Students and student loans – Get The Facts

With rising tuition fees in the world, a college education is inserted correctly out of the reach of an increasing number of deserving students each year. We must also understand that it's not just tuition that must be met for the payment "of a college student. There are big expenses and other miscellaneous items such as boarding, food , clothing, books, entertainment, etc. need care in general is good. Accordingcase, to obtain a student loan is probably the best choice ambitious students.

There are different options available regarding the types of student loans is concerned. This much student loan authority to pay college fees vary. However, the different options is also present another type of problem, especially when you try to understand the student loan program will work best your needs.

In this article we will discuss the different types of student loans, you can ask to help you choose the type that suit your requirements.

Consider three main types of student loans:

1. Direct Student Loans: If one opts for plan loans directly to students, they are obligated to repay the loan within six to nine months later, they completed the course> Loans. Interest rates in a plan for direct student loans are lower than the level of loans to students in other, mainly because the types of loans offered by schools in which students are supposed to under his or courses.

2:. Federal student loans student loans federal government, which are also called PLUS loans with low interest rate of 9% or less. Mostimportant feature of this scheme is the student loan lenders only consider personal credit history of applicants and in no way related to the income of the candidate. The guards who have dependent children who are enrolled in school full time or part time in a particular hospital is the only person eligible for a particular type of loan.

3. Guaranteed Student Loans: Guaranteed student loans, what is commonly calledsuch as Stafford loans are a popular option in the plans of different student loans, with interest rates significantly. There are two parts to the program of guaranteeing loans to students. They are subsidized and unsubsidized. If one opts for a soft loan, the government must pay interest on the principal amount, while students are in school. Type of loan is based purely on financialrequirements of the students involved.

Other secured loans, a loan that is unsubsidized, the interest rate must be paid while the student remains in school and the principal amount shall be refunded after the course ends.

The borrower must begin repaying the loan six months after course completion, regardless of the type ever to ensure that students who Schemeselected.

High school or university, is far from cheap these days, it is extremely important to make the right decision when applying for a student loan. Although it is guaranteed that the above mentioned three types of student loans will be approved by each university and of course, you will be informed as meticulous in your search for college funding. Remember that your course of life would have beenthreatening to take your decision only after getting the best financing options available.

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This entry was posted on Monday, September 27th, 2010 at 11:00 pm and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Consolidate Student Loans – Paying the Cost of Education

Introduction

Includes the cost of higher education is not easy these days with their prices sky booming. You may have opted for students to borrow the cost of your student life and if you do not pay, you can choose to consolidate student loans. Not only lending money to you and make you a new loan, instead if you're running more than one student loan, you cancombine them into a loan and can have easier repayment terms.

Interest rates and repayment

real interest rate may be different for you in the consolidation of student loans for you. You can always negotiate a better interest rate by paying regularly. The payment may be about 30-30 years for the consolidation of student loans.

standard conditions

Every British citizen is currently a student loan canstudent loan applications. However, the applicant or co-signer or both must be aged 18 years. Just to show identity cards with addresses and documents proving ownership of a number, if you apply for secured loans. You can apply even if you have bad credit history, CCJs etc against your debt.

General Characteristics

With these loans, borrowers get various benefits such as flexible payment options, no credit checkborrowers, reduce interest rates if repayments are made regularly without fail.

The best thing is that these loans are available online and you can apply directly online. So no need to run around the office. In addition, it will help you get the loan approved quickly. The loans are unsecured and secured at a time. If you have a property and want to make good use of it, you can choose to loans secured by placing it asmortgage with better terms. Otherwise, unsecured consolidation of student loans is always there for you.

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This entry was posted on Friday, October 1st, 2010 at 9:40 am and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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How to consolidate private student loans at a fixed price

Whether you are a recent graduate and / or have more than one student loan, you can find a way to save money. You can save money by consolidating private student loans at a fixed rate.

Why consolidate private student loans at a fixed price?

There are many benefits to consolidating your student loans. Consolidate your student loans simply means that youLenders have a combination of all student loans into one of you, ready and easy management, where you can pay a lump sum instead of trying to control your various loans payments, and balance. Once you graduate college you will be busy in your new career and new life. Management of various student loans will not be something you want on your daily schedule.

Some of the best benefits of yourPrivate student loans

Down Payment: By consolidating student loans individuals, you will get some financial relief by reducing the monthly payments from you.

Payment: Instead of following student loans vary your payments and different, you only have one worry, and an easy monthly payment.

Fixed interest rates lower: When youConsolidate your student loans, you will reap the benefits of a fixed interest rate and lower, thereby reducing term and overall payments through your lender for you.

Credit Rating: You can help to better assess your credit by consolidating your loans into one student loan if you pay only one lender. outstanding debts you have on your credit worse, he will find lenders and creditors. By creating a single loan of two or more loans outstanding, you will increase your credit rating.

Is it possible to consolidate private student loans at a fixed price?

Yes! Not only is it possible to consolidate student loans to your profile, but you also need to consolidate your student loans!

By consolidating student loans people, you will consolidate all students > Without the federal loan. You can include other private loans consolidation student debt, like any debt credit card, you can have as long as education is somehow linked. The only drawback to consolidating student loans is that you believe you do not want to combine student loans consolidate federal private and federal loans are not your students. It is because of your student Federal Government> Loans generally have lower interest rates for student loans to your profile. By consolidating all your loans, private, and you may lose some of your savings interest you. You can consolidate student loans federal government and from you, but you should have them separately to save lots of money in the long term.

In this spirit, you must consolidate federal student loans you first, thenConsolidate student loans to your staff. You'll save money by doing this, lower your interest rate, only one or two down payment made each month and create a better report and credit score for you.

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This entry was posted on Thursday, September 30th, 2010 at 1:23 pm and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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How to repay student loan debt

the debt of student loans is the highest form of debt Monday facing Americans today, as soon as your credit card debts. College financing is a catch-22 you've spent time and expensive to educate and build your plan for a better future, leaving only the ends with a mountain of debt and the need to find a job with all the education. Student loan debt is perpetual, meaning that you can not get rid of it into bankruptcy.

When looking for a way to copeStudent Loans, it is important to understand the different loans you have and develop a plan to process and pay each loan in the best possible way. There are ways to do this, you can repay the loans began to separate as much balance or interest rates higher, while making minimum payments on others, or you may consider getting a loan Consolidation of debt that is specifically designedstudent loans.

Loan allows you to capture all of your student loans and roll it into one loan with an interest rate and monthly payment. It works by allowing you to get a loan then pay off all existing loans, leaving you with a single loan. The key is to work in your favor is to obtain a loan large enough to cover student loansdebt interest rate below what you paid and the monthly payment you can handle. Another way of doing debt consolidation loans work best for you is to first negotiate with your creditors to see if they make a regulation that is less than the current balance. This will make your loan more than it needs to be smaller and easier to bear fruit.

If you want to work to pay off student loans with his own, it is important make a list and some information to help you succeed in this business. Make a list of all the information on your student loan balance at current interest rates, monthly payments, communications and day. This allows you to see larger loans and those with higher interest rates, should be your first focus on reimbursement. While you work to repay the loan, you must continue to pay the minimum payments on other> Borrower to avoid default. Then once the loan is repaid, you get the money you paid and apply it to lend money, or interest rates higher.

Whether you choose the method used to repay student loans for you, it is important to make decisions for you and your financial situation to begin your new life begins to go away.

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This entry was posted on Sunday, October 3rd, 2010 at 1:31 am and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Introduction to basics of Stafford Student Loan

Back in 1965 the Congress launched the Federal Family Education Loan Program (FFELP) to provide financial support for students. An element of this program is the Stafford loan was originally designed only to assist students in financial difficulty, but really now more than 90% of all education lending from the federal government.

Stafford loans over time has changed with changing conditions and today there are two main types of> Loans – subsidized and unsubsidized.

In the case of subsidized loans the government to take responsibility for the payment of accrued interest on a loan from the date the loan is made until the student must begin repayment. Usually a student does not pay when he was enrolled in a research program is classified as a major program "part time" has, and for a grace maximum period of six months after the end of their course. However, students can begin to make a payment at an earlier date if he wants to.

