Meanwhile, we are going to discuss about Earth Facts and Significant. Below are ten facts about the Earth — the second in my series of Ten Things You Don’t Know (the first was on the Milky Way). Some things I already knew (and probably you do, too), some I had ideas about and had to do some research to check, and others I totally made up. Wait! No! Kidding. They’re all real. But how many of them do you know? Be honest.
Brief Description Of Earth
Earth Facts and Significant Are:
Earth is one special planet. It has liquid water, plate tectonics, and an atmosphere that shelters it from the worst of the sun’s rays. But many scientists agree our planet’s most special feature might just be us. The fact that Earth hosts not just life, but intelligent life, makes it doubly unique.
The earth facts and significant are:
1) The Earth is smoother than a billiard ball.
Maybe you’ve heard this statement: if the Earth were shrunk down to the size of a billiard ball, it would actually be smoother than one. When I was in third grade, my teacher said basketball, but it’s the same concept. But is it true? Let’s see. Strap in, there’s a wee bit of math (like a really wee bit).
OK, first, how smooth is a billiard ball? According to the World Pool-Billiard Association, a pool ball is 2.25 inches in diameter and has a tolerance of +/- 0.005 inches. In other words, it must have no pits or bumps of more than 0.005 inches in height. That’s pretty smooth. The ratio of the size of an allowable bump to the size of the ball is 0.005/2.25 = about 0.002.
The Earth has a diameter of about 12,735 kilometers (on average, see below for more on this). Using the smoothness ratio from above, the Earth would be an acceptable pool ball if it had no bumps (mountains) or pits (trenches) more than 12,735 km x 0.00222 = about 28 km in size.
The highest point on Earth is the top of Mt. Everest, at 8.85 km. The deepest point on Earth is the Marianas Trench, at about 11 km deep.
Hey, those are within the tolerances! So for once, an urban legend is correct. If you shrank the Earth down to the size of a billiard ball, it would be smoother.
But would it be round enough to qualify?
2) The Earth is an oblate spheroid
The Earth is round! Despite common knowledge, people knew that the Earth was spherical thousands of years ago. Eratosthenes even calculated the circumference to very good accuracy!
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But it’s not a perfect sphere. It spins, and because it spins, it bulges due to centrifugal force (yes, dagnabit, I said centrifugal). That is an outward-directed force, the same thing that makes you lean to the right when turning left in a car. Since the Earth spins, there is a force outward that is a maximum at the Earth’s equator, making our Blue Marble bulge out, like a basketball with a guy sitting on it. This type of shape is called an oblate spheroid.
If you measure between the north and south poles, the Earth’s diameter is 12,713.6 km. If you measure across the Equator it’s 12,756.2 km, a difference of about 42.6 kilometers. Uh-oh! That’s more than our tolerance for a billiard ball. So the Earth is smooth enough, but not round enough, to qualify as a billiard ball.
Bummer. Of course, that’s assuming the tolerance for being out-of-round for a billiard ball is the same as it is for pits and bumps. The WPA site doesn’t say. I guess some things remain a mystery.
3) The Earth isn’t an oblate spheroid.
But we’re not done. The Earth is more complicated than an oblate spheroid. The Moon is out there too, and the Sun. They have gravity and pull on us. The details are complicated (sate yourself here), but gravity (in the form of tides) raises bulges in the Earth’s surface as well. The tides from the Moon have an amplitude (height) of roughly a meter in the water, and maybe 30 cm in the solid Earth. The Sun is more massive than the Moon, but much farther away, and so its tides are only about half as high.
This is much smaller than the distortion due to the Earth’s spin, but it’s still there.
Other forces are at work as well, including pressure caused by the weight of the continents, upheaval due to tectonic forces, and so on. The Earth is actually a bit of a lumpy mess, but if you were to say it’s a sphere, you’d be pretty close. If you held the billiard-ball-sized Earth in your hand, I doubt you’d notice it isn’t a perfect sphere.
A professional pool player sure would though. I won’t tell Allison Fisher if you want.
4) OK, one more surface thing:
the Earth is not exactly aligned with its geoid If the Earth were infinitely elastic, then it would respond freely to all these different forces, and take on a weird, distorted shape called a geoid. For example, if the Earth’s surface were completely deluged with water (give it a few decades) then the surface shape would be a geoid. But the continents are not infinitely ductile, so the Earth’s surface is only approximately a geoid. It’s pretty close, though.
Precise measurements of the Earth’s surface are calibrated against this geoid, but the geoid itself is hard to measure. The best we can do right now is to model it using complicated mathematical functions. That’s why ESA is launching a satellite called GOCE (Gravity field and steady-state Ocean Circulation Explorer) in the next few months, to directly determine the geoid’s shape.
Who knew just getting the shape of the Earth would be such a pain?
5) Jumping into a hole through the Earth is like orbiting it.
I grew up thinking that if you dug a hole through the Earth (for those in the US) you’d wind up in China. Turns out that’s not true; in fact note that the US and China are both entirely in the northern hemisphere which makes it impossible, so as a kid I guess I was pretty stupid.
You can prove it to yourself with this cool but otherwise worthless mapping tool.
But what if you did dig a hole through the Earth and jump in? What would happen?
Well, you’d die (see below). But if you had some magic material coating the walls of your 13,000 km deep well, you’d have quite a trip. You’d accelerate all the way down to the center, taking about 20 minutes to get there. Then, when you passed the center, you’d start falling up for another 20 minutes, slowing the whole way. You’d just reach the surface, then you’d fall again. Assuming you evacuated the air and compensated for Coriolis forces, you’d repeat the trip over and over again, much to your enjoyment and/or terror. Actually, this would go on forever, with you bouncing up and down. I hope you remember to pack a lunch.
