Student Loans & Financial Aid - Student Loan Xpress The government is not the only one who helps financially-challenged students. There are private institutions that help students financially, in order to get into college. This can be in the form of a scholarship or educational grant. And...
So, you have graduated from your college or university after spending a few years there. Of course, you'll feel proud and you're excited to be embarking on your new career. At the same time, you can't help but feel overwhelmed by the debt you incurred during college or university. You've flipped through student loans documents over and over again. You started to worry whether you can really afford to pay all these on your new salary. If you're in this situation, it may be time to start looking for student loan consolidation experts.
Now, you are probably trying to avoid this but before dismissing this option and afraid of sinking into more debt, you have to know that are not going to take on any new debt. Think of the advantages that you are going to get from these professionals. Do you know that a student loan consolidation expert can help you set up a plan to repay your debts in one monthly payment? In other words, one that is probably much lower than the payments you are expecting.
Seeking help from these student loan consolidation experts is easy and they can even explain this simple process via the telephone. What happen is, your student loan consolidation company will pay off the balances on your student loans. That means you can just dump all those numerous bills and make only one payment every month with ease. Student loan consolidation experts will definitely make paying back student loans less stressful and simpler.
Not only that you don't have to deal with multiple loan bills monthly, student loan consolidation experts can also help if you feel you can't afford the monthly payments on your student loans. Normally, student loans will have a ten or fifteen year payback time frame. However, if you consolidate your student loans, the repayment time frame can be stretched to thirty years. Therefore, the student loan consolidation experts can help you to lower your monthly payments by up to 54%. Well, how about that?
So in conclusion, whether you wish the ease of paying one monthly bill or you simply want to lower your interest rate and monthly payment, you owe it to yourself to talk to student loan consolidation experts. Remember, a phone conference is totally free, so you really have nothing to lose but everything to gain!
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One of the most important thing to consider in choosing a lender is to compare student loan consolidation rates. Most students who've graduated find it wise to consolidate student loans upon graduation. The next crucial step would have to be choosing the right lender from which to apply a student loan consolidation from. Nowadays, there are many lenders that offer you different loan consolidation programs, each with various requirements, interest rates, and etc.
This article will give you some points to consider in selecting a lender. Although it is very important for you to compare student loan consolidation rates, you should also take into account some details in choosing a loan consolidation program and a lender.
Comparing School Loan Consolidation Rates
You could cut your student loan payments by up to 50% or more if you consolidate your student loans. This could mean big savings and thousands of dollars on the life of your loan. You could also be able to lock down a low and fixed interest rate for your monthly payments.
Ask about the rates. When choosing a lender, you should ask them about the rates that they can give you. Usually, the interest rate on a consolidation loan is calculated by getting the weighted average of the interest rates (as of the date the application is received by the lender) on all the loans you are consolidating, rounded up to the nearest one-eight of a percent.
Other Things to Consider
Of course, there are other things to look into. It will also be wise if you ask your lender to figure out your monthly payments and how long it would take for you to fully pay the total loan balance. Also, you should try asking about incentives, like additional breaks on interest if you make your payments through automatic debits each month or if you consistently make on-time payments for a specific period of time.
Requirements
Lenders may ask for different requirements. There are some lenders that will require you to have a co-signor, some optional, and some do not require this at all. In lending companies that posts this as optional, having a co-signor with a good credit background will let you enjoy some benefits like lower interest rates.
There are some lenders who will ask for collateral, while there are others who don't. Some lenders also set a minimum balance policy, and the amount varies from one lender to another.
Application
Easy application process is also one thing to look for in a lender. Now, there are some lenders that provide online application that can be accomplished in just a matter of minutes. The process is quick and all information released is kept confidential. After 15 minutes of submission, you will be immediately called by a customer service representative on the contact number that you provided.
Service
In the end, it's also about service. If you're comfortable and satisfied with your current lender's service, then you can just check with them to see if they offer loan consolidation. Either that, or you can check your school's financial aid offices for a list of preferred lenders who have provided tried-and-true working experience to former students.
These are just some things to consider. So if you are choosing a lender, compare student loan consolidation rates and other details.
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Is your record of making faults towards payment of old loans is creating hindrance in your way of pursuing higher education? The expenditure of education is soaring higher every year. Therefore, taking a loan for higher studies has become inevitable. But what about those people who are suffering from the blemished history? Bad credit private student loans are basically designed for those students, who are not fortunate enough to find scholarships.
