LibGuides: Research Personal Finance: Loans

L - O - A - N

Types of loans include: student, auto, home, personal, and payday loans
All loans have different terms - the terms of each loan is described on the promissory note

The repayment schedule determines the monthly amount and how long you will be paying on a loan

Interest rate can change from month to month or year to year
In today’s market the rate will most likely be very low, but as the economy improves interest rates increase
When your rate increases your monthly payment goes up

Track them one way or another
Excel
www.nslds.ed.gov – federal student loans
www.saltmoney.com – ability to import loan data and read articles about loan repayment
Mint.com or check.me – budgeting apps that can also include loans

Extra payments on top of minimum go directly to principle to reduce amount of interest paid and reduce total time frame

Interest is the amount to pay a bank or lender for allowing you to borrow the money to receive the item before paying in full for it

Interest is recalculated each month based on the amount of principle left at that point in time
Therefore, the amount of interest being paid is higher at the beginning of a loan and less at the end of the loan repayment period

FinAid
Bankrate
Bankrate, Inc. is the Web's leading aggregator of financial rate information, offering rate data and financial content. Bankrate continually surveys approximately 4,800 financial institutions in all 50 states in order to provide clear, objective, and unbiased rates to consumers. The website, Bankrate.com, provides free rate information to consumers on more than 300 financial products, including mortgages, credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees.
Student Loan Basics