi appeared to signal his concern that the incoming president’s protectionist rhetoric on the campaign trail could send the U.S.-China relationship into another valley.

“China is ready to work with a new U.S. administration to maintain communication, expand cooperation and manage differences so as to strive for a steady transition of the China-U.S. relationship for the benefit of the two peoples,” Xi said through an interpreter.

Biden Xi
US President Biden shakes hands with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in Lima, Peru, on Nov. 16, 2024.

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Mr. Biden, meanwhile, spoke in broader brushstrokes about where the relationship has gone and reflected not just on the past four years, but on their long relationship.

“Over the past four years, China-U.S. relations have experienced ups and downs, but with the two of us at the helm, we have also engaged in fruitful dialogues and cooperation, and generally achieved stability,” he said.

Mr. Biden and Xi, with top aides surrounding them, gathered around a long rectangle of tables in an expansive conference room at Lima’s Defines Hotel and Conference Center.

There’s much uncertainty about what lies ahead in the U.S.-China relationship under Trump, who campaigned promising to levy 60% tariffs on Chinese imports.

Bobby Djavaheri, president of Los Angeles-based Yedi Houseware Appliances — which manufactures its products in China — told CBS News in an interview this week that such tariffs “would decimate our business, but not only our business. It would decimate all small businesses that rely on importing.”

Trump has also proposed revoking China’s Most Favored Nation trade status, phasing out all imports of essential goods from China and banning China from buying U.S. farmland.

Already, many American companies, including Nike and eyewear retailer Warby Parker, have been diversifying their sourcing away from China. Shoe brand Steve Madden says it plans to cut imports from China by as much as 45% next year.

White House national security adviser Jake Sullivan said Biden administration officials will advise the Trump team that managing the intense competition with Beijing will likely be the most significant foreign policy challenge they will face.

It’s a big moment for Mr. Biden as he wraps up more than 50 years in politics. He saw his relationship with Xi as among the most consequential on the international stage and put much effort into cultivating that relationship.

Mr. Biden and Xi first got to know each other on travels across the U.S. and China when both were vice presidents, interactions that both have said left a lasting impression.

“For over a decade, you and I have spent many hours together, both here and in China and in between. And I think we’ve spent a long time dealing with these issues,” Mr. Biden said Saturday.

But the last four years have presented a steady stream of difficult moments.

The FBI this week offered new details of a federal investigation into Chinese government efforts to hack into U.S. telecommunications networks. The initial findings have revealed a “broad and significant” cyberespionage campaign aimed at stealing information from Americans who work in government and politics.

U.S. intelligence officials also have assessed China has surged sales to Russia of machine tools, microelectronics and other technology that Moscow is using to produce missiles, tanks, aircraft and other weaponry for use in its war against Ukraine.

And tensions flared last year after Mr. Biden ordered the shooting down of a Chinese spy balloon that traversed the United States.



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Trump selects Liberty Energy CEO Chris Wright as secretary of Energy

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President-elect Donald Trump has selected Chris Wright, a campaign donor and fossil fuel executive, to serve as energy secretary in his upcoming, second administration.

CEO of Denver-based Liberty Energy, Wright is a vocal advocate of oil and gas development, including fracking, a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market.

Trump also said in a statement Saturday that Wright will serve on the newly-created National Energy Council, which will be chaired by North Dakota Gov. Doug Burgum, Trump’s selection for secretary of the Interior.  

Burgum will oversee a panel that crosses all executive branch agencies involved in energy permitting, production, generation, distribution, regulation and transportation, Trump said in a previous statement.  

Wright has been one of the industry’s loudest voices against efforts to fight climate change and could give fossil fuels a boost, including quick action to end a year-long pause on natural gas export approvals by the Biden administration.

Wright also has criticized what he calls a “top-down” approach to climate by liberal and left-wing groups and said the climate movement around the world is “collapsing under its own weight.”

Consideration of Wright to head the administration’s energy department won support from influential conservatives, including oil and gas tycoon Harold Hamm.

Hamm, executive chairman of Oklahoma-based Continental Resources, a major shale oil company, is a longtime Trump supporter and adviser who played a key role on energy issues in Trump’s first term.

Hamm helped organize an event at Trump’s Mar-a-Lago resort in April where Trump reportedly asked industry leaders and lobbyists to donate $1 billion to Trump’s campaign, with the expectation that Trump would curtail environmental regulations if re-elected.

The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States. The agency is in charge of maintaining the country’s nuclear weapons, oversees 17 national research laboratories and approves natural gas exports, as well as ensuring environmental cleanup of the nation’s nuclear weapons complex. It also promotes scientific and technological research.

Republican Sen. John Barrasso, who is expected to become chairman of the Senate Energy and Natural Resources Committee, said Trump promised bold choices for his Cabinet, and Wright’s nomination delivers.

“He’s s an energy innovator who laid the foundation for America’s fracking boom. After four years of America last energy policy, our country is desperate for a secretary (of energy) who understands how important American energy is to our economy and our national security,″ Barrasso said of Wright, adding: “Wright will help ensure America remains committed to an all-of-the-above energy policy that puts American families first.”

Thomas Pyle, president of the American Energy Alliance, a conservative group that supports fossil fuels, said Wright would be “an excellent choice” for Energy secretary. Pyle led Trump’s Energy Department’s transition team in 2016.

Liberty is a major energy industry service provider, with a focus on technology. Wright, who grew up in Colorado, earned undergraduate degree at MIT and did graduate work in electrical engineering at the University of California-Berkeley and MIT. In 1992, he founded Pinnacle Technologies, which helped launch commercial shale gas production through hydraulic fracturing, or fracking.

He later served as chairman of Stroud Energy, an early shale gas producer, before founding Liberty Resources in 2010.



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