These loans are provided to the borrowers, who have late payments, arrears or defaults in their names. These are most flexible loans when it comes to repayment of the loan amount. The rate of interest is usually higher, as compared to any other loan. Usually, with other loans, your credit record holds utmost importance. But with bad credit private student loans, you can get approved in spite of the blemished record. All you need to do is search properly to find the best rates.
Preliminaries
One thing that needs consideration is the loan amount . Always borrow up to a limit, which you require and can repay easily. First of all, calculate the loan amount; you may need for your educational purpose. It may include text books expenses, hostel charges, tuition fees etc. You can make a list of expenditures and try to find more than one source of income. Take due care of expenses by keeping it as low as possible.
Specifications
The repayment term for bad credit private student loans is usually up to 20 years. If you are planning to extend the term of repayment, it might affect rates of interest. So, think twice before planning any such thing. You should consolidate your debts before applying for the loans. To improve your rating, you need to have discipline and control over your finances. Search through various online sources for bad credit private student loans. Compare the various quotes and crack the best deal.
Though most students are driven to take a college loan to smoothly complete their education, they realize the entire burden of their loans only after they finish their education. When they are in the first step of their career, repaying a huge loan appears to be a daunting task to them. It is at this point of time that the consolidation of college loan helps them out. However before taking a college loan consolidation, it is vital that they gather all the necessary Information to help them make an informed decision.
How does a college loan consolidation work?
A college loan consolidation reduces the amount of monthly Installment. It does so by increasing the time period of the loan. Another important feature of college loan consolidation is that it combines all the college loans into one and thus there is only one single payment to be made.
In federal loan program, all the federal loans can be combined into one. Also, some private loans can be combined to the federal loans. The length of the consolidation of the college loan depends on the total amount due after all the loans are consolidated.
The period will be about 10 years if the amount is $7500 or less. It may range from 12 to 15 years if the amount is around $10000 to $12000. If the amount is up to $40000, it may be about 20 years. For amounts above $60000, it may be 30 years.
The amount of interest that is due on the loan is based on the loan balance and the term of loan. Many higher value loans have low interest because they are for longer period and thus end up with more interest.
What are the various alternatives to consolidating your college loans?
Consolidation of college loans is a very easy and simple procedure. In the overall terms, you will be paying a higher amount on your college loans if you consolidate them. This is because of the extended term and interest on the loan. However, if you do not consolidate, then it may be a slightly laborious procedure. This is because you have to contact each of the lenders and arrange terms of repayment with each of them. Some of the plans are dependent on your income and will suit your financial standing. Contacting the lenders can extend the term of the loan. This will become a higher amount but it will still be better than the entire overall effect of consolidating your college loan.
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A 529 Plan is a way to save money for college that can give you some tax breaks. Many people have been worried about investing with the recent market fluctuations. If you already have a 529 plan, you may be worried about your balance dropping with the market. If you are in the process of saving, you may take this time to decide, under the advice of a financial advisor, if you are more comfortable investing in more stable entities or if you are okay with the fluctuations in the long run.
Some people may have been advised to invest in risky stocks because they had a long time to save for college. This is not necessarily bad advice, if you have a high risk tolerance. If it makes you squeamish to see your balance rise and drop dramatically, you may choose to invest in something a little more stable, such as a mutual fund invested in stocks and bonds. This is the area of investing that a lot of long-term investors end up in.
Not many people are willing to watch their investment plummet with the market. Some may have loved being more daring back before 2000, but maybe not so much now. With over 100% returns, many people were just throwing money into risky investments, with wide blind eyes. You have to look at long term results and understand that these results are achieved by fund managers over time. There may have been some major fluctuations up and down during the years that you are looking at. Mutual funds with stocks and bonds give you some risk so that there is potential for faster growth than a bond fund, but that does not necessarily mean that there will be more growth than a bond fund.
If you are getting closer to needing the money in the 529 plan, then you may want to go even more conservative and stick to mutual funds invested in bonds. Bonds can even be backed by the government. Since the government has taxing power, the chance of government bonds losing money is very slim. These types of funds can be fairly stable.
