Free Applications For Federal Student Aid

Are you struggling to get through school financially although not sure where to turn next? Perhaps you have exhausted loan options but are sick of paying large fees just to request for the loan and being turned down anyway at the end? You will be glad to find out that there exists cost-free Federal Student Aid applications available to you.

To get started on discovering more you begin by filling out a Free Application for Federal Student Aid (FASFA). A FASFA is an application for Federal Student Aid and is required for student aid, work-study, and or school grants. It could also be used for some additional private aid.

By going to the FASFA website, you'll be able to submit your free application for any institute of higher learning of your choosing. After sending out your application, you will get a student aid report (SAR). This letter will arrive between 3-5 days with instructions regarding how to access your student aid report (SAR) online. If you prefer a direct copy of your SAR, it can be mailed to your home address provided in the application.

Upon completing an application, you will be asked a variety of personal questions pertaining to your financial status in addition to which school you plan on attending. If you provide all of the information and required signatures, you will receive your SAR. Your SAR will contain information including your expected loan amount plus your data release number. This post is vital to help determine how much Federal Aid money you are eligible for.

When completing the application you will need some information from such items as your social security card, a driver's license and any W-2 forms from a previous year. The school you intend to attend will make the final decision on how much federal aid you are awarded per semester.

In order to receive Federal Student Aid there are several requirements you will need to meet. A few of the criteria you must meet include being a United States Citizen with a valid social security number. You must also have your high school diploma or GED. Those that were convicted of the sale or possession of any illegal substances while they actively receiving a federal loan or grant will have to fill out a separate form, finally you ought to be eligible for aid or partially eligible for aid to receive any additional loans through school.

Completing the FASFA is a free and straightforward method to receive school funding if your family is in need of financial aid. By gathering some fundamental information about you and your family's income with your tax returns and income statements and being prepared prior to starting, you will have your FASFA completed in no time. Learn more at http://www.fafsa.ed.gov/

Michael Saunders is an editor of TopGovernmentGrants.com. He maintains Websites providing resources on small business grants and philanthropy giving.

Original article

Student Loans Can Be Secured Even With a Bad Credit Score

Nobody can deny that education is a significant key to a good financial future. Perhaps at the moment, the world cannot give any certainties regarding the quality of the employment, but for those looking ahead to college terms, getting a student loan to help finance the investment in their future is a priority.

The vast majority of young people know that, without a degree or masters qualification, the chances of getting anything approaching a good start in life, is quite limited. Unfortunately, getting there requires paying significant tuition fees, and a loan is generally required to cover that at least. If the student has a low credit score, then a student loan with bad credit is what is needed.

The idea that loans for students with bad credit is next to impossible to secure is not actually true. It is far easier to get one that many people think. The lender is willing to invest in the future of the borrower, confident that he or she will get the well paid job after they graduate.

How Students Get Bad Credit

Of course, there is some wonder at how someone so young can have developed a bad credit rating in the first place before applying for a student loan. Most college bound individuals are only coming out of high school, so are around 18 years old. The fact is that having no credit is considered by lenders as having bad credit.

While that may seem unfair, the fact is that without any credit history, the lender has no debt repayment pattern to go by. When it comes to approving a student loan with bad credit, then, the lenders are taking a risk against a unknown quantity.

When it comes to approving loans for students with bad credit due to a poor credit history, the matter is more clear cut. This is usually the case when the student in question is a little older. Perhaps they had opted not to go to college straight after high school, allowing them time to attain loans and credit cards and not paid them back.

High Interest Rates

The price for being considered a credit risk is to face a student loan with higher than normal interest rate charges. It is important that the rate is known, and that the terms of loan are clearly understood.

The fact that payment on a student loan with bad credit is usually deferred until after graduation means that the interest can add up over the few years in the interim. Getting the best possible deal is important, making shopping around an essential part of the pre loan agreement process.

Lenders are more open to reducing the interest on loans for students with bad credit if the applicant can come up with some collateral. This can be hard if the student is coming out of high school and has no assets of their own. However, another option is to get a cosigner to act as guarantor on the student loan. Of course, the cosigner should have very good credit if the plan is to work as it should.

Start Preparations Early

If a student is confident of getting that place in college, then it is certainly worth starting on the preparation trail early. This invariably means that when it comes applying for a student loan with bad credit, that there is something for lenders to look at. A healthy savings account with a clear deposit pattern is ideal.

Such good habits are good to get into, and can convince lenders that granting such loans to students with bad credit is not always a negative thing. Knowing that the applicant is committed to finding finances, will make getting the student loan much easier.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com

Original article

Returning Student? Loans for Those With Bad Credit - Some Pointers

With the economic downturn, many adults are returning to the classroom. When jobs are lacking, some folks decide to make up for their loss by increasing their education. But, a lot of them have bad credit. Some of these people never finished their first round of education, or never started, and all were stuck in lower paying jobs. So, because they could not keep up with their loans they invited bad credit and also started taking out more loans. The only good news may be that these folks can be considered for student loans for those with bad credit due to different criteria being used today.

Deferment Factors for Student Loans for Those with Bad Credit

Understand that student loan payments can be deferred until studies are completed. Because of this, some lenders often feel that less risk is involved in giving loans to folks with poor credit histories. They are banking on the fact that these bad credit folks, with a better education, will be able to pay off their student loans for those with poor credit once they get into their better paying jobs. This may allow them to get a student loan in a more facile fashion than they would any other type of loan. A returning student may indeed garner a greater annual percentage rate because he or she is considered a high risk, but at least the student loan for those with bad credit will come through. With the loan being deferred, there is not immediate worry on the part of the borrower.

No Credit Can Be the Same as Bad Credit, But Not Always

Guess who gets the most student loans? Your average seventeen or eighteen-year-old person does not have much credit and technically should not be able to land a loan. But, with not a lick of credit history to their name, mostly because their parents have footed all their bills, manage to get all sorts of student loans. So, no credit is not exactly the same as poor credit. But, for the most part, having no credit means the borrower does not have any history of successfully paying anything back. Who knows what kind of debt load this person can successfully carry. But, lenders will bend over backwards to get this youngster a student loan for those with bad credit, to see him or her through their college career. Their hopes are that this youngster will latch onto a high-earning job once out of school and successfully pay back the loan.

The Problem of the Shady Lender

If you are returning to school, have a less than desirable credit standing, and you are in need of a student loan for those with bad credit to see your studies through, beware of the shady lender. These guys prey on people who have bad credit and who are vulnerable. Their banners and their ads may look promising but keep your eyes wide open. You can find these hucksters on many web venues. Do not deal with any lender who says now or never - move on. If you cannot find a reputable dealer and feel sort of cornered into taking a high interest loan - beware. Have someone a little more financially astute than yourself to examine the contract. These loans can be chock-a-block with confusing language that is constructed just to get you stuck in an awful student loan for those with bad credit.

Do Not Give Up

Whatever happens, do not throw in the towel. At the end of the day, you may have given up hope of ever finding a student loan for those with bad credit you need. Return to the financial aid office at your school and start your search again. You still have options to fund your loan even if you do have poor credit. Just keep on looking, it is there.

Sarah Dinkins is a financial advisor who has been associated with Unsecured Personal Loans since long ago. She also holds a master degree in economics from Harvard University. To find home loans with bad credit and other financial products, visit BadCreditFinancialExperts.com

Original article

Student Loans For College Should Be Borrowed With Discretion

A friend of mine decided when she was in college that she would take out loans to the tune of more than $100,000. I borrowed rather liberally, as well, but I soon discovered that student loans for college should be borrowed with discretion.

One thing that I found out when I first started out is that student loans for college are relatively easy to obtain. This can be a good thing and a very bad thing, especially when asking an 18- or 19-year old to make a decision about how much money they think they need. I decided for two straight years that I was not going to work to help pay for college, but was simply going to live off of the loan refunds that I made and focus on studying. Now, I wish I could go back and change that.

Another friend decided that she was going to borrow student loans for college very sparingly and work full time at a supermarket to help defray her college costs. She had a partial scholarship, which certainly helped, but she had to pay a lot out of pocket. At the time, I thought that was ridiculous, because I was under the delusion that I would actually get a job once I graduated that would pay me enough to repay my loans with relative ease. While some of my classmates who majored in such areas as business and finance certainly did, I, as a psychology major, did not.

I am very fortunate in that I have worked in a couple of areas that have allowed me to make a fairly substantial income to supplement the one that I earn from my 9-to-5 job, but it is still not as easy as I would like for it to be. Student loans for college have taken a lot from my banking account, and while I am certainly happy to have a degree, I really wish that I had planned better.

