Students entering college face a wide variety of choices when it comes to an education loan. The college or university can help answer some questions, but often are not equipped to answer questions about interest rates and repayment options.
Student loans website is a one-stop website that covers the type of loans that are available to students. The different types are Federal loans, parent loans and private lender loans.
College is very expensive. Even if the student receives a scholarship to pay for books and tuition, what about room and board? There are still many other expenses to consider. If a student is taking a heavy class load or is involved in extracurricular activities, such as sports, there can be little time for a part-time job to help pay for the other things.
Many college classes now require access to a computer or a laptop. Scholarships and grants do not pay for this additional expense, so as a way to help combat these costs, many students and parents turn to a Stafford loan or to a private college loan.
The website, StudentLoans is great because it offers information on consolidating Federal loans such as the Stafford loan and even interest rates on private college loans. There are three sections on the website. The first offers information for students that include all of the available Federal loans, as well as consolidation information.
The second section is for parents of college students. The parents have information on managing college debt as well as tips to help for financing. The third section is about private student loans and the current interest rates.
Student loans com can help provide you with the information you need in order to make an informed decision about the types of loans you will need, to finance your academic career. The student loan can be a tremendous asset or a true liability if you are not aware of the different types of available. The difference can be getting a lower interest rate or being forced into whatever rate your credit score dictates.
There are many websites that can help you in making a decision regarding financing the expenses of college. Student loans com is a great place for students and parents alike, who are unsure on what types of loans are available.
While some don't require repayment until after graduation, there are some that require repayments to begin once the money is disbursed. Sending children to school is expensive, but it does not have to break the bank.
Mike Selvon's portal at http://studentloan.mininicherecommends.com/ will expand your knowledge on student loans com. Visit us and leave a comment at our blog at http://www.mynicheportal.com/financial-services/ where a free gift awaits you.
Monday, December 31, 2007
Sunday, December 23, 2007
Can A Student Loan Be Discharged With Bankruptcy
It doesn't really matter how old your student load is. Since October 7, 1998 the only way that you could include a student loan in a discharge is if you can prove that they are the cause of an undue hardship. This is hard to prove.
Any bankruptcy cases before October 17, 2005 if your student loan was given to you by a company that was insured or a non government entity you could include it in a discharge. But if those that offered you and gave you the student loan was of a non profit or a government funded entity they could not be included in a discharge.
Often times there are other alternatives in apply for bankruptcy on a student loan. Because the negative aspect of applying for bankruptcy with a student loan is that while you are in court your creditors don't have the ability to send you bills, so if it ends up ruling not in your favor. That next month you would receive a bill will all have the interest and late payments that have accrued while you were waiting for the judgment in your bankruptcy case.
Student loans tend to be one of the most flexible loans out there they have more options that you can pursue then just a standard loan. If you see that you are not going to be able to pay back your loan talk to you lender. Let them know exactly what is happening and more often then not they would be able to help you out of that situation.
Those that decide what can be included in the bankruptcy and what can not be included will be based upon the decision of the bankruptcy judge. In many cases a ruling is really made by just a gut feeling.
To prove that your student loan is causing you an extreme hardship you must prove three points and if you miss one you will not have it included in the discharge. The first one is that you have things in you circumstances that will make your current financial state will continue for a most to all of the repayment period of the student loans.
Second, you have been trying to make good faith effort to be able to repay your student loans. By making payments for several years, showing that you did try to pay off your debt.
The only exception to this one is if you never had the money to pay the loan in the past. Lastly you must show that you would not be able to, based on income and expenses maintain a minimum standard of living for those of your house hold and yourself if you were made to pay this loan off.
While in the bankruptcy court you may have the means to give what is called a partial discharge this is where you have shown that your income and expenses will not be able to pay the entire loan but would be able to pay a smaller bit of the loan. But even to get a partial discharge you must still meet all of the above requirements that we have listed previously.
Court helps people to learn about private student loans. You can read more of his work by visiting: http://whalehookloans.com
Any bankruptcy cases before October 17, 2005 if your student loan was given to you by a company that was insured or a non government entity you could include it in a discharge. But if those that offered you and gave you the student loan was of a non profit or a government funded entity they could not be included in a discharge.
Often times there are other alternatives in apply for bankruptcy on a student loan. Because the negative aspect of applying for bankruptcy with a student loan is that while you are in court your creditors don't have the ability to send you bills, so if it ends up ruling not in your favor. That next month you would receive a bill will all have the interest and late payments that have accrued while you were waiting for the judgment in your bankruptcy case.
Student loans tend to be one of the most flexible loans out there they have more options that you can pursue then just a standard loan. If you see that you are not going to be able to pay back your loan talk to you lender. Let them know exactly what is happening and more often then not they would be able to help you out of that situation.
Those that decide what can be included in the bankruptcy and what can not be included will be based upon the decision of the bankruptcy judge. In many cases a ruling is really made by just a gut feeling.
To prove that your student loan is causing you an extreme hardship you must prove three points and if you miss one you will not have it included in the discharge. The first one is that you have things in you circumstances that will make your current financial state will continue for a most to all of the repayment period of the student loans.
Second, you have been trying to make good faith effort to be able to repay your student loans. By making payments for several years, showing that you did try to pay off your debt.
The only exception to this one is if you never had the money to pay the loan in the past. Lastly you must show that you would not be able to, based on income and expenses maintain a minimum standard of living for those of your house hold and yourself if you were made to pay this loan off.
While in the bankruptcy court you may have the means to give what is called a partial discharge this is where you have shown that your income and expenses will not be able to pay the entire loan but would be able to pay a smaller bit of the loan. But even to get a partial discharge you must still meet all of the above requirements that we have listed previously.
Court helps people to learn about private student loans. You can read more of his work by visiting: http://whalehookloans.com
Sunday, December 16, 2007
Student Loans For College: Don't Put Your Eggs In One Basket
Being accepted to a college is often the highlight of a High
Schooler's dreams. Going through the testing and applications
process, and then waiting for replies on those applications
often make up a great part of a senior year in High School. Then
comes the day that the letter arrives in the mail, and everyone
gathers around to see whether you've been accepted or not.
You've been accepted! Great! Congratulations are offered,
celebrations held, and then, suddenly, reality settles in.
What's this college education going to cost and how are
students, their parents, or other relatives going to help
finance it? Today, more than ever, students entering college, as
well as returning college students, are opting to obtain one or
more student loans for college. While this may take some of the
stress off Mom and Dad as far as tuition costs are concerned,
it's an entirely new ball game for everyone.
A college loan is just like any other private loan, with one
major exception. A student loan doesn't have to be repaid until
the student has graduated from college. A student may also have
several student loans from several different lending
institutions. One of the most common lenders for any kind of
loan is your local bank. Beyond that, there are Federal loans
such as FAFSA, which stands for Free Application for Federal
Student Aid. These loans are eligible for those who meet certain
requirements, so make sure you do your homework beforehand.
The best time to start applying for loans is after you've
received your letter of acceptance to the college of your
choice. Forms need to be filled out and turned in as soon as
possible after the first of January every year, but can also be
completed throughout the course of the year, though processing
time may increase. The FAFSA form is the most common approach to
student loans after local banks and lenders, and is an
application that determines how much a family is able to
contribute to a student's financial obligations while in
college, based on household income.
A FAFSA student loan application will need to be filled out for
every school year that you would like to receive financial aid.
Most forms are available every November for the following school
calendar year. Applying early will increase your chances of
receiving a student loan through FAFSA, though it is by no means
guaranteed. Keep in mind that while such federally supported
loans often offer lower interest rates than private student
loans received from a private lender, they are also more
difficult to obtain.
When looking for any kind of student loans for college, take
the time to thoroughly research your options and check interest
rates, repayment terms and more than anything else, be prepared
to be patient. Don't stop with one student loan request, which
is like putting all your eggs in one basket. Fill out several
different student loan applications from various private and
government lending sources, and keep your fingers crossed. While
you're waiting, start looking for scholarship money as another
source of financial aid.
About The Author: What do you need to know about applying for
student loans for college? Find out more now at
http://StudentLoansRevealed.com/studentloansforcollege.htm.
Schooler's dreams. Going through the testing and applications
process, and then waiting for replies on those applications
often make up a great part of a senior year in High School. Then
comes the day that the letter arrives in the mail, and everyone
gathers around to see whether you've been accepted or not.
You've been accepted! Great! Congratulations are offered,
celebrations held, and then, suddenly, reality settles in.
What's this college education going to cost and how are
students, their parents, or other relatives going to help
finance it? Today, more than ever, students entering college, as
well as returning college students, are opting to obtain one or
more student loans for college. While this may take some of the
stress off Mom and Dad as far as tuition costs are concerned,
it's an entirely new ball game for everyone.
A college loan is just like any other private loan, with one
major exception. A student loan doesn't have to be repaid until
the student has graduated from college. A student may also have
several student loans from several different lending
institutions. One of the most common lenders for any kind of
loan is your local bank. Beyond that, there are Federal loans
such as FAFSA, which stands for Free Application for Federal
Student Aid. These loans are eligible for those who meet certain
requirements, so make sure you do your homework beforehand.