Bond funds offer dividend payments that can be reinvested into your plan. This may or may not be the best thing for you, depending on your tolerance and also your time frame. Generally speaking, if you have many years to save, then some risk can usually be afforded because you have time to wait out the market lows. The fluctuations can be worth it and sometimes really pay off if you have a stomach for your money constantly rising and falling.
Talk with a financial advisor about assessing your risk tolerance before you decide where to invest your money. The 529 plan is a great way to save money and get some tax breaks. You can even get tax breaks if your plan loses money, deducting the loss of principal from your income. These benefits combined with scholarships, grants, student loans and private student loans can help you get your child through college.
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Although the grand majority of people see the absolute importance of getting a good college education, many individuals have no idea how they will be able to go about paying for their education. The Astrive student loan is one of the newest student loan options available to students. It can enable you to pay for college sooner that you might think.
What Is It?
The Astrive student loan requires that you borrow a minimum of $1,500 per year in funds to be used in the payment of college related expenses. You can receive up to $40,000 per year in borrowed funds but no more than $130,000 over the entire life of your Astrive loan. There are no out of pocket fees associated with this student loan.
There are three different ways that you can choose to handle the process of repaying your Astrive student loan. For students who attend college half-time or more, you can choose to wait until after graduation to pay back your entire loan. Half-time or more students can also decide to pay interest only payments. The best choice financially, however, is to start to repay your Astrive student loan right away, thus lowering the amount of interest you will have to pay.
You must repay the total amount of your loan within a period of no more than twenty years. The minimum monthly payment on an Astrive student loan is $25. Early payments are encouraged, so no penalty will be charged if you pay your loan off early. The interest rate that you will be charged will depend on your credit history and the type of loan you chose to take out.
You must have lived in the United States for at least two years or be an American citizen in order to qualify for an Astrive student loan. Applicants must have a co-signer and be at least seventeen years of age. You also need to show twenty-one months of established credit. You also need to have been at your current place of employment for at least two years.
Getting Approved
The fastest and easiest way to get approved for an Astrive student loan is to have a co-signer. Regardless of your own credit history, having a cosigner will let you get a good loan with lower fees and interest rates than it would be if you had no co-signer. The time you will have to wait between when you apply for your student loan and when you actually receive the money will also be shortened if you applied with a co-signer. Be sure to mention the name of the college or university that you will be attending and your current status on your Astrive student loan application.
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Have you just graduated from college and now are facing repayment of your student loans? One way to handle this debt after you have finished school is with student loan consolidation You may obtain a low interest rate loan at this time. Federal and private student loans can be combined into one low monthly payment. Loan consolidation can be a money saver and a time saver and constitutes good money management. This can also help your credit score so you will be able get credit in the future much easier.
By obtaining a student loan consolidation you will be able to save money while you pay off both private and federal loans at once..Because interest rates have hit record lows, your new monthly payments will be lower, thus making them easier to pay. The stress of repaying student loans can be reduced after graduation by getting all your loans put into one easy payment..Its a win win situation with a loan consolidation
The decision to reduce your student loan debt with a student loan consolidation may make your future outlook You need to research the information about student loan consoldation to get the greatest benefit from it.The worry can all be reduced with a loan consolidation and you will save money every month with a lower payment overall. Relieving your debt stress can open up doors by not having to worry about making many high rate loan payments. Go online and research your loan consolidation as soon as you can.
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It's that time of the year where every student gets a well-deserved break from the 7 hours, 5-days a week routine. If that didn't at all make any sense, its summer and school is out. And for those who are fresh out of High School, let me applaud you on your huge achievement. It took some of you 12 years, longer for some people but now that you've made it here I'm sure a majority of you are scoping out a higher education.
For those of you who are heading down that path, now comes the next step of figuring out how to pay for your education. You have a multitude of different methods but some are considered better then others. One of those I'll ultimately rule out right now is student loans. Simply because student loans require re-payment. But why re-pay when there are 2 other methods of receiving money for your education and both do NOT require paying back.
On the Same Page with Grants and Scholarships
Both are equally fair and don't require you to pay anything back.
One way these two compare is that both have requirements. The standard of maintaining a leveled GPA is one requirement needed in terms of a scholarship. But this shouldn't be looked at as a downfall if your serious about your education. I'd say look at managing a well-maintained GPA as a challenge to keep you focused.