As subsidized interest rates, loans are usually awarded on the basis of need and senior officials from both a student and their family income to determine whether or not students for a subsidized loan. Stafford Student Eligible candidates should complete a Free Application for Federal> Student Aid (FAFSA) application form, including details on income and each student will be issued a number of families is called the expected contribution (EFC) calculated from data on expected income.

About two-thirds of all subsidized Stafford loans are granted to students whose parents have adjusted gross incomes under $ 50,000 per year. One part is offered to families in a 50-100000 per year. However at this timemeaning of "need" becomes a bit translucent and slightly less than one tenth of the loan assistance is granted to students whose family income from the combination of more than $ 100,000.

In the case of those students who do not qualify for a loan can enjoy the most benefits of subsidized Stafford loan. The main difference here is that students will be required to meet interest payments on the loan, but again no paymentusually begin until six months after the end of the program students learn.

Unsubsidized Stafford loan can be very expensive as the interest accrued during the study and therefore the amount of capital and the final payment will also increase. Consider a simple example.

Suppose a student who borrowed a total of $ 5,000 the first year and the interest rate is 6.8%. interest rates at year endaccumulation was $ 340 and will be added to the loan. The students next year, then $ 5340 will bear interest at 6.8% which comes with some $ 363 bringing the total debt in two years to 5703 $. This example is not quite true that the interest is calculated monthly increase, but it still shows the principles of the loans.

Depending on the amount borrowed and the repayment period begins annual before it can besee that a student may pay the price very reasonable to delay repayment of Stafford loans.

Although this seems expensive, it should be noted that many alternative methods for meeting the cost of college is expensive and many more students can afford to go to college without a loan Stafford.

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This entry was posted on Saturday, October 2nd, 2010 at 6:10 am and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Student Loans – The best way to repay loans for students

As a recent college graduate, nothing can teach you more about responsibility and money management of student debt. Proactive manage your loans will help you save money and build your credit history. The best way to repay student loans is making regular payments for a lower interest rate, explore options for repayment plans, using available tax reduction, consolidation loans, and loan payment delayed (if necessary) to avoidattack on your credit report.

Regular payment

Paid regularly and promptly. If you make 48 consecutive on time payments, most private lenders will knock two percentage points in interest rates. Also, if you direct the bank to transfer payments electronically from your checking account, many lenders will reduce by a quarter percentage point to you.

Visit the payment plan

Ask other forms of payment. If you have any difficulty in meeting yourpayment, payment plan request for a replacement. Assuming your salary will increase over time, you can have a graduated repayment plan. You start with a low monthly payment only gradually in the period from 12 to 30 years depending on the size of the loan.

If your income changes because you're self-employed, you can also implement a plan to pay income-sensitive or income. As your earnings increase or decrease, the amount you owe. Under terms of incomeavailable through the Department of Education direct loan borrowers, any balance is forgiven after 25 years, although the amount released would be taxed as income. One caveat: repayment plan replacement will cost you more interest because you have to repay your loan in a long time.

Using tax breaks

Take advantage of tax benefits. The federal government provides help for taxpayers with a student loan. Suppose your incomeyou qualify, you can deduct the interest you pay up to $ 2,500 per year. income limit must be deducted in whole or in part, is less than $ 65,000 annually for singles, and less than $ 130,000 for couples joint statement.

Consolidation Loan

Remember that if you have more than one loan, you can synthesize. This means that a new interest rate is applied to your own excellence. Rate equal to the average price ofall loans does not exceed 8.25 percent. During your repayment, lenders may offer discounts, especially if you have a record of timely repayment.

late payment of loan (in difficult times)

If, by consolidating, you extend your repayment period could significantly increase the total interest you pay. And if you've exhausted your options and can not get relief, you can temporarily suspend your payments. If you loseor leave your job or return to school, you can ask your lender to temporarily postpone the repayment. If you get a deferment for a subsidized Stafford loans, the government is paying interest due during your suspension. If you can not get a deferment, you can defer payments for a year by asking for forbearance. Interest rates continue to accumulate, but you avoid default and get a nasty assault on your creditrecord.

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This entry was posted on Wednesday, September 29th, 2010 at 5:12 pm and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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University Loans – Compare Student Loan Consolidation

If you have a student loan then you probably know what I mean when I tell you they are a-double blade sword. On the one hand, if you did not get the loan you would not have been able to finish college and you are qualified to hold. On the other hand, if you do not get a loan and you do not have anything that makes payments to you can pay all your other bills on time or you can buy a nice car addition, perhaps even to live in abest.

If you're really having trouble with your payment and may even lose your good credit rating because of them, then you really might want to consider a college loan consolidation.

With this type of loan, like a standard loan, all your loans consolidated into your high interest loan with a lower interest rate allows you to make a single payment. What really makes life much easier and much moremanageable.

The loan may actually be an excellent solution for you. Especially if you're behind and I tried every option for deferment or forbearance may be included with your current loan. Several times, with a direct loan consolidation you get a clean sweep of your loan. None late payment or old problems have more influence.

With the new loan, you may, if necessary, to take advantage of the delay and Ring again. I hope it will not be necessary because you, then most often get a lower interest rate that gives you a much smaller payment. A great advantage of this loan to ensure that your other loans appear on your credit report paid which is good for your score.

With this loan are basically four different payment plans available for you to choose what they from.To understand that you really need to consider> Student loans than most so you will know the loan to meet your needs and the best budget before deciding.

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This entry was posted on Tuesday, September 28th, 2010 at 8:02 pm and is filed under The Student Loan Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Keep Up in a Foreign Language this Summer

Requirements can be a pain in the you-know-what. Math, foreign language, physical science. I thought this was college, doesn’t this mean I can choose my own classes? Apparently not. While math, science and English classes can be easy to pick back up after summer, foreign languages can get pretty dusty if you leave them alone for three months. Unfortunately during the summer, our native Spanish speaking professor isn’t speaking to us in fluent Spanish at 8 am on Mondays, Wednesdays and Fridays. That way we would be able to keep up on our verb tenses, conjugations and vocabulary. But instead we get stuck with sleeping in and long periods of time where there is little brain work involved. Does this sound like a fair trade off? It definitely isn’t a balanced trade off. To keep our French, Spanish, Russian, Japanese, Mandarin, Greek, Latin, and German in tip top shape, here are some little ways to keep our foreign languages dust-free this summer.

There are a multitude of web sites that value language, and understand the need for foreign language competency as an important trait to anyone in our global society. Here are a few of them that concentrate on vocabulary, verbs, along with giving learners opportunities for social networking in their foreign language.

Byki – This website offers 74 different languages to learners, which includes the site’s desktop software, online applications, free

Photo by El Monstrito

content, articles and games. The site seeks to go about teaching language from a different angle, that appeals more to the comprehension of adult learners. If you’re seeking to begin learning a language, or pick up where you left off on a language, this site is for you.

Lingolook – This web application was especially designed for English speaking travelers to foreign countries. The guide features basic vocabulary that travelers need, in an easy, user-friendly way. The application uses flashcards to test users, and when travelers are in a hurry for “Where is the restroom?” in French, users simply click on essentials, which leads them to a list of questions that are deemed “essential” questions, then click on “Where is the restroom?” which leads the user to a screen with the written English phrase, the written French phrase, and when clicking on the French phrase a voice says it aloud so the user knows how it is pronounced. To see for yourself, check out the site and see the demo.

vocabfish – A site that allows users to learn over 2000 words in 10 languages. With a scorecard, the site allows its users to track their progress, while the site goes back to the words that the user misses in order to test the weak spots. This site was created to master vocabulary not only through recognizing words but “recalling and pronouncing them.”

italki – This unique site connects people from around the world to learn from each other. The site is used to help connect people online to do free language exchanges, while even setting students up with teachers for paid online lessons. italki also has materials for self-study, along with questions & answer tools and group discussions.

Though we’re living in the 21st century, not all learning has to be virtual. Look up organizations in your area who promote the culture of your desired foreign language.

Alliance française is an organization that seeks to promote French culture and language outside of France. With organizations

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like this, who’s primary concern is teaching French as a second language, it is great to get hooked up with a membership so that learning a language isn’t simply just reading flashcards and memorizing automated foreign voices from online. But rather being a part of a community of people who are embracing the culture of a particular language, that is what is going to matter and be most valuable.

Get connected with a pen pal who is a native speaker of the language you are learning, and start writing letters! Or start emailing, if that’s your thing.