The best time to start applying for loans is after you've
received your letter of acceptance to the college of your
choice. Forms need to be filled out and turned in as soon as
possible after the first of January every year, but can also be
completed throughout the course of the year, though processing
time may increase. The FAFSA form is the most common approach to
student loans after local banks and lenders, and is an
application that determines how much a family is able to
contribute to a student's financial obligations while in
college, based on household income.
A FAFSA student loan application will need to be filled out for
every school year that you would like to receive financial aid.
Most forms are available every November for the following school
calendar year. Applying early will increase your chances of
receiving a student loan through FAFSA, though it is by no means
guaranteed. Keep in mind that while such federally supported
loans often offer lower interest rates than private student
loans received from a private lender, they are also more
difficult to obtain.
When looking for any kind of student loans for college, take
the time to thoroughly research your options and check interest
rates, repayment terms and more than anything else, be prepared
to be patient. Don't stop with one student loan request, which
is like putting all your eggs in one basket. Fill out several
different student loan applications from various private and
government lending sources, and keep your fingers crossed. While
you're waiting, start looking for scholarship money as another
source of financial aid.
About The Author: What do you need to know about applying for
student loans for college? Find out more now at
http://StudentLoans
Tuesday, December 11, 2007
Student Loan Consolidation Info - How Much of a Loan Do You Actually Need for College?
Just because you qualify for a certain amount of funds doesn't mean that you have to take all of them. When financing your college education, only borrow the amount it actually takes to pay for your classes and books.
You should figure how much you could save by taking a lower amount than what you had originally planned to finance your education. By lowering the total amount borrowed you will also be lowering the amount you will have to pay back each month.
Think of ways to lower the amount you will have to borrow for school so that you can stay on top of your student debt once you have your degree. So many people fall in to the trap of borrowing way too much and then not being able to pay it back. Only borrow as much as you can afford to repay each month to avoid going into student loan default. Many financial futures are destroyed by taking on a loan that is more than you needed to fund your college education.
Find a way to cover your other expenses without including them in the amount you will need for funding your higher education dreams. This can be done by working longer hours when your not in school and saving the money to use during the academic year for any of the expenses that are not included in your student loan.
Find out how much the schooling will actually cost you and then look into scholarships that you may qualify for to help pay for your education. Many people rush through this process without looking into all of their options and miss out on the thousands of dollars that could be saved by applying for scholarships.
Scholarships should be looked into before making a decision about how much of a student loan is actually needed to finance your college education.
Also try lowering your living expenses so that the amounts you will need to borrow on a student loan also becomes less. Lowering your living expenses can be as easy as making a cup of coffee at home before stopping off at the coffee shop where they cost $4 each. Just $4 per day adds up to $120 each month, and if you can lower your expenses by just this much it could be the difference of thousands of dollars over the life of your loan.
Just imagine how much interest would be tacked onto this amount month after month while you are paying back the loan. Find other ways to lower your everyday living expenses to get the costs down to a minimum while you are in school. After all, you should be concentrating on your academics and not thinking about the amount you will have to pay back in the future.
Ian Wilkie is a published expert author of many Student Loan Consolidation Informationis articles and owner of - http://www.mystudentloanconsolidationinformation.com your one-stop online resource for Student Loan Consolidation Info.
You should figure how much you could save by taking a lower amount than what you had originally planned to finance your education. By lowering the total amount borrowed you will also be lowering the amount you will have to pay back each month.
Think of ways to lower the amount you will have to borrow for school so that you can stay on top of your student debt once you have your degree. So many people fall in to the trap of borrowing way too much and then not being able to pay it back. Only borrow as much as you can afford to repay each month to avoid going into student loan default. Many financial futures are destroyed by taking on a loan that is more than you needed to fund your college education.
Find a way to cover your other expenses without including them in the amount you will need for funding your higher education dreams. This can be done by working longer hours when your not in school and saving the money to use during the academic year for any of the expenses that are not included in your student loan.
Find out how much the schooling will actually cost you and then look into scholarships that you may qualify for to help pay for your education. Many people rush through this process without looking into all of their options and miss out on the thousands of dollars that could be saved by applying for scholarships.
Scholarships should be looked into before making a decision about how much of a student loan is actually needed to finance your college education.
Also try lowering your living expenses so that the amounts you will need to borrow on a student loan also becomes less. Lowering your living expenses can be as easy as making a cup of coffee at home before stopping off at the coffee shop where they cost $4 each. Just $4 per day adds up to $120 each month, and if you can lower your expenses by just this much it could be the difference of thousands of dollars over the life of your loan.
Just imagine how much interest would be tacked onto this amount month after month while you are paying back the loan. Find other ways to lower your everyday living expenses to get the costs down to a minimum while you are in school. After all, you should be concentrating on your academics and not thinking about the amount you will have to pay back in the future.
Ian Wilkie is a published expert author of many Student Loan Consolidation Informationis articles and owner of - http://www.mystudentloanconsolidationinformation.com your one-stop online resource for Student Loan Consolidation Info.
Saturday, December 08, 2007
Help I Need A Student Loan
Well even if you have little credit or no credit rating at
all, you can still get a student loan. Student loans are a
good way to build credit as well, so once you obtain one,
be sure to repay it.
Student loans for those with little or no credit are
government-backed loans or loans offered through your
university. One such option is the Stafford loan. When the
student borrows these loans, most lenders do not look at
the student's credit history. You can apply for a Perkins
loan as well, which also does not look at your credit
history. The government supplies the money for this type of
loan, but it is reserved those who are most in need, so
this option is not available for everyone.
Federal student loans are based on both income and
availability. What happens if you can't afford college yet
don't qualify? An alternative choice for you or your
parents is a private student loan. These are loans done
through private lenders instead of the government. The
advantage of these types of direct student loans is that
they have many of the same kinds of benefits as federal
loans. These loans can be used for any and all college
expenses. Things like tuition, books, supplies, computers,
and living expenses are all things that qualify for private
student loan funds. These loans are unsecured, meaning that
no collateral is needed. The loans are credit-based
instead. This can mean that you might need a co-signer if
you have not established a credit history.
A private education loan is usually a low-interest loan.
The money can be delivered in as little as five days, and
the money is given to you instead of the school. You are
then responsible for paying for their various educational
expenses. Once you graduate and find a job, the reality of
paying back your student loans hits. Below are some steps
you can take to help keep the payments from causing you
heartache.
The first rule is to stick to a payment plan. Set aside a
certain amount every month for your loan payment. Making a
larger payment than required each month can help you pay
back the loan sooner, thereby saving you a great deal of
money on interest. If you think you may forget, set it so
the payment is electronically transferred each month. If
you're simply can't come up with your monthly payment,
there are options. Since your salary is only going to grow
as you climb the corporate ladder, you can schedule
graduated repayment plans with your lender. You start with
a low monthly payment that will gradually get larger over
the term of your loan.
If you're absolutely out of options, you might be able to
temporarily suspend your payments. If you lose your job or
go back to school for an advanced degree, you can request a
deferment of your loan payments. If your request is granted
and you have a Stafford loan, the government will actually
take care of the interest that accrues during your
deferment. If you can't get a deferment, try forbearance.
You can suspend payments for up to a year, though you'll
still be responsible for the built up interest.
This kind of loan has other advantages similar to federal
loans. The interest and principal payments can be deferred
until you graduate from school. For most of these loans,
you are required to be attending school at least halftime
for the deferral of payments and interest.
About the Author:
If you need a student loan, please visit this informative
blog about student loans and college scholarships. Please
visit http://www.studentaides.com
all, you can still get a student loan. Student loans are a
good way to build credit as well, so once you obtain one,
be sure to repay it.
Student loans for those with little or no credit are
government-backed loans or loans offered through your
university. One such option is the Stafford loan. When the
student borrows these loans, most lenders do not look at
the student's credit history. You can apply for a Perkins
loan as well, which also does not look at your credit
history. The government supplies the money for this type of
loan, but it is reserved those who are most in need, so
this option is not available for everyone.
Federal student loans are based on both income and
availability. What happens if you can't afford college yet
don't qualify? An alternative choice for you or your
parents is a private student loan. These are loans done
through private lenders instead of the government. The
advantage of these types of direct student loans is that
they have many of the same kinds of benefits as federal
loans. These loans can be used for any and all college
expenses. Things like tuition, books, supplies, computers,
and living expenses are all things that qualify for private
student loan funds. These loans are unsecured, meaning that
no collateral is needed. The loans are credit-based
instead. This can mean that you might need a co-signer if
you have not established a credit history.
A private education loan is usually a low-interest loan.
The money can be delivered in as little as five days, and
the money is given to you instead of the school. You are
then responsible for paying for their various educational
expenses. Once you graduate and find a job, the reality of
paying back your student loans hits. Below are some steps
you can take to help keep the payments from causing you
heartache.
The first rule is to stick to a payment plan. Set aside a
certain amount every month for your loan payment. Making a
larger payment than required each month can help you pay
back the loan sooner, thereby saving you a great deal of
money on interest. If you think you may forget, set it so
the payment is electronically transferred each month. If
you're simply can't come up with your monthly payment,
there are options. Since your salary is only going to grow
as you climb the corporate ladder, you can schedule
graduated repayment plans with your lender. You start with
a low monthly payment that will gradually get larger over
the term of your loan.
