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Personal loans 101: How to get the money you need #business #funding


#where can i get a loan
#

About

With credit card interest rates soaring as high as 30%, people continue to look for alternatives to credit cards, especially when an emergency comes up. Personal loans can be a good option, but only if you have a good credit score ; otherwise, the rates can be even higher than credit cards.

Just what can you use a personal loan for? Essentially any cash needed, including credit card payoff, debt consolidation, education, training, home improvement, car financing, business needs, vacation expenses, major purchases, wedding expenses, moving costs and medical expenses.

But be careful out there: If you’re not absolutely sure about what you’re getting yourself into, personal loans can cost you big time. Interest rates, especially from places like the ones that offer payday loans. can be as high as 300%, so be certain you understand the terms before you sign on the dotted line.

Loan basics

There are essentially two types of personal loans: secured and unsecured. Secured loans generally offer lower interest rates than unsecured loans, but you must put up something for collateral, such as your house, your car or your boat. If you don’t pay off the loan, you can lose that collateral, so tread carefully if you’re asked to secure the loan.

Unsecured loans are commonly known as “signature” loans. Essentially, the bank or other institution will loan you the money with just your signature. You can probably get more money and a lower interest rate with a secured loan, but do you really want to put an asset at risk? That’s one of the key questions you need to ask yourself before applying for a personal loan.

The next thing to determine is just where you’re going to get a loan. Banks and credit unions offer loans, and those should be your first stop. You can start by calling your own bank and finding out their personal loan terms. That way you know what the ballpark is for personal loans.

Also, if a you have good, long-term relationship with your bank, they know you as a customer and should be more willing to consider a “signature” loan. Just to be sure you’re getting the best rate, call other banks and credit unions in your area. Since the market for personal loans is very broad, you definitely need to shop around to be sure you’re getting the best offer.

One word of advice: When you start checking on rates, don’t put in an application until you’ve made your choice of lender. Although your lender will likely tell you it can’t give you a rate until after you formally apply, you should try asking for a range of interest rates. You also should ask what credit score the bank or credit union requires to get the best rates.

But why shouldn’t you just apply to see what kind of rate you’d get? For a very good reason: When you apply to a bank, credit union or other lender, the lender will check your credit score. Every time your score gets checked, the inquiry could result in a lower FICO credit score, which means that every time you apply for a loan, the next bank will discover a lower credit score for you than the one before, and so on and so on and so on. And the lower your score, the worse the rates are that you’ll be offered.

After getting an idea of the type of rates you’d get from a bank or credit union, your next step should be to check out one of the peer-to-peer lending websites, such as Lending Club or Prosper. You may find you can get your best interest rate offer from one of these sites. Essentially, by going with one of these sites, you’re cutting out the bank and borrowing from peers — investors will put up the cash that you borrow.

At both the Lending Club and Propser, you can borrow up to $25,000 for personal loans, business loans or student loans — pretty typical for the industry — but you still need a pretty good credit score. With Lending Club, for instance, your credit score must be 660 or above, and with Prosper, you must have a credit score of 640 or above. As with banks and credit unions, the interest rate you’ll be quoted will be based on your credit score; the better your score, the lower the interest rate.

What kind of rate can you expect? At Lending Club, interest rates run between 7.93% and 25.07%. Prosper offers loans from 7.5% to 35%. Both websites require payback in full in three years. You’ll also need to pay an origination fee. For the Lending Club, that’s 2.25% to 4.5% of the total amount of the loan. Prosper charges between 0.5% and 3%.

Not sure what your credit score is? You can get it for free at CreditKarma.com. If your score isn’t at least 640 or above, you’ll likely find it very difficult to get a personal loan at a decent rate. If you find your credit score is lower than that, take the time to order a free copy of your credit reports at annualcreditreport.com and see whether there are any errors on your credit report that could be affecting your score. If you find errors, correct them as soon as possible (my book, “The Complete Idiot’s Guide to Improving Your Credit Score ,” offers extensive ideas on how to clean up your credit report and improve your score).

Once you’ve corrected any errors on your credit report, check your credit score again. A higher score could just get you the loan you need to pay off your debts and get you back on track to financial fitness.

