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3 ways to get the best student loan for fall 2024
Fall is a popular season for college enrollment. And, with summer underway, you may be planning on starting or continuing your college career soon. But college comes with tuition fees. And, that’s on top of the cost of room and board, meal plans, books and other expenses you’ll need to cover while you’re in school.
If you spend the bulk of your time in class and studying for exams, it may be difficult to maintain a full-time job to cover these costs. That’s one of the reasons many students rely on student loans.
And, the financial institutions that provide these loans compete with one another. So, you’ll typically find that some options are better than others. What can you do to get the best student loan for fall 2024? We’ll explore the possibilities below.
Find the best student loans with top providers today.
3 ways to get the best student loan for fall 2024
You can do a few things to get the best student loan this fall. Follow these tips to do so:
Compare your options
Start by comparing your options. When you do, keep in mind that federal student loans typically come with better interest rates and more favorable terms than their private counterparts. However, you may need to choose a private option if you don’t qualify for federal loans or if they don’t provide enough funding to meet your needs.
If you need a private student loan, there are a few things you should pay close attention to:
- Interest rates: Look for the lowest interest rate as lower rates typically come with more affordable monthly payments and a reduced overall cost of borrowing money.
- Interest rate types: Some student loans offer fixed rates while others are variable. With inflation cooling and interest rates expected to fall overall, variable rate options may be better in today’s economic climate.
- Loan origination fees: Look for the lowest loan origination fee you can find alongside a reasonable interest rate to keep your costs down.
- Application fees: Try to find providers with minimal or no application fees.
- Prepayment penalties: Some student loans may charge a fee for paying them off early. Be sure to compare these as you may not want to keep the loan for its entire term. And, keep in mind that these fees typically still apply if you refinance your loan.
Compare the best student loan options now.
Improve your credit score
Lenders typically rely on credit reports and scores to determine the risk loaning money to a borrower poses. High-risk applicants, or those with poor credit, typically pay higher rates and fees than lower-risk applicants, or those with good credit. So, consider working to improve your score.
If you have no credit history, you can use a secured credit card to start building it. If you have delinquent accounts on your credit report, consider attempting to settle them for less or simply paying what you owe to give your credit score a boost.
Get a cosigner
Many college students are young adults with limited credit history. If that sounds like you, you may benefit from a cosigner. Cosigners may never pay your loan, but they will share in the responsibility to pay if you’re unable to do so on your own. And, if your co-signer has a solid credit profile, they could help cut the cost of your student loan. Consider reaching out to your family members and close friends and asking them to co-sign your student loan.
The bottom line
Fall is quickly approaching. So, it’s time to get your finances in order for the coming semester. And if that includes getting a student loan, there are a few things you can do to ensure you get the best one. Start by looking into federal student loans since these tend to come with the lowest rates and most favorable terms. But, if you don’t qualify for federal loans, you may need to move forward with their private counterparts. If that’s the case, compare your options and do what you can to improve your credit score before you apply. And, consider talking to your friends and family about co-signing your loan to bring your cost down. Compare leading student loan options now.
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Tupperware files for bankruptcy amid slumping sales
Tupperware and some of its subsidiaries filed for Chapter 11 bankruptcy protection, the once-iconic food container maker said in a statement late Tuesday.
The company has suffered from dwindling sales following a surprise surge during the COVID-19 pandemic, when legions of people stuck at home tried their hands at cooking, which increased demand for Tupperware’s colorful plastic containers with flexible airtight seals.
A post-pandemic rise in costs of raw materials and shipping, along with higher wages, also hurt Tupperware’s bottom line.
Last year, it warned of “substantial doubt” about its ability to keep operating in light of its poor financial position.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
“As a result, we explored numerous strategic options and determined this is the best path forward,” Goldman said.
The company said it would seek court approval for a sale process for the business to protect its brand and “further advance Tupperware’s transformation into a digital-first, technology-led company.”
The Orlando, Florida-based firm said it would also seek approval to continue operating during the bankruptcy proceedings and would continue to pay its employees and suppliers.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Goldman said.
The firm’s shares were trading at $0.5099 Monday, well down from $2.55 in December last year.
Tupperware said it had implemented a strategic plan to modernize its operations and drive efficiencies to ignite growth following the appointment of a new management team last year.
“The Company has made significant progress and intends to continue this important transformation work.”
In its filing with the U.S. Bankruptcy Court for the District of Delaware, Tupperware listed assets of between $500 million and $1 billion and liabilities of between $1 billion and $10 billion.
The filing also said it had between 50,000 and 100,000 creditors.
Tupperware lost popularity with consumers in recent years and an initiative to gain distribution through big-box chain Target failed to reverse its fortunes.
The company’s roots date to 1946, when chemist Earl Tupper “had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression,” according to Tupperware’s website.
“If he could design an airtight seal for plastic storage containers, like those on a paint can, he could help war-weary families save money on costly food waste.”
Over time, Tupper’s containers became popular that many people referred to any plastic food container as Tupperware. And people even threw “Tupperware parties” in their homes to sell the containers to friends and neighbors.
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JD Vance echoes Trump, blames Democrats for apparent assassination attempt
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