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
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