The story of a recent grad burdened by student loan is common, but these five focused on making more than the minimum payment and were able to pay off large chunks of their student loans quickly.
There wasnt a lot of good news for Tiger Woods in 2015 … and 2016 isn’t looking too rosy, either.
But there were a few moments this year when Woods looked like his old self, fist-pumping his way up the leaderboard and raising the decibel level in the massive galleries that still turn out to see him.
I witnessed two of those charges at the Quicken Loans National and in his season finale at the Wyndham Championship.
Yes, both times Woods stumbled on the weekend and hit plenty of shockingly bad shots. But there is still nothing like watching Woods charge up a leaderboard.
Just listen to the crowd after Woods holed a flop shot at the first hole in his opening round at the Wyndham.
Ive heard a roar louder than that only one other time, and it was in the final round at the 2012 Memorial when Woods did this:
At the Quicken Loans, you could hear how desperate people are to see Woods return to the top. He began the season with a missed cut and WD at Torrey Pines. Woods then took a leave of absence after it was obvious he had the chipping yips. He returned at the Masters and finished a respectable T-17, but in between Augusta and Quicken, Woods shot his worst round as a pro (85 at the Memorial) and missed the cut at the US Open and the Open Championship at St. Andrews.
Many began to wonder if Woods would ever win again. (Unfortunately for his fans, thats still an unanswered question.) He even had to deflect questions about retiring. So when he opened with rounds of 68 and 66 at Quicken, it wasnt just people cheering loudly for a popular player. It was Woods giving his fans something they had been wanting all year – hope. Hope that he wasnt down for the count. Hope that he was turning his game around. Hope that his miraculous comeback was starting now, this week, right in front of them.
A Saturday 74 ended any chances of his first win since 2013 being at the Quicken Loans, but at the Wyndham, Woods gave his fans more hope. He not only opened with that thrilling flop shot, but Woods was able to build on that momentum with rounds of 64, 65 and 68.
More fist pumps. More deafening roars.
Woods was playing the Wyndham for the first time in a last-ditch effort to make the FedEx Cup Playoffs, so a lot of the fans in Greensboro had never seen the 14-time major champion in person. And they also knew – because of the Wyndhams spot on the schedule – that there was a good chance they may never see him again.
Thats why even after a triple on No. 11 knocked him out of contention, Woods gallery never cleared out. Not even to see North Carolina Tar Heel Davis Love III shoot a magical 64 and win his 21st PGA Tour title at age 51.
Woods fans kept cheering as he birdied four of the last six holes, giving them, and himself, hope that better days were ahead.
Indian banks loans rose 11 per cent in the two weeks to December 11 from a year earlier, while deposits rose 11.5 per cent, the Reserve Bank of Indias weekly statistical supplement showed on Friday.
Outstanding loans rose by Rs 98,180 crore ($14.87 billion) to Rs 69.66 lakh crore in the two weeks to December 11. Non-food credit rose by Rs 97,720 crore to Rs 68.57 lakh crore, while food credit rose by Rs 460 crore to Rs 1.09 lakh crore.
Bank deposits rose by Rs 60,200 crore to Rs 91.85 lakh crore in the two weeks to December 11.
($1 = Rs 66.0155)
Â Thomson Reuters 2015
Student loan debt may be higher for Millennials than previous generations, but there are ample options to help pay them off. Think outside the box with these surprising ways to help pay off student loans.
A growing number of parents in the parent PLUS loan program, run by the US Education Department, have racked huge debts for their kids college education without any hope of paying it back.
According to an article written by Bloomberg News reporter Janet Lorin, about 3 million parents have $71 billion in loans, contributing to more than $1.2 trillion in federal education debt.
Struggling parents, some of them senior citizens, have begun to either defer payments or default on them. About 17 percent of parent loans held by borrowers 65 to 74 were in default in 2013, according to Education Department data.
Some face losing their Social Security checks as repayment.
Others have chosen to refinance debt for up to 25 years, meaning parents in their 60s will be paying back these loans into their 80s and 90s.
But the real problem, Lorin reports, is that the US government keeps handing out the money — up to $50,000 per annual loan — without questioning whether it can or will be paid back. The current interest rate is 6.8 percent.