Just like scholarships, college grants also have requirements as well. Grants are what some call free money, but you must meet certain requirements in order to obtain these. Financial status, physical status and many other factors are brought into play when it comes to deciding whether your qualified for a grant. So before applying for a grant, make sure you understand the terms and conditions to each grant.
Based off the research I've done for the writing of this article and the few bits of information I've soaked up, I think its safe to say that scholarships are a bit more easier to obtain then are grants. Now that is not saying that grants are obsolete when it comes to trying to obtain one.
Quick Look at Grants and Scholarships
I understand many who are reading this want a quick overview of how grants and scholarships compare and don't compare so here is a quick re-cap.
How These 2 Compare:Both have requirements and standards in order to obtain money
Both are provided by private AND public parties
Both only disburse a MAXIMUM amount per semester. This is based off a Careers-And-Education blog I read
Both require filling out an application
Both DON'T require you to pay back money
How These 2 DON'T Compare:Scholarships require you to maintain a GPA level
Grants require you to meet certain requirements in order to obtain one
Scholarships are easier to obtain compared to grants
1, 2, 3 Step to Finding Scholarships and Grants
There are thousands of ways to locate scholarships and grants. Not to mention, the amount of grant money and scholarship money out there is very high. We're talking in the 5-figure numbers. Maybe I'm exaggerating a bit but there really are countless numbers of grants and scholarships to help you pay for college.
As I usually close out all of my articles, it only takes a small amount of research to find a mountain amount of information.
Tags: College, Grants, Scholarships
One aspect of life is, it is a journey of continuous progression rather than stopping and brooding over some trivial matters like finance and others. Education is one vital aspect which enables a person to be circumspect about his needs and aims. But pursuing higher education is itself a costly affair now due to rising costs. So to help individuals carry out their purpose of higher education lenders in UK are providing student loans. This loan covers all the expenses required by the individuals while pursuing their studies like paying admission fees, hostel accommodation fees, purchasing books and computers, library fees etc.
Students loans in UK are offered by lenders in two forms namely secured and unsecured. Secured form of this loan offers a bigger amount with low interest rate and easy repayment schedule. But to avail this loan borrower has to place an asset as collateral against the loan amount. Amount in the range of £5000-£75,000 can be availed under this loan scheme.
On the other hand, unsecured forms of this loan are beneficial for those borrowers who do not have any asset to offer against the loan amount. This loan is approved without any involvement of collateral against a high rate of interest. The amount a borrower is smaller in comparison to secured form and falls in the range of £1000-£25000.
Loan providers of Students loans in UK are very cordial when it comes to repayment schedule of the loan amount. Keeping in mind the borrower's condition, borrowed amount can be paid back after a period of 6 months from the date of activation or after the completion of the intended course.
UK borrower can instantly avail student loans by using the online mode. Online lenders have a faster approval rate than compared to other traditional modes. Various information regarding the loans and lenders can be accessed easily. In fact students with a history of bad credit can avail the loans at better deals by using this mode.
With rationale policies having practical approach student loans UK offer flexible terms and conditions from time to time so that borrower can easily avail the finances at better terms and conditions.
When you are in the universities you might have advanced your career by obtaining one of the student loans. Since you do not have to pay back immediately it is no cause for any worries for your parents or yourselves. Unfortunately the same unsecured loan becomes a problem for you after completion of your academic career.
One of the most popular solutions to the problem is the student loan consolidation. You can have either the Federal loan consolidation or the private loan consolidation. In these days of computer boon even a search is not necessary as you can apply for any such loan online.
Federal Student loan consolidation
The Federal loan consolidation plan for the students is managed by the Federal authorities. It is a fixed rate program of refinancing. In the process all your existing federal student loans are amalgamated into a new one. Such consolidation not only provides you with immediate relief relating to repayment but also has several long term benefits to offer.
Benefits that your derive with such college loan consolidation are:
• Your monthly payables are reduced by nearly 50%.
• The repayment process is made simple and comprehensive with only one consolidated payment per month.
• It could improve your credit ratings considerably.
• There are no checking or application fees to be footed.
• Consolidation process can reduce interests by nearly 0.6% in the grace period available.
• You do not have to run from pillar to post. You can apply and avail loan consolidation benefits sitting at the cool comforts of your own home by applying online.