Note that as you fell, you accelerate all the way down, but the acceleration itself would decrease as you fell: there is less mass between you and the center of the Earth as you head down, so the acceleration due to gravity decreases as you approach the center. However, the speed with which you pass the center is considerable: about 7.7 km/sec (5 miles/second).
In fact, the math driving your motion is the same as for an orbiting object. It takes the same amount of time to fall all the way through the Earth and back as it does to orbit it if your orbit were right at the Earth’s surface (orbits slow down as the orbital radius increases). Even weirder, it doesn’t matter where your hole goes: a straight line through the Earth from any point to any other (shallow chord, through the diameter, or whatever) gives you the same travel time of 42 or so minutes.
6) The Earth’s interior is hot due to impacts, shrinkage, linkage, and radioactive decay.
A long time ago, you, me, and everything else on Earth were scattered in a disk around the Sun several billion kilometers across. Over time, this aggregated into tiny bodies called planetesimals, like dinky asteroids. These would smack together, and some would stick, forming a larger body. Eventually, this object got massive enough that its gravity actively drew in more bodies. As these impacted, they released their energy of motion (kinetic energy) as heat, and the young Earth became a molten ball. Ding! One source of heat.
As the gravity increased, its force tried to crush the Earth into a more compact ball. When you squeeze an object it heats up. Ding ding! The second heat source.
Since the Earth was mostly liquid, heavy stuff fell to the center and lighter stuff rose to the top. So the core of the Earth has lots of iron, nickel, osmium, and the like. As this stuff falls, heat is generated (ding ding ding!) because the potential energy is converted to kinetic energy, which in turn is converted to thermal energy due to friction.
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And hey, some of those heavy elements are radioactive, like uranium. As they decay, they release heat (ding ding ding ding!). This accounts for probably more than half of the heat inside the planet.
So the Earth is hot in the inside due to at least four sources. But it’s still hot after all this time because the crust is a decent insulator. It prevents the heat from escaping efficiently, so even after 4.55 billion years, the Earth’s interior is still an unpleasantly warm place to be.
Incidentally, the amount of heat flowing out from the Earth’s surface due to internal sources is about 45 trillion Watts. That’s about three times the total global human energy consumption. If we could capture all that heat and convert it with 100% efficiency into electricity, it would literally power all of humanity. Too bad that’s insurmountable if.
7) The Earth has at least five natural moons. But not really.
Most people think the Earth has one natural moon, which is why we call it the Moon. These people are right. But there are four other objects — at least — that stick near the Earth in the solar system. They’re not really moons, but they’re cool.
The biggest is called Cruithne or something similar). It’s about 5 kilometers across and has an elliptical orbit that takes it inside and outside Earth’s solar orbit. The orbital period of Cruithne is about the same as the Earth’s, and due to the peculiarities of orbits, this means it is always on the same side of the Sun we are. From our perspective, it makes a weird bean-shaped orbit, sometimes closer, sometimes farther from the Earth, but never really far away.
That’s why some people say it’s a moon of the Earth. But it actually orbits the Sun, so it’s not a moon of ours. Same goes for the other three objects discovered, too.
Oh– these guys can’t hit the Earth. Although they stick near us, more or less, their orbits don’t physically cross ours. So we’re safe. From them.
8) The Earth is getting more massive.
Sure, we’re safe from Cruithne. But space is littered with detritus, and the Earth cuts a wide path (125 million square km in area, actually). As we plow through this material, we accumulate on average 20-40 tons of it per day! [Note: your mileage may vary; this number is difficult to determine, but it’s probably good within a factor of 2 or so.] Most of it is in the form of teeny dust particles which burn up in our atmosphere, what we call meteors (or shooting stars, but doesn’t “meteor” sound more sciencey?). These eventually fall to the ground (generally transported by raindrops) and pile up. They probably mostly wash down streams and rivers and then go into the oceans.
40 tons per day may sound like a lot, but it’s only 0.0000000000000000006% the mass of the Earth (in case I miscounted zeroes, that’s 2×10-26 6×10-21 times the Earth’s mass). It would take 140,000 million 450,000 trillion years to double the mass of the Earth this way, so again, you might want to pack a lunch. In a year, it’s enough cosmic junk to fill a six-story office building, if that’s a more palatable analogy.
I’ll note the Earth is losing mass, too: the atmosphere is leaking away due to a number of different processes. But this is far slower than the rate of mass accumulation, so the net effect is a gain of mass.
9) Mt. Everest isn’t the biggest mountain.
The height of a mountain may have an actual definition, but I think it’s fair to say that it should be measured from the base to the apex. Mt. Everest stretches 8850 meters above sea level, but it has a head start due to the general uplift from the Himalayas. The Hawaiian volcano Mauna Kea is 10,314 meters from stem to stern (um, OK, bad word engagement, but you get my point), so even though it only reaches to 4205 meters above sea level, it’s a bigger mountain than Everest.
10) Destroying the Earth is hard.
Considering I wrote a book about destroying the Earth a dozen different ways (!), it turns out the phrase “destroying the Earth” is a bit misleading. I actually write about wiping out life, which is easy. Physically destroying the Earth is hard.
What would it take to vaporize the planet? Let’s define vaporization as blowing it up so hard that it disperses and cannot recollect due to gravity. How much energy would that take?
Think of it this way: take a rock. Throw it up so hard it escapes from the Earth. That takes quite a bit of energy! Now do it again. And again. Lather, rinse, repeat… a quadrillion times, until the Earth, is gone. That’s a lot of energy! But we have one advantage: every rock we get rid of decreases the gravity of the Earth a little bit (because the mass of the Earth is smaller by the mass of the rock). As gravity decreases, it gets easier to remove rocks.