Now, on the flip side of this, some of us could not have gone to school without student loans, and I was one of them. I had two scholarships to the university I attended, and it still was not enough. That is why I don't want to seem like I am ungrateful for the student loans for college that were available to me at the time, because they really helped. What I am saying is that if I had to do it all over again, I think I would have planned a little bit better and not borrowed quite so much. I think it would make it a lot easier on me today.

Original article

University Financial Aid - Points to Ponder

When looking for university financial aid opportunities, you should be aware of several things. Finding aid is challenging and you need perseverance for your research and applications. When you begin, there may be a lot of different options that you are not aware of so make sure to not leave any stone unturned. What can be intimidating about University aid offers are all the necessary requirements that need to be fulfilled in order to qualify for the aid.

Finding suitable student loans is only one part of the puzzle; you also need to be thinking about financial aid disbursement. Once you have finished your studies, you need to pay off your debts. The method and terms of repayment often vary depending on the conditions and type of financial aid you receive. Remember that aid policies can vary depending on fields of study, so be particular about the details. Just because your friend received excellent repayment terms does not mean you would also be entitled to the same generous condition. Prior to finalizing any applications, make sure you will be able to find the means to pay back the loan. Some repayment plans have grace periods, where the repayments start, for example, 6 months after you finish school. Theoretically, this gives you the time to find employment before you need to pay back the loan. However, it is easy to create a repayment plan ahead of time and put some money aside as you receive your student loan.

In some cases, for example when the financial aid arrangement is through the University, policies allow students to pay off their debts by working in the institution. Depending on the courses you have completed, this could mean a position as a research assistant, a teaching aid or even an instructor. Make sure that you have a clear understanding of these kinds of potential terms and conditions prior to filing out any aid policy applications.

Financial aid is a great opportunity for people who are in need of assistance and support for their studies. But they involve repayment, so you need to make sure that the payment terms are feasible and always double-check the details. It is best to analyse the applications very carefully to avoid any potential problems regarding your finances. The consequences of not being thorough in the beginning can lead to stress later on and have a lasting effect on your credit history.

For more information about university financial aid and financial aid disbursement visit our website universitiesfinancialaid.com.

Original article

Student Loan Consolidation - Getting Out of Debt

A college education today more often than not entails a huge amount of student loan debt. In some cases, multiple loans are required to cover the expenses of a good university education. Upon graduation, the challenge then becomes the urgent need to eliminate that debt in order to move on to other financial obligations like mortgages, car payments, etc.

One practical way to get rid of your debt is to consolidate your loans. Here are the basic things to know about consolidation of your loan:

What is educational loan consolidation? It is essentially combining multiple student loans to enable only one monthly payment as opposed to two or more. This is a great option that provides help for managing finances.
How does one qualify for loan consolidation? The law states that only Federal loans can be consolidated with other Federal loans. Private loan consolidation depends entirely on the individual lenders.
How does student loan consolidation help in you payoff student loan debt? By providing an easier way to manage your finances to help you keep track and payoff educational loan debt in a timely manner, you'll be able to get rid of these loans quicker.
Does loan consolidation affect my interest rates? The short answer is: it depends. Most student loan consolidations however have a fixed interest rate that is lower than the person loans' interest rates combined. This will greatly help in reducing the monthly payment amount for loans and will help to get rid of your loan faster and more effectively.
How does one apply for educational loan consolidation? For private loans, organizations like Student Loan Network and NextStudent can offer students help and payment options and advice to help you in paying off your all your student debt using strategies that will fit your income and financial capabilities. Always canvas and compare financial institutions first before selecting one and it's important for you to read and understand the fine print before signing anything to avoid confusion in the future.

Some graduate students have found it necessary to consolidate their educational loans when applying for a mortgage on a house.

An Alternative

Consolidation simplifies the repayment process but does involve a slight increase in the interest rate. Students who are having trouble making their payments should consider some of the alternate repayment terms provided for federal loans. For example, income contingent payments are adjusted to compensate for a lower monthly income. Graduated repayment provides lower payments during the first two years after graduation. Extended repayment allows you to extend the term of the loan without consolidation. Although each of these options increases the total amount of interest paid, the increase is less than that caused by consolidation.

Genevieve LeBlanc has helped many students Legally Eliminate their student loan debt. If you need a step-by-step guide on how to actually Eliminate your student loan debt, Please visit http://www.studentloanpro.org/. Here, you will discover a comprehensive and easy-to-follow tutorial on how to Eliminate Your Student Loan Debt Forever.

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Get a Bad Credit Student Loan to Further Your Education

If you find yourself unemployed and feel that furthering your education would help you in the job market, you are not alone. But many adults find themselves in the position of having bad credit and wonder if they can get the financing they need to get the education they need. That usually puts the kibosh on their seeking to further their education. They do not realize that they can land a bad credit student loan.

Regular Loans Different From Bad Credit Student Loans

Of course, bad credit can hamper your ability to land a traditional loan. But getting a bad credit student loan is a somewhat different process with benchmarks regarding credit history, bad or otherwise, not coming into play as much as for traditional loans. The nation is going through an economic trial, but the vitality of the economy in the future is dependent on education. The nation needs to retain the technological advantage it now holds. A fact important to remember is that no credit history is pretty much the same as having a bad credit rating. You need to prove yourself to the lending industry by establishing a good payment record or repairing the one you already have.

Financial Need Benchmarks

Though you may have a tarnished credit history, you will be happy to hear that most student loans are based on financial need. Of course, this means that you can get enough of a loan to finance your education, but there the limit lies. Your first step will be to fill out a Free Application for Financial Student Aid, or FAFSA. You can find the document online and fill it out there. All the information you will need is documentation to affirm basic information about your household and you will need recent tax return records.

Government Bad Credit Student Loans

Having filled out the FAFSA, you are ready to continue your search for funding. The federal government is the first option you should investigate. The federal Department of Education does not just dispense grants. It also offers a variety of loans mostly based on your financial need, among other lesser important information. While some of these government loans are dispensed directly by the government, often they are provided through a bank or another lending financial institution.

Check With the Financial Aid Office of Your School

When you are applying for entry into the school you have chosen, it would be a good idea to stop by the financial aid office of the educational institution. The experts in those offices are well qualified to give you information on bad credit student loans. Many schools have already made arrangements with lending institutions. Because of their arrangements with the school these lenders usually offer very lenient requirements. It is the financial need that is the focus.

Take the Advantage

If you are unemployed or under-employed, use the time wisely. By furthering your eduction you will be providing future opportunities for yourself and your family. And you can do it without having perfect credit or a lot of money stashed away. No matter the venue you choose to advance your education, you will be able to find the financial aid you need, most likely in the form of a bad credit student loan.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com

Original article

Student Loans Can Be Cleared in More Than Just One Way

Lenders tend to share the same opinion that student loans should be offered on more flexible terms that other loans. This is great news for students, who might otherwise seriously struggle to handle the financial pressures. But, the loans will have to be repaid eventually, meaning the debt hangs over them until graduation.

The idea of the scheme is that a student graduates, gets a job and then repays the loan, by which time the interest built up will be substantial. In fact, loans for students are highly flexible because even when it comes time to pay, the repayment schedule can be negotiated.

Not only that, but periodic payments when a student is flush, usually after the summer break spent working, helps to reduce these loans to cover student expenses and fees. In fact, there are a number of ways in which graduates can repay their loan debt.

Repaying Independently

The most obvious method is to simply pay the student loan off though an agreed monthly repayment plan. This can usually be done automatically, with the money required simply taken out of the salary figure deposited into an account on pay day. This works well because of the structure, but the only catch is the graduate needs to have found a job.

The advantages to lenders offering loans for students is that they tend to develop a healthy relationship with their young customers. But part of developing that relationship is to be flexible. For that reason, it is possible for students to meet with their loan officer and work out an affordable repayment scheme.

The fact is that loans to cover student expenses and college fees can add up to quite a lot over the course of university life. By the time of graduation, the student might own $150,000. So, negotiating a workable repayment solution is essential. It may take 15 years to repay the loans, but it can be more easily handled that trying to pay the sum over 5 or even 10 years.

Debt Consolidation

Of course, it is possible too that student loans came from a number of sources. For example, the loan from one lender for $25,000 was added when extra cash was required, of $5,000. Perhaps one or two other loans were picked up along the way, as particular financial difficulties cropped up.

The sheer number makes it necessary to consolidate all these loans for students into one management figure. This simplifies the situation, reduces the repayment amount, and can effectively lessen the financial burden.

Unfortunately, because the lenders have already been patient in issuing loans to cover student expenses and fees with a repayment delay of maybe 5 years, the interest rate can be high. Over 20 years or more, the total interest paid can be huge, but the important thing is that the repayments are manageable, and not a struggle.

