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Private Bad Credit Student Loans ~, student loans without cosigner.#Student #loans #without #cosigner


Alternative Financing With Bad Credit Student Loans

Whether you like it or not, your credit history takes center stage when it s time to plan your financial aid strategy. If you are a high school student, this may be the first time you ve had to consider the importance of having good credit.

Understanding credit fundamentals helps you determine your best options for getting much-needed financial-aid, so let s examine the basics.

Every credit related interaction you engage in has an outcome that affects your credit rating . If you borrow money and pay it back on schedule, your rating will be the better for it. If you have even one late payment, a negative entry serves to lower your rating.

Your credit score is the summation of all the credit outcomes you have created over the course of your borrowing history. Credit bureaus are tasked with assigning numbers, or scores, to your overall performance. As you apply for certain student aid, your credit score is used by lenders to determine your worthiness for loans.

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You have specific rights related to credit reporting, as outlined by The Fair Credit Reporting Act (FCRA). Three specific protections ensure that credit applications are handled without bias:

  1. If information contained in your credit report has been used to withhold a loan, the lender is obligated to tell you that it has.
  2. You have a specific right to know what is contained in your credit report.
  3. You have the right to challenge any information contained in your credit report that is not accurate or is incomplete.

The Fair and Accurate Credit Transaction Act (FACTA) is a legal provision granting you the right to receive free copies of your credit reports from each of the three national credit bureaus, once a year. Get your free report, so you know exactly where you stand – requests are submitted annually to www.annualcreditreport.com. (Remember: you get ONE free report from each one, every year – use it wisely, from the perspective of timing).

What s wrong with my credit?

Experian, Equifax, and Transunion are the three primary credit bureaus that analyze your credit history. While responsible credit behavior is always going to impact your credit rating positively, it is not the only metric used to assign your credit score. Some of the criteria used to derive credit scores are inherently biased against college students.

Credit bureaus want to see longevity and diversity in your credit history. If you are emerging from high school enroute to college, you might not be strong in either area. Three types of credit are examined:

  • Revolving Credit – YourMasterCard or Visa payment record illuminates your ability to manage a revolving account that carries balances across billing periods, and requires timely payments each month.
  • Installment Credit – Loans with fixed payments that are paid back over designated periods of time fall into this category. Mortgages provide the best installment credit references for lenders, because the loans are large and long-held. You probably didn t buy a house during high school, but your steady car loan payments are also installment credit successes.
  • Open Credit – An American Express card is a good example of an open credit line that must be paid in-full each month.

So even if your credit outcomes have been positive, your limited history might not be sufficient to establish a high credit score. To access funds reserved for people with high credit scores, add a longer frame of reference to your credit application- take on a cosigner.

Use cosigners to your advantage—to help build your credit. Once you ve made 48 consecutive on-time payments, it s common for your lender to release the cosigner fromthe loan. The student loan you needed a cosigner to secure, now acts as an installment credit success, to raiseyour own credit score.

If you cannot find someone willing to lend their favorable credit rating to your college funding cause, focus instead on forms of financial aid that don t rely on your past credit performance.

Federal Student Loans: Perfect Bad Credit Loans

Federal student loans provideyour best borrowing options without strong credit.The first step toward securing financial aid is to complete the Free Application for Federal Student Aid (FAFSA). The standardized application computes your need for financial assistance during school. Student income, parental income and assets, and the size of your family are used to calculate your Expected Family Contribution (EFC). Your EFC is then used to create an individual Student Aid Report (SAR) that articulates your precise college financial aid needs.

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Stafford Loans

Submitting your FAFSA places you in contention for Stafford Loans under the William D. Ford Federal Direct Loan Program. Stafford Loans are categorized as subsidized, or unsubsidized, with different conditions for each.

  • Subsidized Stafford Loans are based on demonstrable financial need, as illustrated by your FAFSA results. As long as you are enrolled in school, your interest payments are subsidized by the Federal Government, so your debt doesn t grow while you are learning.
  • Unsubsidized Stafford Loans are not based on financial need, so interest does accrue while you attend school. You have the option of paying the interest as you go, or letting it ride until you finish school. As your interest is added to your debt, your total repayment obligation grows.