If you want to vaporize the Earth by nuking it, you’d better have quite an arsenal, and time on your hands. If you blew up every nuclear weapon on the planet once every second, it would take 160,000 years to turn the Earth into a cloud of expanding gas. You can use math to calculate this; how much energy it takes to remove rock and simultaneously account for the lowering of gravity. If you make some basic assumptions, it takes roughly 2 x 1032 Joules or 200 million trillion Joules. That’s a lot. For comparison, that’s the total amount of energy the Sun emits in a week. It’s also about a trillion times the destructive energy yield of detonating every nuclear weapon on Earth.
And this is only if you account for gravity! There are chemical bonds holding the Earth’s matter together as well, so it takes even more energy.
This is why Star Wars is not science fiction, it’s fantasy. The Death Star wouldn’t be able to have a weapon that powerful. The energy storage alone is a bit much, even for the power of the Dark Side.
Even giant collisions can’t vaporize the planet. An object roughly the size of Mars impacted the Earth more than 4.5 billion years ago, and the ejected debris formed the Moon (the rest of the collider merged with the Earth). But the Earth wasn’t vaporized. Even smacking a whole planet into another one doesn’t destroy them!
Of course, the collision melted the Earth all the way down to the core, so the damage is, um, considerable. But the Earth is still around.
The Sun will eventually become a red giant and while it probably won’t consume the Earth, it’ll put the hurt on us for sure. But even then, total vaporization is unlikely (though Mercury is doomed).
Planets tend to be sturdy. Good thing, too. We live in one.
Well, that cheery thought brings us to the end of my list of things you may or may not have known about the Earth. I had lots more. How much does the atmosphere weigh? What’s the average mass of a cloud? Stuff like that, but these are the ten I liked best. If you’ve got more, feel free to leave them in the comments!
But remember the main point here: you live on a planet, and you may not know all that much about it. The only cure for that is learning, and that’s driven by wonder. Keep wondering, and keep learning. And don’t forget to look around.
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Best student loans for bad credit
Looking for the best student loans for bad credit? Discover expert insights and recommendations for securing affordable education financing, even with less-than-ideal credit history.
Embarking on the journey of higher education with bad credit can seem daunting, but don’t worry. This comprehensive guide reveals the best student loans tailored for individuals facing credit hurdles. From understanding options to securing favorable terms, let’s explore the field of education financing with optimism.
Student loan options
Federal student loan awards do not depend on the borrower’s credit score, but they do come with loan limits. Apply for federal financial aid by completing the FAFSA, the Free Application for Federal Student Aid. The results will tell you if you qualify for loans from the William D. Ford Federal Direct Loan Program, which includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans. These four programs account for 80% of federal loans made to college students.
In most cases, students and their parents can create a financing package that includes federal loans, scholarships, and work-study opportunities to meet their financial needs. But federal loans have limits.
Most student loans have three types of limits:
- Annual maximum related to the student’s year in school. The limit for dependent children (whose parents still claim for tax purposes) starts at $5,500 for the first year, increases to $6,500 in the second year, and then tops out at $7,500 for each subsequent year.
- An aggregate limit that limits the total amount that can be borrowed during a student’s academic career. In the 2015-2016 academic year, the limit for a direct unsubsidized loan to a student financially dependent on another was $31,000 for a bachelor’s degree.
- Cost of attendance limit. This principle states that the loan must be less than the school’s cost of attendance for the student minus any scholarship awarded.
Borrowing limits for students who are not declared dependents have a higher total borrowing limit starting at $9,500 and increasing to $10,500 in the second year and a maximum of $10,500 for each subsequent year. These higher limits also apply to students whose parents do not meet certain financial criteria.
Federal loans are subsidized and unsubsidized. The subsidized portion of the loan does not require interest payments until graduation because the government pays the interest while the student is enrolled. The unsubsidized part accrues interest during the loan period, which must be repaid after graduation.
Undergraduate vs. Graduate Student Loans
If you need student loans to attend graduate school and you’ve already taken out loans to get your bachelor’s degree, you’re slightly ahead of the game in understanding the game, but only slightly. There are some significant differences in the application process for federal graduate student loans.
Here are a few worth mentioning.
- The Department of Education conducts a credit check during the application process, and if they find an adverse credit history, you may be denied a federal loan.
- Federal loan programs available to graduate students are Direct Unsubsidized Loans and Direct PLUS Loans. Students can borrow up to $20,5000 from the Direct Unsubsidized Loan program. The Direct PLUS program allows students to borrow for the cost of attendance after deducting any other financial aid received. The cost of attendance is determined by the school.
- If you have bad credit and need a graduate student loan, it helps to find someone with good credit and have them agree to co-sign the loan with you.
- If there are extenuating circumstances surrounding your credit history and you have documented proof of this, you can have your case reviewed. It is at the DOE’s discretion whether you qualify for a loan.
- If you use a co-signer or submit an application for a statement of extenuating circumstances, you must agree to undergo credit counseling.
- If you’re applying for private loans, the same provisions—finding a co-signer with good credit, providing proof of extenuating circumstances—will help your loan application. Some private lenders also don’t make decisions based strictly on your FICO credit score.
Alternative financing strategy
Students who need even more money can consider a peer-to-peer loan through websites that connect them with anonymous lenders. With a private investor, you may be able to negotiate better loan terms that suit your needs. People offering loans do so to help students in need. Be aware that this type of loan can be risky because it is not as secure as a loan from a government or commercial bank.