Lita Epstein has written more than 25 books including “The Complete Idiot’s Guide to Improving Your Credit Score” and “The Complete Idiot’s Guide to Personal Bankruptcy.”


Federal Student Loans 101 #loan #sharks #online


#apply for student loans
#

Federal Student Loans 101

About Federal Student Loans

Federal student loans make it possible to go to college when you don’t have money on the spot to pay for your education. As long as you meet basic eligibility requirements, these loans can help fill the gap when scholarships, grants, and work-study don’t cover all of your education-related expenses. Discover your options below.

Who Can Get Federal Student Loans

Students at four-year colleges or universities, community colleges, or career schools can apply for federal financial aid, including grants (don’t have to be paid back), work-study (part-time work to earn money while in school), and federal student loans. Most financial aid is based on financial need, which is determined by submitting the FAFSA ®. Students must meet several other basic eligibility requirements to qualify.

Parents can also apply for federal student loans, called Federal PLUS Loans. to help pay for their child’s education.

Types of Student Loans

Federal student loans are financial aid funds that must be repaid, plus interest. New federal student loans are funded through the Federal Direct Loan Program (FDLP). An FDLP loan is originally borrowed from or currently owned by the Department of Education. All federal student loans borrowed after June 2010 are FDLP loans, though borrowers could receive FDLP loans before that time.

Some older federal student loans were part of the Federal Family Education Loan Program (FFELP). A FFELP loan was originally borrowed from a company such as a bank, lender, or non-profit organization, and could be currently owned by the Department of Education, a bank, lender, or non-profit organization. The FFEL Program ended in June 2010.

The types of federal student loans currently available are:

How to Apply

To apply for federal financial aid, students should fill out the FAFSA as soon as possible after January 1 each year that they plan to attend school. Parents can apply for a PLUS loan by completing a Direct PLUS Loan application and Master Promissory Note (MPN). The school’s financial aid office can provide instructions on applying for a PLUS loan. The office may offer the option of completing the PLUS application and MPN online at StudentLoans.gov .

Student Loan Servicers (Customer Service)

Once you take out a student loan, it is assigned to a loan servicer. The servicer processes your payments and is the resource to answer all of your questions about your student loan account.

Nelnet, for example, provides customer service for federal student loans made by the Department of Education, itself, and other lenders, and we are happy to help in any way we can.


Online Course: ABCs of English Grammar – CEU Certificate #online #college #english #courses, #online #course #class #video #tutorial #hd #training #certification #continuing #education #accredited #ceu #certificate #grammar #basics #review #prep #punctuation #learning #distance #e-learning #high #school #students #college #secretaries #writers #editors #proofing #test #preparation #homeschoolers #teachers #essay #writing #english #exams #skills #grammatical #errors #subject #verb #agreement #sentence #mechanics #structure #adverbs #adjectives #fragments #prepositions #parallel #structures #modifiers #misspelled #words #run-on #sentences #pronouns #pronoun #cases #noun #logic #tutoring #verbs #diagramming #101 #diction #capitalization #expert #instruction #make #money #teaching #guide #help #tutor #knowledge


#

ABCs of English Grammar

Course Description

This self-paced online course will provide you with a review of the grammar and writing skills necessary when taking any high school or college test, or with your everyday work-related writing and correspondence.

Divided up into 15 easy-to-understand lessons, this grammar course concentrates on usage, the mechanics of a sentence, spelling, and a general review of grammatical problem areas. Each lesson focuses on frequent errors, gives examples, suggests strategies, and offers further study guides.

This course is ideal for all types of students who want to get an edge on taking a high school, college, or a job related English exam and anyone wishing to update and improve their grammar skills.

If you’re looking for a quick and efficient review of basic grammar skills, ABCs of English Grammar will meet your needs. This online class is not only for students prepping for high school and college English exams, but anyone who feels their grammar skills are not up to par. Divided into easy-to-understand lessons, this grammar course concentrates on usage, the mechanics of a sentence, spelling, and a general review of grammatical problem areas. Each lesson focuses on frequent errors, gives examples, suggests strategies, and offers further study guides.