Stafford Loans are available for undergraduate and graduate studies, with a maximum yearly award of $20,500 per graduate student.

Parental financial information is included on FAFSA submissions for dependent students. If you apply as an independent student, your parents income is not factored into your Expected Family Contribution (EFC), and your annual Stafford Loan limits are higher.

Perkins Loans

Perkins loans are administered by institutions of higher education (IHE), but are federally funded nonetheless. Funds are reserved for students who demonstrate significant need relating to educational financing.Families with annual incomes below $25,000 are usually eligible for Perkins Loans, but your FAFSA should still be submitted, even if your family makes more.

The maximum annual Perkins loan for undergraduate students is $5500, with a lifetime loan maximum of $27,000. Graduate students may borrow up to $8000 each year, with a $60,000 lifetime maximum. Perkins loans have fixed 5% interest rates and repayment starts 9 months following graduation.

Private lenders require established good credit to consider you for a loan. If you don t have it, get a cosigner on board to bolster your credit worthiness. Without credit or a cosigner, you are best served by direct federal loans.



Student Loans for Borrowers with No Co-signer, SimpleTuition, student loans without cosigner.#Student #loans #without #cosigner


No Co-signer Student Loans

Student loans without cosignerNo co-signer student loans are available for students who have an established credit record with a good credit score. It is uncommon for students to qualify for private student loans without a co-signer, as most students lack a good credit score or have no credit history. Students who do not have an established and strong credit history generally will not be able to receive private no co-signer student loans due to the recent recession and stricter lending policies. There are, however, a few ways for a student to find a student loan without needing a co-signer.

What are the different types?

Certain federal student loans can be considered no co-signer student loans. Federal loans are approved based on a variety of factors, like financial need, but not on credit history or lack of one; this means that a student with weak or no credit history can receive federal loans. There are a few federal loans that a student can receive, two of which are Direct Subsidized loans and Perkins loans. These loans have low interest rates and flexible repayment terms. Federal Stafford loans can be subsidized or unsubsidized. Direct Subsidized loans are awarded based on financial need, as the government pays the interest on these loans while the student is in school. You do not have to demonstrate financial need to qualify for a Direct Unsubsidized loan, but you will be responsible for the interest accrued while you are in school. Perkins loans are also subsidized, but you need to demonstrate “exceptional” financial need to qualify for one. It is really hard to find no co-signer student loans privately.

Advantages

Students who qualify for and receive no co-signer student loans will continue to build their credit history and allow them an opportunity to receive other types of loans for future purchases. These student loans help students achieve their educational and professional goals.

Finding Loans with SimpleTuition

  • If you re looking for a private student loan, there are a wide variety of options. Some of the student loans available to you may not require a co-signer.
  • We provide a free loan search tool to help you compare all the loan options available to you, some of which may not require a co-signer.
  • After doing some research, we can help you go to a lending partner of your choice.
  • Before applying, remember to exhaust other funding sources, particularly federal student loans before exploring private loan options.

Frequently Asked Questions

Most student loans that don t require a co-signer are federal student loans. To apply for these, you ll need to fill out the FAFSA, which is available for free online at fafsa.ed.gov. This form will collect various financial details of the student to determine financial aid eligibility.

While searching for loans for college without a co-signer and credit check, I came across fixed interest rate options. What are these?

Every student loan carries an interest rate, which is the cost of borrowing. Interest rates can be either fixed or variable. Fixed interest rates are rates that do not vary throughout your repayment period. Variable rates may change depending on market conditions, going either up or down.

Do college loans for students with no co-signer include the Perkins loan?

Yes, Perkins loans fall into the category of loans that do not require a co-signer. This is a need-based loan that is geared towards covering educational costs for needy students. One of the key features of this loan is a low interest rate and flexible payment options.

Is getting a student loan cosigned beneficial for the student?