Students could also consider asking friends for a personal loan. Friends and family members can lend you at least some of what you need. Terms can be more flexible and the lender will usually be willing to work with you because they know you. Even in these cases, however, draw up a contract detailing the agreement and repayment terms.
Do I qualify for privately funded student loans?
Most private lenders use your FICO credit score to determine if you qualify for a loan. Your score tells lenders how likely you are to repay your loan: the higher your score, the easier it is for you to borrow money on favorable terms, including lower interest rates and longer repayment schedules.
Like federal loans, private loans also typically have limits, with most providing a maximum of $75,000 to $120,000 in aggregate borrowing for college students. The limit is the total allowable federal and private student loan debt.
Many students cannot qualify for private loans because they do not have a credit history. The most common solution is to find a cosigner. The cosigner agrees to pay off your loan if you don’t make timely or regular payments. This could be a parent, family member or friend with good credit to cosign. This may not be so easy as the co-signor will be required to repay your loan if you are unable or unwilling to do so yourself.
The alternative is to build your own credit history — or repair the one you’ve already started — before you take out student loans. Credit cards are usually the starting point for this option.
Can I improve my credit score?
If you don’t need a personal loan right away and can delay your loan application for a few months, you can improve your credit score and become a better candidate for a loan. The first thing you should do is request copies of your credit reports. You can request a free copy from Experian, Equifax or TransUnion once every 12 months. Check them and deny any errors. Surveys say that more than 20% of credit reports contain errors. Once the mistakes are cleared, you will see an immediate improvement in your score.
Lowering your overall debt level and having consecutive months of on-time payments will also boost your score. Work on it for a few months to further improve your score.
If you have no credit history at all, it’s still a good idea to check your credit reports. You can then start building good credit by applying for your own line of credit, such as a department store credit card. Or you may want to request to be added to someone else’s account. If someone you know has a line of credit with a good history, you may be able to inherit a positive history by adding it to your account.
All in all, bad credit probably won’t affect your chances of getting financial aid for college, but it’s a good idea to work on improving your score.
Student loans affect credit scores
School loans affect your credit score in ways that may surprise you. Paying off your loan early can lower your credit score. Education loans are repaid in installments and timely payments will help you prove that you are a reliable borrower. If you pay off your loan early and no longer have arrears, you’ll lose evidence that you’re paying on time, and that could lower your score.
Not paying on time will hurt your score. If you’re having trouble making payments, ask for a deferment or forbearance, neither of which will hurt your credit score. When you update your account, your score will improve. Remember, student loans are not payoff debt. Even if you file for bankruptcy, it is extremely unlikely that your student loans will be forgiven, so default is almost never possible.
You can boost your score by paying interest on your student loans while you’re still in school. You also have a six-month grace period after graduation to start making payments, but starting earlier can have a positive impact on your score.
The most important factor with college loans is making sure you don’t default. This can ruin your credit score and stay on your report for seven years.
It makes sense to request a free credit report every year to make sure your student loan payment history is being reported accurately.
Here are Best student loans for bad credit
1. Sallie Mae
Sallie Mae is a prominent figure in the field of private student loans. With a rich history and commitment to supporting students, Sallie Mae provides flexible financing options, competitive interest rates and borrower-friendly terms. Dive into our in-depth exploration of what Sallie Mae offers and learn how it can be your financial ally in education.
2. College Ave
College Ave takes a personalized approach to student loans and understands the uniqueness of each student’s financial situation. Our research covers the customized solutions that College Ave has to offer, making the loan application process seamless and ensuring you have the support you need throughout your academic journey.
Earnest brings innovation to private student loans, emphasizing flexibility and transparency. Learn how Earnest stands out by offering merit-based interest rates and flexible repayment plans. Discover the opportunities that await you when you choose Earnest as your education financing partner.
Credible simplifies the loan comparison process and makes it easy for students to find the best rates. Explore the features that set Credible apart and how it contributes to a seamless lending experience. Dive into our insights into Credible’s user-friendly platform and its role in shaping the private student loan landscape.
SoFi goes beyond traditional lending and offers a holistic approach to financial health. From career support to exclusive member benefits, find out why SoFi is more than just a lender. Discover the unique features that make SoFi a one-stop solution for students looking for private loans.
PNC is a key player in private student financing, providing a variety of loan options to meet a variety of needs. Dive into our analysis of PNC offers, including interest rates, repayment terms and other benefits that make PNC a remarkable choice for students.
7. Output financing
Ascent Funding focuses on empowering students who may not have a traditional credit history. Learn how Ascent Funding addresses the challenges facing students and provides opportunities for those who are co-signed or independent. Explore Ascent to Higher Education with Ascent Funding.
Citizens takes pride in making educational dreams come true through their private student loans. Our Citizens section provides an in-depth look at the lender’s commitment to student success, competitive rates and the support it offers throughout the loan lifecycle.
Navigating the world of student loans with bad credit requires diligence and informed decision-making. By exploring various options, understanding interest rates, and leveraging federal and private loans, you can embark on your educational journey confidently. Remember, the right financial strategy can turn your academic aspirations into reality.
Best Student Loan Refinance Lenders: Unlocking Financial Freedom
Discover the top-rated Best Student Loan Refinance Lenders to pave your way towards financial freedom. Explore lower interest rates, simplified repayment plans, and expert tips for a smooth refinancing process.
Embarking on the journey of higher education is an investment in your future, but managing student loans can be daunting. This article unveils the key to financial freedom – the Best Student Loan Refinance Lenders. Dive into the world of possibilities, where lower interest rates and flexible repayment options await.