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16 Ideas to Savor this Summer

Summer 2010. We are moving back home, some to our parent’s houses, some to an independent and cheap apartment. So begins the vacation that has been looked forward to for the past 13-15 years of life. There are so many possibilities for what this summer holds, and there are ways of holding onto it longer than the short 3 months that the big guys in administration give us. So to make it go by as slow as possible, here are some ways to savor this summer, whether you are working at the gas station or within a close proximity of cleaning products that your mother has bestowed upon you. A job is a job, and with or without one you can take advantage of copious amounts of sun and a lack of nagging professors.

Take a lot of pictures. Whip out that D60, disposable, point & shoot, or iphone. That’s probably the most tech-savvy option. Road Trip

To take pictures, you first need some kind of adventure. Take a road trip and visit a historical landmark that’s nearby but has always been too touristy for your taste. Fanny packs and ugly sandals aren’t that bad.If you are working this summer, enjoy working while you do. I say, no excuses for monotony unless you are Will Ferrell in Stranger than Fiction.Have a garage sale for some quick and easy money. Getting rid of stuff and slapping a price tag on it is one of the easiest ways to make money, especially during this time of year. ‘Tis the season to go garage sale-ing.Remember that place called college? Forget about it, at least for the approximate 3 months that we have. You will have plenty of time to go back and think about it all you want. But for now, think summer and no school.If you’re in summer school, take a deep breath and say, “I’m getting ahead.” Repeat 3-5 times.Do as many things outside as possible. Help your grandmother with her garden, play Frisbee in the park, read in a hammock.Listen to summer music and watch summer movies. Personally, nothing sounds more like summer than country music which is my guilty pleasure. And no movie says summer more to me than Stand By Me. And while we’re on the subject, nothing smells more like summer to me than Aloe Vera.Learn something. Even though it’s summer, it doesn’t mean we have to remain stagnant. Brush up on a foreign language, check out a book on Russian history, learn how to cook Cajun cuisine or how to do East Coast Swing.Go to a music festival with a group of friends. Camp out, stay up all night, listen to tons of music.Take plenty of trips to large bodies of water i.e. ocean, lakes, rivers. Any beach you can find will suffice. Lather up on the sunscreen too.BBQ your heart out.Stow away those winter scarves and sweaters and bring out the shorts.Sell those old books! Half.com is a great place to sell books if you don’t end up selling them at your school’s bookstore. Photo by umjanedoan

And you can usually get more for your books when selling online or in stores that buy used books.

Take a bike ride. If you don’t have a bike yet, look for one on craigslist.Drive with the windows rolled down and the music turned up loud. This is the epitome of summer.

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Considering an Overseas Adventure?

Glide in a gondola along Italian canals Eat French Fries with a fork in FranceBackpack through IrelandTour the beautiful architecture of BarcelonaExplore Machu Picchu and “The Lost City of the Incas”Learn Arabic in Jordan from native speakersRead Tolstoy and Dostoyevsky at a cafe in MoscowHike Mt. KenyaSurf the white beaches off the eastern coast of Australia

If these things sound any bit enticing or appealing, then studying abroad is for you! Of course, as you know, earning credits overseas will be more than just surfing and eating crisp and flaky desserts. There are tons of opportunities, whatever your situation, to study abroad. All you have to decide is where on the map you want to go; how far away you want to get. And then decide whether you are up for that country’s food. Vegemite, anyone?

Why do people study abroad? Because they are thirsty for new culture, life, opportunity and adventure. What do you think? Not only is studying abroad a great way to experience these new things, it actually gives back in return. Here are some ways that studying abroad gives, instead of gets all of our American currency. And also a few reasons why you should study in a foreign country:

Learn a language. Whether it be Spanish, French, Mandarin, Portuguese or New Zealand slang, studying abroad will give you the opportunity to learn a new language and communicate with a whole new group of people. Be them the many speakers of Spanish, French, Mandarin, etc. Although with Kiwis, you might want to consider keeping the fake accent to a minimum.Take those much anticipated adventures during your time off of school. During the weekends take the train to your desirable destination and enjoy yourself. Though in a foreign country, academics can be academics. Meaning redundancy is found on all 7 continents (though Antarctica doesn’t have much going on anyway). Studying abroad encompasses so much more than the academics; it is the atmosphere and setting while studying, and the experience in between studying.Understand the life of another culture. This is a lot more broad than the traditional subjects that fall under culture such as food, language and individual habits. It digs deeper into the culture’s thoughts, beliefs and perceptions about life.Become globally literate. Understanding a larger scope of the world can be taken advantage of through news, organization efforts, talking to people from other countries and more. But these resources do not compare to going to another country and seeing for yourself what you had previously only heard about. Through education, the high hopes of America are to make students globally literate. And that is why study abroad is so encouraged.Develop helpful skills in and outside the classroom. Studying abroad gives students challenges to overcome in the classroom. Whether it be a language barrier, a heavier load or plain discomfort, students receive the opportunity to grow as students and as individuals. Being put into a new setting will challenge study abroad students in a way that forces them to come up with solutions and strategies to overcome difficulties.Maximize your hiring eligibility. Since only 4% of US undergraduates study abroad, employers see these individuals as unique, self-motivated and willing to accept challenges. When you are the only applicant who has experience studying abroad, it will set you apart from the rest.

Bon voyage! ???? Buen Viaje! Bon ferð!

*Tso Moriri Lake, India photo by: Prabhu B, Gondola photo by: Gustey Travel

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The Attire and Attitude to Attach to your Application

Part-time jobs at restaurants, department stores and the like all have the same process when it comes to applying for a job. They all ask for applicants to fill out an application. The way in which applicants should dress, act and speak when asking for and bringing back an application adhere to certain preferences. While the way someone walks, talks and dresses make them an individual, I am speaking of a certain attitude one should have in this particular setting. Therefore, when asking for an application and turning in an application, there are some definite rules that aspiring employees should follow, especially when it comes to garb.

It’s important to look nice when asking and turning in an application. These are the employer’s first impressions of you as a hirable employee, so it is important to give them a glimpse into who you are through these first impressions. Men: Wear something decent like khakis and a nice polo or button up shirt, with nice loafers or dress shoes. No suit required. And make sure to trim up that beard, boys… Women: Wear appropriate and business-like clothing such as slacks or a skirt that is at least long enough to hit the knees. Pair this with a blouse and some nice flats or pumps. Men and Women: Stick to dressing in neutral colors—blacks, whites, blues, browns—that  aren’t overwhelming, trim finger nails to an appropriate and professional length and comb hair back and out of your face, so that it is tangle free.

The last thing you would want while asking and turning in an application is for the secretary, employee or manager to think you are unprofessional. It’s definitely better to be safe than sorry with your attire when applying for a job. Men: Avoid jeans, t-shirts and cut off shirts. It would show the employer you are unorganized and unprofessional. Women: Avoid stilettos, tank tops and halter tops. Men and Women: Avoid bright colors and crazy patterns, as well as strong cologne or perfume. When it comes to footwear, avoid athletic shoes or any kind of sandal. You should probably avoid mustard stains as well…

With a professional look and a positive attitude, you should have no problem getting that interview.

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The Balancing Act of a Part-Time Job and a Full-Time Student

Though we would like to play ultimate Frisbee all day, read books of our choice all night, and make time for eight hours of sleep in between all of that, it isn’t possible while being an employed student. The reality of college life is that there are hours spent daily on textbook readings, writing papers, working so that tuition is paid for, and then class. For some reason I thought I would be much more willing to do work once I was in college. And that is partially true, because what I am learning is applicable to my future career and that glorious diploma.

But overall, there are just a lot more activities cramped into a smaller amount of time. That is the college life, and we are supposed to deal with it somehow. There are some practical things students can do to balance a life of school, work, sleep and play. So why didn’t they tell us these things before we started this kind of life? Because they say we are supposed to learn on our own.  They are right in doing this. But now I will tell you some things that have been helpful to me on this journey thus far.

