Medical symptoms, obscure facts or who your favorite Hollywood star is dating we often turn to Google with these burning questions. But when we’re not searching for the latest on say, Kim Kardashian, many of us are using the internet to make sense of money.
Student loans, 401(k)s and payday loans were among the top five most-Googled financial topics nationwide, according to a report issued earlier this year by Chicago-based Liberty Bank. Leading the pack, the question How payday loans in Delaware do student loans work garnered almost 2.5 million searches on average, according to the bank’s analysis.
At the state level, Californians were most interested in cash advances, Texans looked for budgeting tips and both New York and Illinois residents wanted to know how much money you need to open a savings account.
1. How do student loans work? (2.5 million searches)
The gist: Student loans are funds borrowed to pay for higher education, which you pay back to the lender upon graduation, with interest. With the standard federal student loan repayment plan, you’ll make equal monthly payments on your student loans for 10 years. There are other kinds of repayment plans, depending on your income, job and other factors.
What else to know: Student loan forgiveness, missing payments on loans and parent PLUS loans are topics credit counselors get asked about often, says Elaina Johannessen, program director at Minnesota-based LSS Financial Counseling, a nonprofit credit counseling agency. Continue reading Student loans, 401(k)s and payday loans: The top 5 money questions of the year answered