Your Money


All About Loans

At some point you may need a loan to help you cover the cost of college, the purchase of your first car or eventually your first home. A loan provides you a lump sum of money to help you make a large purchase and pay it back over time (with interest).  

Having and managing loans wisely is important to maintaining a good credit score that will allow you much more financial freedom down the road.

Use this calculator to help you figure out loan rates for cars, credit cards and more as you decide which one is best for you!


When to get a loan

The best advice about loans is this: only get a loan when you have a clear goal, budget and a plan to pay it back. Before you borrow you will want to know:

Good Debt, Bad Debt

While establishing a healthy credit picture isn’t a bad idea, it’s important to understand the difference between good and bad debt. Check out the message from President and CEO of Wright-Patt Credit Union, Doug Fecher, to understand the difference.

Types of loans

Depending on your needs, there are many types of loans out there to choose.  The best loans will help you achieve your goals, rather than keep you from them. They come with competitive and affordable rates and clear terms. Below is a list of some you may hear about and a brief description of each. If you’re interested in a certain type of loan, it’s always a good idea to talk with your financial institution or financial aid to learn which option is best for you.

The Importance of Repayment

It could be argued that the most important part of getting a loan is paying it back! Successfully managing debt now and after college is an important part of respecting your money.

It’s really important to know how much you owe! This includes not only your monthly payment amount, but the total amount you owe – known as the principal balance – and your interest rate you will be paying the loan back. Using the principal and interest you can then calculate your true loan costs. Enter these two numbers our calculators to learn your true cost.

You’ll also want to know your terms and conditions. Do you have a certain amount of time available to pay back the loan? Are there additional fees that you are required to pay? Do you have an introductory rate that changes over time? Your terms and conditions will explain all of this.

Finally, you’ll want to be aware of any repayment options that are available. This is especially important when it comes to student loans, because there are many to choose from.

Visit our student loan repayment page to learn more about paying back your student loans, and apply some of the same tips you find there when you’re handling your other loans.

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