Learning Outcomes

By successfully completing this course, students will be able to:

  • Recognize the subject and predicate of any sentence.
  • Know the differences between nouns and pronouns.
  • Be comfortable with forming sentences with the correct verb tenses.
  • Recognize irregular verbs.
  • Differentiate between adjectives and adverbs and use them properly in sentences.
  • Understand what is meant by a Phrase.
  • Identify the Clause.
  • Break down the mechanics of a sentence.
  • Identify the role of modifiers and use them correctly.
  • Correctly use capitalization in writing.
  • Correctly punctuate sentences.
  • Avoid common spelling problems, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.

Student Testimonials

  • “I enjoyed this class and learned alot from it. Good Class! The instructor was great very prompt to answer emails. Will be taking another subject with UniversalClass very soon.” — Rita R.
  • “Instructor was very helpful.” — Lisa M.
  • “This instructor is very smart and helped me get through a very difficult class.” — Lisa G.
  • “My instructor was very helpful and patient. She always got back to me right away!” — Karin P.
  • “The instructor was very good, took time to help me and worked with me very well. The course was organized very well. Lessons were easy to understand and the assignments and exams followed what was in the lesson.” — Marlis W.
  • “I enjoyed all of the course from U.C.” — Loredana G.
  • “Great instructor. She answered my questions and was always available and prompt. Very knowledgeable. Nice job!” — Karen B.
  • View More Testimonials.

Related Courses


Personal loans 101: How to get the money you need #bad #credit #auto #loans


#where can i get a loan
#

About

With credit card interest rates soaring as high as 30%, people continue to look for alternatives to credit cards, especially when an emergency comes up. Personal loans can be a good option, but only if you have a good credit score ; otherwise, the rates can be even higher than credit cards.

Just what can you use a personal loan for? Essentially any cash needed, including credit card payoff, debt consolidation, education, training, home improvement, car financing, business needs, vacation expenses, major purchases, wedding expenses, moving costs and medical expenses.

But be careful out there: If you’re not absolutely sure about what you’re getting yourself into, personal loans can cost you big time. Interest rates, especially from places like the ones that offer payday loans. can be as high as 300%, so be certain you understand the terms before you sign on the dotted line.

Loan basics

There are essentially two types of personal loans: secured and unsecured. Secured loans generally offer lower interest rates than unsecured loans, but you must put up something for collateral, such as your house, your car or your boat. If you don’t pay off the loan, you can lose that collateral, so tread carefully if you’re asked to secure the loan.

Unsecured loans are commonly known as “signature” loans. Essentially, the bank or other institution will loan you the money with just your signature. You can probably get more money and a lower interest rate with a secured loan, but do you really want to put an asset at risk? That’s one of the key questions you need to ask yourself before applying for a personal loan.

The next thing to determine is just where you’re going to get a loan. Banks and credit unions offer loans, and those should be your first stop. You can start by calling your own bank and finding out their personal loan terms. That way you know what the ballpark is for personal loans.

Also, if a you have good, long-term relationship with your bank, they know you as a customer and should be more willing to consider a “signature” loan. Just to be sure you’re getting the best rate, call other banks and credit unions in your area. Since the market for personal loans is very broad, you definitely need to shop around to be sure you’re getting the best offer.

One word of advice: When you start checking on rates, don’t put in an application until you’ve made your choice of lender. Although your lender will likely tell you it can’t give you a rate until after you formally apply, you should try asking for a range of interest rates. You also should ask what credit score the bank or credit union requires to get the best rates.

But why shouldn’t you just apply to see what kind of rate you’d get? For a very good reason: When you apply to a bank, credit union or other lender, the lender will check your credit score. Every time your score gets checked, the inquiry could result in a lower FICO credit score, which means that every time you apply for a loan, the next bank will discover a lower credit score for you than the one before, and so on and so on and so on. And the lower your score, the worse the rates are that you’ll be offered.

After getting an idea of the type of rates you’d get from a bank or credit union, your next step should be to check out one of the peer-to-peer lending websites, such as Lending Club or Prosper. You may find you can get your best interest rate offer from one of these sites. Essentially, by going with one of these sites, you’re cutting out the bank and borrowing from peers — investors will put up the cash that you borrow.

At both the Lending Club and Propser, you can borrow up to $25,000 for personal loans, business loans or student loans — pretty typical for the industry — but you still need a pretty good credit score. With Lending Club, for instance, your credit score must be 660 or above, and with Prosper, you must have a credit score of 640 or above. As with banks and credit unions, the interest rate you’ll be quoted will be based on your credit score; the better your score, the lower the interest rate.

