Loans

LOANS

Student loans, mortgage loans, car loans, personal loans, business loans…

Loans often get a bad rap because they add to a person’s debt and cost more over time than paying cash. But for most people, they’re a necessary part of getting an education, car, home, or other necessities. For example, the Education Data Initiative found that “Among today’s college students, 65% graduate with student debt,” and the average loan amount for public school undergrads is over $30,000.

And if you’ve walked into a college bookstore lately, it’s not hard to see why this loan amount is so high. It’s not unusual to see larger textbooks, especially among the STEM subjects, going for $300 or even $400. Add to this increasing room and board costs, tuition rates, and fuel for commuting students…that $30,000 disappears quickly.

And college students aren’t the only ones dealing with exorbitant loan balances. Since the beginning of 2020 when the COVID pandemic started, home prices across the U.S. have gone up almost 30%. While that alone is jaw-dropping and a bit discouraging for aspiring homebuyers, it’s almost more concerning for homeowners who bought during the pandemic and, in the case of a severe recession, might end up “upside down” on their home loans. (You can also find more great home loan information on our Mortgages page.)

So, as you can see, there are a lot of things to consider when taking out a loan, and understanding when you’re getting good loan terms is incredibly important.

Looking for help as you navigate loans for school, cars, homes, and more? Check out the great content below from our Tablecloth Finance loan experts.