Addressing procrastination: If I would have realized it was okay to say ‘no’ to friends, then I would have said it a lot earlier and a lot more. But one of the issues (partially) is that there is always a trip to Bubble Tea or another episode of Lost being watched. It’s so easy to make the decision to put off homework until 11 pm. And then when the time comes to do work there is a lack of motivation and an overwhelming presence of drowsiness. For me, the drowsiness usually trumps the little motivation that is there and I submit to defeat once more. The moral of the story is, just say ‘no’ when you know you should go do what needs to be done. Having a flexible job is extremely helpful when you are a student. During the weeks when classes are heavier, it is reassuring to be able to reschedule work around big exams and study sessions. The flexibility may rest upon the duties of the job, your employer, and other factors. If working for your school, chances are they are going to be more flexible when it comes to your hours and your schedule around high-stress weeks. Even the fact that you are a student should be proof to your employer that you are a student first, but your job is still important to you. All in all, try to find a job with flexible hours in case school gets too heavy. At the beginning of each quarter or semester, create a schedule for classes, work, important events and deadlines. Having this information down in print will be a relief when deadlines are approaching and stress levels start rising. Having a schedule and sticking to it is the goal. If this goal is attained, you have succeeded in self-discipline and organization skills. Juggling classes and work is no easy task, but it is definitely doable. Pencil yourself in. Intentionally take time out of your week for yourself. This time should be spent doing whatever it is that you love, or whatever will keep the big picture in mind. Whether it is going for a run, playing a good game of chess or laying in the grass and looking at the clouds, make that time for yourself during the hustle and bustle of the week that requires more work than play. Go to bed and wake up at the same time everyday. Doing this will help you get into a groove for your schedule, regardless of what you have planned for the day.

Best of luck to you on balancing the different aspects of your life. Knowing what your priorities are is key. Do this and you will not have to worry about missing deadlines because another area of your life is too overwhelming.

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The Perks of an Unpaid Internship

When there is no money attached to a job, it is hard to be enthusiastic about it. But internships have a lot attached to them that college students should be optimistic about. Unlike a job at a gas station or department store, internships are interesting and most of the time geared toward what YOU are interested in. We are usually only employed at those other places because we need cold hard cash. And while unpaid internships don’t give that opportunity, they are pleasing to the soul (and to the resumé). Here is a list of reasons why you should consider an unpaid internship, because experience can be more valuable than minimum wage.

I will say it again, experience is more valuable than a job that pays minimum wage. Doing something that you love and is relevant to your intended field of interest is appealing to your future employers. Thinking of the future is so important during these times when there is still time to gain experience. Time is valuable, and if you have the time to take an unpaid internship before you graduate, it would be a great opportunity for you to gain that credibility that is harder to gain once you are out of school and there aren’t as many chances to take unpaid internships. Because loan bills will be sent to us as soon as our diplomas are handed to us. But we don’t have to talk about that yet… Photo by lululemon athletica

While a paid internship would be great because it does pay, think of how good it will feel to do something that you enjoy and want to take time out of your schedule to do while not getting paid. There is something that is selfless and fulfilling about volunteering, and that is what unpaid interns are doing, while getting rewards in return that are more valuable to your future. Because while there may be no current benefits, there will definitely be future benefits.Gain skills that are relevant to what you love doing. There are tons of opportunities through universities and the areas around them that offer internships to college students that specifically target students of particular majors. There may be an opportunity for biology majors to do lab work, or an editorial job for English majors. The possibilities are honestly endless, and finding out where these opportunities are comes through networking. Talk to your professors and advisers. They know people who want a student like you to be their intern.Learn how to work in a professional setting, without the pressure of being fired because you are being paid. Depending on who you are working for, unpaid internships don’t carry the weight and pressure of being a paid intern. If anything, the employers will be thankful that you are volunteering your time to work for them. Think of flexible hours, easy-going Photo by NewsPhoto!

coworkers, and enjoying going to work. Work should be fun, and this could be a way of learning to love the work without the money.

There has some controversy about unpaid interns in the past few months, like in this article in the NYTimes. But I think that there is still a lot of positive things that we can take from them, even though there is no pay. You can make the call, based on your financial need and your desire for experience. But it’s something to definitely consider, while we have the time during these college years to do something that is beneficial to others and our futures.

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Make Money by Recycling

Right now is the perfect time to do some post-spring deep cleaning out of closets, bookshelves and garages. School has just ended for those on the quarter schedule, and behold it is summer. Whether your closets are bulging with clothes, your bookshelves are bending from too much weight, or you’ve got an unused bike in the garage collecting dust, think about recycling your stuff to businesses that would buy them from you. Some extra cash and extra room sounds nice, does it not?

When selling clothes there are a couple of things to look for, before taking them directly from closet to store. Most shops only take clothes that are in good condition. Which means:

Photo by apreche

rip and tear-freeno loose seamsstain-freegood condition

Some shops may only take clothes that are ‘in season.’ This means during summer season they will not take winter jackets, and during winter they will not take shorts and tank tops. Keep these things in mind, so you aren’t rejected for all of your winter clothes when you go in during July. You can call certain stores like Buffalo Exchange and ask what kinds of items they are currently buying from sellers. Some other places you can sell clothes: Plato’s Closet, Ebay, Crossroads Trading

Depending on where you sell your used books, there are certain things that buyers look for. It is most likely that buyers will not buy a book if it has these qualities:

Photo by Rob Enslin

Rips, tears, stains or odorsTape repairsBeaten up, in worn-conditionCovered in stickers or price markings from other storesWriting or highlighting (with the exception of owner’s name in front)Pages falling outBroken spines/bindings

These are the qualifications for Powell’s Books in Portland, OR. It is also mentioned that the prices they pay for books, online or in-store, are based off of what they think it will sell for, as well as the ‘desirability, current and historic market values, in-print prices, conditions, and [their] current stock levels.’ Some other places you can sell your books: Cash4books, Half.com, Barnes & Noble, Amazon

When selling old bikes, furniture, televisions and other things that are stowed away in the garage, there is usually more leeway when it comes to pricing, because it’s the seller who sets the price. Selling these items is usually done online so the price is comparable to the quality. Here are some websites where you can sell your stuff: Craigslist, Ebay

Photo by jayhay312

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Get Rid of Student Loans Starting NOW!

I was never a fan of handing over those yellow paper dollars to my opponent because I landed on his piece of property on Illinois Ave. Just like handing over those fake paper dollars in Monopoly, paying off student loans will feel the same way. But in the game of Monopoly, it does feel better when I make an investment by buying a piece of property. And paying off student loans should feel like making an investment in Monopoly. Though at first all you see is money being taken from your bank account, later you will see the results when people start paying you for landing on your square… Or rather when your student loans diminish. There are positives to making those monthly payments. The burden is being relieved.

Photo by Mikael Miettinen

There are 4 options that can all be negotiated with your lender, whether it was a private lender before the law on private student loans changed, or whether your sole lenders are companies backed by the government. After graduation there will be a 6-9 month grace period where graduates will not have to pay off student loans, so they have time to look for a job (so they can afford the payments). Unless the graduate is in forbearance with their lender, which allows more of a grace period, he or she will start paying off loans with an amount that is negotiated with the lender. The minimum is usually about $50. Graduates are able to switch their payments to larger payments monthly. The most important thing is to stay on the same page with the lender.

Graduates who have found a well-paying job soon after graduation will start paying off loans in the form of standard payment. This is the best option because loans will be paid off after 10 years, and it has the best interest rate. While this is the quickest payment option, it is also requires the highest monthly payments.

This option is for graduates who have found a job that starts off with a decent wage that will steadily increase over time. The loan payments will start off by mirroring the small wage and over the next couple of years for the next 10-30 years the payments will increase like the graduate’s wage.

This payment option is set up so that monthly payments will be based off of what the graduate is making in their current income. This is for those who have seasonal jobs, or jobs that fluctuate with seasons. With this option, graduates will have 15 years to pay off their loans.

This payment plan has the worst interest rate, because the payer has chosen to pay the least amount per month. This means that by the end of the 30 years it takes to pay off the loan, the loan payer will have paid almost double than they initially borrowed.

If you have questions about any of these options, contact your lender. Or ask your mother, she usually knows.

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16 Ways to Stay Motivated Before Summer Hits

We are coming along the home stretch. Whether you are on the semester schedule and you have a few more days of finals, or whether you are on the quarter schedule and enduring these last four weeks of classes, there is a light at the end of the tunnel. And it is visible! It has been very difficult for my peers and I to stay motivated in classes while the weather has been so wonderful. I am looking forward to a day of May showers, so that I will be forced to stay inside and get things done. But wherever you are in the context of finishing up this year of college, it is important to take a step back and gain perspective, so that the term isn’t wasted on late night fourth meals and full days of playing Frisbee in the quad. Though both of those things are quite nice. I’ve thought of a few things we could all do to withstand this last stretch of classes, projects and exams. I hope it is of great use to you.