Alternative Payment

There are other ways to pay student loans, without having to actually pay any money. For many, this is a very attractive prospect, but of course nothing is for free in this world. The scheme involves a graduate either serving their debt in the armed forces or doing community service.

This method is referred to as loan forgiveness, and allows the graduate to write off a large portion of these loans for students each year, and over a number of years pay it off completely.

Under the GI Bill, for example, military service will wipe as much as $20,000 off the debt, while a further $5,000 per year will be removed from the total owed if the graduate teaches in deprived urban areas or in isolated rural communities.

In this way, loans to cover student expenses end up helping to get these same students involved in community activities.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at FastGuaranteedLoans.com

Original article

Another Reason To Kill DOMA: College Financial Aid

The Free Application for Federal Student Aid (FAFSA) isn't known for being easy to complete. For students with two same-sex parents or with same-sex spouses, however, filling out the form accurately can be nearly impossible.

The form requires most students under the age of 24 to give information about their parents, including their marital status. "What is your parents' marital status as of today?" the form asks. Compared to items about gross income and net worth, this question - number 58 on this year's form - seems like an easy one. But there are only four choices: "Married or Remarried; Single; Divorced or Separated; or Widowed." Elsewhere, the form asks students the same question about themselves, and offers the same four options.

Because the FAFSA is a federal form, it must use the federal definition of marriage. Under the Defense of Marriage Act (DOMA), that still means one man and one woman. Married couples who don't fit that definition cannot be listed as married on the FAFSA. The form gives spaces to record information for a "mother/stepmother" and for a "father/stepfather," but it offers no blanks for those who need to put in a second mother or a second father.

According to a recent, and thoughtful, New York Times article on the problem, children living with two legal parents of the same sex are supposed to fill out the form as if their parents were divorced. Students who are themselves married to partners of the same sex are advised to complete the form as if they were merely living with their partners. (1)

The result is a narrow model that lapses into arbitrary and irrational results whenever students fail to fall within its unrealistic definitions. Simply because of their parents' or spouses' genders, students coming from the same financial backgrounds can end up receiving vastly different amounts of aid.

DOMA is quickly and rightly falling by the wayside because of its fundamental unfairness and its lack of grounding in any sound legal principles. A federal district court in Massachusetts and two bankruptcy courts have found the law unconstitutional, and the Obama administration has said it will not defend the statute on appeal. On the legislative front, a measure called the Respect for Marriage Act, which would repeal DOMA, is currently moving through the Senate Judiciary Committee. If Congress doesn't manage to take action first, I believe the Supreme Court will eventually confirm that DOMA is invalid.

The issues raised by the FAFSA, however, show that there is also a more pedestrian reason for eliminating DOMA. As states, municipalities and individuals come to accept gay couples and gay parents, the law is becoming increasingly impractical. By attempting to address an imaginary society in which marriages involve only people of different sexes, forms like the FAFSA leave government agencies unable to deal with reality as it exists now.

Like it or not, same-sex marriages have already become a part of our social fabric. States that permit such unions are not going to turn back, and others will join them. Thousands of same-sex couples are legally married already; forms like the FAFSA need to be able to reflect that. It makes no sense for two college students in identical financial circumstances to receive very different amounts of financial aid, merely because one comes from a household headed by a same-sex couple. The law is catching up to this, and when it does, FAFSA will too.

Source:
1) The New York Times, "For Children of Same-Sex Couples, a Student Aid Maze"

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Get a Student Loan With Bad Credit: It's Easy

It's quite obvious that the current job market is in a sorry state. Therefore, many people who are unemployed or who had to take a salary cut after losing their job, the only viable option left is to go back to school and start a new career. Unfortunately, education in this country does not come cheap. Therefore student loans are essential. But where does that leave people with bad credit?

Student loans, unlike almost any other loan you can get, operate on a different level, however. This makes getting a student loan with bad credit easier than you think. However, before you start your search, consider the following facts about gaining educational funding through student loans.

Student Loans Are a Different Animal

When you apply for any type of loan, especially an unsecured loan, the state of your credit is of the utmost importance in determining your eligibility. However, in assessing your qualifications for most types of student loans, credit is not a major factor taken into account. Why is this? Well, in the case of student loans, bad credit is not as important because of the purpose of the investment as well as the rules for repayment.

First, the idea behind going to school for a new job or further training is helping yourself to make more money. Since your income will increase as a direct result of this loan, the lender sees the investment of the money as a good idea. Though you may not have the income to support the repayment of this loan now, after finishing your education you will.

Also, the rules for the repayment of student loans are often much different than what you are used to in other cases. Often, the loan will not need to be repaid until you have completed your education. Sometimes, only the interest will need to be repaid, which is generally a very low amount. This means that both your poor credit and low income will be less of a problem.

Finding the Right Loan

There are several different methods that you can use to acquire a student loan with bad credit. The first of these methods begins with the completion of the Free Application for Federal Student Aid (or FAFSA). This form will let you know your eligibility for different programs sponsored by the federal government.

The completion of your FAFSA will also help you to see what levels of funding are available and at what rates. Generally, loans sponsored by the government carry very low, fixed interest rates and some do not even accumulate interest until after you finish school. Therefore, it is important to look at the many offers presented and then to assess each honestly.

Private Lending Options

Once you have gone through the offers for government-sponsored loans you may still find that you need additional funding, especially if you want to attend a more costly private institution. That is where private student loans come into play. Bad credit may have more of an impact in determining your qualifications for these loans, however.

Online lenders generally offer the widest variety of options for student loans with bad credit. These lenders specialize in helping people similar to yourself and can also provide you with tips for managing the payments after you finish your education because choosing to go back to school is one of the most important moves that you can make to help your financial future over the long term. Finding a student loan with bad credit is not only possible; it's easy.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

Original article

Student Loans Are the Most Manageable Option to Pay for College

For every student heading to college, there are several factors to face. A new chapter of their lives is set to begin, while the first taste of true independence is in the offing. However, the realities of paying bills and organizing personal finances are also set to be handled for the first time. Between paying fees on time and everything else, a student loan is the ideal solution.

There are a host of challenges that students face during their college lives, and wrangling with financial pressures is a major one. Unsurprisingly, there are several options to avail of, but loans to students tend to offer much more, and are certainly accessible by anyone.

Some of the differences between the range of student financing options are small, but while scholarships, for example, are exclusive in nature, loans are more open. They can be applied for by anyone and the sum can cover any particular aspects of tuition or living expenses.

Deferred Repayments

The most attractive part of a student loan is the fact it does not have to be repaid until the borrower has graduated. The reason for this is simply the realization that students are rarely flush with income, and therefore cannot be expected to make monthly repayments.

In offering loans for students, lenders are willing to wait and trust in the ability of the student to earn in the future. This policy benefits both parties since the student only faces his or her debt once they begin earning, and the lender enjoys a positive image by showing compassion, instead of insisting on making profits.

Of course, this kind of student financing does not cost the lenders much at all. The interest rate remains intact, and once graduation has past the full debt will become subject to repayments.

The Alternatives

The alternatives to a student loan include scholarships, college financial aid and fee payments through installments. And while all three are availed of by individual students, they each have some issues that work against them.

When it comes to scholarships, the problem is fairly clear. Unlike loans for students, this payment option is completely out of the hands of the student, and is exclusive to whomever the particular college decides to offer the scholarship to.

In fact, this option is open to those who excel at sports or at academics, but are typically limited to a small number of students.

As a form of student financing, a very popular option is financial aid, but this too is available to only a limited number of students. While scholarships may mean fees are paid in full by the college, financial aid means that students can find some emergency funding to alleviate financial woes.

The financial aid office offers student loans only to those that are in real need of help, thereby qualifying their activities as something of a rescue operation. For this reason, not everyone can avail of their services. The reason for this is that the fund made available is seriously limited, so the sum of loans to students in trouble are limited, and is quite low too.

The final alternative is payment of fees directly to the college in installments. This seems like a good, well structured student financing option, but there are two draw backs. Firstly, to make this work the student has to earn a salary of some kind, and of several thousand dollars per month.

Secondly, such an arrangement only relates to college fees, meaning living expenses are not addressed. With such pressure to meet each fee installment, food expenses, and heating and electricity bills may go unpaid.

A student loan, however, can cover everything and with no pressure of payment until after graduation.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

Original article

Debt Slap! A Student's Guide to Managing and Surviving Student Loan Debt

A university degree is essential in surviving today's ultra-competitive work environment. In the pursuit of a college education however, the added challenge of having to get rid of student loan debt has become a burden in these tough economic times.

Help is available for students in debt and these tips will help in ensuring that you'll be able to payoff your student debt in the shortest time possible.