What kind of rate can you expect? At Lending Club, interest rates run between 7.93% and 25.07%. Prosper offers loans from 7.5% to 35%. Both websites require payback in full in three years. You’ll also need to pay an origination fee. For the Lending Club, that’s 2.25% to 4.5% of the total amount of the loan. Prosper charges between 0.5% and 3%.

Not sure what your credit score is? You can get it for free at CreditKarma.com. If your score isn’t at least 640 or above, you’ll likely find it very difficult to get a personal loan at a decent rate. If you find your credit score is lower than that, take the time to order a free copy of your credit reports at annualcreditreport.com and see whether there are any errors on your credit report that could be affecting your score. If you find errors, correct them as soon as possible (my book, “The Complete Idiot’s Guide to Improving Your Credit Score ,” offers extensive ideas on how to clean up your credit report and improve your score).

Once you’ve corrected any errors on your credit report, check your credit score again. A higher score could just get you the loan you need to pay off your debts and get you back on track to financial fitness.

Lita Epstein has written more than 25 books including “The Complete Idiot’s Guide to Improving Your Credit Score” and “The Complete Idiot’s Guide to Personal Bankruptcy.”


Federal Student Loans 101 #need #a #loan #with #bad #credit


#apply for student loans
#

Federal Student Loans 101

About Federal Student Loans

Federal student loans make it possible to go to college when you don’t have money on the spot to pay for your education. As long as you meet basic eligibility requirements, these loans can help fill the gap when scholarships, grants, and work-study don’t cover all of your education-related expenses. Discover your options below.

Who Can Get Federal Student Loans

Students at four-year colleges or universities, community colleges, or career schools can apply for federal financial aid, including grants (don’t have to be paid back), work-study (part-time work to earn money while in school), and federal student loans. Most financial aid is based on financial need, which is determined by submitting the FAFSA ®. Students must meet several other basic eligibility requirements to qualify.

Parents can also apply for federal student loans, called Federal PLUS Loans. to help pay for their child’s education.

Types of Student Loans

Federal student loans are financial aid funds that must be repaid, plus interest. New federal student loans are funded through the Federal Direct Loan Program (FDLP). An FDLP loan is originally borrowed from or currently owned by the Department of Education. All federal student loans borrowed after June 2010 are FDLP loans, though borrowers could receive FDLP loans before that time.

Some older federal student loans were part of the Federal Family Education Loan Program (FFELP). A FFELP loan was originally borrowed from a company such as a bank, lender, or non-profit organization, and could be currently owned by the Department of Education, a bank, lender, or non-profit organization. The FFEL Program ended in June 2010.

The types of federal student loans currently available are:

How to Apply

To apply for federal financial aid, students should fill out the FAFSA as soon as possible after January 1 each year that they plan to attend school. Parents can apply for a PLUS loan by completing a Direct PLUS Loan application and Master Promissory Note (MPN). The school’s financial aid office can provide instructions on applying for a PLUS loan. The office may offer the option of completing the PLUS application and MPN online at StudentLoans.gov .

Student Loan Servicers (Customer Service)

Once you take out a student loan, it is assigned to a loan servicer. The servicer processes your payments and is the resource to answer all of your questions about your student loan account.

Nelnet, for example, provides customer service for federal student loans made by the Department of Education, itself, and other lenders, and we are happy to help in any way we can.


Private Student Loans 101: How The Terms Differ #unsecured #business #loans


#private student loan
#

Private Student Loans 101: How The Terms Differ

alamy

NEW YORK For college-bound students, the easy money seems to be everywhere.

The website for Discover’s student loans says it can help: “Cover up to 100 percent of your college tuition, housing, books and more.” An online ad by Wells Fargo states that “It’s Quick, Easy and Free to Apply.”

Over on the site of student lender Sallie Mae, the words “Low rates!” jump off the page.

It’s tempting marketing for cash-strapped students and families who may be scrambling to figure out a way to cover any remaining college costs as the fall semester approaches.

But the student loans offered by banks and credit unions have key differences from Stafford loans, which are issued by the U.S. Department of Education.