Let the competitive spirit within you come out. Being competitive can be of great use, and you can trigger those feelings of ambition and zeal towards doing well in your school work.Make a list of fun activities that you are excited to do this summer. Writing out that list should get you so pumped for hiking and star gazing and beach laying that you will want to hurry through these last projects and exams. Photo by xb3

Limit your consumption until completing x amount of pages. When my roommate is reading or writing for a class, she won’t let herself make any tea (and this girl loves tea) until she has finished a certain number of pages. Hey, it works for some people who have the self-control.

Limit fun time with friends until you have all worked hard for a period of time. When doing homework together as a group, tell yourselves that if you are satisfied with your productivity, then you will be able to go do fun things. This might help you crank through some work you’ve been putting off for a while.Make a to-do list everyday. Number each task in order of its priority compared to the other tasks, in order from the most important to the least important.Designate a rest-time during the week. By taking out this one period of time during your entire week, you won’t have the excuse to relax more than you should. Because we all should relax, we just tweak that to mean resting whenever we want. What we should do and what we want to do aren’t always the same.Have homework parties. Host it in your dorm room and tell people to bring simply two things: Food and their homework. Voila, you are socializing while being productive.Take off Friday nights. This is my personal general rule, but I recommend it to everyone else. It’s a great time to go out with friends, stay up late and not have to worry about waking up too early for class.Remember how much you are paying for tuition. If that isn’t motivating enough, I don’t know what is.Take a walk during study breaks. Regain your mental strength for a while and then come back to work feeling refreshed.Remember where your passions lie. If they are in chemical engineering and you feel like you’re in a dry season, go talk to your professors. If there is anyone who is passionate about their work, it them. And hopefully they can rub off some of that passion onto you. Photo by jurvetson

Remember how close you are to the end. And how far you’ve come this year; all that you have experienced. The end is touchable.

Set some goals outside of your work. For example, asking an old friend out to coffee, running a couple miles a day, or practicing good eating habits.Think about home cooked meals. This is self-explanatory.And your bed at home. Yes.Get 8 hours of sleep. Anything less will put you in misery in these last weeks. But then again, we’ve been doing it the whole year… So why not get 4 hours?

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Midnight Snacks for Late Night Cravings

Do you choose to fight the hunger, or give in to a salty, plastic packaged, artificially flavored Top Ramen? How about neither. A while ago I said it’s time to stop the routine of milk & cereal for dinner—now it’s time to stop the eating Top Ramen late at night. I’ve found some options to fulfill those late night cravings that are fiber-filled and will leave you more satisfied than after eating a Beef-flavored package of Ramen.

Check out 10o calorie VitaBrownies. They’re a great late-night snack, filled with fiber and yummy vitamins that will leave you in satisfaction rather than regret.

A delicious bowl of cereal. Avoiding cereals that are high in sugar will be better to eat prior to sleeping, so go for cereals composed of whole grains such as wheat, oats, corn or rice. Add some low-fat milk to your well-portioned bowl (preferably 1 and a half cups of cereal) and you’ve got yourself a great midnight snack.

Get yourself a snack sized portion of salted popcorn, adding a tablespoon of parmesan cheese to melt on top. Yum! Fat-free popcorn is best for this late night snack.

There are tons of fruit options for late night snacks, the most obvious and easy being an apple. But to spice up the traditional apple, cut it into slices and sprinkle some cinnamon on top. Zap it in the microwave for about a minute and you have yourself a fruity, cinnamon treat.

Create your own mini-pizza on an English muffin by spreading tomato sauce on one side, melting grated parmesan cheese and a couple tomato slices on top. This is a lot healthier and cheaper than ordering in a greasy pizza.

The ultimate snack that always satisfies… Who doesn’t love a good sandwich? During one of those late nights, make half of a sandwich with turkey, whole wheat bread, tomato, lettuce and light mayo, creating a satisfying snack.

All of these options are great for late night snacks because they are high in fiber and vitamins that leave you satisfied and not too full. Keeping portions small is key, and also having the ability to recognize when you are actually hungry and when you just think that you are hungry. Have fun with these suggestions! Do you have any of your own late night craving creations?

*Brownie photo by: Dichohecho, popcorn photo by: D3 San Francisco, apple photo by: EverJean, sandwich photo by: WordRidden

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Am I Responsible For My Ex Husbands Student Loans?

Penny M. from Oregon asked: I’m an older woman who wants to go to College. I have two kids that are 10 and 13. My problem is that every time I apply for student loans, they decline me because of some outstanding student loans that are my ex-husbands. I’ve been told by more than several of these loan companies that since we were married, I’m responsible for half of these loans. It doesn’t seem fair that I can’t get a Student Loan because my ex-husband didn’t pay off his $30,000 student loans. I can’t afford to pay these loans myself and my ex husband refuses to pay on them. How can I get money to go to College?

Student Loan Advice: Well Penny, that all depends. This is one area that I’m a little vague on, having never went through a divorce myself. Hopefully I can steer you in the right direction to get some help on whether or not you’re responsible for your ex husbands student loans.

First off though, it sounds like you had this debt when you were married? Why weren’t you paying on it then? Or were you and your husband just planning on stiffing the student loan lender? And now you’re wondering why they won’t give you a loan? Penny…Penny…Penny!

From what I understand, if this debt was not taken care of in bankruptcy court and the court didn’t state who was to pay it, then yes you liable for part, half or maybe all of it if he decides not to pay it. There is a chance you might be able to take him back to court and get the debt put on him, but you’ll need to talk to an attorney to see what all your options are concerning this debt. I think having him refinance the student loans or getting a home equity loan to pay them off would be a good thing if you and your attorney decide that’s the way to go.

Here a few of my thoughts on it. Nothing concrete, just my gut feeling having dealt with education loans and other types of debt.

It’s possible you may be able to pay them something even if its fifty bucks a month. After a while you may be able to get them to give you a student loan.

But if none of the above is an option, then you’ll have to resort to going to night school and paying for it yourself. During that time, get really chummy with your Teachers and Counselors. After a semester or two, start asking them about scholarships and grants that may be available to you.

Once you’ve made yourself a better candidate you can apply for scholarships and merit loans. Scholarships are generally free money for school and merit loans are generally based upon your academic worth rather then your credit situation.

You can still get your education, but it will likely be more difficult. If you really want it, you’ll find a way to get it. It’s likely that it will take you a little longer, but it’s still attainable. Probably the first step is taking action to get your ex husbands student loans paid off or at least starting to pay on them.

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Tagged With Butget, Divorce, divorce cout, Dollar Loan, ex husbands student loans, Lifetime, Pmts, student loan, Student Loans

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Student Loan Bill Goes To President

Well, you know it had to happen. The Student Loan Bill goes to the President for his signature. This will put many of the student loan subsidies under the Governments control…yikes! You know, the same government that thought it was a good idea to bail out banks and auto companies. The same Government that started the Cash For Clunkers program and underfunded and miscalculated, not once…oh no…but twice in two months!

This bill that went to President Obama is suppose to make college more affordable for students that have a hard time paying for it. In a lot of ways, it reminds me of efforts by many States to legalize gambling under the pretense of the proceeds going to education. Now we find out that our schools are still under funded or the money has been misappropriated.

What happened to the tax dollars these States were using before the gambling proceeds? Why are some States still increasing property taxes to pay for education when they’re having record amounts of gambling proceeds coming in?

When you discover the answer to those questions you’ll find out why it’s a bad idea to give the Government full control over the Student loan programs.

You think education is expensive now, just wait! You think filling out all that paper work for a student loan was a pain in the who-haa, wait until Uncle Obama get’s done with the process.

Under this new bill, Pell Grants are suppose to increase to $6900 over the next decade. WHAT? OVER THE NEXT DECADE???

Why will it take 10 years to increase the Pell Grant amount? Do you think that College cost will rise as slow as the maximum amount  you can apply for under a Pell Grant?

Hell no! This bill does nothing at all to curb college cost! Perhaps the Government wouldn’t have to throw our taxdollars at this if they would sit down and find ways to reduce the cost of college in the first place!