Pay the interests while you're still studying. If possible, try to stay current with the interest of your loan to avoid having to pay for the loan plus interest in your monthly payments. Depending on the amount of your loan, it could range from $25-$50 per month, an amount that isn't big in hindsight. By graduation, you'll only need to pay for the amount that you were lent without the interest. This will help get rid of student debt faster.
Avoid unnecessary purchases. Buying one new video game per month could cost somewhere in between $500-$600 per year, a big amount that could help you eliminate student loan debt. Three cups of designer coffee everyday could cost up to $100 in a single month. Being able to curb spending temptations would be the greatest help that you can do for yourself in reducing your debt faster.
Record ALL your financial transactions every day. All meals, energy drinks and gas expenses should be recorded so that you'll have a complete and extensive list of where your money is going. This will help you in creating daily savings that you can use to payoff your educational loan and to see where you can cut back on expenses. Staying on top of your financial situation is the main key to managing your debts.
Know and understand everything about your student loan. What are your future payment options? What additional charges will you incur in specific situations? These are the things that you need to know in order to effectively plan your strategy on how to eliminate student loan debt.

It's important to always be mindful of your financial situation so that you won't be struggling to figure out where to get your next monthly loan payment from. Know your financial strengths and weaknesses and know that student loan debt doesn't magically disappear upon graduation. The sooner you create a financial road map for yourself, the easier debt payment will be in the future. Keeping your financial situation in order requires hard work, discipline and dedication. The sooner you put these tips in action, the sooner you will be debt free. A place where you want to be sooner rather than later.

Genevieve LeBlanc has helped many students Legally Eliminate their student loan debt. If you need a step-by-step guide on how to actually Eliminate your student loan debt, Please visit http://www.studentloanpro.org/. Here, you will discover a comprehensive and easy-to-follow tutorial on how to Eliminate Your Student Loan Debt Forever.

Original article

Can I Get Private Student Loans Without a Co-signer?

It is well-known that there are two types of student loans - private and federal. It is lesser known that the requirements for each are vastly different. Federal student loans are primarily need-based while private student loans are predominately based on income. Since private student loans rely on income statistics, an individual's credit score is the main determinant as to whether or not the loan will be issued. If you have bad credit, or little to no credit, it can be quite difficult to receive a loan without a co-signer. Conversely, if you have good credit it much simpler to qualify and get fast approval for a private loan without a co-signer.

Keeping it Real

This is the way the world works: you are only as good as what you can prove on paper. At one time, students could receive private student loans without the need for a co-signer. However, since the economy has been flirting with a second Great Depression, credit lenders have tightened their purse strings and imposed more stringent qualifications. If an individual doesn't have good credit and applies for private student loans without a co-signer, it is a complete waste of time since lenders heavily rely on credit scores. Co-signers are needed as a type of safety net for the lender; should the borrower renege on his repayment obligations, the co-signer becomes legally responsible for the loan and any remaining balance.

What Can I do to Get Private Student Loans without a Co-signer?

Since the days of "free" credit are over, many borrowers are left wondering just how they are going to pay for their education. If you do not have the benefit of a co-signer and are looking to apply for private loans, there is only one thing you can do to improve your chances of receiving the loans you seek.

Make improvements to your credit score - this refers back to the keeping it real section since paper is proof. Improving your credit profile is the only way to raise your credit score; this is often not the best option for most borrowers since it is an extensive and lengthy process that has limited immediate results. It is best to plan ahead; if an individual is planning on attending college, he should do all that he can in the previous months to glam up his credit report.

So What's Next?

If the above steps fail, the only other available option is to pursue federal loans. The biggest selling point for these types of student loans is that a co-signer is not required. Assuming the financial need can be quantified, just about anyone with a pulse can get a federal student loan. These particular loans tend to have lower interest rates than private loans and have easier approval processes.

All in all, receiving private loans without a co-signer is an arduous task. If you have a negative credit history and a co-signer is unavailable to you, it is best to prepare early. If your credit profile cannot be repaired in sufficient time, consider the advantages of a federal loan in order to maximize the amount of financing you can receive to attend college.

Original article

Be an Informed Consumer - Understand Those Student Loan Terms Before You Sign

The smart thing to do before you actually accept a student loan would be to read the fine print - the student loan terms and conditions. You do have a choice to shop somewhere else if the terms of your loan seem unfair.

The thing is, people spend the best years of their life paying off their student loans. These aren't years that you want to waste on an unfair contract. The more careful you are signing the contract, the better it'll be over the long term.

Let's take a quick look at some of the student loan terms that you're likely to come across on any kind of student loan, and see how you should assess them. This isn't really a very complete list though. It just touches on the most important points. Before you actually sign a contract, you should probably talk to your school's financial aid administrator to really understand your contract.

Let's start with the interest rate - something that most people agree is the most important part of your loan. This is the percentage of your actual loan amount that you will pay them every month for the privilege of using their money. Now the rate may either be a fixed percentage or it may be a variable sum - where they reserve the right to change the interest rate from time to time. And they may charge interest on the main loan alone or the loan plus other fees added.

Should you be alarmed if it's a variable term interest rate? Federal Stafford loans usually use variable rates. But just because it's variable, doesn't mean they can put in any number. They usually specify how high it can go. When the interest rate kicks in, some loans will charge you interest only once you graduate. Others will charge you interest from day one. Make sure you understand all the student loan terms to do with this.

Every loan on earth comes attached with a few charges and fees. And student loans are no different. You'll find that the point at which you actually receive your loan, they charge you something called origination fees. Sometimes they charge you this when you actually begin to repay the loan. And there will be penalties for when you miss a payment come the day that you begin repaying your loan.

You need to take a look at your student loan terms to find out if they take these fees out of the loan that they're giving you and only give you the remainder. Other lenders will just add the amount of the fees to the loan. And you have to pay interest on that too. That isn't a very pleasant prospect, needless it is to say.

And finally, take a close look at how long the loan is for. The longer they give you to repay your loan, the longer you'll be making those monthly payments. And it actually adds up to more money.

Original article

Private Student Loans Make College Affordable for Bad Credit Students

College was never meant to be a free ride, and for tens of thousands of students every year, the realities of meeting costs can be crippling. No wonder then that so many turn to private student loans to help pay their fees and cover their living expenses.

Of course, trying to get financing when already with a bad credit rating can be very difficult, but there are two routes available when seeking loans for students. First is the public loan route, and second is the private loan route, and for any student applying for loans, there are some details that are very much worth noting.

Private vs Public

The key difference between private student loans and their public counterpart is the sum limitation that exists. Generally, the public option is limited to around USD20,000 because of the fact that the federal government is putting the cash up. This may be enough to cover partial fees or for full fees at some of the smaller colleges, but loans for students at the lager schools will have to be a lot more.

Meanwhile, the public student loan option is only offered to a certain group, with income qualifications needing to be matched before an applicant can qualify. The exclusive nature of Perkins loans, for example, means for many it can be ruled out as an option from the start, ensuring that students applying for loans are forced look elsewhere.

The private option, however, is far less fussy. The only real criteria that matters is that the loan can be repaid. But given that repayments usually do not begin until after graduation, it is something that can be prepared for over the course of college.

Terms an Rates

It can be confusing to look at the varying interest rates on private student loans, but there are good deals available. Even if bad credit is an issue, there are private lending banks that are happy to approve a loan, though the interest rate will be higher due to the conditions.

While public loans can offer pretty good deals, and in some cases better than private, loans for students are probably best coming from private lenders because of the terms of repayment available.

The fact is that for students applying for a loan, there is a greater flexibility and range offered by private lenders. Public loans, by comparison, usually have very strict terms, locking the student into a commitment to repay the loan in full within 10 years of graduation. But private student loans can be repaid in anything up to 30 years, meaning there is less pressure and more time to get on your feet.

Extra Factors

Of course, college students are not usually very experienced in the way of the financial world, which is why lenders look at some extra factors before agreeing to approve a private student loan. These include the credit history of the parents of the applicant as well as the applicants history.

With this in mind, it is not a bad idea to get a cosigner for the loan application, thereby guaranteeing students applying for a loan have someone who can cover repayments.

In general, loans for students are an excellent solution to meeting college costs, but there are always pitfalls to watch out for. What is important is that the right loan option, for the right sum and at the right interest rate and agreed repayment schedule is secured. Private students loans offer the type of flexibility every student is in need of.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

Original article

Subsidized Student Loans

With so many different lenders and nearly innumerable types of private loans, a potential borrower can easily become distracted by all the hubbub surrounding his financial aid situation. These newbies should know that in the world of educational financing, subsidized student loans reign supreme. Subsidized student loans offer the best choices for borrowers looking to supplement or completely pay for their educational expenses.

What is the Difference?