Private student loans are widely considered an option of last resort only after federal loans, scholarships and grants have been exhausted because they tend to be more expensive and come with fewer safeguards.

Still, students and families might feel there are no other options this late in the game, when they’re already set on a school with steep costs. For an in-state public college, the average bill now comes in at more than $17,000 a year. Many private schools cost over $50,000 a year.

“Students are limited in how much they can take out in federal loans, so they may feel there’s no other choice,” says Mark Kantrowitz, publisher of Finaid.org, which tracks the financial aid industry.

Before you apply for a private student loan, here’s what you should know:

INTEREST RATES

The low interest rates that banks dangle in front of borrowers online can seem like a steal, but keep in mind that those advertised rates are reserved for borrowers with sparkling credit histories. Discover, for example, notes that variable rates are as low as 3.25 percent. If you don’t have a top-notch credit score, however, the rate can be as high as 8.25 percent.

In addition, variable rates rise and fall in tandem with a benchmark rate. Since benchmark rates are at record lows, the rates are bound to rise in the years ahead.

By contrast, the rate on federal student loans is fixed at 6.8 percent over the life of the loan, regardless of a borrower’s credit score. (Certain loans reserved for those in financial need have an interest rate of 3.4 percent. But that lower rate expires July 1 and will rise to 6.8 percent again unless Congress agrees to extend it).

Some private lenders also offer fixed rates, in which case borrowers will need to do the math on which option makes more sense for them. Students who think they’ll repay the loan fairly quickly, for example, might opt for the variable rate since rates aren’t expected to rise dramatically anytime soon.

To get the best rate on a private loan, a parent will likely need to co-sign for the loan since students generally have very thin or nonexistent credit histories. Although it’s not necessary, Sallie Mae says 90 percent of the loans originated last year had a cosigner.

One way to reduce costs is to chip away at the loan while in school rather than waiting until after graduation to start repayment. This is critical because the interest accrues during those years, which dramatically pushes up the amount that you owe.

Sallie Mae, for example, encourages students to pay off either their interest charges or $25 a month while they’re in school. On a $10,000 loan, that can save up to $5,300 over the life of the loan. If students opt to make payments while in school, Sallie Mae also offers a discount of up to 1 percent.

The lender may offer other types of discounts. At Wells Fargo, borrowers can get up to a 0.5 percent discount on their rate depending on the type of checking account they or their co-signers have with the bank.

SAFETY NETS

The interest rate shouldn’t be your only concern when taking out a private loan.

Last week, the Consumer Financial Protection Bureau released a summary of the complaints it received on private student loans. One of the common themes from among the 2,000 submissions was difficulty negotiating repayment terms in times of financial duress.

This may be because it’s up to the bank to decide whether to allow borrowers to postpone payment if they’re unemployed or having trouble making ends meet.

Borrowers who are having difficulty working out a payment plan with their lender or feel they were misinformed can file a complaint with the Consumer Financial Protection Bureau at or by calling (855) 411-2372. The agency will then contact the lender on behalf of the borrower. http://www.consumerfinance.gov/complaint/

“Many people have been able to get errors corrected or information about repayment options,” said Rohit Chopra, student loan ombudsman at the CFPB.

With federal student loans, borrowers who are unemployed or suffering economic hardship can opt to defer payments. Economic hardship deferments are granted one year at a time, while unemployment deferments are granted in six-month increments.

This is by no means a giveaway, since interest charges keep piling up during deferment. But it provides temporary relief to students in real need without destroying their credit profiles.

Another important safeguard with federal loans is that borrowers can apply for a program called Income-Based Repayment, which caps monthly payments at 15 percent of annual income above $16,300. Those who earn less don’t have to make any payments; any remaining debt after 25 years is forgiven, or 10 years for those entering public service jobs.

Eligibility for the program is determined by weighing the amount owed against income.

There’s no similar program with private student loans. But for those struggling to make ends meet, the lender may in rare cases reduce the interest rate or minimum payment amount to make the monthly payment more manageable.


Personal loans 101: How to get the money you need #loans #ireland


#where can i get a loan
#

About

With credit card interest rates soaring as high as 30%, people continue to look for alternatives to credit cards, especially when an emergency comes up. Personal loans can be a good option, but only if you have a good credit score ; otherwise, the rates can be even higher than credit cards.