If you're absolutely out of options, you might be able to
temporarily suspend your payments. If you lose your job or
go back to school for an advanced degree, you can request a
deferment of your loan payments. If your request is granted
and you have a Stafford loan, the government will actually
take care of the interest that accrues during your
deferment. If you can't get a deferment, try forbearance.
You can suspend payments for up to a year, though you'll
still be responsible for the built up interest.
This kind of loan has other advantages similar to federal
loans. The interest and principal payments can be deferred
until you graduate from school. For most of these loans,
you are required to be attending school at least halftime
for the deferral of payments and interest.
About the Author:
If you need a student loan, please visit this informative
blog about student loans and college scholarships. Please
visit http://www.studenta
Monday, December 03, 2007
How To Consolidate A Student Loan To Improve My Credit
Contrary to popular belief, private loans can be consolidated. Here is what you should know if you have them and are considering consolidation. 1. Do not consolidate them with federal loans even if they provide the option.
2. They can't consolidate until you're out of school and beginning repayment. 3. In most cases, consolidating private loans will leave you with a variable rate loan and it will not typically fix your loan rate (like federal consolidation).
4. Keep in mind that the best option is often to leave them alone. How to know? Remember that federal student loans are subject to unique terms and conditions and may not be combined with the Student Loan Consolidator Private Consolidation Loans.
Look at the benefits of your current lender. There are only about ten lenders that will consolidate any private loans. Most companies require that you have loans with them to be eligible to consolidate with them.
You should shop around and as mentioned, there are few companies that don't have stipulations in order to use their consolidations or refinance programs. Here's a published list: http://finaid.org/loans/privateconsolidation.phtml.
The lender, not the government, dictates the interest rates provided and most are linked to the Prime Rate. The most often asked questions regarding consolidation of private student loans are the following. Is there a certain loan amount that must be considered for private consolidation of loans?
Yes, the minimum loan amount is $7,500. And the maximum amount is $300,000. How can I find out how much I owe and when my private student loans will be approved for consolidation? By reviewing your recent monthly statement and your on-line account balances.
And once your required documentation has been received, a loan decision, if approved, will begin the process of paying off the loans you listed for consolidation. And you will be sent a letter of the confirmation.
Regarding interest rates, what is the interest rate on my loan after the first year and can I make interest-only payments in my second year? On the first anniversary of your loan closing, the interest rate on your loan changes to Prime Rate plus 5 percent to 5.75 percent.
This will depend on your credit history or if you have a co-signer. During the second year, you are still eligible to make interest-only monthly payments. It is only on the second anniversary of the loan closing that you must make the principal and interest payments.
If you are unsure whether a loan may be eligible please call the customer support center at 866-496-5787.
Court helps people to learn about auto loans. You can read more of his work by visiting: http://whalehookloans.com
2. They can't consolidate until you're out of school and beginning repayment. 3. In most cases, consolidating private loans will leave you with a variable rate loan and it will not typically fix your loan rate (like federal consolidation).
4. Keep in mind that the best option is often to leave them alone. How to know? Remember that federal student loans are subject to unique terms and conditions and may not be combined with the Student Loan Consolidator Private Consolidation Loans.
Look at the benefits of your current lender. There are only about ten lenders that will consolidate any private loans. Most companies require that you have loans with them to be eligible to consolidate with them.
You should shop around and as mentioned, there are few companies that don't have stipulations in order to use their consolidations or refinance programs. Here's a published list: http://finaid.org/loans/privateconsolidation.phtml.
The lender, not the government, dictates the interest rates provided and most are linked to the Prime Rate. The most often asked questions regarding consolidation of private student loans are the following. Is there a certain loan amount that must be considered for private consolidation of loans?
Yes, the minimum loan amount is $7,500. And the maximum amount is $300,000. How can I find out how much I owe and when my private student loans will be approved for consolidation? By reviewing your recent monthly statement and your on-line account balances.
And once your required documentation has been received, a loan decision, if approved, will begin the process of paying off the loans you listed for consolidation. And you will be sent a letter of the confirmation.
Regarding interest rates, what is the interest rate on my loan after the first year and can I make interest-only payments in my second year? On the first anniversary of your loan closing, the interest rate on your loan changes to Prime Rate plus 5 percent to 5.75 percent.
This will depend on your credit history or if you have a co-signer. During the second year, you are still eligible to make interest-only monthly payments. It is only on the second anniversary of the loan closing that you must make the principal and interest payments.
If you are unsure whether a loan may be eligible please call the customer support center at 866-496-5787.
Court helps people to learn about auto loans. You can read more of his work by visiting: http://whalehookloans.com
Thursday, November 22, 2007
Student Loan Consolidation - Balance Your College Books Right Now
You are now earning money and you are spending it on things that you want. You can now travel, buy clothes, pay for a car, and you may be even able to afford a house already. Studying and school really pay off.
If you want to make your studies even more worth the while, then you should not be wasting money paying more for your loans than necessary - it's time to plan accordingly to get the best deals.
Special Deals For Consolidation
There are several ways to manage your post scholastic loans and getting good student loan consolidation rates is one of them. So, what's special about are these special consolidation rates anyway?
If you are familiar with student loans then you need to grasp the fact that you can combine loans into one - and at a better rate too. The art of combining loans into one is called consolidation.
The rates that are the result of this combination are called loan consolidation rates and they are usually better than you can get in the open market.
If you want to get rates then you have to be on good terms with your loan company and/or college. Because when you consolidate your loans with lower student loan consolidation rates, you are going to pay less each month.
Now, that's a great idea!
Ask Around For Insider Deals
If you have not gathered any student loan consolidation rates information lately, then you must do your research. Because there are special arrangements, usually for the first six months after you graduate, time is of the essence.
You have to be proactive when looking for the best deals. If you do not look for the most competitive student loan consolidation rates then you are going to be wasting more and more money.
Ask others in a similar boat who might have done some of the research. Check with your current lenders and if you have several, see if you can play each of them against each other - you might get the deal of the decade!
Where Else Can You Look For A Great Deal
Where are the places to look for student loan consolidation rates? If you want first hand experience in learning about good consolidation student loan deals, then you should visit your local financial institutions right away.
Get in touch with someone that is familiar with these types of loans or someone that is familiar with consolidation of some sort.
If you are one of the lucky enough to work in a bank or something similar, then there may well be deals within that organization you can get preferentially, just for those in your situation, but make sure that you get a move on as the deal will take time to complete.
Before you know it your time with existing loans will be up and your rates may well spiral. Do not let this happen to you. Life's too short to be worrying about this too much, so, you should be acting fast. It's a challenging financial market we have today and rates get withdrawn quickly.
If you want the best deals in so far as the consolidation rates are today, then you have to make your arrangements as soon as you can.
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
If you want to make your studies even more worth the while, then you should not be wasting money paying more for your loans than necessary - it's time to plan accordingly to get the best deals.
Special Deals For Consolidation
There are several ways to manage your post scholastic loans and getting good student loan consolidation rates is one of them. So, what's special about are these special consolidation rates anyway?
If you are familiar with student loans then you need to grasp the fact that you can combine loans into one - and at a better rate too. The art of combining loans into one is called consolidation.
The rates that are the result of this combination are called loan consolidation rates and they are usually better than you can get in the open market.
If you want to get rates then you have to be on good terms with your loan company and/or college. Because when you consolidate your loans with lower student loan consolidation rates, you are going to pay less each month.
Now, that's a great idea!
Ask Around For Insider Deals
If you have not gathered any student loan consolidation rates information lately, then you must do your research. Because there are special arrangements, usually for the first six months after you graduate, time is of the essence.
You have to be proactive when looking for the best deals. If you do not look for the most competitive student loan consolidation rates then you are going to be wasting more and more money.
Ask others in a similar boat who might have done some of the research. Check with your current lenders and if you have several, see if you can play each of them against each other - you might get the deal of the decade!
Where Else Can You Look For A Great Deal
Where are the places to look for student loan consolidation rates? If you want first hand experience in learning about good consolidation student loan deals, then you should visit your local financial institutions right away.
Get in touch with someone that is familiar with these types of loans or someone that is familiar with consolidation of some sort.
If you are one of the lucky enough to work in a bank or something similar, then there may well be deals within that organization you can get preferentially, just for those in your situation, but make sure that you get a move on as the deal will take time to complete.
Before you know it your time with existing loans will be up and your rates may well spiral. Do not let this happen to you. Life's too short to be worrying about this too much, so, you should be acting fast. It's a challenging financial market we have today and rates get withdrawn quickly.
If you want the best deals in so far as the consolidation rates are today, then you have to make your arrangements as soon as you can.
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
Tuesday, November 20, 2007
Student Loans - Great Rates After Leaving College
There are a lot of student loans available in the market today. If you want a student loan for any course, from becoming a lawyer to training for nursing, there's a loan out there for you.
Today, the excuse of not having enough money is not really acceptable when it comes to studying. There are so many opportunities for decent loans out there, you must be able to find something that suits you perfectly.