Students new to the financial world are often confused by the jargon, thus leading to an incomplete understanding of exactly what they are getting themselves into. Although both subsidized and unsubsidized student loans are issued as federal loans, there are a great number of differences that make each type of loan unique.

The subsidized student loans are based solely upon financial need and have set maximum amounts a student may borrow per school year. The greatest advantage to this type of loan is the lack of accruing interest during periods of college enrollment. The federal government will pay the interest on the loan for as long as the borrower is enrolled at least half-time in a college or university; this also holds true during times of deferment episodes.

The unsubsidized student loans are not based upon financial need but still have preset limits that a student may borrow for each school year; it is important to note that the maximum amount that can be borrowed differs for each type of federal loan and varies according to class status. Unlike the subsidized loans, these loans accrue interest from the issue date and during deferment periods.

Do not panic if you receive a statement declaring the amount of accrued interest on an unsubsidized loans; these are merely required quarterly updates to inform you of your loan status. Payments are not due on either type of loan until the borrower has graduated or dropped below the required minimum number of credit hours per semester.

Do I Qualify for a Subsidized Student Loan?

Many people fall within the requirements to be eligible for a subsidized loan; the borrower must have the following prerequisites:

1. Be a United States citizen or eligible non-citizen
2. Hold a high school diploma or equivalent certification
3. Enrolled half-time or more in an accredited educational institution
4. Completed the F.A.F.S.A.
5. Be current in any existing federal loans

Loan amounts are based on the F.A.F.S.A results; once this paperwork is completed and processed, the Department of Education and your learning institution will determine if you are eligible for a subsidized student loan and the maximum amount you may borrow. Take note that although you may be offered the maximum amount of money (i.e. $5,500), you may borrow the whole total or just a portion (i.e. $3,000) with the same terms applicable to both amounts.

Don't let financial terminology confuse you and make your financial decisions harder than they need be; do your homework and get comfortable with common words and phrases. Although unsubsidized and subsidized student loans sound similar, the differences between the two can result in less debt and greater financial freedom after graduation. Taking the appropriate steps to prepare yourself with this knowledge will all but guarantee smooth sailing through the uneasy financial aid waters that lie ahead.

To gain more knowledge on how and where the subsidized student loans to be used visit Student Loan Refinance Rate

Original article

Knowing Your Choices for Student Loans and Grants

Continued education is usually a pricey endeavor, but it can be something that can give you higher success later on in life by having a far better employment along with much higher paying earnings. For the people having little income and don't have money saved for financing a higher education, how could you begin to pay for your college expenditure? Luckily there are school scholarships in addition to school loans which could really aid you to pay for the college degree. But, some of these grants and student loans for higher education are getting to be a tiny bit harder to find nowadays. As a result the ideal thing you should do should be to uncover all your choices and apply very early on to boost your odds of qualifying for the money.

There are lots of forms of secondary education scholarships obtainable around, but the most popular ones are those that are funded by the government. These are generally broken into two classes. The need based grants along with the academic performance based scholarships. High school students who didn't perform very well in high school or don't have an excellent prior academic standing are still able to receive a government supported college loan when using the need dependent grants. All these grants offer men and women the ability to manage their own college education based on their income. Your academic performance scholarships conversely are only given to students who have established exceptional academic accomplishments and also have higher scores on their transcripts.

In addition to government dependent scholarships, you will find private grants that are awarded to young people who satisfy specific conditions. These can be funds intended for individuals that belongs to a specific minority group, go with a specific occupation, or have shown fantastic educational achievement. Most of these awards may be a tad tougher to seek out and you'll need to contact private organization to find out if they are awarding them to individuals.

Other then scholarships, there are also the student lending options. There are actually boundless student loan solutions these days, though the widely used kinds that folks go for are the types funded by the government. These loans are offered to every college student. These personal loans could be small or big and are meant to help accommodate the student's requirements. You'll also be happy to know that because these are student loans, they don't really have stringent conditions and they'll have lower loan rates compared to regular financial loans. Nonetheless, since they're still personal loans, you must repay it once you have finished your education. As there are so many different forms of loan options around, you will want to research the numerous choices of both federal government based college loans and also private college loans. You ought to consider getting the most beneficial rate of interest that is offered.

A good general process is to apply for every one of the available college student scholarships that you can and calculate the amount of money you can expect to get from them. After that when you're still short on money, you can apply for a loan. Only take out a loan in the amount of money that you will need so that you can cover your college costs and do not borrow a lot more then you need.

Robert Winshine knows that looking for the very best loans to pay your way through school is definitely a tough endeavor, but it is certainly not impossible. Always make sure to research the variety of student loan choices on the market such as the grants to pay off student loans which can really help to provide the funds you need to have that will pay for higher education.

Original article

Student Loan Consolidation Rate

Most college students will rack up thousands in student loan debts over the course of their academic career. Whether these be federal or private student loans, the interest rate greatly affects how much the borrower will repay over the next twenty or thirty years. Most borrowers opt to combine all of their loans in order to get an overall loan consolidation rate that is considerably lower than the individual rates.

Federal vs. Private Student Loans

Most students will have to take out both federal and private student loans in order to pay for all of their educational expenses. Both types of loans have their advantages but what most people do not realize is that these two loans can never be combined; like must be merged with like. If you are considering consolidation as a means for a more reasonable interest and lower monthly payment, you will still have two separate bills each month. The good news is that for the majority of borrowers, the combined student loan consolidation rate is often lower than that of the separate accounts. So, even though you will still have two accounts to contend with, one federal and one private, it is often beneficial in both short- and long-term positions to take advantage of the lower rates and complete the consolidation process.

How is a Student Loan Consolidation Rate Calculated?

Like most things in the financial world, interest rates vary from day-to-day and from borrower to borrower; there are numerous factors that contribute to what an individual will receive as a consolidated interest rate. As each consolidation case is unique, it is difficult to judge precisely what the new interest rate will become. Generally speaking, the new rate will be the weighted average of the current loan rates. For example, if a borrower has two loans with a seven percent interest rate and three loans with a five percent interest rate, the new rate would be calculated as follows:

There are five individual loans; two-fifths of the loans are at a 7% interest rate plus three-fifths at a 5% interest rate. Multiply the individual rates and the weighted average (rounded to the nearest eighth) becomes the new loan consolidation rate.

New Rate = (.07 x.40) + (.05 x.60)

New Rate = (2.8%) + (3%)

New Rate = 5.8%

Basically, the new consolidated rate is equal to the rates the borrower were initially paying but now the loans are combined into one payment that typically has a more flexible repayment program with affordable monthly installments.

What are the Benefits?

Most borrowers prefer to consolidate for the ease and convenience of having one all-inclusive payment; even if they have federal and private loans, two accounts are easier to manage than five or more. The major benefit from loan consolidation comes into play if the borrower has certain federal student loans. Some of the federal student loan consolidation rates are capped at 8.25%. Thus, if a borrower had several federal loans with interest rates above this number, he can save massive amount of money by consolidating at a lower interest rate.

Overall, consolidation benefits most borrowers by allowing longer repayment periods, smaller monthly installments, and a typically lower overall loan consolidation rate.

Original article

Student Loan Forgiveness for Nurses

Every list that rates the fastest growing job opportunity industries rate the healthcare field as number one. Nursing jobs rank high on the healthcare jobs that will experience growth in the next few years. Nursing is a rewarding field of work, and the shortage of qualified nurses almost guarantees job security.

Education for Nurses

Most nurses must have a bachelor's degree in nursing to qualify for the top nursing jobs. In tough economic times, many potential nursing students may hesitate to incur the debt of a four year degree. But, there are opportunities to obtain the nursing degree, work in an industry with high job satisfaction, and have portions of the loan forgiven. Even nurses already working might qualify for a student loan forgiveness program.

Student Loan Forgiveness for Nurses Programs

The College Cost Reduction and Access Act of 2007 makes it possible for nurses working full-time in public service jobs to qualify for forgiveness of their eligible student loans. The nurse must have already made 120 monthly payments on their loan while they are employed. After those 120 payments have been made, the nurses working in public service jobs will have the remaining amount of the loan forgiven and will not be responsible for repayment.

Types of Loans Eligible for Forgiveness Programs

Any loan that has not entered into default would be considered eligible for loan forgiveness. These types of loans include:

Federal Direct Stafford/Ford LoansFederal Direct Unsubsidized Stafford/Ford LoansFederal Direct PLUS Loans - for parents and graduate students

Other types of loans may also qualify under the student loan forgiveness program if they are consolidated into a Direct Consolidation Loan. One caveat is that any payments that were made before the consolidation will not count towards the 120 month payments that must be made before the loan is forgiven.

Nurse Eligibility

A registered nurse will be considered eligible if they have completed their training and received a nursing diploma, associate's degree, bachelor's degree or graduate degree and is licensed in their state of employment. The degree must be conferred from an accredited school in the United States.

