Posts Tagged College Loans
How to Avoid Student Loan Debt
Posted by admin in College Loan, Private Loan, Student Loan Debt, Student Loans on August 31, 2011
Nobody can avoid debt altogether (after all, we are a debtor nation), and if somebody can then they probably know the answer to the meaning of life as well. Credit cards, mortgages, loans for students, loans for business and loans for just about anything are a common part of our lives. There are interest payments to make, fees to pay, and service charges to decipher. If you’re about to go to college, or are in college already, there are a few ways you can avoid student loan debt.
First, try looking at some in-state schools. Tuition rates are going up across the country, even at state schools, but they are the best bargain around. Obviously, you shouldn’t limit yourself to your own geographic area when you are deciding what to do with the rest of your life, but you’d be remiss if you didn’t check out some schools that might save you a few bucks down the road and might even earn you a few bucks more than you thought.
Second, try paying down your interest while in college. The ideal college experience would be partying with a few breaks here and there for classes. College is already stressful enough; why should you have to worry about having a job in addition to your 18 hours of class, hours of studying and hours of extracurricular activities? Besides, there’s no rent on campus and while the dining hall food will make you sick at first eventually you’ll develop a stomach that could digest R2-D2. Well, making room for a part-time job will not only give you a needed break from your unreasonably smelly roommate who puts a scrunchie on the door when he’s alone, but it will also teach you responsibility, allow you to meet more people, and will help you build credit.
Third, try the military. Seriously. The Army and Army Reserve offer some great student loan repayment options and will even offer you additional money if you want to go back to school. The Montgomery GI Bill will help you transition from the military to finding a private sector job and offers you plenty of additional benefits.
Last but not least, don’t let debt weigh you down. Make your payments on time, even if they’re just the minimum, and enjoy college. It’s the best four years of your life you never want to repeat.
Student Loan Consolidation May Get you Up to 20 More Years to Pay Off your Student Loans
Posted by admin in Student Loans on October 25, 2010
If you’re a former student or a college parent with any outstanding federal student loans, you may be able to get up to 20 more years to repay just by consolidating your eligible federal parent or student loans. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down. You may be able to cut your monthly student loan payments by up to 42% — just by consolidating!
Cut Your Payments on Your Student Loans by up to 42%
Here’s an example of how you can lower your monthly student loan payments when you consolidate your federal college loans and take advantage of a longer repayment term: Estimated monthly payments on a $75,000 student loan consolidation fixed at 7.25% and repaid over an extended term of 30 years are $512, versus estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years — that’s a 41.8% reduction in monthly payment amount. (Your actual payment reduction may vary and will depend on the terms of the parent or student loans you’re consolidating.)
Get More Time to Repay Your Student Loans
Federal PLUS parent loans and Stafford student loans are issued with standard repayment terms of 10 years. You may be able to get up to 30 years to repay these federal parent and student loans when you consolidate them into a student loan consolidation.
How long you get to repay will depend on the total outstanding balance of your education debt: If your outstanding education debt totals $20,000 – $39,999, you’ll have 20 years to pay back your student loan consolidation.? If your outstanding education debt totals $40,000 – $59,999, you’ll have 25 years. If you have $60,000 or more in education debt when you consolidate your federal student loans, you’ll have 30 years to pay back your Federal student loan consolidation.
No Fees. No Credit Checks. No Prepayment Penalties.
Even though you can get more time to repay your federal parent and student loans by consolidating, there are no prepayment penalties on a Federal Consolidation Loan, so you won’t be assessed any additional fees for paying more than the minimum each month or for paying off your student loan consolidation early, should you choose to.
There are also no application fees, no processing fees, and no credit checks when you consolidate through the federal student loan consolidation program.
Replace Your Variable-Rate Student Loans With a Fixed-Rate Consolidation Loan
If you took out your Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those loans are subject to variable interest rates that will adjust every year. So when interest rates rise, your monthly student loan payments may also go up. But you can put an end to rate increases and rising payments when you consolidate your parent or student loans.
The federal student loan consolidation program gives you the security of a fixed interest rate. By consolidating your federal
student loans, you’ll replace your variable-rate college loans with a fixed-rate consolidation loan, so you won’t have to worry about interest rates rising and leaving you guessing about your monthly payment amount.
Make Just One Payment for All Your Federal Student Loans
If you have multiple student loans in repayment and you’re dealing with the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a Federal Consolidation Loan could help make your student loan repayment easier to manage.
With the federal student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your consolidation loan.
Consolidate Your Private Student Loans
If you have private student loans in addition to your federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be able to consolidate your private student loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.
College Loans: your Best Friend During your College Days
Posted by admin in College Loan on June 8, 2010
Nowadays, education has not become as cheap as before. Sudden increase of course fee, tuition fee etc are making student baffled about their career. Being failed to maintain a balance with this increasing expenses, many students can not cross the threshold of college. But now the time has come to change this scenario. With college loans, a student can easily finish his college without any financial hiccup.
With college loans, students can arrange 75% of their maximum expenses. Not only tuition fee and course fee, but college loan covers all study related expenditures including accommodation, transportation, books and others.
College loans are of various types. First is private student loan. This type of loan is mainly unsecured loans. Therefore, students need not bother about collateral. Many a time, college loans are available as parent loans. In this option, parents avail loans for their children’s college fees. College loans are also available in consolidation form that combines various student loans in one.
While paying off college loans, student can get various repayment options such as, standard repayment option, graduate repayment option, pre-payment etc. Guidance of various loan experts enables students to opt for the right repayment plan.
Availing college loan is not a big deal, these days college loans are obtained without any hassle. Many banks, financial institutions, lending companies offer college loans. In order to get a better deal, meet those lenders personally, ask for their loan quotes and compare them minutely. It will help you in getting college loans at a better interest rate. If you are short of time, you can opt for online option. Yes, college loans are also available on the internet. Online process is easy and less time consuming. With this option, you can get a better deal easily and within a least period of time.