Student Loans At The End Of School
Then at the end of your course, what happens when you have completed your studies and you need to pay off your student loan? You need to make new arrangements to fix your ongoing credit needs.
Here, great student loan consolidation rates that will minimize the amount of money that you pay each month are available as long as you act soon after graduation.
What are student loan consolidation rates anyway? If you are familiar with loans then you should understand that when you consolidate two loans together, you may be able to get a lower overall rate.
If you get student loan consolidation rates that are lower than what they were previously, then you can save a lot of money.
Who Should You Approach For Student Loans?
Who should you approach for help with your loan requirements? The people that are very knowledgeable on this topic are, of course, the lenders themselves. If you want to get good student loan deals then you should ask these lenders or creditors.
Once you have your degree, take time to sort out your ongoing lending, because the rates that you were given as an undergrad will need to be sorted out quite soon after you leave school - that's the way it works - or the lending rate will go way up.
You should not allow these loans to eat up into your personal income, with those higher rates, because money is money and you have to value it properly.
You have made your way through school and you are now earning decent money.
Finding Help With Student Loans Consolidation
If you want to save on costs then you should apply for some sort of student loans consolidation right away. If you think that these consolidation deals are complicated, then simply ask a creditor or a banker for advice. You will certainly end up saving so much money in the long run.
Do not allow these opportunities to pass you by, because money is something that just does not grow on trees.
If you want to make one of the best decisions in your life then you might have to look at the student loan consolidation rates that are available today.
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
Today, the excuse of not having enough money is not really acceptable when it comes to studying. There are so many opportunities for decent loans out there, you must be able to find something that suits you perfectly.
Student Loans At The End Of School
Then at the end of your course, what happens when you have completed your studies and you need to pay off your student loan? You need to make new arrangements to fix your ongoing credit needs.
Here, great student loan consolidation rates that will minimize the amount of money that you pay each month are available as long as you act soon after graduation.
What are student loan consolidation rates anyway? If you are familiar with loans then you should understand that when you consolidate two loans together, you may be able to get a lower overall rate.
If you get student loan consolidation rates that are lower than what they were previously, then you can save a lot of money.
Who Should You Approach For Student Loans?
Who should you approach for help with your loan requirements? The people that are very knowledgeable on this topic are, of course, the lenders themselves. If you want to get good student loan deals then you should ask these lenders or creditors.
Once you have your degree, take time to sort out your ongoing lending, because the rates that you were given as an undergrad will need to be sorted out quite soon after you leave school - that's the way it works - or the lending rate will go way up.
You should not allow these loans to eat up into your personal income, with those higher rates, because money is money and you have to value it properly.
You have made your way through school and you are now earning decent money.
Finding Help With Student Loans Consolidation
If you want to save on costs then you should apply for some sort of student loans consolidation right away. If you think that these consolidation deals are complicated, then simply ask a creditor or a banker for advice. You will certainly end up saving so much money in the long run.
Do not allow these opportunities to pass you by, because money is something that just does not grow on trees.
If you want to make one of the best decisions in your life then you might have to look at the student loan consolidation rates that are available today.
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
Wednesday, November 14, 2007
Are There Student Loans For Those With Bad Credit ?
You may have bad credit because you have taken out too many loans, not paid your bills promptly or have been a victim of identity theft. While bad credit can make it harder to get the best loan rates, or even any credit at all, today's bad credit education loans allow you help for you education.
As bad credit education loans typically have different application and eligibility standards, this helps make it easier for even those with an imperfect credit history to get the best education and loans possible for you.
Bad credit student loans come as a rescue and provide the required amount needed to repay your debts and/or obtain the money you need to attend college. These loans can be used also for consolidating various student debts.
These loans can be availed for many purposes like tuition fees, hostel charges, computer expenses, etc. There are basically two types of bad credit student loans. These loans are secured and unsecured bad credit student loans.
In secured bad credit student loans, the borrower needs to deposit collateral against the loan amount applied. Whereas in an unsecured type the borrower is free from keeping any security. The interest rate changes on the unsecured loans further increasing due to the non-presence of collateral as compared to secured ones.
Students get lower interest rates in spite of having a bad credit history, at least the best possible from any lender in your situation. Additionally, the students get a second chance to rebuild their credit ratings. Regular repayment assures an increased higher credit score.
There are different kinds of bad credit student loans granted by the federal government. And these loans can be granted to help students through their college career. The repayments have to be made to the college you would be attending.
These loans are available from private lenders such as banks and credit unions also. Try using online databases, your school's financial aid office, and phone calls to private lenders and compare as many education loans as you can.
You will find that even with bad credit the interest rate and terms you are quoted on education loans vary widely. Even though you will not get the best rates, you can always consolidate later. The best way around all of this is to ask your parents for help.
After you have found the lowest rate on a loan you can, if your parents have a good credit history, ask them to co-sign with you. This means that your parents are partly responsible for your loan.
And this will make the lender more secure with the loaning of money to you and can improve the interest rate you were quoted.
Court helps people to learn about college student loans. You can read more of his work by visiting: http://whalehookloans.com.
As bad credit education loans typically have different application and eligibility standards, this helps make it easier for even those with an imperfect credit history to get the best education and loans possible for you.
Bad credit student loans come as a rescue and provide the required amount needed to repay your debts and/or obtain the money you need to attend college. These loans can be used also for consolidating various student debts.
These loans can be availed for many purposes like tuition fees, hostel charges, computer expenses, etc. There are basically two types of bad credit student loans. These loans are secured and unsecured bad credit student loans.
In secured bad credit student loans, the borrower needs to deposit collateral against the loan amount applied. Whereas in an unsecured type the borrower is free from keeping any security. The interest rate changes on the unsecured loans further increasing due to the non-presence of collateral as compared to secured ones.
Students get lower interest rates in spite of having a bad credit history, at least the best possible from any lender in your situation. Additionally, the students get a second chance to rebuild their credit ratings. Regular repayment assures an increased higher credit score.
There are different kinds of bad credit student loans granted by the federal government. And these loans can be granted to help students through their college career. The repayments have to be made to the college you would be attending.
These loans are available from private lenders such as banks and credit unions also. Try using online databases, your school's financial aid office, and phone calls to private lenders and compare as many education loans as you can.
You will find that even with bad credit the interest rate and terms you are quoted on education loans vary widely. Even though you will not get the best rates, you can always consolidate later. The best way around all of this is to ask your parents for help.
After you have found the lowest rate on a loan you can, if your parents have a good credit history, ask them to co-sign with you. This means that your parents are partly responsible for your loan.
And this will make the lender more secure with the loaning of money to you and can improve the interest rate you were quoted.
Court helps people to learn about college student loans. You can read more of his work by visiting: http://whalehookloans.com.
Saturday, November 10, 2007
Alternative Student Loans - For When Funding Is Difficult
Such loans can fill a funding "gap." Often such a "gap" is created when a student is awarded a Stafford or Perkins loan, and then realizes that the amount in the loan does not fully cover all of the student's expenses.
The Lenders of Alternative Student Loans
Most lenders have put their loan applications online. Those applications are for secured loans. The lenders thus seek some "security" when providing a student with loan money.
Students can easily download an application for one of the many loans available. Once downloaded, the application can be filled out and sent to the prospective lender. One word of warning: Students should study the details of any loans before submitting any application.
The lenders of the private, alternative student loans hope to profit from their ability and their willingness to loan money to college students. As a result, they often attach stiff fees to the loan.
Those fees are sometimes paid at the time of the loan application. In other instances, lenders have added those fees to the interest rate for the student loan.
Comparing Different Alternative Student Loans
Students who want to compare the offering of the various lenders might feel like they are comparing "apples and oranges."
Students might wonder how a high fee and lower interest compares to a low fee and a higher interest rate. Students should remember this: a 3% fee is equal to a 1% rise in the interest rate. When keeping those facts in mind, students can better compare the various types of student loan.
Students might also consider how quickly they can obtain the loan. The Act private loans are fast, and they do no require the completion of a FAFSA. Still, students should take note of the fact that awarding of the Act private loans is based on the applicant's credit.
Different lenders have different repayment options. The student in need of a loan should study those options. An ideal lender is willing to defer payment until after the student has graduated.
Some lenders, such as Astrive, give student loan recipients an opportunity to refinance any of their loans.
The Best Time to Go After Alternative Student Loans
Unlike a lot of student financing, the money for the alternative student loans is sent directly to the student, not the institution that he or she is attending.
Students are not encouraged to look at an alternative student loan as a "first choice," when searching for a way to pay for a college education.
Not infrequently, a student with a Stafford Loan will "max out" on that loan while still in school. If he or she hopes to continue and finish his or her education, then that student needs to look at the alternative to the loan they first thought of.
The same student might also want to consider getting a PLUS loan.
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
The Lenders of Alternative Student Loans
Most lenders have put their loan applications online. Those applications are for secured loans. The lenders thus seek some "security" when providing a student with loan money.
Students can easily download an application for one of the many loans available. Once downloaded, the application can be filled out and sent to the prospective lender. One word of warning: Students should study the details of any loans before submitting any application.