Toby Merrill, a Harvard Law School lecturer who has counseled defaulted parents, is critical of the US government.
Its deeply problematic that the federal government is making relatively high-interest loans without thinking about, much less checking, whether the people theyre lending to will be crippled by this debt, said Merrill.
Loans amounting to Rs. 10 lakh were distributed to 75 street vendors, who were affected by the recent floods, by the Chennai branch of the Bharatiya Mahila Bank on Thursday.
The bank has extended financial assistance to street vendors who are already availing of loans from them as well as to other eligible street vendors, whose livelihoods had also been affected by the floods.
In a meeting, chief manager of the Bank K. Balakarthika addressed the members and office bearers of the TN Street Vending Workers Association and explained the services they could avail.
N. Balachandran, secretary, Department of Manual and Unorganised Sector Welfare Board distributed the loan sanction letters to the vendors.
Bharatiya Mahila Bank extended the assistance to those already availing loans from it
Duncan, however, points to several challenges to improvement in the housing market in 2016, affordability for first-time buyers topping the list. There are still very few starter homes on the market, and home price appreciation is lapping household income growth.
Lenders thoughtful easing of credit standards should help mitigate some of this affordability decline, he said.
The potential for rising interest rates, which would narrow the field of customers for loans, may increase competition among lenders and force them to ease some of the extra safeguards they added after being sued by the government for billions of dollars over bad loans dating back to the last housing boom.
LITTLE ROCK, Ark.–Arkansas Baptist College got a dire warning from the Education Department last year. So many students had defaulted on their loans that the college was at risk of losing access to federal aid.
That threat is one of the biggest weapons the agency has to police the performance of colleges and universities. But the warning to Arkansas Baptist also came with an offer of help, says Yvette Wimberly, a dean at the…
It is taking home buyers longer to get a mortgage, which some in the real-estate industry say is the result of new federal rules meant to make mortgage terms easier to understand.
Mortgages took an average of 49 days to close in November, a three-day increase from October and the longest closing time since February 2013, according to mortgage-processing firm Ellie Mae. Behind the scenes, some lenders describe disarray as various parties in real-estate transactions carry different interpretations of the same rules.
The changes, implemented by the Consumer Financial Protection Bureau in October, replace the forms borrowers receive when they make an application and before they close on a mortgage. The new forms are meant to make mortgage terms and fees clear.
The rules also require lenders to give borrowers final terms of a loan at least three business days before closing to ensure they have time to understand the agreement. Lenders say that both changes resulted in large technical and training challenges.
“Everything is in turmoil right now. Nobody knows what they’re doing,” said Kelly Welch, executive vice president at lender Equity Resources Inc. in Newark, Ohio. So far, Ms. Welch said her company has closed more than 300 loans under the new regime.
Drew Moody, who graduated in 2007 from Northern Illinois University with an English degree, recently finished paying off all his student loans. His strategy: making payments weekly instead of monthly. He divided his monthly payment by four so he was paying one-fourth of the amount every week.
By paying more often, Moody reduced his principal faster and therefore the amount of interest he paid.
You could also consider refinancing your student loans. Refinancing can save you money in interest if you qualify – the average borrower who refinances saves about $11,000, according to Credible, a student loan refinancing marketplace – and can make your monthly payments simpler.
Melanie paid more than her minimum monthly payments
When you can, pay more than your minimum monthly payment to help pay off your loan faster and save on interest. Whenever you make a larger-than-required payment, tell your loan servicer to apply the extra toward your principal instead of your next loan payment to ensure your payment lowers your balance.
To earn extra money to put toward repayment, Lockert scoured Craigslist and TaskRabbit for side gigs. She’s been a brand ambassador, worked in catering, and participated in medical studies.
Lockert paid off her student loans in December 2015, making one large payment of about $11,000. She’s ecstatic to be done almost 10 years after completing her undergraduate degree.
“Debt fatigue is real,” she says. But, she adds, “realize that it is temporary.”
So, 2015 grads, we hope these stories inspire you to tackle your student debt smartly and with less stress.
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- Answered: Should I Refinance My Student Loans?
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