Just what can you use a personal loan for? Essentially any cash needed, including credit card payoff, debt consolidation, education, training, home improvement, car financing, business needs, vacation expenses, major purchases, wedding expenses, moving costs and medical expenses.

But be careful out there: If you’re not absolutely sure about what you’re getting yourself into, personal loans can cost you big time. Interest rates, especially from places like the ones that offer payday loans. can be as high as 300%, so be certain you understand the terms before you sign on the dotted line.

Loan basics

There are essentially two types of personal loans: secured and unsecured. Secured loans generally offer lower interest rates than unsecured loans, but you must put up something for collateral, such as your house, your car or your boat. If you don’t pay off the loan, you can lose that collateral, so tread carefully if you’re asked to secure the loan.

Unsecured loans are commonly known as “signature” loans. Essentially, the bank or other institution will loan you the money with just your signature. You can probably get more money and a lower interest rate with a secured loan, but do you really want to put an asset at risk? That’s one of the key questions you need to ask yourself before applying for a personal loan.

The next thing to determine is just where you’re going to get a loan. Banks and credit unions offer loans, and those should be your first stop. You can start by calling your own bank and finding out their personal loan terms. That way you know what the ballpark is for personal loans.

Also, if a you have good, long-term relationship with your bank, they know you as a customer and should be more willing to consider a “signature” loan. Just to be sure you’re getting the best rate, call other banks and credit unions in your area. Since the market for personal loans is very broad, you definitely need to shop around to be sure you’re getting the best offer.

One word of advice: When you start checking on rates, don’t put in an application until you’ve made your choice of lender. Although your lender will likely tell you it can’t give you a rate until after you formally apply, you should try asking for a range of interest rates. You also should ask what credit score the bank or credit union requires to get the best rates.

But why shouldn’t you just apply to see what kind of rate you’d get? For a very good reason: When you apply to a bank, credit union or other lender, the lender will check your credit score. Every time your score gets checked, the inquiry could result in a lower FICO credit score, which means that every time you apply for a loan, the next bank will discover a lower credit score for you than the one before, and so on and so on and so on. And the lower your score, the worse the rates are that you’ll be offered.

After getting an idea of the type of rates you’d get from a bank or credit union, your next step should be to check out one of the peer-to-peer lending websites, such as Lending Club or Prosper. You may find you can get your best interest rate offer from one of these sites. Essentially, by going with one of these sites, you’re cutting out the bank and borrowing from peers — investors will put up the cash that you borrow.

At both the Lending Club and Propser, you can borrow up to $25,000 for personal loans, business loans or student loans — pretty typical for the industry — but you still need a pretty good credit score. With Lending Club, for instance, your credit score must be 660 or above, and with Prosper, you must have a credit score of 640 or above. As with banks and credit unions, the interest rate you’ll be quoted will be based on your credit score; the better your score, the lower the interest rate.

What kind of rate can you expect? At Lending Club, interest rates run between 7.93% and 25.07%. Prosper offers loans from 7.5% to 35%. Both websites require payback in full in three years. You’ll also need to pay an origination fee. For the Lending Club, that’s 2.25% to 4.5% of the total amount of the loan. Prosper charges between 0.5% and 3%.

Not sure what your credit score is? You can get it for free at CreditKarma.com. If your score isn’t at least 640 or above, you’ll likely find it very difficult to get a personal loan at a decent rate. If you find your credit score is lower than that, take the time to order a free copy of your credit reports at annualcreditreport.com and see whether there are any errors on your credit report that could be affecting your score. If you find errors, correct them as soon as possible (my book, “The Complete Idiot’s Guide to Improving Your Credit Score ,” offers extensive ideas on how to clean up your credit report and improve your score).

Once you’ve corrected any errors on your credit report, check your credit score again. A higher score could just get you the loan you need to pay off your debts and get you back on track to financial fitness.

Lita Epstein has written more than 25 books including “The Complete Idiot’s Guide to Improving Your Credit Score” and “The Complete Idiot’s Guide to Personal Bankruptcy.”