Payment relief - the basic benefit of student loan consolidation
People opt for the federal student loan consolidation for the basic reason that it provides considerable payment relief. Not only by consolidation your monthly payment turns into one compact installment but also the interests could become lower. The best part of it is that there could be some notable reduction in the principal amount as well.
Moreover the time span for repayment could be extended up to 30 years causing the installments per month becoming tiny in comparison to what you were paying before such consolidation. This will cause you to save money for other immediate expenses and you will not have to fall into the abyss of further loans.
On the other hand such savings could help you make higher payments than the installments fixed that would reduce your payables gradually but at a much faster rate.
Loan consolidation basics
When you opt for the student loan consolidation you can try one-on-one personalized services. The benefits of such services will be that the trained expert professionals in the service will explain you the step by step way to such consolidation process.
The other benefit will be lowering of the consolidation interest loan rate student [http://www.badcreditokay.net] by reducing the premium to one consolidated amount per month. There are several types of Federal student loan consolidation and it will be easier for you to choose the right option with some expert advice to follow.
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Three friends band together to find the best student loan lender that can alleviate their pain from student loan debt. Episode II concludes their journey to freedom.
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The vast majority of students take out a series of loans to see them through college and often end up with a huge debt which then takes them many years to pay off. So, is it possible to pay for a college education without having to burden yourself with loan debt?
The simple answer is yes, but it does take a little bit of planning.
If you start thinking about college far enough in advance then you can begin putting money aside into a college fund and perhaps even enlist the help of parents and other relatives to make regular contributions to your fund. Now this is almost certainly not going to be enough to see you through college, but it can help a great deal.
The next excellent source of money for many students is scholarships and grants. Your own college can be a good place to start as many colleges will have grants and scholarships available just for their own students. Beyond this there are thousands of different sources of grant and scholarship funding available both locally and nationally and it is simply a matter of hopping online and searching for those which you are eligible to apply for.
Having got your pool of free money it is then time to start thinking about earning the money you need to meet your college fees and living expenses and, despite the fact that many people will tell you that you will not have time to fit in a job and that it will detract from your studies, evidence shows that the opposite is true. Most students who work a regular part-time job in college have to organize their time well to fit everything in and the result is that they usually end up carrying their work discipline across to their studies and frequently end up with better grades as a result. Another great benefit is that it also teaches you the true value of money and having to work for an hour to earn just a few dollars makes you far more careful about how you spend that money.
Think carefully however about just what sort of job you want and try to pick a job that you are interested in and that is going to pay well. There is nothing wrong of course with serving burgers in a local fast food restaurant, but if you have some skills then it is far better to put these to use if you can. Remember too that many companies in the area will probably be very happy to employ part-time students and the Internet also provides an excellent source of income, which also has the advantage of normally allowing you to work when it suits you.
Finally, do not forget that some colleges are a lot more expensive than others and will not necessarily provide you with a better education than a cheaper alternative. It might be thought that attending a particular college will provide you with better earning potential but this really is not true. In the vast majority of cases your future prospects have much more to do with how hard you work at college and beyond than they do with the name of the college you attend.
The Department of Education offers several Federal Student Aid programs, one of which is the Direct Loan Program. Direct Loans are some of the most common loans used by universities and college students alike, in part because students can borrow money and pay it back all to and from the same place. Direct Loans offer college students an easy, affordable way to borrow money for college. It provides a way for almost anyone to afford the continuation of their educations. However, before understanding exactly what the Direct Loan Program does, it is important to first understand the specifics of the Federal Student Aid programs.
Without a doubt, the Federal Student Aid programs provide the most widely-used means of financial aid for college students. Virtually billions of dollars each year go to funding college educations. Federal Student Aid programs offer everything from grants - which do not have to be paid back - to loans - which much be paid back, along with the interest - to work study programs, which allow students to work during college (usually at the college). In general, the Federal Student Aid programs include but are not limited to: Pell Grants; Stafford Loans offered through either Direct Loans or the Federal Family Education Loan Program; PLUS Loans, available solely for parents and graduate or professional students (these, too, are offered either through Direct Loans or the Federal Family Education Loan Program); consolidation loans, also available through Direct Loans or FFEL; work study programs; Perkins Loans; and Federal Supplemental Educational Opportunity Grants.