Best Student Loans For Bad Credit Or No Credit
1. Federal Direct Subsidized Loans
Among undergraduate and graduate scholar mortgage alternatives, federal direct sponsored loans are the most inexpensive and maximum bendy. Only undergraduate borrowers with monetary need—as determined by using the facts in the Free Application for Federal Student Aid, or FAFSA—can get backed loans. The authorities can pay the interest when students are in college, for the duration of their grace length and once they placed their loans into deferment.
The interest rate on sponsored loans is one of the lowest you’ll discover, and no co-signer is required. All eligible undergraduate borrowers qualify and that they obtain the identical rate regardless of credit score history. Most importantly, debtors of federal subsidized loans have get right of entry to to profits-pushed reimbursement alternatives which could decrease the amount due and mortgage forgiveness for those who paintings in public carrier fields. While there’s an origination charge of 1.057%, it’s decrease than what many non-public creditors offering loans without a co-signer rate.
2. Federal Direct Unsubsidized Loan
Federal direct unsubsidized loans provide low fixed hobby fees, and this kind of loan isn’t credit-primarily based and doesn’t require a co-signer. All eligible undergraduate borrowers qualify, and that they obtain the identical fee no matter credit records.
While there’s a hazard the most creditworthy debtors may want to get a lower hobby charge with a non-public pupil mortgage, they’ll pass over out on a range of purchaser protections that might be beneficial in the future. Borrowers of federal direct unsubsidized loans have get right of entry to to income-driven compensation options that can decrease the amount due and loan forgiveness for those who paintings in public service fields.
Direct unsubsidized loans include an origination charge of one.057%, even as maximum personal loans do no longer. But in many cases, the low interest fee and mortgage blessings make the rate worth it.
3. Ascent Undergraduate Future Income-Based Loan
The Future Income-Based Loan is one in every of two scholar loans Ascent offers to undergraduates that don’t require a co-signer. It’s aimed toward borrowers with none credit history or who don’t meet the profits necessities for Ascent’s different loan that doesn’t require a co-signer, the Non-Co-Signed Credit-Based Loan. Your eligibility and interest fee are primarily based for your school, instructional application, time to commencement, GPA and different factors.
It’s most effective available to university juniors and seniors, though, and you must have a GPA of 2.9 or higher. Like other Ascent loans, it comes without a origination charge, a generous 24 months of forbearance and a graduated repayment option that allows bills to start out low then progressively increase, maintaining the authentic loan time period the equal period. If you’re an international pupil, you need to practice for an Ascent mortgage with a U.S. Citizen co-signer, which means you don’t qualify for a non-co-signed loan.
4. Prodigy Finance
Many worldwide college students don’t qualify for federal scholar loans, and that they generally want a U.S. Citizen co-signer a good way to get authorized for a personal scholar loan. Prodigy Finance is a London-primarily based employer that offers personal scholar loans to international master’s college students with out requiring a co-signer.
You have to attend an eligible college in one of the 18 countries Prodigy Finance lends in. All interest rates are variable, that means they are able to change with market conditions, and borrowers acquire fee gives primarily based on their route of take a look at and future incomes potential. The average rate, consistent with Prodigy Finance, is 7.Three%. The loan comes with a further 4% management price unfold over your monthly bills.
Prodigy Finance doesn’t lend to U.S.-based debtors living in these states: Alabama, Arkansas, Connecticut, Delaware, Hawaii, Idaho, Indiana, Iowa, Maine, Michigan, Mississippi, Minnesota, Montana, Nevada, New York, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington, West Virginia or Wyoming.
5. Funding U
Funding U doesn’t make loans primarily based on credit history and doesn’t require student debtors to apply a co-signer. Borrowers qualify for a mortgage primarily based on 12 months in school, educational and paintings history, cutting-edge courses, commencement prospects and likely destiny profits. But it doesn’t lend in each country, and the corporation says its lowest quotes are reserved only for university seniors with the very best educational performance.
Also, while Funding U’s mortgage limits are comparatively low, private loans need to be used sparingly, so preferably debtors gained’t need them to finance large gaps in investment.
Benefits of Student Loan Refinancing
When exploring the realm of student loan refinancing, several enticing benefits come to light.
Lower Interest Rates
Refinancing offers the opportunity to secure a lower interest rate, ultimately reducing the total amount paid over the life of the loan. This can lead to substantial savings, allowing borrowers to allocate funds elsewhere.
Simplified Repayment Plans
One of the key advantages of refinancing is the ability to consolidate multiple loans into a single, more manageable payment. This streamlining not only simplifies finances but also provides a clear path to debt freedom.
Tips for comparing student loans with bad credit or no credit
Having bad or no credit doesn’t mean you can’t get a student loan. College federal student loans are one option because they do not factor credit into the application process. However, borrowing limits on federal student loans may mean you may also need to borrow from a private lender to pay for college.
Here’s what you should consider before applying for a loan:
- Consider federal student loans first:Submit the Free Application for Federal Student Aid, or FAFSA, and take advantage of any grants or scholarships offered first. Exhaust all the subsidized student loans you qualify for before turning to unsubsidized student loans. Although parents of college students can also apply for parent PLUS loans to help pay for college, these loans can have high interest rates. Once graduate students have exhausted all the unsubsidized federal student loans offered to them, consider PLUS graduate loans. These loans have a higher interest rate than unsubsidized loans and require a credit check, but the government looks for specific negative marks.
- Complete credit counseling or get a co-signer:If you find out after applying for a PLUS loan that you have an unfavorable credit history, you can explain the circumstances that led to this. The government could determine that you are eligible for a PLUS loan after receiving credit counseling. Otherwise, another option is to get an approver, similar to a co-signer, to help you qualify. The process is a bit less rigorous than what you’ll experience with a credit check with a private lender.
