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How Much of Your Income Should You Spend on Housing?

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In Managing MoneyLendKey

As you move out on your own and get a job that needs to cover all of your expenses, one of your biggest decisions is where to live. Your housing is typically your largest monthly expense, and you have a wide range of places to choose from. Before you go out looking at apartment rentals, determine how much of your income you can spend on housing each month so you can stick to this budget. Rule of thumb: Spend a fixed percentage of your income on housing The general recommendation is to spend about 30% of your gross monthly income (before taxes) …

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How the Auto Loan Shopping Experience has Shifted Due to Technology

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In Managing MoneyLendKey

In just a few short years, the technology boom that is being experienced around the world has positively impacted a wide range of different industries. Technology has made a nearly limitless amount of information available to consumers at a moment’s notice, which is allowing them to make more confident purchases in easier ways, positively impacting the shopping experience at the same time. Out of all of the industries that have benefited from this technology shift, perhaps none have been influenced as prominently as automotive businesses. The Technology Shift One of the major benefits that technology has brought to a wide …

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Basis Points Explained

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In Managing MoneyLendKey

As with any industry, the banking and lending community has its own language, which can be a bit confusing until you understand what those buzzwords and all of that insider jargon mean. If you have student loans, or if you are shopping around for a student loan, student loan refinance, or loan consolidation to help manage student loan debt, you’ll likely encounter the financial term “basis point.” What exactly is a basis point? A basis point is really nothing more than shorthand for “one one-hundredth of a percent” written out as .01%. In the world of number crunching sometimes these …

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6 Job Interview Questions you Should Ask

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In Managing MoneyLendKey

After graduating from college, the first action taken by most recent grads is to begin the job hunt process. Not only are they ready to get their career off the ground, but they may also be seeking a low interest rate on their student loans, which will require proof of employment. There is no question that the entire job interview process can be overwhelming and in many cases, those attempting to get a job are so caught up in how to answer the interview questions they are asked that they forget to ask any of their own. Asking questions during …

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4 Financial Tips for Every College Student

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In Managing MoneyLendKey

College is a unique and special experience in a young person’s life. You might be on your own in a city far away from your home. There are your studies to attend to, friends to make, and being in charge of your own personal finances for the first time can be a little daunting. For the first time in your life there might not be anyone checking up on you. It’s all in your hands and with a little financial education you can begin to make smart financial choices that won’t wreck havoc on your future. Here are some important …

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How Is Your Credit Score Calculated?

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In Managing MoneyLendKey

One of the key factors in determining your interest rate and loan terms when trying to refinance student loans is your credit score. Your credit score can make the difference in potentially hundreds of dollars in monthly payments. Maintaining an excellent credit score is essential if you want to pay less on your student loans. But many people don’t realize how your credit score is calculated, and what steps they can do to improve it. Here’s what you need to know about your credit score. What Is A Credit Score Your credit score is a number that tells lenders how reliable you …

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How Do Student Loans Affect Your Credit Score?

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In Managing MoneyLendKey

Student loan debt can definitely impact your financial profile, credit history, and credit score – either in a detrimental way or by improving your financial status and ability to save money. It all depends upon how you manage that student loan debt, and whether you are able to make your payments on time to fulfill your obligations as a responsible borrower. What makes up my credit score? Lenders and other creditors depend on credit reporting agencies to keep tabs on your credit history, so that when you apply for a loan they can see your track record for repayment. Banks …

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Top 5 Ways to Reduce Your Debt Burden While in College

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In Managing MoneyLendKey

CNN reports that 70 percent of college graduates leave school with debt in addition to degrees. In the best of circumstances, repaying student loans after college can take years. In the worst, monthly loan payments prove financially crippling. Fortunately, there are steps you can take to lighten your student debt load while you’re still in college. 1. Exhaust other forms of financial aid. Each year, look for additional grants and scholarships, and tell your college financial aid office about any changes in your family’s income. In some cases, a reduction in overall family income could result in increased non-loan aid. …