Eligible nurses must be employed full-time, working at least 32 hours per week at either a non-profit facility or as a faculty member of a school of nursing. The nurse has to be a United States citizen or a National and Lawful Permanent Resident.

Non-profit facilities that are considered include:

HospitalsFederally Qualified Health Centers, Indian Health Centers, Rural Health Clinics, Native Hawaiian Health CentersNursing HomesHospice ProgramsHome Health AgenciesSkilled Nursing FacilitiesAmbulatory Surgical CentersState or Local Public Health or Human Services Departments

Potential Nursing Students

If you want to embark on a career of helping people but are uncertain about the high cost of education, entering a nursing school and giving back two years to work in a qualified medical facility might be right for you. Through the Student Loan Forgiveness for Nurses Program a substantial portion of your loan would not have to be repaid. Plus, you would be helping vulnerable populations in need of care.

Steven C. Brown is helping nursing students prepare for the TEAS test. Read more about the best nursing jobs to pursue.

Original article

Student Loan Consolidation Companies

Nearly anyone that has ever attended a college or university has incurred some type of loan debt. In today's uncertain economy, it imperative to maintain a high credit score and save money in the process. Student loan consolidation companies can help borrowers manage their financial credits in a positive manner that benefits both parties involved. There are several companies to consider if a borrower is in search of a lender to merge his loan accounts and each company have their own benefits and drawbacks.

Federal Student Loans

Federal loans for students cannot be consolidated with private student loans. It is for this reason that most borrowers consolidate their federal credits under the Higher Education Act; this allows for more flexible repayment schedules, lower interest rates, and streamlined finances. Unlike private loans that may switch from one lender to another, once these loans are consolidated they are still owned by the federal government until repayment has occurred.

Private Student Loan Consolidation Companies

Since the economy has been in a recession, the credit crisis has hit financial lenders pretty hard. Many lenders that were once quite active in the loan consolidation business have withdrew their services and opted for more secure commercial transactions. This leaves borrowers with limited options if they are looking for competitive rates and incentives from the remaining loan consolidation companies.

Once private companies, such as Chase and Next Student, were financial giants and dominated the private student loan consolidation industry; since the recent economic hardships, there are a handful of companies that still participate in private student loan consolidations. The top two include:

1. Student Loans Network - provides the basic opportunities to lower monthly installments, streamline loan finances, and improve the borrower's credit score by paying off the individual private loans. This company also provides an option to get free debt consultation if the borrower has additional debt outside of loans. Having multiple accounts with the same company can lead to added discounts and savings.

2. Wells Fargo - offers the borrower the choice of a fixed or variable rate along with the basic advantages of consolidation. This company allows borrowers to consolidate large amounts of loan debts and offers professional advice and services to ensure the borrower has the most efficient program suitable for his situation. Wells Fargo also offers other services (banking, investing, and insurances) outside of loans from which borrowers can benefit.

Compare the above companies and shop smart; be sure to study terms, conditions, and fees before committing to any one consolidation company.

What are Student Loan Consolidation Companies Looking For?

Private loan consolidation companies use a borrowers F.I.C.O. credit score to determine his eligibility for their programs. This score dictates whether the borrower qualifies for a program and at what initial interest rate he will get his consolidation. Don't forget that most consolidation programs do not have fixed rates for private loans as these are tied to a standard point of reference; if this benchmark rises, so does the rate on the loan. Be sure to find out exactly what determinants factor into your consolidation rate and how these elements affect fluctuations.

Although student loan consolidation companies are a rare breed, there are still a few that are willing to help borrowers manage their loan debts.

Original article

Deferment Vs Forbearance - Know The Difference In Your Options To Postpone Student Loan Repayment

Student loan borrowers who are seeking student loan consolidation need to be careful about switching lenders in midstream. There may be no savings when it comes to consolidating your student loans unless you save a substantial amount of money every month.

Yes, consolidation may improve the interest rate slightly, and you may be able to stretch out the term of your loan for more time by refinancing student debt, or you may even be able to save time and frustration by having only one monthly bill to pay each month.

But consolidating isn't the best choice in every situation.

Those borrowers who merely wish to take a break from repaying their educational loans until their personal finances improve may be better off making a formal request to postpone their student loans, not consolidate them. In that case, they will need a better understanding of the basic differences between "student loan deferment" and "student loan forbearance."

With so many college graduates struggling to keep their head above water these days, looking for the best ways to stay current on their student loans, loan relief can often take place from one of these two options: deferment or forbearance. And, although they sound like they are the same thing, they are indeed quite different.

If you are wondering what the difference really is between deferment vs. forbearance, you'll find these terms used interchangeably quite frequently. But each term does have its own unique meaning. By finally knowing the true definition, you will be able to choose the best option to postpone repaying your student loan debt instead of seeking out a loan consolidation.

A student loan forbearance is an agreement between you, the borrower, and your lender to temporarily stop monthly payments due on your school loans. Forbearance may also extend the timeframe for making monthly payments, or even reduce the total number of monthly payments on a short-term basis.

The downside of forbearance is simply this: your loan accumulates interest; forbearance results in you having to pay more money than your original calculations on college borrowing costs in the long run. Ultimately, you must pay off your student loans. Paying a higher total will cause pain then. But if you are without a job now, or you are engaged in an intense life-altering event, or you are attending advanced internship which will lead to enhanced employment prospects in the future, then forbearance may appeal to you.

On the other hand, a student loan deferment is a specific period of time during which your student loan payments are postponed.

The federal government offers up the exact definition of a 'deferment' of college loans in this way:

"A deferment is a temporary suspension of a borrower's monthly loan payment. There are many different types of deferments available. During deferment of subsidized loans, principal payments are postponed and interest does not accrue.

"During deferment of unsubsidized loans, principal payments are postponed but interest continues to accrue. Accrued unpaid interest will be added to the principal balance (capitalized) of the loan(s) at the end of the deferment period. This will increase the amounts borrowers owe."

Deferments must have been applied for and they need to have been fully documented with a horde of paperwork before they can be approved. No one is going to tell you that getting a student loan deferment is going to be an easy job. However, if you are indeed struggling to make ends meet, this may be your best financial option now.

Various types of deferments exist which college loan borrowers can apply for. Deferment programs include:

Serving in the military, attending graduate school, experiencing economic hardship (such as unemployment), and joining the Peace Corps are just a few of the options which abound when it comes to deferring your student loans.

Forbearance, on the other hand, will usually be available by programs such as these:

* Americorps (CNCS) Loan Forbearance
* Internship/Residency Forbearance
* Loan Debt Burden Forbearance
* Teacher Loan Forgiveness Forbearance

The forbearance and deferment options available to you will vary. Each carries with it different requirements immensely important to follow exactly to the letter.

Borrowers of private student loans are best served by contacting their own lender and trying to assess the best options available to them. Unfortunately, recent changes to federal student loan repayment options, which were originally aimed at helping to consolidate and/or forgive education loans, do not include private loans at this time. Therefore, instead of seeking solutions to consolidate college loan debt, it may prove more valuable to seek out a deferment or a forbearance to postpone educational loan repayment.

Steve Johnson is a writer and the publisher of FindHow2.com, which offers a host of free articles on credit repair, debt reduction, and personal finance, plus "how-to" informative articles on a wide variety of self-help topics. One of the most popular topics at FindHow2.com includes free ways you can get student loans excused.

Original article

Student Loans, the Best of 4 Ways to Pay for College

Paying for a college education is not easy. With rising fees, cost of living and the general expenses that come with college life, it can be difficult to make ends meet. With no chunk of cash to call upon, the most popular way of getting around the problem is to get a student loan and defer the pressures until graduation.

There is no doubting that any loan is a risk, since eventually it must be paid back with interest. However, the advantages of seeking one of the loans for students packaged by mainstream lenders make it one of the better choices.

In total, there are four main avenues of student financing that can resolve the funding issue. And while the loans for college students are arguably the best of the lot, it is always good to know the range of options available at any time.

Getting a Loan

The chief advantage with getting a student loan is that payments can be deferred until after graduation, thereby removing much of the financial burden that student financing can otherwise have. So, instead of trying desperately to find several hundred dollars every month to keep up with repayments, a student can actually eat properly, concentrate on their studies and get on with working for their own future.

Of course, the disadvantage with loans for students is that once graduation comes around, there is an immediate need to get a job and start repaying the loan. It may take some time to secure employments, but there are other loans for college students that can consolidate their debt.

College Installment Plan

As an alternative to student loans, a college installment plan is hard to fault. College fees are broken down so, rather than paying the fees in one lump sum, it can be paid for gradually over each semester.

