Federal Student Loans 101

September 16th, 2009 | No Comments »
Posted by blogger under fund raising

Very few high school graduates will find themselves in the enviable position to be able to pay for their college tuition as they go. Most college newbies end up getting student loans to fund their education.

The student loan that is most popular these days is the federal student loan. Different types of federal loans exist for students. The loans most commonly used are subsidized and unsubsidized.

Students that have a valid financial need (per regulations of the Federal Government) would get a subsidized loan. The student does not have to pay interest as long as they are in school on a full or part time basis, grace or deferment periods.

The student’s financial need is not a factor with unsubsidized loans. Interest is charged with this loan. Unlike subsidized, interest is accruing while the student is in school, and during grace and deferment periods.

PLUS (Parent Loans) Loans are unsubsidized loans. These are loans that parents get and they have dependents that are college students. Graduates and professional students may also get PLUS loans. Federal Student loans help pay for education expenses. Interest is accrued throughout during this time.

You can expect an easy application and approval process. A completed FAFSA(Free Application for Federal Student Aid) is required for students. Online submission has really streamlined the process.

The student application deadline is June 30 of every year. Parents will have to submit their most up to date tax information if they have a dependent student. If the student is not living with their parents, they are required to submit their own tax information.

The monthly payments are bearable on these loans and the interest is low. After you have been away from college for about nine months, repayment will begin. You will absolutely have to pay federal student loans back.

After you get out of college, and if you are not employed you can get an extension for a certain period of time. Borrowers may not want to deal with the consequences of not paying back these loans. Since they are federal student loans, the Federal Government can impose a number of penalties.

You can expect the Federal Government to withhold tax refunds, garnish wages, or litigate in court as a penalty for failure to pay back the loan. Student loans cannot be included in a bankruptcy according to the Federal Government.

Students will find that federal student loans are some of the best for students to have. Each student’s financial need can be met by choosing the right student loan.

An Introduction to Student Loan Forgiveness

September 15th, 2009 | No Comments »
Posted by blogger under management

student loan forgiveness is very appealing. Many students take out a lot of student loans in college. They may do so for many reasons. Some think this is the only way to fund college. Others did not get the ramifications that they accrued by taking out student loans. For still others, they believe that their college education will enable them to easily pay off the loans later.

But student loan debt can easily get out of hand. Student loan debt may actually keep people living below the poverty line. This can happen even if they have a good job.

This is not the goal for student loans. Many lenders try to help with programs that help borrowers pay off student loan debt. These programs may have stringent requirements. But if you meet them you can be eligible for student loan forgiveness.

Here are some fairly typical requirements in student loan forgiveness programs:

* • Working in a job that qualifies as public service - Jobs that involve non-profit work, teaching and community protection may qualify. Always document each year of service meticulously.

* • Attending a college or university that is now defunct - Learning institutions that fail in their obligations to you may have to repay your loans. Getting a degree from a non-accredited institution may give you a shot at student loan forgiveness.

* Admission for which you did not qualify - Colleges that admit unqualified applicants can be responsible for student loans. However you will be responsible for proving your lack of qualification.

* Honest and dedicated participation in programs intended to help people in student loan debt - Truly dedicated work toward repayment though official channels may result in some types of relief.

Naturally you should never take out loans that you do not plan on repaying. However, sometimes the unforeseeable happens. If you are over your head in student loan debt you should definitely explore student loan forgiveness options.

How to Repay Your Student Loans Debts Fast

September 15th, 2009 | No Comments »
Posted by blogger under management

How to repay student loans is likely on your mind if you have graduated from college. They are definitely among the most pervasive types of debt. They create lasting financial issues for many people. After all, outstanding student loan debt can affect your credit score. You might not be able to buy a house or a car.

There are steps you can take now to repay student loans. Some might require you to make some lifestyle changes. Others involve small alterations or substitutions. The work is definitely worth it though. You might repay student loans in just a few years. You will save yourself a great deal of interest and stress.

Here are just 3 ways you might repay your student loans:

* Begin to pay extra - You do not have to pay the minimum payment. A payment larger than the minimum cuts into the loan balance. This will immediately lessen the interest that you have to pay on the student loans.

* Money can be rerouted - Examine your budget. Look for money spent on non-essentials. This might be a purchase like extra clothing. Start putting that money toward your student loans instead. Make the correlation direct. If you spend 50 dollars a month on one thing, send 50 dollars extra to your student loan when you give it up.

* Consider loan consolidation - This can lead to big savings. If you have a lower monthly payment you have more room to pay over on your principle. But keep an eye out for closing fees. These fees can make the entire consolidation process too expensive.

All of these strategies can help you repay student loans ahead of time. With some hard work you could pay them off in just a few years. If you repay student loans early you can enjoy new control over your life.

How to Repay Your Student Loans Today

September 15th, 2009 | No Comments »
Posted by blogger under management

If you just graduated from college you probably are thinking about how to repay student loans. They are definitely among the most pervasive types of debt. Many people have lasting issues with them. Even if you pay them on time, large outstanding student loan debts can affect your credit score. They can even prevent you from buying a house or a car.

Fortunately there are some simple ways to repay student loans. You might have to make some changes to your lifestyle. Some just requires small alterations or substitutions. The work is absolutely worth it though. You could potentially repay student loans in just a few years. In the long run this will save you interest and stress.

Here are 3 ways to repay your student loans faster than scheduled:

* Begin to pay extra - Minimum payments are just the minimum. Start paying over the minimum and cut into your balance. This will immediately lessen the interest that you have to pay on the student loans.

* Redirect your money - Examine your budget. Look for money spent on non-essentials. These might be extra clothes or eating out. Aim that money at your student loan. It will be easier is the correlation is direct. If you spend 50 dollars a month on one thing, send 50 dollars extra to your student loan when you give it up.

* 3. Consolidate your loans - This can lead to big savings. If your monthly payment is lower then you can more easily pay on your principle. But watch out for closing fees. These fees can make the entire consolidation process too expensive.

All of these strategies can help you repay student loans ahead of time. With some hard work you could pay them off in just a few years. If you repay student loans early you will get to enjoy a new sense of control in your life.

How to Repay Student Loans Faster

September 15th, 2009 | No Comments »
Posted by blogger under fund raising

You probably think a lot about how to repay student loans. They are one of the most pervasive types of debt. They create real and lasting issues for many people. Even if you pay on time a large student loan debt can affect your credit score. You may find yourself unable to buy a house or a car.

Fortunately, there are some simple ways to repay student loans that you might not have considered. You might have to make some changes to your lifestyle. Others simply require small alterations or substitutions. The work is definitely worth it though. Maybe you could repay student loans in the span of a few years. You will save yourself a great deal of interest and stress.

Here are just 3 ways you might repay your student loans:

* You might pay extra - You do not have to pay the minimum payment. Payments over the minimum cut into your loan balance. This lowers interest right away.

* Money can be rerouted - Take a good look at your budget. Check for non-essential purchases. This might be a purchase like extra clothing. Direct that money toward your student loan. Make the correlation direct. If you give up something like pizza, send the exact amount of money previously spent on pizza toward your student loan.

* 3. Consolidate your loans - This can be a great way to save. A lower monthly payment means you can pay over on your principle faster. Do not forget about your closing fees. They can really raise the ultimate price of the process.

All three of these methods can help you repay student loans faster than you anticipated. In fact, you might be able to finish paying them off in just a few years if you are dedicated. Repay student loans early and enjoy new control over your life.