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What credit score do you need to get a student loan?
By Aly Yale
Getting a private student loan? Your credit score will matter. (iStock)
Let’s face it: College is expensive. In 2020, the average student pays nearly $33,000 to attend college almost double the price tag seen two decades ago. And while public university students owe less than private ones ($25,396 vs. $53,102), both cohorts pay a pretty penny just to further their education.
If you’re preparing to enter college or just finishing your existing tenure there you might be wondering how you’ll pay these ever-increasing costs while managing to stay afloat. In many cases, a student loan may be able to help.
Closing costs are the thousands of dollars in fees associated with a mortgage, typically amounting to 2 percent to 5 percent of the loan principal. There are various closing cost components and they vary from state to state. Some closing-related items can be negotiated by the borrower.
Closing costs usually include an appraisal, credit check and title search, and you donât only have to pay them when you buy a house. If you refinance your mortgage or tap your home equity, youâll have to pay closing costs again.
How much youâll pay in closing costs depends on the price of the home and the location. The average total for closing costs on single-family homes in the U.S. in 2019 was $5,749, including taxes, according to ClosingCorp, a real estate data firm. A survey by the firm determined that the highest closing costs were usually paid on the coasts, including the District of Columbia ($25,800), Delaware ($13,273), New York ($12,847), Washington ($12,406) and Maryland ($