Federal work study programs, Perkins Loans, and Federal Supplemental Educational Opportunity Grants are also known as Campus-based programs, as they are offered only through individual universities.
Now to focus on Direct Loans, which the United States government offers directly (whereas those loans offered by the Federal Family Education Loan Programs are private loans). As aforementioned, Direct Loans offer Stafford Loans, PLUS loans, and consolidation loans. While receiving Direct Loans are relatively easy, there are a few steps which must be followed. For starters, a student must complete the FAFSA form, after which, the university which the student wishes to attend will create a financial aid package that may include Direct Loans. The student then has to sign a master promissory note, assuming he or she wants to accept the loan.
For the entire life of the loan, the student must make payments directly to the Department of Education. This is because Direct Loans are not sold. A definite pro of Direct Loans is their numerous options for repayment. They have four very flexible repayment plans: standard, extended, graduated, and income contingent. No matter which option a student chooses, they can always go back and change it. Before a student graduates, there are counselors who discuss the repayment options and provisions.
Direct Loans is one of the easiest, most rewarding financial aid programs available today. Their repayment options are second to none and they are very understanding when it comes to unemployment deferrals and the like. Students about to embark on the college experience would do well to check into Direct Loans thoroughly, because they truly do have something to fit every student's financial needs.
If you're a responsible individual, then you probably have good credit reputation. It is very important to build a positive credit reputation because you will need it badly once you decide to apply for loans. Admit it, there are times when you lack the needed cash to finance some of your day-to-day expenses. Students especially those in college are faced with a lot of schooling expenses and sometimes, they can't afford to pay for such expenses. Some students drop out of school while others continue their struggle to finish college. if you have a good credit record, then you can easily take advantage of student loans without a cosigner.
What are these loans? Money is required in order to finish a college degree. In fact, without money, there is no guarantee for you to pursue higher education. You will definitely like the features of the loans without a cosigner. All your problems related to education will be solved through the student loans and you have to do is log on to the net.
It is quite simple to avail the student loans without a cosigner and the procedure is quick. Once you log on to the Internet, use any search engine and type the words 'student loans without a cosigner'. You will obtain a lot of results and if you want, you can do some comparisons first before you choose a lender. Make sure that you choose a legal and reputable lender so that you're safe and secure. Once you've chosen a lender, you can now accomplish the online application form. Provide the correct details asked on the form and it can include your name, address, and contact number, birth date, college bank account number, amount of the student loan, and among other information. After completing the form, click the 'submit' button. The lender will first verify all the information you've provided. The loan is usually approved within the day or the next day.
Now, once you receive the loan amount, you can use it to pay off your tuition fee and other school fees, hostel rent, important books, and many others. Always keep in mind that you have to handle all your expenses wisely. Don't waste the loan money by purchasing unnecessary things. Just spend it for school expenses.
Those with bad credit will find it hard to apply for student loans without a cosigner. As a responsible student, you shouldn't apply for multiple student loans, which you can't pay off at the right time. If you practice this, you will grow up to be a good individual and you will have an excellent credit record.
Student loans granted without a cosigner usually ranges from $2,000 - $15,000. The interest rates differ from one lender to another. You need to choose a lender that can offer you a reasonable interest rate but since you're applying for a student loan without a cosigner, it only means that you have a good credit record and so you will be charged a low interest.
Repayment usually starts after you graduate or after you've landed a job. Make the necessary arrangements with the lender so that you can choose a good repayment scheme that can work for you and the lender as well. Take advantage of the student loans without a cosigner especially if you have a good credit record.
About the worst thing that can happen when you are trying to repay your outstanding student loans is default. Defaulting on your student loans can cause a lot of headache in the form of incessant collection calls, high late fees and poor credit ratings.
Maybe you have chosen to ignore your student loan payments in hopes that they will simply disappear, or you have some financial difficulty that makes it hard to repay the loans, whatever the reason you loans are headed for default and you need to stop the downward spiral. Choosing a consolidator with a great student loan consolidation rate can be the end to your worries.
Understanding Default
Defaulting on your loan means that you have not made a single payment within a specific period of time. In some cases you have to have made no payments within a full year to default on your loan. You will usually get some form of notice when your payments are late by postal or electronic mail.