But then, Politicians wouldn’t be able to get their greedy little hands on taxpayers money and they just can’t have that! So when the student loan bill goes to the President, don’t cheer, be afraid, very afraid of your education and future!

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Tagged With government assistance, Pell Grant, student loan advice, student loan bill goes to president

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Illinois Denies Student Loans To Students

If you live in Illinois and you’re needing financial assistance in the way of an Illinois student loan, don’t hold your breath. The state of Illinois is denying student loans to as many as 130,000 students this year and perhaps even more next year. Many of these student loan request are from students looking for Student Loans For Vocational School.

So why were so many Illinois students denied financial aid? Because they applied after May 15. However, this date was much earlier than the official cut off date than those in years past.

I’d like to say that the above is the worst news there is if you’re an Illinois Student, but it isn’t. No student will receive financial aid for the second half of the 2009-2010 school year. Ouch!

Hey, we only have the politicians to blame for this mess! Their out of control spending has the Springfield in a financial mess and yet they continue to blow your taxes! And these are the people we hired to represent our interest!

The number of financial assistance rose by 27% this year, the most ever as over 200k students sought financial aid from the State.

Well, for one thing, you really want to watch out for the deadlines to get your applications in. Of course, if the Illinois politicians don’t get off their butts and fund these programs, then all of it will be for naught. But applying early as possible will help you get in line for financial assistance.

Don’t forget you have Federal Grants, Scholarships and Student Loans to try and become eligible for.

Also, even though many corporations are cutting back, there are still corporate scholarships as well as institutional scholarships to be had. You’ll just have to dig a little deeper and a little harder to find them.

And I know many of you don’t want to hear this, especially in this day and age of “I want it now”, but some of you may have to work your way through college while others of you will have to get a job and save your money. Sure, it’s not the easiest way, but at least once you get done with college, you won’t have no student loans to pay back by going this route!

Basically it will come down to you being responsible for your own education. Geez, that’s scary huh, not having the Government to give everything to you. Let this be a lesson to your young people right now. This is exactly what happens when your rely on the Government for anything. Sooner or later they’re going to fail you! Learn to be self reliant from Government programs and fend for yourself. Then when those needed Illinois student loans or other financial aid can’t get it, you’ll be way ahead of the game!

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Tagged With cut backs for financial aid, illinois college, illinois financial aid, illinois student loans, student loan programs cut

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How can I defer student loans while in the military?

John Agnew from Florida asked: I’m about join the NAVY and I want to defer my student loans until I’m finished with A schooling. I have Federal as well as State backed student loans. Who would be the best person to contact about this?

Student Loan Advice: Hi John. First off, thank you for your service to our Country! Sounds like you’re a stand up young man. Now, those student loans of yours.

There are actually two or more people/administrations that you’re going to want to contact. The first is the people who lent you the money. Both Federal and the State programs. They will inform you as to your options, or at least they are suppose to! From some of the people I’ve run across in those loans programs, about the only thing they can tell you is what time Lunch is and when quitting time is! Let’s hope you get someone who knows what they’re talking about when you contact them.

The other people you need to contact is the Navy itself. You may be surprised to find that the U.S. Military has many programs to help you pay for College. Even some of the Branches such as the Navy and Air Force have programs that help their people either pay off loans or at least pay on the loans. Wouldn’t it be cool if they stepped up and took your loans over? You can never tell, so find out who you’ll talk to in your neck of the woods.

Most people have heard of the G.I. Bill, but few know that it covers a great deal of area. They’re also not aware that there are other programs in the Military designed to help make your life easier when you go to enroll in College.

Plus, if you’re wise before signing up with the U.S. Military, you may be able to get your training absolutely free plus gain some experience in the field where you want to make your career. This is a very popular path to career training for those who want to become Nurses, Doctors, Engineers, Heavy Equipment Operators, Pilots and even Attorney’s.

Especially in this day and age. The U.S. Military is looking to pay for students college as long as they put in the time and go into a needed area of expertise. It’s a win-win situation for everyone involved. They get people the need to fill positions and you get a Class A education for little or no money.

So John, the future looks bright for you. I hope you take full advantage of the training and student loan benefits the U.S. Military will be offering.

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Tagged With air force, Contact, Fafsa, g.i. bill, military pays for college, military training, Navy, State Loans, Student Loans

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Students and Parents Face Largest Student Aid Increases In Years

You know it was coming with the shape that the economy is in. Most Colleges and Universities are saying that Students and Parents should brace for an increase in student aid. Not just any increase, but one of the largest increases in recent times.

For example, New York Students are already feeling the pinch as State colleges did a mid-year price increase on tuition. The cost of the increase was a huge 14%. One of the largest increases in the Country.

Florida and California students can expect to see increases in their State’s tuition cost by as much as 10%.

And what’s worse, many of these Colleges are also cutting back on benefits that were once a part of the Tuition cost. So not only are the Students or Parents paying more, they’ll be getting less for their money.

It’s a crying shame really. Politicians go on and on about increasing financial aid for students yet they do nothing to help actually curb the cost of College itself! All they can think of is spend, spend and spend some more. No wonder our Country is in the shape it’s in. It seems the last two Presidents just want to throw money at our problems and our elected officials are more than happy to go along. Their only disagreement seems to be whether the R or D gets the credit!

So now not only is it going to be harder to get the same amount of financial help as it was before, the actual cost for Parents are going to go up as well. Parents or Students will have to come up with more money in order to meet their financial needs at college.

Student aid increases can be seen across the board. The most shocking increase though looks like it will be at Community and Technical colleges. These have always been a low cost alternative for many students, but the greatest increase in College cost looks like it will hit these schools hardest.

If you’re planning on attending a technical school or community college in the future, you had better start planning and saving now. Don’t wait. Start applying for student loans for community colleges as soon as your elgible. You’ll also want to look at any grants or scholarships that may be available to your or your family. This will be the time you want to look high and low for all the student aid you can find.

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Tagged With community college, financial aid for community college, student aid, student aid increases, Student Loans

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Will student loans affect my mortgage applicaton?

Linda R. from Ohio asked: I have $80,000 in several student loans, but since I consolidated all my student loans, the monthly payment is approximately $400. Other than this student loan, I’m debt free. Do mortgage lenders view student loan debt differently than other types of loans? Also, what other factors will they look at when determining my qualifications for a home loan?

Student Loan Guru: First off, congratulations Linda on being debt free other than your student loans. Since I’ve been involved with my Kids college education and spending a good amount of time helping other Parents send their kids to college, I can say that I’ve never seen a student loan that was in good standing being treated any different than any other type of long term debt.

In your case, about the only difference is that in the future, you could always ask for a hardship defference if something was to come up. But I’ve never seen a lender consider this when looking at a loan. There are too many other things that they’re worried about.

As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt isn’t that big of deal with most lenders. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.

Something else you might want to consider due to the current state of the economy. You may want to hold off buying right now and focus and getting those student loans payed down until the employment climate stabilizes. Sure, you can always ask for a hardship deference, but that doesn’t necessarily mean you’ll get it. Plus, have you student loans paid down, or paid off altogether, will give you a big pile of cash to put down on your new home.

I wouldn’t even begin to think about buying a home if I couldn’t come up with at least 20% down. More would be great. I’d also look at a fixed rate, 15 year mortgage with payments no greater than 25% of your take home pay. If you can’t swing this, then you should step back and reconsider buying a home. Once you can swing it, then you’ll be setting yourself up to stay debt free for a long time.

Now I know this is an unpopular view on buying a home, but those who tell you differently are usually up to their eyeballs in debt. Ever since I became debt free, things are a lot different. I don’t get upset over bad financial news I might here, I don’t worry about losing my job or my house and I sleep a lot better at night. Oh, did I tell you about the pile of cash I have saved and invested?

Many people will never realize how great it is to be debt free and all your hard earned money going into savings or investments. No, they have to have their stuff NOW! Of course, this is how this country got into this mess in the first place. People too impatient and greedy, not to mention lazy, to save their money and delay gratification. No, they wanted 100% home loans with adjustable rates. Okay, you got them, see what happened?!