Federal Student Loans 101 #guaranteed #student #loans


#apply for student loans
#

Federal Student Loans 101

About Federal Student Loans

Federal student loans make it possible to go to college when you don’t have money on the spot to pay for your education. As long as you meet basic eligibility requirements, these loans can help fill the gap when scholarships, grants, and work-study don’t cover all of your education-related expenses. Discover your options below.

Who Can Get Federal Student Loans

Students at four-year colleges or universities, community colleges, or career schools can apply for federal financial aid, including grants (don’t have to be paid back), work-study (part-time work to earn money while in school), and federal student loans. Most financial aid is based on financial need, which is determined by submitting the FAFSA ®. Students must meet several other basic eligibility requirements to qualify.

Parents can also apply for federal student loans, called Federal PLUS Loans. to help pay for their child’s education.

Types of Student Loans

Federal student loans are financial aid funds that must be repaid, plus interest. New federal student loans are funded through the Federal Direct Loan Program (FDLP). An FDLP loan is originally borrowed from or currently owned by the Department of Education. All federal student loans borrowed after June 2010 are FDLP loans, though borrowers could receive FDLP loans before that time.

Some older federal student loans were part of the Federal Family Education Loan Program (FFELP). A FFELP loan was originally borrowed from a company such as a bank, lender, or non-profit organization, and could be currently owned by the Department of Education, a bank, lender, or non-profit organization. The FFEL Program ended in June 2010.

The types of federal student loans currently available are:

How to Apply

To apply for federal financial aid, students should fill out the FAFSA as soon as possible after January 1 each year that they plan to attend school. Parents can apply for a PLUS loan by completing a Direct PLUS Loan application and Master Promissory Note (MPN). The school’s financial aid office can provide instructions on applying for a PLUS loan. The office may offer the option of completing the PLUS application and MPN online at StudentLoans.gov .

Student Loan Servicers (Customer Service)

Once you take out a student loan, it is assigned to a loan servicer. The servicer processes your payments and is the resource to answer all of your questions about your student loan account.

Nelnet, for example, provides customer service for federal student loans made by the Department of Education, itself, and other lenders, and we are happy to help in any way we can.


Personal loans 101: How to get the money you need #small #cash #loans


#where can i get a loan
#

About

With credit card interest rates soaring as high as 30%, people continue to look for alternatives to credit cards, especially when an emergency comes up. Personal loans can be a good option, but only if you have a good credit score ; otherwise, the rates can be even higher than credit cards.

Just what can you use a personal loan for? Essentially any cash needed, including credit card payoff, debt consolidation, education, training, home improvement, car financing, business needs, vacation expenses, major purchases, wedding expenses, moving costs and medical expenses.

But be careful out there: If you’re not absolutely sure about what you’re getting yourself into, personal loans can cost you big time. Interest rates, especially from places like the ones that offer payday loans. can be as high as 300%, so be certain you understand the terms before you sign on the dotted line.

Loan basics

There are essentially two types of personal loans: secured and unsecured. Secured loans generally offer lower interest rates than unsecured loans, but you must put up something for collateral, such as your house, your car or your boat. If you don’t pay off the loan, you can lose that collateral, so tread carefully if you’re asked to secure the loan.

Unsecured loans are commonly known as “signature” loans. Essentially, the bank or other institution will loan you the money with just your signature. You can probably get more money and a lower interest rate with a secured loan, but do you really want to put an asset at risk? That’s one of the key questions you need to ask yourself before applying for a personal loan.

The next thing to determine is just where you’re going to get a loan. Banks and credit unions offer loans, and those should be your first stop. You can start by calling your own bank and finding out their personal loan terms. That way you know what the ballpark is for personal loans.

Also, if a you have good, long-term relationship with your bank, they know you as a customer and should be more willing to consider a “signature” loan. Just to be sure you’re getting the best rate, call other banks and credit unions in your area. Since the market for personal loans is very broad, you definitely need to shop around to be sure you’re getting the best offer.

One word of advice: When you start checking on rates, don’t put in an application until you’ve made your choice of lender. Although your lender will likely tell you it can’t give you a rate until after you formally apply, you should try asking for a range of interest rates. You also should ask what credit score the bank or credit union requires to get the best rates.

