Student loans can be very helpful if you wish to pursue higher education but lack the financial means to do so. However, while they may be a convenient solution, there are some facts about student loans that you need to be aware of before you apply for one. In this article, we will clear any misconceptions or doubts surrounding student loans so that you can clearly understand every facet. This will enable you to make an informed decision regarding your educational plans and finances related to it. Similar to how the value of a car is the collateral for your car loan, your capability of earning money in the future is the collateral for your student loan. If you default on the repayment, the lender (which may be a bank or the government) can seek repayment from your Social Security, salary, and also your tax refund, if any. Before applying for a loan, you must determine your return on investment (ROI) and ensure that you are able to repay the debt. Many borrowers believe that they cannot refinance their student loans, which is not true. From 2009, the government has permitted borrowers to refinance federal student loans into private ones.

Also called transactional accounts or demand accounts, checking accounts are a type of bank deposit that allows you to deposit and withdraw money as per your needs. The funds stored in these accounts can be accessed through ATMs, electronic debits, and checks. The difference between checking accounts and other types of accounts is the number of transactions allowed. While checking accounts allow several withdrawals and unrestricted deposits, a savings account may place limits on both. Here are some features you should know before opening one: Direct deposit Checking accounts provide your employer with direct deposit facilities. It allows them to deposit your paycheck into your account electronically. This feature benefits banks as well as it gives them a stable flow of income, which, in turn, allows them to provide their customers with loans and credit lines. As a result of this feature, many banks will offer you free checking accounts, which means you do not need to have a minimum balance or pay monthly maintenance fees. ATMs Banks do not stay open for 24 hours, but that does not mean their services close down as well. ATMs allow you to withdraw cash at any time, but you should know the cost of using them.

Your credit score is key to you having healthy finances. It essentially helps lenders decide if they can lend you funds and how much. A bad credit score can truly hamper your chances of getting money when you need it the most. Here are some things that can cause you to get a bad credit score: Failing to stick to credit agreements Every loan or credit card taken is essentially an agreement between a borrower and a lender. Like all agreements, you are required to follow the terms and conditions set prior to the transaction. These conditions include the amount you have to pay back and the time period within which you have to make the payment. Missing a payment, paying a lesser amount, or making a late payment can all have a negative effect on your credit history. One or two such instances may not have a substantial effect. However, if it happens regularly, it can be a major problem. A long string of repayment defaults can lead to your credit score being classified as bad credit. Declaring bankruptcy Bankruptcy is described as the inability of an individual or a company to meet repayment requirements. Declaring bankruptcy is a legal course of action taken to get relief from debt obligations.

You all love to receive some unexpected money apart from your hard-earned salaries. Tax refunds are a great way to get some spare funds to spend. A tax refund is the money that has been overpaid to the IRS. To earn a sizeable tax refund, clever tax and financial planning are necessary. This includes using tax credits to your advantage and seeking your spouse’s help while filing your W-4 forms. There are many tips to getting the most out of your tax refunds. Here are some of them: Reviewing your W-4 Your W-4 form essentially informs your employer of the amount of income tax to be withheld from your salary. The larger the amount of the allowances you claim on the form, the lesser is the income tax withheld, which results in fatter paychecks, but smaller tax refunds or at times no tax refunds. Here are some factors to consider while claiming the number of allowances on your W-4 form. Allowances for your spouse and the people in the household that are dependent on you Allowance as the head of the household Working two or more jobs Having a working spouse Remember that if you claim fewer allowances, you will get a smaller paycheck but an increased tax refund.

Home security is not a new concept. Various tested safety measures have always existed to safeguard homes from people with bad intentions. There are multiple ways and layers to safeguard homes. Locking the doors and windows, installing safe lockers and alarms can act as deterrents while these cannot guarantee total security. To fill this gap technology has evolved to give better home security solutions. Statistics reveal that only around 25% of homes in the country own a security system. These numbers are likely to rise as more and more people are looking at living with peace of mind. Compromised home security means living with a fear of being burgled. Keeping with the mood of the people and the demand for better home security solutions, the market is flooded with new products with different combinations throwing up a challenge of choice. Most of these security systems can be voice commanded as they are compatible with Amazon’s Alexa or Google home. They can be remotely operated from mobile phones and web with the help of apps. The Y generation systems offer added value for money by giving extra features like home automation, security from environmental threats like flood and fire. Generally, these systems come with a monthly monitoring fee.