The lenders of the private, alternative student loans hope to profit from their ability and their willingness to loan money to college students. As a result, they often attach stiff fees to the loan.
Those fees are sometimes paid at the time of the loan application. In other instances, lenders have added those fees to the interest rate for the student loan.
Comparing Different Alternative Student Loans
Students who want to compare the offering of the various lenders might feel like they are comparing "apples and oranges."
Students might wonder how a high fee and lower interest compares to a low fee and a higher interest rate. Students should remember this: a 3% fee is equal to a 1% rise in the interest rate. When keeping those facts in mind, students can better compare the various types of student loan.
Students might also consider how quickly they can obtain the loan. The Act private loans are fast, and they do no require the completion of a FAFSA. Still, students should take note of the fact that awarding of the Act private loans is based on the applicant's credit.
Different lenders have different repayment options. The student in need of a loan should study those options. An ideal lender is willing to defer payment until after the student has graduated.
Some lenders, such as Astrive, give student loan recipients an opportunity to refinance any of their loans.
The Best Time to Go After Alternative Student Loans
Unlike a lot of student financing, the money for the alternative student loans is sent directly to the student, not the institution that he or she is attending.
Students are not encouraged to look at an alternative student loan as a "first choice," when searching for a way to pay for a college education.
Not infrequently, a student with a Stafford Loan will "max out" on that loan while still in school. If he or she hopes to continue and finish his or her education, then that student needs to look at the alternative to the loan they first thought of.
The same student might also want to consider getting a PLUS loan.
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
Tuesday, November 06, 2007
Student Loans Will Fund Your College Career
Unfortunately, not every would-be student can afford to go, just like that. That's why there is a huge market in student loans and why they can make the difference when it comes to enjoying the opportunities in offer.
It is really a sad situation that some individuals find themselves in when finances get in the way of bettering themselves. Fortunately these days, student loans are becoming more and more available. Through these loans, everyone who might not have been able to go to school before, because of the lack of financial support, can now go!
And if you remember to take note that student loans have interest rates that are lower than other loans available out there, the opportunity becomes much more attractive.
Moreover, there are now a lot of student loan consolidation programs that makes obtaining loans and paying for them afterwards much easier for students.
Some Facts about Student Loan Consolidation
So what exactly is meant when you decide to consolidate your student loan programs? Well, what happens is that you (the student) will have a difficult time paying back all these loans because there are just too many of them, without a bit of financial restructuring, shall we say!
This is where student loan consolidation lenders come in. When you consolidate, you put together the variety of student loans you have accumulated during your college years, into just one loan only.
Although you might find that the rate can rise, you will only have one loan to think about, which is easier to manage - and student loan consolidation rates are actually not that high. So the whole thing becomes much more manageable
Basically if you have a number of loans, you also have to deal with several lenders too. So when you consolidate, you will find one lender willing to resolve the whole consolidation process for you, by loaning you an amount to pay off those other lenders so that you only have to pay to your new lender. Much neater!
Student loan debt consolidation is more or less similar to mortgage refinancing. Federal loans are some of the loans you can consolidate, with their own consolidation programs such as FFELP (SLS, PLUS, and Stafford), Health Professional Student Loans, FISL, NSL, Perkins, Direct Loans, Guaranteed Student Loans, and HEAL.
There are also several lenders out there who offer private student loan consolidation.
How to Go About It
There are many ways that students can consolidate the many loans they have. One way to consolidate is through the use of home equity and there are many advantages in this approach.
Non-tax-deductible as well as bad debts can now be turned around for the better. So, once you do consolidate, you will be rid of the numerous monthly payment obligations and can just concentrate on one.
Paying your debts would now become easier and way better than using credit cards, which might have started you on a slippery slope to further uncontrolled debt.
Always remember though that after consolidating your student loans, you must therefore watch out for accruing more debt. A good rule of thumb is not to go out and borrow from more lenders afterwards.
That's what you've been trying to sort out! Use the amount that you have consolidated wisely. Pay off first those loans that have high interest rates.
If you take note of all these ideas, your problem will become solved. So be wise in choosing how you consolidate and what you do afterwards.
Go for it!
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
It is really a sad situation that some individuals find themselves in when finances get in the way of bettering themselves. Fortunately these days, student loans are becoming more and more available. Through these loans, everyone who might not have been able to go to school before, because of the lack of financial support, can now go!
And if you remember to take note that student loans have interest rates that are lower than other loans available out there, the opportunity becomes much more attractive.
Moreover, there are now a lot of student loan consolidation programs that makes obtaining loans and paying for them afterwards much easier for students.
Some Facts about Student Loan Consolidation
So what exactly is meant when you decide to consolidate your student loan programs? Well, what happens is that you (the student) will have a difficult time paying back all these loans because there are just too many of them, without a bit of financial restructuring, shall we say!
This is where student loan consolidation lenders come in. When you consolidate, you put together the variety of student loans you have accumulated during your college years, into just one loan only.
Although you might find that the rate can rise, you will only have one loan to think about, which is easier to manage - and student loan consolidation rates are actually not that high. So the whole thing becomes much more manageable
Basically if you have a number of loans, you also have to deal with several lenders too. So when you consolidate, you will find one lender willing to resolve the whole consolidation process for you, by loaning you an amount to pay off those other lenders so that you only have to pay to your new lender. Much neater!
Student loan debt consolidation is more or less similar to mortgage refinancing. Federal loans are some of the loans you can consolidate, with their own consolidation programs such as FFELP (SLS, PLUS, and Stafford), Health Professional Student Loans, FISL, NSL, Perkins, Direct Loans, Guaranteed Student Loans, and HEAL.
There are also several lenders out there who offer private student loan consolidation.
How to Go About It
There are many ways that students can consolidate the many loans they have. One way to consolidate is through the use of home equity and there are many advantages in this approach.
Non-tax-deductible as well as bad debts can now be turned around for the better. So, once you do consolidate, you will be rid of the numerous monthly payment obligations and can just concentrate on one.
Paying your debts would now become easier and way better than using credit cards, which might have started you on a slippery slope to further uncontrolled debt.
Always remember though that after consolidating your student loans, you must therefore watch out for accruing more debt. A good rule of thumb is not to go out and borrow from more lenders afterwards.
That's what you've been trying to sort out! Use the amount that you have consolidated wisely. Pay off first those loans that have high interest rates.
If you take note of all these ideas, your problem will become solved. So be wise in choosing how you consolidate and what you do afterwards.
Go for it!
(c) 2007 Best Student Loan Guide. Products, services and step-by-step guidance to help you make the best decisions you can. Checkout Martin Haworth's website for all you need at http://www.Best-Student-Loan-Guide.com
Sunday, November 04, 2007
What Do I Do if I Earn Too Much to Qualify for Student Loans?
All too frequently, parents or students believe that they have no choice but to pay every cent of tuition and fees, room and board, books, and all other college-related expenses, without financial assistance from any source, if they have the money.
They have been told (erroneously), heard, or thought that they could not qualify for any aid because they make too much money. There are various aid opportunities available to students regardless of their income.
If you are not eligible for any need-based aid, there are other types available. There are thousands of scholarships from private organizations and through schools that are given based on factors such as what high school you graduated from.
Also, whether you are left handed, your major or program of study, your ethnic background, gender, and of course your scores on college entrance exams and high school or previous college GPA.
You can apply for scholarships through your school and also for private scholarships as well. Some scholarships require you to write an essay, some just want an application. You can search for these on-line, at the library, or through your financial aid adviser.
In addition to thousands of college funding consultants around the country who can guide you through the maze of financial aid options, there are also other ways to identify college bargains.
The site contains more than 4,000 unique and unknown college bargains, including often overlooked tuition breaks for academic merit, sibling discounts, first generation college student, and minority student scholarships.
Another way to fund your education is through student loans. Students of any economic background can take out unsubsidized loans. And parents can take a loan out to pay for their child's education in their own name, which is called a PLUS loan.
These loans are available to everyone and are based on creditworthiness. This is an excellent loan to consider. The interest rate in effect is 8.5 percent, which is much better than any private bank loan. It has a great repayment plan and is tax deductible.
Even if you think you make too much money, it is worth it to file the FAFSA (Free Application for Federal Student Aid) to see if you are eligible for non-need based aid. From here, additional information can be given to you to help you in your search.
The key for high-income families or students is identifying possible funding sources and solutions for higher education. Staying focused, persistent and educated about emerging opportunities can do this.
Court helps people to learn about federal student loans. You can read more of his work by visiting: http://whalehookloans.com
They have been told (erroneously), heard, or thought that they could not qualify for any aid because they make too much money. There are various aid opportunities available to students regardless of their income.
If you are not eligible for any need-based aid, there are other types available. There are thousands of scholarships from private organizations and through schools that are given based on factors such as what high school you graduated from.
Also, whether you are left handed, your major or program of study, your ethnic background, gender, and of course your scores on college entrance exams and high school or previous college GPA.
You can apply for scholarships through your school and also for private scholarships as well. Some scholarships require you to write an essay, some just want an application. You can search for these on-line, at the library, or through your financial aid adviser.
In addition to thousands of college funding consultants around the country who can guide you through the maze of financial aid options, there are also other ways to identify college bargains.