But this kind of student financing is perfect for those who have an income of some sort to meet with the payments. Also, it is designed for fees only, and does not address the living expenses that can accrue over the course of the year, something which general loans for college students are designed to cover.

Financial Aid

A second alternative to turning to student loans is to seek financial aid from the colleges themselves. But this is an option that is reserved for those students who have already gotten themselves into a tight financial situation and are struggling. It is not really a student financing option for those who simply want to organized their finances well.

Financial aid is not so much a loan for college students, but a rescue package for those in need, allowing them to restructure an installment plan, or seek small short term loans to ensure student welfare. Loans for students from banks and credit unions are for anyone who can repay the loan, though the financial aid office will provide advice in applying for them too.

Scholarships

The final method to pay for college is the most desirable type of student financing, since there is nothing to repay. Of course, there is also a certain prestige to winning a college scholarship, whether it is a sports or an academic scholarship, and part or full.

Compared to student loans, having an option that requires no repayment is great but, sadly, it is one that is reserved to the gifted few, not everyone.

That fact alone makes it a dream option, not a practical one, so seeking lenders that provide loans to students remains the most practical solution to the problem of funding a college education. And the fact that it can cover everything, including fees and living expenses, makes it the most comprehensive option too.

Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Easy Home Equity Loan please visit EasyLoanForYou.com

Original article

The Best Investment to Start Saving for Your Child's College Tuition

One of the biggest issues for new, or relatively new, parents is how to pay for their child's future education. It is no secret that the cost of a collegiate education is skyrocketing. The average cost of tuition for four years at a public state university has risen to around fifty thousand dollars. For private schools, this number can exceed two hundred thousand dollars. With a rising percentage of students taking five or more years to graduate instead of the traditional four, this number can be increased by twenty percent or more. And these are 2011 prices - just imagine what they will be in 2029, when today's new children will be at college age! Parents have to prepare as if these costs will continue to rise.

Not long ago, saving for a child's education was a luxury more than a necessity. Students could always take out loans and pay for their own education, then pay it out over a few years after they get a job. In today's world, this leads to students being saddled with a ton of debt coming out into an uncertain job market. This is not an ideal scenario that any parent would want for their child. The ability to pay for an education straight up is more important now than ever before. As loan debts and interest rates on that debt rise over time, this becomes even more important.

So, how should parents save for this huge cost going forward? I am not about to make specific investment advice, especially in this economy. Rather, the best solution is to put a certain amount of money away from each pay check and invest it into safer investments for that have lower returns, but much less risky. This way the number not only will grow with monthly allotments, but the money will also compound on a regular basis growing on itself.

Not to venture into a finance lesson, but this is best displayed through a hypothetical scenario. We will start with the month of a child's birth. Let us assume a take home salary of $3000 per month. Let's put 5% of this ($150) into the college on a monthly basis. For the purposes of this study, we will ignore the possibility of any future raises or escalators. Obviously those would significantly help the contribution. We can put this money into a safe steady growth fund - for the purposes of this hypothetical, we will say 3% annually. This amounts to 0.25% per month.

I will not bore you with the financial equations, but after 1 year, this account will have grown to $1824 on a principal of $1800 monthly installments. Within 2 years, this account will have grown to $3705 (on a principal of $3600). Within 5 years, the investor will have almost $9700 on a principal of $9000. After 18 years have passed, this account will have accumulated almost $43000. Now, that is a pretty nice nest egg to apportion to your child's education. Obviously, if you contribute more or net a higher rate of return - this number will be significantly higher.

How do you intend to save for your child's college education? Or, even more expensive, medical school tuition? Here's an article on the rising numbers from Chicago Tribune. Learn more about financing here.

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National Student Loan Consolidation

While the national cost of a higher education continues to rise, federal support in the form of grants and scholarships remains the same. Most students find that they must take out several educational loans to cover the rising costs of a college education. After graduation, if the borrower cannot find a well-paying position or has other financial difficulties, repaying his educational credits can become a cumbersome and nearly impossible task. You're life doesn't have to consist of dodging creditor's phone calls and deciding which accounts should be paid this month while all other bills fall into default. Using a national student loan consolidation program will allow borrowers to gain control over their debt and take charge of their financial future.

Opportunities Provided by National Student Loan Consolidation Programs

National student loan consolidation programs can provide a plethora of repayment prospects and opens the door to several recompense options. Most borrowers utilize such programs to decrease their monthly payment; this is easily accomplished after one lender essentially buys a borrower's credits from their current lenders and merges these accounts into one loan. Under this new credit, a borrow will have options for nearly any loan aspect ranging from fixed or variable interest rates to various repayment plans. Repayment plans are the foundation on which a loan is repaid and include the following plans: standard, graduated, income sensitive, income based, and an extended repayment plan. These also provide loan repayment length options ranging from periods of 10 to 30 years and up.

Which Loans Qualify for these Programs?

For any educational credit to qualify for national student loan consolidation it must be either in the six month grace period following graduation or currently in repayment and in good standing with the existing lender. Not all loans can be combined and federal loans must be kept separate from private loans. It is possible to merge federal loans, but this must be done through the federal government; keep in mind that not all federal loans are eligible to be consolidated together into one federal loan. Typically, private educational loans may be consolidated into one lump sum regardless of which lender originated the credit.

Loans that usually qualify for national student loan consolidation include, but are not limited to:

1. Stafford Loans (including both subsidized or unsubsidized loans)

2. Federal Perkins Loans (PERK)

3. Federal Parent Loans for Undergraduate Students (PLUS)

4. Health Industry Loans including: Health Professions Student Loan (H.P.S.L), Health Education Assistance Loan (HEAL), and Nursing Student Loan (N.S.L)

5. Federal Supplemental Loans for Students (S.L.S), formerly known as Auxiliary Loans to Assist Students (ALAS) Loans

6. Federal Insured Student Loan (F.I.S.L)

Eligibility for Student Loan Consolidation

If a borrower has one or more of the above listed loans and can benefit from the consolidation process, there are a few factors that will determine his admissibility into a national student loan consolidation program; these include, but are not limited to:

1. The borrower must be a US citizen or a qualifying non-citizen

2. The borrower must have either graduated or enrolled less than half-time at an accredited institution - he cannot consolidate while still enrolled within the program for which he is borrowing

3. All the of the borrower's existing educational credit must be in good standing with the current lender

Utilizing a national student loan consolidation program allows the borrower to more accurately regulate his finances while in educational credit repayment. Any use of this program is typically beneficial to the borrower and will result in an increased credit rating and positive relationship with financial lenders.

Here are the requirements to be met for national student loan consolidation

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How You Can Be Sure To Get a Student Loan

Many things need to be considered when granting a student loan and students should be aware of them. These include different payment plans, different kinds and amounts. The questions a student might have when applying for a loan are all answered below to help you get a student loan for your college education. You will be able to apply for a loan while keeping all these factors in mind to help you get the best one.

Types of Loans

Government student loans and private student loans are the two types available. Government loans usually have a lower interest rate and less stringent requirements. But they do have more requirements. Private loans, on the other hand, have higher requirements, such as grade point average, and usually charge higher interest rates. Private student loans are more fluid in their demands and can often be negotiated while the opposite is true of government loans.

How Much to Borrow

How large of a student loan to ask for depends on the type and also your grade point average. Government loans will be lower and be fixed amounts. Private student loans are more fluid and will depend largely on your scholastic standing. It is important to figure out all the costs for the remainder of your college years so that you have an accurate figure in mind. Try not to exceed this amount but also try not to go below it either. If your loan is not enough to cover all of your college expenses, you most likely will not be able to apply for a second loan while your first one is unpaid.

Length of Loan Payments

The length can vary from two years to twenty. It is important to figure out how quickly you desire to pay it back and the size of the payments you can make once you are out of college and in the workforce. Do try to save extra in case you are not hired immediately after college.

Additional Unsettled Loans

In case you already have a student loan, you might want to combine these into one loan. Or you could get a new one large enough to also pay off your old loan. Whatever you decide to do, pay close attention to the interest you will be charged. You might find it more advantageous to keep your unsettled loan intact.

Types of Interest Rates

It is in your best interests to get fixed interest rates rather than variable rates. Considering how long it will take you to pay it off, fixed interest rates will ensure that you do not get increased payment costs due to being charged higher interest rates.

The way to get the best possible student loan is to do some research and see what is available and what loans you can apply for. If you do not meet the requirements for a government loan or a private loan, you can always apply for a reasonable loan from a professional loan company. Allotting time to research and compare loan quotations will ensure that you find the best possible loan for your student needs.