Linda, you’re own your way to a very bright and lucrative future if you just remain patient and continue to pay off your student loan debt and do not go out and get into any other debt. Remember, slow and steady wins the race. It sounds like you’re doing everything right, just keep on this straight and narrow road and you’ll be able to buy the house of your dreams. And who knows, by the time you have those loans paid off, which shouldn’t be long, you may not need a mortgage broker for a home loan, you can just use your cash!

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Tagged With become debt free, dave ramsey, debt free, Flexibility, home loans, investing, Lenders, Mortgage, mortgage application, pay off your student loans, Student Debt, student loan consolidation, student loan debt, Student Loans, will student loans affect my mortgage application

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Student Loan Lifetime Maximum – Do You Know Yours?

The world is in a state of financial regression. A lot of companies and industries have shut down. People after people are laid off by their employers trying to cut back on costs and budget. It is not a mystery why college students often resort to college student loans. Some get lucky because their parents’ businesses or source of income somehow survive against the global recession and can therefore afford to send them to college. But for those lower halves of society’s pie-chart, knowing and understanding student loans are a big help… most especially, when it is about student loan lifetime maximum.

Often times, a college student who borrows money, would wonder how much is their limit and what happens after they reach this limit. Should they stop going to school and concentrate on working in order to pay off the loan and be able to borrow some more money to go back to school? Maybe not a good idea though, since most of students who have dropped out from college have a hard time of going back to school.

The lifetime limit is the maximum amount a student can get from subsidized and unsubsidized loans. Currently the amounts are as follows (this is only an guestimate, as the totals may have changed by the time you read this):

Lifetime maximum for graduates and undergraduates is $138,500 with no more than $65,500 in subsidized loansGraduate school -total limit for non-medical students is approximately $138,000Medical students can get up to $200,000 in student loans.Independent student are eligible for additional $23,000 in unsubsidized loan.

If a student’s loan reaches its lifetime maximum limit, he or she could stop school and work to make payments for that loan. Once they pay, these installments will be subtracted from the limit given to them which enables the student to borrow again for him or her to continue schooling.

There is a thing called financial aid for students. This is pretty much offered for those students who are full time. They usually have limits to their loans but the government pays for the interest for the period of schooling. It is important to maintain academic status to keep that financial aid. If you are a part-time student, you are required to make regular payments on interests.

A lot of students should be more prudent when borrowing money for education. They have to make sure that they are keeping tabs on how much they are borrowing. Once a student graduates, the interests of his or her loans will begin to accumulate and if he or she doesn’t have any means of paying for them, it will reflect badly on her credit report once she applies for a job.

Good thing there is help available to those who have reached their student loan lifetime maximum. They just have to be aggressive in seeking help and make sure they deal with the problem before it goes out of control.

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Tagged With student loan, student loan forgiveness, student loan lifetime maximum, Student Loans

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Student Loan Forgiveness – Some Of Your Options

When you have applied for a student loan, received it, went to college and then graduated but end up finding yourself unable to repay the loan at anytime during the payback period, there are things that you can do to minimize or simply wipe off your debts. This is called student loan forgiveness. Since there are many borrowers who have not paid their debts, this program was designed to give them an option on paying back their debt through social work. Although this is not a total guarantee that your student loan debt will be forgiven, it’s at least one way to pay back your student loans when there are no other options for you.

Here is a partial list of programs that you as a borrower can try and enter to help pay back those nasty student loans!

Healthcare professionals who have not paid off his or her debts may become employed by rendering medical assistance in economically backward, disaster-affected or even war-affected regions. This usually happens especially when there is a shortage of medical professionals or because no other professionals want to go there. By rendering your services in this area, your debts forgiven or reduced.

You can also look into private institutions that are willing to pay for your debts in exchange for your employment into areas such as research and development and medical facilities where your expertise is needed.

Teaching is another option to get your student loans waived. You can teach in schools that are understaffed or have a majority of low income students. In most cases, if you teach the subjects Math and Science, your loan can be reduced more than the usual. The government also provided a method where you could teach to schools for children with special needs.

Providing service in the military is another alternative that you can choose for student loan debt forgiveness. You can join in the Peace Corps or any social service organizations, be it here or out of the country where your military services is needed.

This category is probably the most versatile of all as there are a lot of professions that can fit into this. You can be in the law enforcement as a police officer, highway patrol, or a traffic police. You can also work as a social worker for children, the elderly, and persons with disability, and other forms of servicing that can help in the community. This way, you do not only pay your debt, you can also help others as well.

Although your debt cannot be totally forgiven, these services stated above can still be availed to lessen or reduce your student loan debt. Generally, you can expect something like a 15% waiver in the first and second years of your services, 20% in the third and fourth year and 30% in the fifth year.

Five years to pay for your student loans can seem like a very long time, but it is a lot quicker than paying them off while you’re working at a low paying job. Student loan forgiveness may not be for everyone, but for those who have no other option, it can be a life preserver when you feel like you’re drowning in a sea of student loan debt!

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Tagged With student loan advice, student loan debt, student loan forgiveness, Student Loans

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Can I put my student loans on a credit card and then file bankruptcy?

Kiro from Mass. asks: I’m over my head in student loan debt, but have good credit and lots of it. I thought up a plan to put my student loans on my credit cards and then file bankruptcy on the cards. What do you thing? Is this a good idea? It doesn’t bother me a bit that the bankruptcy will be on my credit report for 10 years. I’d rather be out of debt completely and then move to another country and start over. If anyone has ever used this method to get out from under massive credit card and student loan debt, I’d like to hear about it!

Student Loan Guru answers: Wow Kiro, I hope you’ll use some of the same creativity that you used in thinking up this scheme in the work environment. If you do, I can see you going a long ways in life…or maybe life in the pen…lol This is almost as bad as using your student loan to pay off your credit card debt.

For a moment, let’s ignore the fact that this plan is immoral and unethical. Which, I must say, says a lot about yourself as well. I guess I don’t have to tell you that these aren’t the qualities that most emmployers will be looking for huh? One of the biggest drawbacks that you’ll face with this scheme is that it appears that it’s not only student loan fraud, but it could also be considered bankruptcy fraud. This can land you behind bars for a few years.

But then, let’s pretend that it is ethical and not against the law…how would your scheme look then? Well, it will still stink!

You may think that a bankruptcy will only stay on your record for 10 years, but in reality, it will stay with you your entire life. It may or may not fall off your credit report in 10 years, but there are other ways lenders will learn about it.

10 years is a long time. A lot of things can change. You may want to move back to the States, buy a home, get another job, get married, etc. A bankruptcy can affect all these things.

Also, check me on this to make sure I’m right, but I believe the new bankruptcy laws will throw a wrench into your scheme as well. I don’t think newly acquired debt will be elgible for bankruptcy. So you see, as good as it sounded at first, your scheme is full of holes. The Politicians are way better schemers than you are!

And if you get caught, then having a criminal record can really put a kink into your future plans, especially if you move abroad. Many countries will not allow ex-cons to move into their country.

Your plan would have been perfect back in the 90's, but not any longer.

If I were you I would say consolidate your student loans and get a low interest rates and low payments. shop around for the best company. And what ever you’re quoted, have them send it to you in writing by mail. Do this because lenders sometimes say one thing and when you sign up the interest or payment is higher than what they told you it would be.

What ever you do, don’t dont dont let your loans default!!! Been there done that, not fun, You then cannot consolidate and they will try to bully you and demand you pay it all at once. They will threaten to garnish you and may try! As long as you are not in default you have options.

If you really have a good excuse for wanting to get rid of your debt, (other than you ran it up and now don’t want to pay for it) looking into declaring an economic hardship or forbearance. In some instances this can postpone your payments usually 6 months to a year. Of course the interest still adds on. But you have the option to pay just the interest or nothing. When its time to repay in a year you will probably be on your feet. If not request it again. I think you can do it maybe 3 or 4 times. Check with your counselor to make sure. Then make your payments and be done with the clowns.

If you have a private student loan, you may want to look into a debt settlement, although it’s personally not a favorite with me. Debt settlement is a process in which an organization will go to your lenders and negotiate with them regarding your debt. The purpose of the whole exercise is to reduce your debt burden. If a settlement company is good it can get your debt reduced by as much as 50%. This is what a creditor needs and this is the most visible benefit of debt settlement. The amount of the debt is reduced, the repayment plan is made easy and often the monthly installments are spread over a long period. This makes life a lot more easier for the borrower.