The site contains more than 4,000 unique and unknown college bargains, including often overlooked tuition breaks for academic merit, sibling discounts, first generation college student, and minority student scholarships.
Another way to fund your education is through student loans. Students of any economic background can take out unsubsidized loans. And parents can take a loan out to pay for their child's education in their own name, which is called a PLUS loan.
These loans are available to everyone and are based on creditworthiness. This is an excellent loan to consider. The interest rate in effect is 8.5 percent, which is much better than any private bank loan. It has a great repayment plan and is tax deductible.
Even if you think you make too much money, it is worth it to file the FAFSA (Free Application for Federal Student Aid) to see if you are eligible for non-need based aid. From here, additional information can be given to you to help you in your search.
The key for high-income families or students is identifying possible funding sources and solutions for higher education. Staying focused, persistent and educated about emerging opportunities can do this.
Court helps people to learn about federal student loans. You can read more of his work by visiting: http://whalehookloans.com
Thursday, November 01, 2007
Types of Student Loans
All prospective college students should be in the position to make an educated decision about how to finance their higher education. There are many different kinds of student loans available, and this may make the choice more difficult. But by becoming educated about the differences among the various loans, it will be easier to choose the best loan for you.
Private and Federal Student Loans
The most basic way to categorize student loans is by separating them into federal and private loans. Federal student loans are provided and supported by the federal government. Private banks may fund some federal student loans, but even in these cases the interest rate, fees, and maximum amount are set by the federal government.
Private loans are provided by private lending institutions. Private student loans usually have higher interest rates than federal student loans. Private loans also have a more stringent approval process and usually require a good credit rating and a minimum income level.
Types of Federal Student Loans
Federal loans can be further categorized.
Stafford Loans can be obtained by students to fund their college education and are based on financial need. Stafford loans can be subsidized or unsubsidized.
The government pays the interest accured on subsidized Stafford loans while the student is attending school. Subsidized Stafford loans are based on financial need.
Unsubsidized Stafford loans are not based on financial need. The student is expected to make interest payments while enrolled in college. These interest payments can be deferred, but if they are, the interest can be added back onto the principle of the loan and thereby increase to total amount of the loan.
PLUS Loans
PLUS is an acronym for Parent Loans for Undergraduate Students. These loans are obtained by a student's parents to pay for the cost of their child's college education. Because there is a credit underwriting process for PLUS loans, it is possible to be turned down for the loan if the parent does not qualify.
PLUS loans may be obtained by graduate students to pay for their own education.
Perkins Loans
Students in extreme financial need may be given a Perkins loan. There are 1,800 educational institutions participating in the program, and each is alloted a certain amount of money to award. The amount of funds received and the student who will receive the funds is determined by each college's financial aid department. There is only a limited amount of money available, so Perkins loans are usually low.
Student Loan Applications
To apply for a federal student loan, you must complete a Federal Application for Student Aid. Without this form you will not be able to receive any federal student loans regardless of your financial situation.
To obtain for a private student loan, you must apply directly with the lender you would like to borrow from.
Peter Kenny is a writer for Shop Smart Loans. Please visit us at http://www.shopsmartloans.com/debt-consolidation
Private and Federal Student Loans
The most basic way to categorize student loans is by separating them into federal and private loans. Federal student loans are provided and supported by the federal government. Private banks may fund some federal student loans, but even in these cases the interest rate, fees, and maximum amount are set by the federal government.
Private loans are provided by private lending institutions. Private student loans usually have higher interest rates than federal student loans. Private loans also have a more stringent approval process and usually require a good credit rating and a minimum income level.
Types of Federal Student Loans
Federal loans can be further categorized.
Stafford Loans can be obtained by students to fund their college education and are based on financial need. Stafford loans can be subsidized or unsubsidized.
The government pays the interest accured on subsidized Stafford loans while the student is attending school. Subsidized Stafford loans are based on financial need.
Unsubsidized Stafford loans are not based on financial need. The student is expected to make interest payments while enrolled in college. These interest payments can be deferred, but if they are, the interest can be added back onto the principle of the loan and thereby increase to total amount of the loan.
PLUS Loans
PLUS is an acronym for Parent Loans for Undergraduate Students. These loans are obtained by a student's parents to pay for the cost of their child's college education. Because there is a credit underwriting process for PLUS loans, it is possible to be turned down for the loan if the parent does not qualify.
PLUS loans may be obtained by graduate students to pay for their own education.
Perkins Loans
Students in extreme financial need may be given a Perkins loan. There are 1,800 educational institutions participating in the program, and each is alloted a certain amount of money to award. The amount of funds received and the student who will receive the funds is determined by each college's financial aid department. There is only a limited amount of money available, so Perkins loans are usually low.
Student Loan Applications
To apply for a federal student loan, you must complete a Federal Application for Student Aid. Without this form you will not be able to receive any federal student loans regardless of your financial situation.
To obtain for a private student loan, you must apply directly with the lender you would like to borrow from.
Peter Kenny is a writer for Shop Smart Loans. Please visit us at http://www.shopsmartloans.com/debt-consolidation
Wednesday, October 31, 2007
Tips on Avoiding Common Mistakes Made With Student Loans
Smart use of your money and your credit in college will enable you to spend the money you earn when you graduate on things you really want like a new car or house instead of all of your income going towards dept repayment.
A short story from a graduate that experienced the journey follows. If I knew at 18 what I now at 28, I could have prevented so much disaster from happening. Instead, I owe $150,000 to student loan companies with no escape.
I hope that you will read this before you fall into this trap. At 18 college was a dream come true. I could study without parents to monitor my class attendance, my coffee intake, or my late-night slurpy runs to 7-11 with friends.
I had worked part-time as a teen, but had no savings or significant sense of financial responsibility. I decided to finance a private school liberal arts education in my native Southern California with student loans.
I qualified for some federal money. The rest of it would come from private loans. A few thousand lattes later and some new clothes each semester, the bills started to add up. So it was impeccable timing when the credit card solicitors hit me.
Finance charges and interest rates, what's that? These concepts did not matter at the time to me. I graduated four years later with $150,000 in student loans and $11,000 in credit card debt.
Use your student loan money to finance your education, not your lifestyle. Tuition, room and board, and textbooks are smart ways to spend your student loan money. You'll be paying these loans off for the next ten to 20 years, so use the money wisely.
In addition to student loans, a heavy burden is the credit card debt. In the first year of college the average debt was $2,169 on these cards. At interest rates of 15 to 18 percent, you will be paying off this credit debt into your 30s or 40s.
The way you handle your debt will follow you for many years. If you max out your credit line, don't pay your bills on time and keep collecting credit cards to add ways to obtain money, you'll have a very poor credit score after you graduate.
A budget helps you plan ahead by knowing how much money you have coming in and going out. It gives you the power you need and the peace of mind of knowing where your money is going. Plan to save money while in college so you can spend money on the items you really want when you graduate.
Court helps people to learn how to consolidate private student loans. You can read more of his work by visiting: http://whalehookloans.com
A short story from a graduate that experienced the journey follows. If I knew at 18 what I now at 28, I could have prevented so much disaster from happening. Instead, I owe $150,000 to student loan companies with no escape.
I hope that you will read this before you fall into this trap. At 18 college was a dream come true. I could study without parents to monitor my class attendance, my coffee intake, or my late-night slurpy runs to 7-11 with friends.
I had worked part-time as a teen, but had no savings or significant sense of financial responsibility. I decided to finance a private school liberal arts education in my native Southern California with student loans.
I qualified for some federal money. The rest of it would come from private loans. A few thousand lattes later and some new clothes each semester, the bills started to add up. So it was impeccable timing when the credit card solicitors hit me.
Finance charges and interest rates, what's that? These concepts did not matter at the time to me. I graduated four years later with $150,000 in student loans and $11,000 in credit card debt.
Use your student loan money to finance your education, not your lifestyle. Tuition, room and board, and textbooks are smart ways to spend your student loan money. You'll be paying these loans off for the next ten to 20 years, so use the money wisely.
In addition to student loans, a heavy burden is the credit card debt. In the first year of college the average debt was $2,169 on these cards. At interest rates of 15 to 18 percent, you will be paying off this credit debt into your 30s or 40s.
The way you handle your debt will follow you for many years. If you max out your credit line, don't pay your bills on time and keep collecting credit cards to add ways to obtain money, you'll have a very poor credit score after you graduate.
A budget helps you plan ahead by knowing how much money you have coming in and going out. It gives you the power you need and the peace of mind of knowing where your money is going. Plan to save money while in college so you can spend money on the items you really want when you graduate.
Court helps people to learn how to consolidate private student loans. You can read more of his work by visiting: http://whalehookloans.com
Student Loans 101
There are many ways for students to finance a college education, but one of the most common ways is through taking out a loan. There are loans specifically designed to cover the cost of higher education.
Types of Student Loans
Federal student loans have terms and conditions that are determined by the federal government. Federal loans may come directly from the federal government. Banks can also issue federal student loans.
Private student loans and their associated terms are issued by private banks.