After a while your loan will go into delinquent status and arrangements can be made to bring your loan back to being current. Once the default status is reached, it can be quite hard to regain good standing on the loan. It can take as much as a year's worth of on time, consecutive payments to change your status and credit rating.
Delaying Payments
There are ways to avoid delinquency and defaulting on your loans. If you have federal loans you have the options of deferment and forbearance. With private loans, the best option is usually getting a good student loan consolidation rate and signing up to that program. Consolidating can be a great option for federal loans because they retain their deferment and forbearance options while giving you the benefit of a low student loan consolidation rate for repayment.
Deferment
Deferment is basically postponing your loan repayment without having interest charged (accrued) during that period for subsidized loans. People usually choose to defer their loans when they begin subsequent education programs.
Forbearance
Forbearance can be requested to delay your loan repayments due to income related issues. If you are unable to work due to being laid off or in ill health and do not qualify for deferment you can request forbearance. Some forbearance programs require you to make small payments or none at all for a particular time frame. Forbearance can be requested on the principle, balance or both.
Tags: Consolidation, Default, Prevention, Student
Any college graduate not only receives a diploma, but lots and lots of college loans to start repaying. In order to survive college, you probably needed to get many loans from a variety of lenders. For many student loans, you must start repaying them a mere six months after graduation, whether you've found a job or not. If you got a variety of loans, then perhaps you should consider next getting a student loan consolidation loan. Don't worry about the paperwork. If you managed four or more years of dealing with class registration and final exam questions like "Why?", then you are well qualified to deal with banks and other lenders.
What Is It?
Student loan consolidation loans, although sounding a bit strange, are actually quite common. They work on the same principles as debt relief consolidation loans. Basically, the lender contacts all of your creditors (businesses you owe money to), pays it all off; and then you pay the new guy one payment loan at lower interest rates than all of your original loans.
Now, if you owe less than $10,000 in all of your student loans combined, you may have a hard time finding a student loan consolidation lender. They are a business and are primarily interested in making profit. Less than $10,000 in debt might not be enticing enough for them.
Where Do I Go?
If you have enough debt to make it worth a student loan consolidation lender's time, they'd love to hear from you. There are many reputable in store and online lenders. Don't use any who send you spam. Chances are they are scams. To start your search for a student loan consolidation lender, you can ask your creditors. Refinancing and consolidation loans happen everyday in the wacky world of finance, so they may have solid references of lenders they prefer to do business with.
When you are checking out your prospective lender, make sure it's federally insured. They usually will even proudly display this number in their promotional literature. You might even want to check out federal student loan consolidation terms - yup, you'd be paying back the government. The Federal Consolidation Student Loan has a user friendly website where you can print out your application form and get an estimate on how much you'll save. If you'd rather call, their free number is 1-877-328-1565.
Tags: Consolidation, Looking, Student
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Each year, Federal Student Aid disburses more than $80 billion in federal aid to eligible students and their families for education beyond high school. This message is brought to you by the US Department of Education.
Students now make up 4% of the UK population, this equated to roughly 3.5 million in 2006. According to recent figures each of these students will leave university with almost £13,000 worth of debt! Although this is a staggering figure, unless all tuition and accommodation fee's can be paid for by some other means then there is no way of attaining a degree without incurring a certain level of debt.
There is however, countless ways in which the amount you will owe at the end of your education can be reduced, which are discussed in the second part of this guide; firstly let's take a closer look at how these loans work. For most students, their loan will comprise of tuition fees, which covers the cost imposed by the institution for the education you receive and secondly, a maintenance loan, which covers basic living expenses.
Tuition fee loans are (partly) non-financially assessed loans and are usually payable to the Higher Education provider. The maximum amount for this loan is either the amount of the tuition fees or 3,070euros, whichever is less. It's worth noting that this figure changes and the amount stated here is correct for courses started in 2007 or starting in 2008.
The reason behind the "partly" above is that everyone on an eligible course qualifies for 75% of the maximum loan amount; anything above 75% though is calculated using a sliding scale. This means that applicants from lower income households or single parent situations will be eligible for a larger loan.
Loans for those wishing to study part time work a little differently, to begin with they are officially known as "Part-Time Fee Grant's". In order to qualify for this grant the course must last at least a year but take no longer than twice the time it would take to study the same course full time. Unlike conventional tuition loans, part time grants are wholly based on income and the intensity of study.
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