However, debt settlement is not without its drawbacks. There are two things to worry about. First, is the cost of debt settlement. Debt settlement companies will charge huge amounts for their services. The usual range is between 10-15% of the debt amount. Paying this much amount upfront can turn your financial situation from bad to worse.

The other thing is that many of these companies just take your money and do nothing. This is the biggest reason I’m not a fan of debt settlement companies.

So Kiro, I hope you can now see that your question about putting your student loans on your credit cards and then file bankruptcy only sounded good in the thinking state. In reality, it just won’t work!

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Tagged With 10 Years, Chapter 7 Bankruptcy, Credit Card, credit card debt, debt, Declaring Bankruptcy, Handy, Interest Checks, Low Interest, Mail, Student Debt, student loan debt, Student Loans

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How Will The Health Care Bill Affect Student Loans?

While as student loans might obviously not be directly related to the new health care bill that is being processed by the Obama administration, there may be some closely related ties to the two that you missed. The health care bill is said to cover those of you in the United States who don’t already have a health care plan. It is primarily for the citizens who are less fortunate and have not been able to purchase health care.

Therefor, if you have been fortunate enough to afford health care either through a policy that your area of work has set in place for its employees or perhaps maybe you have purchased health care through a policy away from work, the new bill will not directly affect you.

Student loans have long been available to anyone who may be able to apply, properly use the student loans for college or other educational purposes, and then begin to pay back the loans only once their education has reached its end term. Now if your thinking logically, the health care bill should have no direct relation to any student loan policies, but we have seen stranger things happen in Washington haven’t we?

Pell grants have been in place over the years to provide extra financing to low income students. Well just recently the education department has said the the recent Pell program is expected to run out of money in the upcoming years. What does this mean for low income students? Well, it means that their not going to have any government supported money given to them anymore ultimately causing more students to need to apply to student loans or look elsewhere for their money.

Now, the health care bill does not make any changes to existing student loans either but it does lower the maximum amount you can pay per month on your loans. The new bill will bring down the maximum amount you are allowed to pay per month from 15% of your total loan down to 10% also shortening the amount of time you have to pay back your loan from 25 years down to 20 years. Parents and students should take every necessary step to check into other sources of income for college such as grants and federal loans because they will be able to utilize these areas for funds.

Grants and federal loans have long been available for students to increase the amount of financial help available to them at the time of applying and entering college. Student loan companies are fighting the new bill because it can benefit students who may be applying. Anything that is going to bring down the company and lesson their profit is obviously going to hold and argument. The health care bill undoubtedly lessons the burden of student loans and can be seen as a satisfying addition to the loan process for students.

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Tagged With Federal Grants, health care bill, obama, Student Loans

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Why can’t students get a break on paying back student loans?

Jan B. from NJ asked: Seeing how all the big companies are getting bailed out and getting tax breaks, why can’t they give us students a break on repaying student loans? I’m having a hard time trying to buy a home or car because of my Student Loans. It doesn’t seem fair to me.

Student Loan Guru: Wait Jan, listen. Can you hear it? It’s a thousand little violins playing “Poor, Poor, Pitiful Me” for you. How about some Cheese with that Whine? Seriously Jan, cry me a river!

The truth is, you do get a break on repaying your student loans.

Normally, if you buy a car or home, you have anywhere from 30 to 45 days before your first payment is due.

With a student loan, you have 6 months after you get out of school to find a job and start repaying your student loan. So please, don’t talk about ‘getting a break repaying your student loan”! It’s built in.

I recently read a story about Warren Buffets Granddaughter being cut out of his fortune. He had paid for all his Grandchildren’s education. Her education bill run into 6 figures. What kind of education did she get for six figures? She went to school to be an artist!

Then she had the nerve to do an interview with some media outlet and dissed Warren. So he cut her out of the fortune. Good for him!

Now she’s whining about having to be a hair dresser and making only $40,000 per year and not having any health insurance. What about her art you ask? Oh, she sells a few pieces here and there, but not enough to live on. I’m betting that her education was the worse investment Warren ever made.

Jan, I would have liked to known how much your Student Loans total and what you went to college for. It sounds like you one of the people who spent 10 times more on College than what the actual job you want pays. Can you say … STUPID

For the life of me, I’ve never understood why someone will take out student loans totaling more than 100k for a job that only pays 25k per year. STUPID, STUPID, STUPID!

Listen, there’s no job out there that pays 25k or even 30k that should require 100k worth of college!

Sure, we all make stupid mistakes when we’re young. That’s why the call it youth. But you should have some common sense when planning your career. If you want to be a biologist making 30k a year studying the mating habits of Striped Meadow Frogs, that’s cool. Get the degree at a low cost state University or community college, not Harvard! DUH!

Here’s another news flash for you Jan. There have been many before you who have had Student Loans and paid them off, bought homes and cars and still had money to spend.

I’m betting that you financial skills are pretty sloppy. Take a second job or get a better paying job to pay off your Student Loans. Cut your lifestyle back until you have those loans paid off. If you have to move across the country for a better job, then do it! Otherwise, stop your whining and take responsibility for your actions.

A big part of this financial mess we’re in now is because of people like you who had no business of having credit running out and getting their hands on every credit card or loan they could get. They wouldn’t save up the 20% down payment for a home. Hell no. They wanted it yesterday and signed off on a 100% loan with an adjustable rate. Now they’re paying for their impatience! No, we Americans are paying for it!

So there you go Jan. It’s not you that needs a break, it’s the rest of us who have been carrying your sorry Butt and those like you who need a break, from people like you! Now get off your lazy butt, take responsibility for your actions and do what it takes to repay your student loans. Then save up 20% to put down on a new home. No, it won’t happen overnight. It will take a few years. But it was your actions that got you in the mess you’re in.

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Tagged With bad economy, Bad Judgment, Banks, Break, economy, fatherly advice, money, poor economy, repaying student loans, student loan advice, student loan repayment advice, Student Loans, Tax Breaks

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President Obama’s Stimulus Bill Promises Student Aid

The House of Representatives may be voting on President Obama’s stimulus bill that promises student aid, a.k.a. The American Recovery and Reinvestment Act, that could make the federal Pell Grant Program seem half its size in comparison. Obama’s stimulus bill could provide billions of dollars in spending and financial aid for many colleges and universities across the country. President Barack Obama’s request for an $825 billion stimulus financial aid package to combat the countries current recession and invest in health care, education and infrastructure programs was the basis for which he modeled this economic stimulus bill. The bill would enlarge the Pell Grant Program significantly. The Pell Grant Program distributes federal grants to around 6 million university students in the United States every year. Congress was warned last year by the Department of Education that the program would be facing a $6 billion shortfall in 2009 if additional funding is not obtained.

On a side note, the stimulus act increases funding for Pell Grants and goes to students from low and moderate income families to those who make less that $40,000 annually. The good news is Pell Grants don’t have to be repaid and you can use them for tuition and living expenses.

Funding for the program would be increased by this bill by about $15.6 billion but in 2008 was $16.2 billion. The maximum grant per student would be raised by from the current $500 per student, to a whopping $5,350 annually.

An increase of $2,000 per student in student loans and more tax credits for students is also wrapped into this bill. There is also a $490 million program which would support working students, as well as $6 billion dollars to modernize buildings, and $39 billion dollars available for state governments to distribute to public colleges and school districts across the country.

The house bill is expected to pass with most of the Democrats supporting the vote as well as President Barack Obama. Once it passes, it will most likely take several weeks for the bill to become law and the House and Senate also need to agree on bill that is an identical version before it can become law. Opposition for the bill is expected to come from the Republican side of the aisle. Some republicans have said that spending money on colleges that have billion dollar endowments is not the right way to approach it. It just so happens that the bill is loaded with hundreds of billions of dollars in spending on projects and programs which will not impact our ailing economy for many years, if they ever do.

The publisher of Finaid.com, Mark Kantrowitz estimates that the bill will raise the number of Pell Grant recipients by approximately 800,000. There are those that won’t get the maximum grant benefit because they will be on the fine line of eligibility.

Obama’s budget would in turn make the grants similar to many other entitlement programs like Social Security and

Medicare, by money automatically going into the program every year according to a formula.

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Tagged With obama's stimulus package, stimulus bill, stimulus financial aid, stimulus student loans, student loans stimulus bill

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