Applying for Student Loans
To apply for federal loans, prospective students need to complete a FAFSA, or Free Application for Federal Student Aid. This application will request personal information such as your name, address, and social security number. It will also require you to submit information about your plans for school attendance for the upcoming year, including the type of degree you are working to obtain and your grade level. Lastly, the application will request detailed financial information from you and your parents to determine the type of aid you will be eligible for.
When applying for a private student loan, the application process is less detailed. However, the requirement for loan approval are stricter than with federal loans. Private lenders will check your credit history and your income before approving you for a loan.
With both federal and private lenders, they will confirm that you will actually be attending school before granting you the loan.
Student Loan costs
The rate of interest applied to the loan determines the cost of the loan. The lower the interest rate, the less the loan will cost you.
Be aware that interest begins accruing on your loan as soon as you receive it. If you have a federal loan, the government may pay the interest whild you are in school. With other types of loans, you are responsible for paying the interest while you are enrolled in school. There are options for deferring interest payments until after graduation, but if you choose to defer these payments, the interest will be added to the balance of your loan, thereby increasing the total amount owed.
Repaying Student Loans
You usually have a six month grace period after graduation before you must begin making payments on your loan. Once the grace period ends, you must make regular payments on the student loan if you want to remain in good standing with the lender. You should contact the lender prior to the end of the grace period to determine the exact amount of your monthly payments and to learn what options are available to you.
Peter Kenny is a writer for Finance 123. Please visit us at http://www.finance-123.com/credit-cards/reward-credit-cards and http://www.shopsmartloans.com/home-equity-loans
Types of Student Loans
Federal student loans have terms and conditions that are determined by the federal government. Federal loans may come directly from the federal government. Banks can also issue federal student loans.
Private student loans and their associated terms are issued by private banks.
Applying for Student Loans
To apply for federal loans, prospective students need to complete a FAFSA, or Free Application for Federal Student Aid. This application will request personal information such as your name, address, and social security number. It will also require you to submit information about your plans for school attendance for the upcoming year, including the type of degree you are working to obtain and your grade level. Lastly, the application will request detailed financial information from you and your parents to determine the type of aid you will be eligible for.
When applying for a private student loan, the application process is less detailed. However, the requirement for loan approval are stricter than with federal loans. Private lenders will check your credit history and your income before approving you for a loan.
With both federal and private lenders, they will confirm that you will actually be attending school before granting you the loan.
Student Loan costs
The rate of interest applied to the loan determines the cost of the loan. The lower the interest rate, the less the loan will cost you.
Be aware that interest begins accruing on your loan as soon as you receive it. If you have a federal loan, the government may pay the interest whild you are in school. With other types of loans, you are responsible for paying the interest while you are enrolled in school. There are options for deferring interest payments until after graduation, but if you choose to defer these payments, the interest will be added to the balance of your loan, thereby increasing the total amount owed.
Repaying Student Loans
You usually have a six month grace period after graduation before you must begin making payments on your loan. Once the grace period ends, you must make regular payments on the student loan if you want to remain in good standing with the lender. You should contact the lender prior to the end of the grace period to determine the exact amount of your monthly payments and to learn what options are available to you.
Peter Kenny is a writer for Finance 123. Please visit us at http://www.finance-123.com/credit-cards/reward-credit-cards and http://www.shopsmartloans.com/home-equity-loans
Choosing a Student Loan Lender
Student loans are a popular choice for funding a college education. Once the choice is made to use a student loans, they will become a major part of your financial life for years to come. This is why it is important to choose a lender that you will be able to work with for the entire duration of the loan. While you are evaluating your student loan options, there are a few important points to keep in mind.
Approval Method
Income and credit history are two key factors considered by most private student loan lenders. If you have a poor credit history, a low income, or both, it will be difficult to obtain a loan without a co-signer. Without a co-signer, you will need to look for alternative financing.
Federal student loans can be obtained without regard to credit or income. You must fill out a Free Application for Federal Student Aid, also known as a FAFSA. Copies of the application can be obtained from the financial aid office at your school or online.
Loan Terms
One of the most important factors you should consider when choosing a student loan lender should be the terms and conditions of the loan. Loan terms include the amount of the loan, the interest rate, whether the interest rate is variable, the grace period, and default conditions. Each lender will have different lending terms.
You should choose the lender with terms that will cost you the least amount of money over the life of the loan. Lenders that offer fixed rate loans are a good choice. With fixed rate loans you don't have to worry about what the interest charges will be from month to month.
Repayment Plans
A lender that offers a variety of repayment options is also a good choice. Regardless of what you expect your income to be after graduation, you'll never know for sure until you reach that point. Remember, the hardest part about taking out a student loan is repaying it.
Forebearance and Deferment Options
Forebearance and deferment options allow you to temporarily halt your student loan payments in the event you encounter some financial difficulties during the life of the loan. This will give you the peace of mind of knowing that you'll have one less bill to worry about while you focus on getting back on track financially. Without any forebearance and deferment options, you'll be required to continue paying on your loan even if you have financial hardship. Be aware of each lender's options in this area as well as the criteria for qualification.
Keep each of these factors in mind while choosing a student loan lender. Decide which points are most important to you and look for a lender that offers the best terms in that area.
Peter Kenny is a writer for Finance 123. Please visit us at http://www.finance-123.com/credit-cards/business-credit-cards and http://www.shopsmartloans.com/personal-loans
Approval Method
Income and credit history are two key factors considered by most private student loan lenders. If you have a poor credit history, a low income, or both, it will be difficult to obtain a loan without a co-signer. Without a co-signer, you will need to look for alternative financing.
Federal student loans can be obtained without regard to credit or income. You must fill out a Free Application for Federal Student Aid, also known as a FAFSA. Copies of the application can be obtained from the financial aid office at your school or online.
Loan Terms
One of the most important factors you should consider when choosing a student loan lender should be the terms and conditions of the loan. Loan terms include the amount of the loan, the interest rate, whether the interest rate is variable, the grace period, and default conditions. Each lender will have different lending terms.
You should choose the lender with terms that will cost you the least amount of money over the life of the loan. Lenders that offer fixed rate loans are a good choice. With fixed rate loans you don't have to worry about what the interest charges will be from month to month.
Repayment Plans
A lender that offers a variety of repayment options is also a good choice. Regardless of what you expect your income to be after graduation, you'll never know for sure until you reach that point. Remember, the hardest part about taking out a student loan is repaying it.
Forebearance and Deferment Options
Forebearance and deferment options allow you to temporarily halt your student loan payments in the event you encounter some financial difficulties during the life of the loan. This will give you the peace of mind of knowing that you'll have one less bill to worry about while you focus on getting back on track financially. Without any forebearance and deferment options, you'll be required to continue paying on your loan even if you have financial hardship. Be aware of each lender's options in this area as well as the criteria for qualification.
Keep each of these factors in mind while choosing a student loan lender. Decide which points are most important to you and look for a lender that offers the best terms in that area.
Peter Kenny is a writer for Finance 123. Please visit us at http://www.finance-123.com/credit-cards/business-credit-cards and http://www.shopsmartloans.com/personal-loans
Monday, October 29, 2007
Federal Student Loan - For Debt Consolidation
Higher education costs have almost skyrocketed in last few decades. So education requirements are often more than one loan. Students are sometimes employed but receive very low salaries at entry level and they are left with staggering debt burdens.
Even though they possess considerable talent they are unable to pursue higher educational needs because of their financial situations at home. If they desire to continue their education then they have to apply for student loans that are an additional cost burden to the family and the student who do not have the financial capacity to repay the loans.
Federal student loans for debt consolidation have been designed to help the students by combining all their debts into a single loan to be paid monthly. This makes their life more easy and they do not have to live in the threat of debt burdens just when their careers are about to start.
These loans are designed to tailor to the needs of different student from different background and challenges. So there is one best deal for each one of those who apply for such loans. Each of these loan packages designed distinctly exhibit diverse interest rates.
Applying for federal student loan consolidation requires a little bit of research on the net. There are many online links that offers excellent consolidation opportunities for students.
A Federal student loan consolidation bears lower interest rate and makes repayment a much easier task for students. This loan does not require a co-signer. No credit check is performed from the lending agency while approving this loan.
This Federal consolidation loan does not have hidden charges or processing fees during the time of application and over the loan period. Penalties for early repayment are also never charged.
Before you choose your lender you just need to know your package very well. You also need to know the kind of support your lending agency is going to provide over the loan period. If you have other loans with one lender then it is best that you approach the same lender to consolidate your existing loans into a single federal consolidation loan.
Choosing the lender is definitely important to ensure that you are offered the best deal at competitive market rate and you need to worry about your credit reporting status. Please ensure that your lending agency reports your timely payment to the credit bureaus and your credit score is up to date. Otherwise there is no point choosing a lender who is reluctant to do so and in this process your credit history gets marred even before it is created properly.
Find more Debt help info @ http://www.MY-DEBT-CONSOLIDATION-SOURCE.INFO and debt reduction info @ http://www.MY-DEBT-CONSOLIDATION-SOURCE.INFO/sitemap.php online. For Weight loss related articles: http://www.weightloss-fyi.info
Even though they possess considerable talent they are unable to pursue higher educational needs because of their financial situations at home. If they desire to continue their education then they have to apply for student loans that are an additional cost burden to the family and the student who do not have the financial capacity to repay the loans.