- Compare Private Loan Options:If you have bad credit and no co-signer, lenders that take factors other than credit into account are your best bet. Look for fees and interest rates that are often higher than what federal loans charge. Pre-qualify for loans on the lender’s website so you can compare the total cost of the loan.
Can You Get A Student Loan With Bad Credit?
It is possible to get a student loan with bad credit, but depending on your circumstances, it may be more difficult. Most types of federal student loans do not require a credit check, so if you meet the general eligibility requirements, you should be approved for a loan. Federal loan interest rates are set each year by Congress, so everyone who qualifies gets the same fixed interest rate — but keep in mind that rates vary depending on the type of loan you get.
However, if you don’t qualify for federal student loans or have exhausted the federal aid available to you, private student loans can help fill the gap. Private lenders usually check your credit, so you’ll have a harder time qualifying if you have bad or no credit.
Most private lenders
Most private lenders require applicants to have a credit score in the mid-600s to get approved, but to get the best rates available, you’ll probably need a score in the high 700s or higher. If you can’t qualify yourself, you can add a co-signer to your application to increase your chances of approval. The co-signer is legally responsible for your debt; if you can’t make your payments, your co-signer is responsible for repaying the loan.
Some lenders offer student loans specifically for borrowers with low or no credit. Instead of your credit, these lenders typically check factors like your education, grade point average (GPA) and estimated future earnings to determine your eligibility. However, you will pay higher interest with these options. Read the terms and conditions carefully to get a fair idea of how much the loan will cost – even if you may be approved, you don’t want to be stuck with a loan you can’t afford.
How To Apply For Student Loans With Bad Credit
Federal Student Loans
If you plan to apply for undergraduate federal loans, you don’t want to do something extraordinary when you have poor credit. Like anyone else, you need to submit the Free Application for Federal Student Aid (FAFSA) every yr earlier than you can be authorized for any federal pupil loan. If permitted, you’ll choose your favored mortgage and signal some very last office work earlier than the money is allotted in your faculty.
However, if you desire to qualify for federal PLUS loans, that are to be had to graduate college students or parents of undergrads, you need to put up the FAFSA and an additional PLUS loan application online. PLUS loans additionally require an “negative credit score” test—this process looks for precise red flags for your history, together with a latest financial disaster, defaulted loan or tax lien. If you don’t bypass the destructive credit test, you can upload an endorser or submit an appeal to benefit approval.
Private Student Loans
The manner to apply for a private student mortgage is quite different. Before you begin, take a look at your credit score to peer where your rating falls. If you have time, take into account taking steps to enhance your credit score before making use of so that you’ll have an easier time qualifying.
Next, research and compare private student lenders. Review each lender’s eligibility necessities, hobby charges and expenses. Note which creditors permit co-signers (in case you plan on using one) and which give co-signer releases, wherein you may dispose of the co-signer from your mortgage once positive situations are met.
After you have got a listing of lenders, see which ones can help you prequalify. To prequalify, you publish a short form that triggers a tender credit score take a look at and suggests you an estimate of the interest costs and mortgage phrases you can qualify for. This can give you a better idea of what every lender gives.
How to Improve Credit Score As a Student
The problem that many students face isn’t a spotty credit score history—it’s the fact that they certainly haven’t had sufficient time to construct a credit records. However, there are some easy steps you could take to jumpstart this process.
For instance, see if you could be brought as a licensed consumer on a figure’s credit score card. If the primary user (your figure) has properly credit score and makes regular on-time bills, that tremendous activity can boost your very own credit. However, any ignored payments can also harm your credit. Check with the credit score card provider and spot in the event that they file authorized customers to the credit bureaus. If they don’t, this approach won’t assist you build credit score.
College students can also open a student credit score card or secured card. Student credit playing cards are made for in-faculty borrowers with out a credit score history, and typically offer lower credit limits and pupil-specific rewards. Secured credit score cards also are clean to qualify for. You ought to placed down a small deposit (say, $500) which acts as your credit score restriction.
With each of those credit card options, you need to use them responsibly to improve your credit. That means retaining balances low and making regular on-time bills. Missing bills or continuously sporting a excessive stability will hurt your credit score.
Embarking on the journey to find the Best Student Loan Refinance Lenders is a strategic step towards financial liberation. Armed with insights, success stories, and expert tips, you’re well-equipped to make informed decisions that align with your financial goals.
Unlock the door to a brighter financial future by choosing the Best Student Loan Refinance Lenders that cater to your unique needs.
Best Private Student Loans | Educational Finance Landscape 2024
Discover the best private student loans with insights on Sallie Mae, College Ave, Earnest, Credible, SoFi, PNC, Ascent Funding, Citizens, LendKey, and MEFA. Get expert advice and explore your options for a seamless education financing journey.
Best Private Student Loans Landscape
Embarking on your educational journey often requires financial support beyond federal aid. Private student loans offer a viable solution, ensuring your educational dreams come true. In this comprehensive guide, we’ll delve into the world of the “Best Private Student Loans,” exploring key lenders such as Sallie Mae, College Ave, Earnest, and more.