But why shouldn’t you just apply to see what kind of rate you’d get? For a very good reason: When you apply to a bank, credit union or other lender, the lender will check your credit score. Every time your score gets checked, the inquiry could result in a lower FICO credit score, which means that every time you apply for a loan, the next bank will discover a lower credit score for you than the one before, and so on and so on and so on. And the lower your score, the worse the rates are that you’ll be offered.

After getting an idea of the type of rates you’d get from a bank or credit union, your next step should be to check out one of the peer-to-peer lending websites, such as Lending Club or Prosper. You may find you can get your best interest rate offer from one of these sites. Essentially, by going with one of these sites, you’re cutting out the bank and borrowing from peers — investors will put up the cash that you borrow.

At both the Lending Club and Propser, you can borrow up to $25,000 for personal loans, business loans or student loans — pretty typical for the industry — but you still need a pretty good credit score. With Lending Club, for instance, your credit score must be 660 or above, and with Prosper, you must have a credit score of 640 or above. As with banks and credit unions, the interest rate you’ll be quoted will be based on your credit score; the better your score, the lower the interest rate.

What kind of rate can you expect? At Lending Club, interest rates run between 7.93% and 25.07%. Prosper offers loans from 7.5% to 35%. Both websites require payback in full in three years. You’ll also need to pay an origination fee. For the Lending Club, that’s 2.25% to 4.5% of the total amount of the loan. Prosper charges between 0.5% and 3%.

Not sure what your credit score is? You can get it for free at CreditKarma.com. If your score isn’t at least 640 or above, you’ll likely find it very difficult to get a personal loan at a decent rate. If you find your credit score is lower than that, take the time to order a free copy of your credit reports at annualcreditreport.com and see whether there are any errors on your credit report that could be affecting your score. If you find errors, correct them as soon as possible (my book, “The Complete Idiot’s Guide to Improving Your Credit Score ,” offers extensive ideas on how to clean up your credit report and improve your score).

Once you’ve corrected any errors on your credit report, check your credit score again. A higher score could just get you the loan you need to pay off your debts and get you back on track to financial fitness.

Lita Epstein has written more than 25 books including “The Complete Idiot’s Guide to Improving Your Credit Score” and “The Complete Idiot’s Guide to Personal Bankruptcy.”


Federal Student Loans 101 #car #loan #payment


#apply for student loans
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Federal Student Loans 101

About Federal Student Loans

Federal student loans make it possible to go to college when you don’t have money on the spot to pay for your education. As long as you meet basic eligibility requirements, these loans can help fill the gap when scholarships, grants, and work-study don’t cover all of your education-related expenses. Discover your options below.

Who Can Get Federal Student Loans

Students at four-year colleges or universities, community colleges, or career schools can apply for federal financial aid, including grants (don’t have to be paid back), work-study (part-time work to earn money while in school), and federal student loans. Most financial aid is based on financial need, which is determined by submitting the FAFSA ®. Students must meet several other basic eligibility requirements to qualify.

Parents can also apply for federal student loans, called Federal PLUS Loans. to help pay for their child’s education.

Types of Student Loans

Federal student loans are financial aid funds that must be repaid, plus interest. New federal student loans are funded through the Federal Direct Loan Program (FDLP). An FDLP loan is originally borrowed from or currently owned by the Department of Education. All federal student loans borrowed after June 2010 are FDLP loans, though borrowers could receive FDLP loans before that time.

Some older federal student loans were part of the Federal Family Education Loan Program (FFELP). A FFELP loan was originally borrowed from a company such as a bank, lender, or non-profit organization, and could be currently owned by the Department of Education, a bank, lender, or non-profit organization. The FFEL Program ended in June 2010.

The types of federal student loans currently available are:

How to Apply

To apply for federal financial aid, students should fill out the FAFSA as soon as possible after January 1 each year that they plan to attend school. Parents can apply for a PLUS loan by completing a Direct PLUS Loan application and Master Promissory Note (MPN). The school’s financial aid office can provide instructions on applying for a PLUS loan. The office may offer the option of completing the PLUS application and MPN online at StudentLoans.gov .

Student Loan Servicers (Customer Service)

Once you take out a student loan, it is assigned to a loan servicer. The servicer processes your payments and is the resource to answer all of your questions about your student loan account.

Nelnet, for example, provides customer service for federal student loans made by the Department of Education, itself, and other lenders, and we are happy to help in any way we can.