Yes, there are a number of advantages that come with cosigned student loans. First of all, it is important to know that a co-signer is basically a person who guarantees repayment of loans on behalf of the student. The major advantages of cosigning include easy approval of loans, better interest rates, and a chance to improve or build a strong credit score.

What is the interest rate on student loans without co-signer and no credit history?

The rate on student loans that don t require a co-signer and have no credit check depend on where they re coming from. If you re talking about federal student loans, the rate will be competitive or low. These rates are usually fixed and are sometimes subsidized by the government. However, if you re trying to find a private student loan without a co-signer and credit check, you may have a hard time. If you succeed, expect the rate to be high.

Are there any loans for students that do not require co-signers?

Parents and guardians can apply for student loans without co-signers. The Parent PLUS Loan allows parents and guardians to apply on behalf of their children. The application procedure for this loan requires that the student fill out the FAFSA application form.

What are the different types of student loans with no co-signer?

Student loans with no co-signer are hard to come by outside of federal loans. Only federal loans commonly do not require a co-signer; nearly all other private funding sources require you to have a co-signer. Certain examples of student loans with no co-signer include Perkins loans, Direct loans, and PLUS loans.



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Having trouble repaying student loans?

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    Scholarship Sweepstakes

    High school seniors and current college students can enter for a chance to win a $500 scholarship! No purchase necessary. Terms apply.

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    Servicemembers Civil Relief Act (SCRA)

    What protections are available for Servicemembers.

    Education Center

    Paying for college can be a challenge. SunTrust can help navigate the options.

    Before you look into paying for your college expenses, it’s important to know how much money you’ll need. Our money management resources, tools, and budgeting tips can help.

    Use our college tuition guide and step-by-step guide to paying for college for planning advice on how to avoid getting too over-burdened with debt before you’ve earned a degree.

    Before you get a loan, we encourage you to try getting scholarships and grants first. Our list of online resources can help. You can also register for the SunTrust Off to College Scholarship Sweepstakes (see Official Rules for details).

    Tools and Calculators

    • Contact

    SunTrust Education Lending | 1001 Semmes Avenue, Mail Code: RVW 7076 | Richmond, VA 23224

    SunTrust Bank, Member FDIC. 2017 SunTrust Banks, Inc.

    SunTrust and Custom Choice Loan are federally registered service marks of SunTrust Banks, Inc.

    SunTrust recommends comparing all aid alternatives including grants, scholarships, and federal student loans, prior to applying for a private student loan. Before selecting a private student loan, compare options offered by SunTrust.

    Union Federal is a federally registered trademark of Cognition Financial Corporation used by SunTrust Bank under license. The Union Federal Private Student Loan is funded by SunTrust Bank and is not affiliated with any other lender. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this program without notice. This loan program is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions. SunTrust is a federally registered service mark of SunTrust Banks, Inc. Cognition Financial Corporation is not an affiliate of SunTrust Bank.

    1 Interest rate reductions offered for automatic payment from a bank account: 0.25% interest rate reduction for ACH payment from any bank account and an extra 0.25% interest rate reduction when ACH payments are made from a SunTrust Bank account. ACH interest rate reduction(s) apply when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust Bank account ACH interest rate reduction is available for loans first disbursed on or after 6/1/11 and will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account and will be removed for the reasons stated above or if you close your SunTrust Bank account. In the event the benefit(s) is removed, the interest rate stated in the Credit Agreement shall be applied in accordance with the terms of the Credit Agreement.



  • IT Support Services – IT Support Services – CSU, Chico, discovery student loans.#Discovery #student #loans


    IT Support Services

    Passwords Accounts

    • Portal Overview

    News Announcements

    The campus is now using the Account Center identiity management system to manage all indivudual user accounts. Account Center replaces the Password Station and Student Account Maintenance tools. To avoid interruption of access, all users must update their security questions/answers, and enter a personal email address and/or mobile phone number for password recovery. This will enable you to self-service recover your account if you have forgotten your password or become locked out.

    If you have not done so already, log into the Portal and click on the Account Center button to confirm your account recovery information is accurate. You can also use the Account Center button on this page in the right hand column.