Federal student loans for debt consolidation have been designed to help the students by combining all their debts into a single loan to be paid monthly. This makes their life more easy and they do not have to live in the threat of debt burdens just when their careers are about to start.
These loans are designed to tailor to the needs of different student from different background and challenges. So there is one best deal for each one of those who apply for such loans. Each of these loan packages designed distinctly exhibit diverse interest rates.
Applying for federal student loan consolidation requires a little bit of research on the net. There are many online links that offers excellent consolidation opportunities for students.
A Federal student loan consolidation bears lower interest rate and makes repayment a much easier task for students. This loan does not require a co-signer. No credit check is performed from the lending agency while approving this loan.
This Federal consolidation loan does not have hidden charges or processing fees during the time of application and over the loan period. Penalties for early repayment are also never charged.
Before you choose your lender you just need to know your package very well. You also need to know the kind of support your lending agency is going to provide over the loan period. If you have other loans with one lender then it is best that you approach the same lender to consolidate your existing loans into a single federal consolidation loan.
Choosing the lender is definitely important to ensure that you are offered the best deal at competitive market rate and you need to worry about your credit reporting status. Please ensure that your lending agency reports your timely payment to the credit bureaus and your credit score is up to date. Otherwise there is no point choosing a lender who is reluctant to do so and in this process your credit history gets marred even before it is created properly.
Find more Debt help info @ http://www.MY-DEBT-CONSOLIDATION-SOURCE.INFO and debt reduction info @ http://www.MY-DEBT-CONSOLIDATION-SOURCE.INFO/sitemap.php online. For Weight loss related articles: http://www.weightloss-fyi.info
Saturday, October 27, 2007
Student Loans and Financial Hardships
There are times in everyone's lives when finances become tight and it becomes difficult to make ends meet. Most student loan lenders are aware of this and have options available to you during times of financial hardship. Deferment and forebearance options may be available to you depending upon your circumstances.
Deferment
Derferment refers to postponing your loan payments for a certain amount of time. If you still remain in school at least half-time, most lenders will automatically defer your student loan until six months after you've stopped taking classes or you've graduated. Difficulty finding a job and economic hardship are two more reasons a lender may allow you to defer your loan payments.
Interest continues to accrue on your loan even when it is being deferred. You have the option of paying this interest if possible. Keep in mind that if you don't pay interest, it will be added to the balance of your loan, usually when the deferment period ends. If this happens, you may end up owing more than you orginally borrowed.
Forebearance
Another option available to help you in times of financial hardship is loan forebearance. There are several types of forebearance avaialble:
1. Reducing your loan payments allows you to make lower monthly payments on your loan. If these payments aren't enough to cover the interest, it will capitalize periodically. When this happens, it is addded to the balance of the loan, making the amount owned higher.
2. Extended payments will lengthen the term of your loan, thereby making the monthly payments lower. By extending the length of your loan, you will end up paying more in interest over the life of the loan than you would have if you stayed with the shorter term.
3. Temporary postponement of payments is similar to derferment. You and your lender agree on a period of time that you will be allowed to stop making payments. Interest will continue to accrue during this time.
Various lenders will have different requirements for deferment and forebearance. Some will require a fee for the convenience, while others may require you to fill out forms verifying your financial circomstances.
If you find yourself having difficulty making your monthly loan payments, the best option is to contact your lender immediately to avoid defaulting on the loan. If you don't, you may forfeit your derferment or forbearance options.
Peter Kenny is a writer for Finance 123. Please visit us at http://www.finance-123.com/debt-consolidation and http://www.shopsmartloans.com/auto-loans
Deferment
Derferment refers to postponing your loan payments for a certain amount of time. If you still remain in school at least half-time, most lenders will automatically defer your student loan until six months after you've stopped taking classes or you've graduated. Difficulty finding a job and economic hardship are two more reasons a lender may allow you to defer your loan payments.
Interest continues to accrue on your loan even when it is being deferred. You have the option of paying this interest if possible. Keep in mind that if you don't pay interest, it will be added to the balance of your loan, usually when the deferment period ends. If this happens, you may end up owing more than you orginally borrowed.
Forebearance
Another option available to help you in times of financial hardship is loan forebearance. There are several types of forebearance avaialble:
1. Reducing your loan payments allows you to make lower monthly payments on your loan. If these payments aren't enough to cover the interest, it will capitalize periodically. When this happens, it is addded to the balance of the loan, making the amount owned higher.
2. Extended payments will lengthen the term of your loan, thereby making the monthly payments lower. By extending the length of your loan, you will end up paying more in interest over the life of the loan than you would have if you stayed with the shorter term.
3. Temporary postponement of payments is similar to derferment. You and your lender agree on a period of time that you will be allowed to stop making payments. Interest will continue to accrue during this time.
Various lenders will have different requirements for deferment and forebearance. Some will require a fee for the convenience, while others may require you to fill out forms verifying your financial circomstances.
If you find yourself having difficulty making your monthly loan payments, the best option is to contact your lender immediately to avoid defaulting on the loan. If you don't, you may forfeit your derferment or forbearance options.
Peter Kenny is a writer for Finance 123. Please visit us at http://www.finance-123.com/debt-consolidation and http://www.shopsmartloans.com/auto-loans
Friday, October 26, 2007
Bad Credit Student Loan - A Real Trap?
You have found your self on the brink of drowning in debt, the waves of debt are lapping at your credit status on the brink of disaster. Ok, enough of the drama, I'm sure you get the picture.... so what are you options and what is the best cause of action? Or is it a trap.
A Bad Credit Student Loan can be a real trap - especially when looking at the private loans or other wise know as alternative loans. Firstly lets look at Student loan consolidation
A student who currently have loans being either a single student loan or a number of student loans have a range of different options to reduce repayments and debt and keep a wide birth from ending up with a Bad Loan . Interest rates have fallen, now loans can be consolidated or even in some cases refinanced. When you're considering refinancing consolidating, you need to compare interest rates before you consolidate.
First, lets look at Eligibility to avoid a Bad Credit.
You will find you are eligible to consolidate when:
- You're no longer enrolled in school (defined as being enrolled less than half time)
- You must be within the "grace period" of the loan or you must be actively repaying your loan.
- Most consolidation companies require a minimum loan amount, $10,000 is typical.
The difference between federal and private loans
Federal loans have advantages over private loans. For example, interest on the loan is tax deductible, the loan can sometimes be forgiven for certain types of service, and you can sometimes defer payments on the federal loan if you go back to school.
Private loans don't have these advantages - they are really just loans either secured or unsecured, and you have to pay them back just like any other loan.
It's essential you don't consolidate the federal and private loans together. Consolidate all of your federal loans as first step. Then separately consolidate your private loans. If you wanted to mix the public and private loans, then you would have to take out one single private loan that actually loses all the benefits of the federal student loans. Keep government student loan consolidation separate from private student loan consolidation.
A Private student loan which are unsecured and based on credit. The figures for opting for loans are only increasing as each year passes by. You will probably need to take out several scholarships, grants and loans in order to pay for your tuition, books and your living expenses.
Credit counseling is available in many student loan providers. While these companies are for-profit businesses. If you are denied a loan they will work with you to repair your credit.
Check out more about Bad Credit Student Loans visit http://www.american-studentloan.com
A Bad Credit Student Loan can be a real trap - especially when looking at the private loans or other wise know as alternative loans. Firstly lets look at Student loan consolidation
A student who currently have loans being either a single student loan or a number of student loans have a range of different options to reduce repayments and debt and keep a wide birth from ending up with a Bad Loan . Interest rates have fallen, now loans can be consolidated or even in some cases refinanced. When you're considering refinancing consolidating, you need to compare interest rates before you consolidate.
First, lets look at Eligibility to avoid a Bad Credit.
You will find you are eligible to consolidate when:
- You're no longer enrolled in school (defined as being enrolled less than half time)
- You must be within the "grace period" of the loan or you must be actively repaying your loan.
- Most consolidation companies require a minimum loan amount, $10,000 is typical.
The difference between federal and private loans
Federal loans have advantages over private loans. For example, interest on the loan is tax deductible, the loan can sometimes be forgiven for certain types of service, and you can sometimes defer payments on the federal loan if you go back to school.
Private loans don't have these advantages - they are really just loans either secured or unsecured, and you have to pay them back just like any other loan.
It's essential you don't consolidate the federal and private loans together. Consolidate all of your federal loans as first step. Then separately consolidate your private loans. If you wanted to mix the public and private loans, then you would have to take out one single private loan that actually loses all the benefits of the federal student loans. Keep government student loan consolidation separate from private student loan consolidation.
A Private student loan which are unsecured and based on credit. The figures for opting for loans are only increasing as each year passes by. You will probably need to take out several scholarships, grants and loans in order to pay for your tuition, books and your living expenses.
Credit counseling is available in many student loan providers. While these companies are for-profit businesses. If you are denied a loan they will work with you to repair your credit.
Check out more about Bad Credit Student Loans visit http://www.american-studentloan.com
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