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Federal Student Loans 101

Posted By: blogger on September 16, 2009 at 6:13 am

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.

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An Introduction to Student Loan Forgiveness

Posted By: blogger on September 15, 2009 at 7:11 am

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.

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