1. Sallie Mae
Sallie Mae stands as a prominent figure in the private student loan landscape. With a rich history and a commitment to empowering students, Sallie Mae provides flexible financing options, competitive interest rates, and borrower-friendly terms. Dive into our detailed exploration of Sallie Mae’s offerings and discover how it can be your financial ally in education.
a. Empowering Futures:
Sallie Mae has been a trusted name in student lending for decades, earning a reputation for empowering futures. With a range of loan options designed to meet the diverse needs of students, Sallie Mae stands out for its commitment to making education accessible. Flexible repayment plans, competitive interest rates, and user-friendly online tools contribute to a seamless borrowing experience.
b. Beyond Loans:
What sets Sallie Mae apart is its holistic approach to student support. Beyond loans, Sallie Mae provides valuable resources and tools to help students navigate the complexities of financing their education. From scholarship search engines to budgeting tips, Sallie Mae goes the extra mile to ensure students have the information and assistance they need.
2. College Ave
College Ave takes a personalized approach to student loans, understanding the uniqueness of each student’s financial situation. Our exploration covers the tailored solutions College Ave offers, making the loan application process seamless and ensuring you have the support you need throughout your academic journey.
a. Personalized Financing Solutions:
College Ave takes a personalized approach to student loans, recognizing that every student’s financial situation is unique. Their user-friendly online platform allows borrowers to customize their loans based on their specific needs. College Ave aims to simplify the borrowing process, providing clarity on terms and conditions to help students make informed decisions.
b. Transparent and Straightforward:
Transparency is key at College Ave. Borrowers appreciate the straightforward approach to terms, interest rates, and fees. With no hidden surprises, College Ave instills confidence in borrowers, allowing them to focus on their education without the stress of financial ambiguity.
Earnest brings innovation to private student loans, emphasizing flexibility and transparency. Learn how Earnest stands out by offering merit-based interest rates and flexible repayment plans. Discover the opportunities that await when you choose Earnest as your education financing partner.
a. Merit-Based Interest Rates:
Earnest revolutionizes the student lending landscape with its merit-based interest rates. By considering a borrower’s financial responsibility and creditworthiness, Earnest offers personalized rates that reward responsible financial behavior. This innovative approach often results in lower overall interest costs for borrowers.
b. Flexible Repayment Plans:
Recognizing that life circumstances can change, Earnest provides flexible repayment plans. Borrowers can customize their repayment schedule to align with their financial situation, ensuring that loan repayment remains manageable even in the face of unexpected challenges.
Credible simplifies the loan comparison process, making it easier for students to find the best rates. Explore the features that set Credible apart and how it contributes to a hassle-free borrowing experience. Dive into our insights on Credible’s user-friendly platform and its role in shaping the private student loan landscape.
a. Simplifying Comparison:
Credible simplifies the private student loan comparison process, allowing borrowers to explore multiple options in one place. By providing a user-friendly platform that aggregates loan offers from various lenders, Credible empowers students to make informed decisions about their education financing.
b. User-Friendly Interface:
Navigating through the complexities of student loans can be overwhelming, but Credible’s user-friendly interface makes the process straightforward. Borrowers can easily compare interest rates, terms, and repayment options, streamlining the decision-making process.
SoFi goes beyond traditional lending, offering a holistic approach to financial wellness. From career support to exclusive member benefits, discover why SoFi is more than just a lender. Uncover the unique features that make SoFi a comprehensive solution for students seeking private loans.
a. Comprehensive Financial Support:
SoFi goes beyond being a lender; it’s a comprehensive financial support system for students. From career counseling to exclusive member benefits, SoFi is committed to helping students not just during their academic journey but also as they transition into their careers.
b. Member Community:
SoFi creates a sense of community among its members. Borrowers benefit from networking opportunities, mentorship programs, and exclusive events. This community-centric approach sets SoFi apart, offering borrowers a supportive network throughout their educational and professional endeavors.
PNC is a key player in private student financing, providing a range of loan options to cater to diverse needs. Delve into our analysis of PNC’s offerings, including interest rates, repayment terms, and the additional benefits that make PNC a noteworthy choice for students.
a. Diverse Loan Options:
PNC plays a pivotal role in private student financing by offering diverse loan options to cater to the varying needs of students. Whether you’re an undergraduate, graduate, or professional student, PNC provides tailored solutions with competitive interest rates and flexible repayment terms.
b. Relationship Banking:
PNC stands out for its commitment to relationship banking. Borrowers often benefit from additional perks, such as reduced interest rates for existing PNC customers. This approach fosters a sense of trust and loyalty, making PNC a preferred choice for those seeking personalized financial services.
Ascent Funding focuses on empowering students who may not have a traditional credit history. Learn how Ascent Funding addresses the challenges faced by students and provides opportunities for those with co-signers or independently. Explore the ascent to higher education with Ascent Funding.
a. Empowering Non-Traditional Students:
Ascent Funding specializes in empowering non-traditional students, recognizing that not every student has a conventional credit history. With a focus on inclusivity, Ascent Funding provides opportunities for students with co-signers or those seeking independence in their financial journey.
b. Financial Wellness Resources:
Beyond loans, Ascent Funding offers valuable financial wellness resources. Students can access tools and guidance to enhance their financial literacy, ensuring they make informed decisions not only during their academic years but throughout their financial lives.
Citizens takes pride in nurturing educational dreams through its private student loans. Our section on Citizens provides an in-depth look at the lender’s commitment to student success, competitive rates, and the support it offers throughout the loan lifecycle.
a. Nurturing Educational Dreams:
Citizens takes pride in nurturing educational dreams through its private student loans. With competitive rates and a commitment to supporting students, Citizens stands as a reliable partner in the journey towards higher education. Borrowers benefit from the expertise of a lender dedicated to their success.
b. Multi-Year Approval:
Citizens offers the convenience of multi-year approval, streamlining the borrowing process for students. This feature provides borrowers with the assurance that they have funding secured not just for the current academic year but for the entirety of their educational program.