Sarah Dinkins is a financial advisor who has been associated with Unsecured Personal Loans since long ago. She also holds a master degree in economics from Harvard University. To find home loans with bad credit and other financial products visit BadCreditFinancialExperts.com

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How to Avoid the Deferred Student Loans Conundrum

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The Advantages of Federal Student Loan Consolidation

If you've been wondering lately "What is loan consolidation?" then you are in luck, because education loans are about to get a whole lot easier to pay off.

President Obama student loan proposals are now impacting college debt consolidation and federal loan repayment for millions of college graduates.

However, while the advantages of federal student loan consolidation are plentiful, so are the pitfalls. It is important for federal student aid borrowers to understand the risks and rewards when they need to consolidate their educational loan.

Advantage #1 - You will save time and money. No fees, simple paperwork process. No refinancing decisions based on your credit rating. The new program is reportedly available only from Jan. 2012 through June 2012 will also be offering a slight deduction for selecting the automatic debit option in repaying your loan. This not only helps you make timely payments, but it also helps reduce the amount of interest you'll be charged over the life of your federal direct loan.

Advantage #2 - You may improve your credit score by avoiding default. Consolidating education loan debt could be the ticket to staying current and not defaulting on your financial obligations. These types of loans cannot currently be discharged for dismissed (except for loan forgiveness programs); not bankruptcy, not by hope and prayer. Not by ignoring the threatening collection agent letters. These loans must be repaid! So by consolidating, getting a smaller monthly loan payment, and sticking to a repayment schedule consistently, over time you will pay off your debt. Federal student loan consolidation then gives you a path to resolving your financial problems related to college debt.

Advantage #3 - You will avoid frustration by only having one bill to pay each month. Having to keep track of 2 or 3 different bills each and every month can seem daunting; so, by consolidating into a new federal loan consolidation program, you will not only lower your monthly bills. You'll also lower the number of checks you will have to write and mail each month!

College was worth the price of admission. Your college degree opens many new doors to career advancement now and in the future. But now, repayment of those college loans looms large. And the new federal student loan consolidation program available for only six months by the U.S. Department of Education (Jan. 2012 - June 2012), could be the winning ticket to taking advantage of direct loan consolidation.

There are also disadvantages lurking around the edges of the new federal and private student loan consolidation programs: Some consolidation programs make you ineligible to get your loans forgiven if you later enter a qualifying career. Some federal loan consolidation programs exempt certain types of loans, and loans that were taken out at an earlier time period. Oftentimes, old loans carry a lower interest rate, so consolidating those at a higher level of interest makes no sense. Remember to compare options; your student loan consolidation rates should at the very least be better than you can get from a private federal loan consolidation program.

But the U.S. Government's Dept. of Education website now offers a variety of loan calculators aimed at helping college graduates have access to online tools aiming to help them compare loan consolidation packages and help them determine the best way for them to pay off college expenses.

The official ed.gov website is undergoing a number of updates after President Obama's student loan forgiveness plans came to light in the media. By providing comprehensive details on various ways to finance a college education, this website will ultimately offer yet another advantage to those seeking federal student loan consolidation.

While paying off these loans may never be easy, making the sacrifice and the commitment now to honor your loan commitments will pay off in other ways: You will earn the satisfaction of having followed through with one of your major financial commitments you made early in your adult life. And, you will demonstrate to yourself and to future creditors that you are an excellent credit risk.

Therefore, the advantages of federal student loan consolidation are obviously a goal you'll want to consider as you dig yourself out of debt.

Steve Johnson is a writer and publisher of FindHow2.com, offering hundreds of free helpful articles on restoring good credit, debt reduction tips, and personal financial management. One of the most popular topics at FindHow2.com includes free listings of student loan forgiveness programs to pay off college debts.

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Foregoing College Today Is Practically Practical

Young Americans are taught from elementary school on up that going to college is the right thing to do. But the decision of whether or not to apply for college should hinge upon one simple question - is it worth it?

If someone else - parents, a scholarship association - is footing the bill, then the answer is absolutely yes. If the only way to pay the tuition is by taking out a student loan, the answer is no.

Too many Americans are up to their eyeballs in debt they racked up while attending college. That's a terrible way to start out life as an adult. Plenty of debt-free college graduates are struggling to start their careers in this economy, and those who owe thousands of dollars are even worse for the wear.

College isn't for everybody, either.

"While almost 70 percent of high school graduates in the United States enroll in college within two years of graduating, only about 57 percent of students who enroll in a bachelor's degree program graduate within six years, and fewer than 25 percent of students who begin at a community college graduate with an associate's degree within three years," reported Tamar Lewin in The New York Times.

Students who take out loans but don't graduate are in especially perilous waters. Dropouts are less likely than graduates to get jobs, but just as responsible for climbing out of debt.

Earning a degree right now simply doesn't guarantee the return on the investment. People can talk all they want about hard work and ambition to succeed, but those are not aspects you need college to have. If an ambitious, but uneducated, person skips college and is willing to work at an hourly wage doing the same job for which a college grad is demanding a hefty salary, why wouldn't a manager go with the less expensive option? Especially since people learn on the job, no matter the field they enter.

That doesn't mean going to college is an inherently bad idea for young adults, but it does mean young adults who can't afford tuition should hold off for a while. Use their ambition and drive to start at the bottom rung and work their way up from within then return to school when they can afford it, and possibly even convince their employer to cover part of the cost.

There are certain elements of the college experience that can't be experienced outside the classroom, but earning a degree isn't the only way to become educated. The most powerful education resource in the world is the Internet, and almost anyone can access it from almost anywhere. There are many thousands of academic outlets, publications and tools available at no cost, including college-level courses. There are even resources to help young adults start their own businesses - something many Americans pay thousands of dollars to learn about at universities.

Instead of acquiring debt right after high school, do quite the opposite - make money. Setting up a separate savings account and putting a portion of each paycheck in to pay for college down the road is the way to go. It might take a few years, but that's for the best.

Working is the best way to get real-world experience, and one has to learn personal responsibility to maintain employment. Typically, 18-year-old freshmen are more concerned with partying than learning. A student who works to pay tuition, however, is far more likely to take the academic process seriously. And having a little life experience lends to a more mature understanding of subject matter. Those who wait until they're 24 years old to attend college are eligible for Pell Grants, which cover a significant part of tuition and don't have to be repaid.

Mark Baldwin is a freelance journalist, blogger and contributing writer to many websites, including http://www.capitalonlinerevenuehoax.com/ His areas of interest include technology, media and Internet culture.

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How to Have Your Student Loans Forgiven

In a few instances, you're able to get rid of some or all your school loan debt through a loan forgiveness program. Depending on your degree with your current occupation, you could be able to get one of several programs. In case you are thinking whether it's possible to have your debt through your job, ask someone in your human resources department. The following are techniques for finding your student loans forgiven.

Volunteer

Some volunteer companies offer loan forgiveness in return for a specific amount of your energy and time. If you happen to volunteer for AmeriCorps, Peace Corps, or Volunteers in Service to America (VISTA) you can get nearly 70% of your loans forgiven. Visit their websites to learn more information regarding available programs.

Become a Full-Time Teacher

If you have a Perkins loan, you might have some of it forgiven by working full-time in an basic, middle, or junior high school that assists young people from low-income households. The more years you teach, the more you can have forgiven. A local school board should have additional information about which schools within your area offer loan forgiveness under the National Defense Education Act.

Other states have additional programs where you can apply for as well as additional scenarios. You could call your loan board of education for information about your situation

Join the Military

One of the benefits of joining the armed forces is loan repayment. At present, the Army, Army National Guard, Air Force, Air Force National Guard, and the Navy offer repayment programs up to $20,000 dependent upon the branch. Unfortunately, the Marine Corps, Coast Guard, and Air Force Reserves do not offer such opportunities.

Become a Doctor or Lawyer

Health and legal professionals can receive six-figure loan debt relief. Fortunately for these Ph.D holders, there are various loan forgiveness programs that can reduce their financial stress.

The National Institutes of Health forgives some financial debt for health care students who complete some types of medical research including clinical, medical disparities, and birth control research.
Certain physicians can get up to $50,000 of student loans forgiven through the National Health Service Corps Loan Repayment Program in return for two years of volunteer service at a clinic which has a lack of medical experts. You may be able to receive added forgiveness for additional service.
An extensive list of medical student loan forgiveness programs can be obtained at the Association of American Medical Colleges' website.

Law school graduates could have some of their loans forgiven by doing some non-profit work. Equal Justice Works has a list of law schools that have a loan repayment assistance program. If your school is listed, get hold of your financing department to find out how you can have your student loans forgiven.

In addition, you can find easy to use, helpful information about student loan forgiveness at Student Loan Forgiveness Headquarters. Student Loan Forgiveness Headquarters is a site dedicated to helping you to find the necessary options and information that could help you get rid of your student loan stress, today.

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