LendKey simplifies the private student loan process by connecting students with community lenders. Discover how LendKey’s platform works, the advantages it offers, and why it’s considered a reliable partner in simplifying the student loan experience.
a. Connecting with Community Lenders:
LendKey simplifies the private student loan process by connecting students with community lenders. Through a network of credit unions and community banks, LendKey ensures borrowers have access to a wide range of loan options. This community-centric approach often results in personalized and flexible financing solutions.
b. Transparent Loan Terms:
One of LendKey’s strengths is its commitment to transparency. Borrowers can expect clear and concise information about loan terms, interest rates, and repayment options. This transparency empowers students to make well-informed decisions about their education financing.
MEFA is dedicated to providing tailored solutions for students navigating the complexities of education financing. Explore our insights into MEFA’s offerings, including fixed and variable interest rates, and understand how MEFA supports students on their educational journeys.
a. Tailored Solutions for Students:
MEFA stands out for providing tailored solutions for students navigating the complexities of education financing. With options for both fixed and variable interest rates, MEFA caters to the diverse financial needs of students. Borrowers can choose a plan that aligns with their preferences and financial goals.
b. Educational Resources:
MEFA goes beyond loans by offering a wealth of educational resources. From webinars to financial planning tools, MEFA ensures that students have the knowledge and support needed to make sound financial decisions throughout their academic journey.
What is Private Student Loans
Private student loans play a crucial role in providing financial support for students pursuing higher education. Unlike federal loans, which are funded by the government, private student loans are offered by private financial institutions such as banks, credit unions, and online lenders. This comprehensive overview delves into the key aspects of private student loans, shedding light on their purpose, features, advantages, and considerations.
I. Understanding the Purpose
Private student loans serve as a supplemental funding source when federal loans, scholarships, and grants may not cover the full cost of education. They bridge the financial gap, allowing students to meet tuition expenses, purchase textbooks, cover living costs, and manage other education-related fees. Private loans are versatile, catering to various academic pursuits, including undergraduate and graduate programs.
II. Key Features of Private Student Loans
Eligibility Criteria: Private lenders typically assess a borrower’s creditworthiness and may require a co-signer, especially for students with limited credit history or income.
- Interest Rates: Interest rates on private student loans can be fixed or variable, with rates often influenced by the borrower’s credit score. Variable rates may change over time, while fixed rates remain constant.
- Loan Limits: Private loans may have higher borrowing limits compared to federal loans, allowing students to secure funding for the entire cost of attendance.
- Repayment Terms: Lenders offer various repayment plans, including deferred payments while in school, interest-only payments, or immediate full repayment. Borrowers can choose a plan that aligns with their financial circumstances.
- Flexibility: Private loans provide flexibility in fund usage, covering not only tuition but also other education-related expenses such as housing, books, and transportation.
III. Advantages of Private Student Loans
Higher Borrowing Limits: Private loans often allow students to borrow larger amounts than federal loans, ensuring comprehensive coverage of educational costs.
- Customized Repayment Plans: Borrowers can choose from a variety of repayment plans that suit their financial situation, providing flexibility and convenience.
- Quick Approval and Disbursement: Private loans generally have a quicker application and approval process, ensuring funds are disbursed promptly when needed.
- No Federal Loan Limits: Private loans are not subject to federal loan limits, allowing students to secure additional funds beyond what federal aid provides.
IV. Considerations Before Opting for Private Student Loans
- Interest Rates and Terms: Understanding the interest rates, whether fixed or variable, and the repayment terms is crucial for assessing the long-term financial impact.
- Creditworthiness: Private lenders consider credit history in the application process. Students with a limited credit history may need a co-signer to qualify for favorable terms.
- Exploring Federal Aid Options: Before turning to private loans, students are encouraged to explore federal aid options, which may offer lower interest rates and more favorable repayment terms.
- Comparing Lenders: It’s essential to compare offerings from multiple private lenders, considering interest rates, repayment terms, and customer service to find the best fit for individual needs.
In conclusion, private student loans are a versatile financial resource, filling the gap when federal aid falls short. With higher borrowing limits and flexible repayment options, they offer valuable support for students pursuing their educational aspirations. However, careful consideration of interest rates, terms, and alternatives is essential to make informed decisions and ensure a sound financial future.
Frequently Asked Questions
Q: Are private student loans a better option than federal loans?
Private student loans serve as a supplementary funding option. While federal loans offer certain advantages, private loans can be beneficial for covering gaps in funding with competitive interest rates.
Q: How does Sallie Mae differ from other private student loan lenders?
Sallie Mae distinguishes itself through its rich history, borrower-friendly terms, and a commitment to empowering students. Explore our detailed overview to understand why Sallie Mae stands out in the private student loan landscape.
Q: What makes Earnest a unique choice for private student loans?
Earnest brings innovation to the table with merit-based interest rates and flexible repayment plans. Discover how Earnest unlocks opportunities for students, making it a unique and appealing choice.
Q: Can I use Credible to compare private student loan options?
Absolutely. Credible simplifies the loan comparison process, providing a user-friendly platform to explore and compare various private student loan options. Learn more about the Credible difference in our dedicated section.
Q: What additional benefits does SoFi offer beyond private student loans?
SoFi goes beyond traditional lending, offering career support and exclusive member benefits. Explore our insights to understand why SoFi is considered more than just a lender in the private student loan landscape.
Q: How does Ascent Funding support students with non-traditional credit histories?
Ascent Funding focuses on empowering students with non-traditional credit histories. Learn more about how Ascent Funding provides opportunities for students with co-signers or independently, rising higher with tailored solutions.
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