    Are You Good at Phishing?

    Phishing vs. fishing. What really is the difference? Well, when you go fishing with a fishing pole, you generally hope to catch something to eat. You don t want branches, rocks, shoes or clothes. However, if its your size, maybe that wouldn t be a bad thing. Well, with phishing they just want the important stuff your username and password. That is the only thing they want. The best way to get that is with an email telling you that you need to go to a site and log in to update it. The truth is, modifications or updates happen when you are logged into those accounts with your saved bookmark login page. Since we definitely DON T want you to click on these links in the email, we want to give you the option to see what some of these email phishing attempts look like. In fact, we want to give you a chance to test yourself to see how many you can accurately determine are phishing attempts. Check out this link to see how well you do.

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    What is Spam?

    Spam is the colloquial term for unsolicited bulk email. Mail servers which are known to send out these mass-emails are quickly “blacklisted” to prevent the proliferation of spam. Blacklisting can impact legitimate email servers when user email accounts have been compromised through the “phishing” or discovery of the account owner’s username and password.

    In order to prevent your email account from being compromised, NEVER give out your account password to ANYONE, regardless of whether the request sounds legitimate or not. (IT Support Services will never ask for your password via email)

    A direct link to the ITSS Phishing/Spam Video is here.

    Exchange Faculty/Staff Email Migration

    In accordance with the IT strategies of our campus and the Chancellor s Office, all Exchange mailboxes are migrating July 21st, 2015 to Exchange Online, Microsoft s hosted cloud service. Users will experience system prompts when using Outlook that their system administrator has made a change to their mailbox and prompts to restart Outlook several times. Some mobile devices may require removal of the account and re-add to properly sync up email and calendar items. Please follow these instructions and restart your device or computer before calling ITSS for support. Exchange migration and support information can be found at: http://www.csuchico.edu/email

    Campus Wireless Network Security

    Effective July 1st, Network Access Control (NAC) will be enforced on the wireless network to ensure your computer meets minimum security standards. Any PC or Macintosh computer accessing the wireless network is required to have ClearPass OnGuard software installed to check for and enforce the following requirements:

    • Antivirus installed and enabled
    • Automatic system updates enabled
    • A supported Operating System* (Windows Vista or newer; Mac OS X 10.8 or newer)

    *OS requirements will not prevent a user from access at this time; however, may inhibit installation of required software, and will be enforced in the near future.

    Action is required on your part to ensure these minimum security standards are met. If you do not have an antivirus, we recommend any of the free solutions found here. No action is required for any university or auxiliary owned computer managed by ITSS and System Center. Faculty and Staff logging into an unmanaged computer (not in Casper/SCCM) will be redirected to a web page and prompted for device information prior to being connected. For more information visit www.csuchico.edu/nac.

    Mobile devices like iPhones, iPads, Android devices, and others, will not be affected by NAC.

    Office 365 for Students

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    CSU, Chico students can install Office 365 Education for Students FREE on up to 5 PCs, Macs, or other mobile devices including Android, iPad , and select Windows tablets. For more information, click here. If you are CSU, Chico Faculty/Staff, click here.

    Identity Finder

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    Identity Finder is now available!

    Identity Finder is a software program that searches your campus computer for protected data such as Social Security, bank and credit card numbers. For more information, visit www.csuchico.edu/identityfinder.

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    Consumer Loans

    Workers Credit Union is here for you through all of life s stages; during financially sound times and challenging times. Whether you need an auto loan for a new car, a personal loan for Massachusetts home repairs, or a line of credit, a consumer loan can help you affordably finance what you need now.

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    All Consumer Loans are included in the GiveBack Program.

    Call, click, or visit a local Workers branch in Massachusetts to find out what lending options will best suit your financial needs.

    Auto Center

    We provide auto loans in Massachusetts to finance any new or used vehicle.

    If you love your car but hate your loan, you can also refinance your auto loan in Massachusetts.

    Click Learn More to see all of Workers MA Auto Loan options.

    • Pre-approval on our Auto Loans are available
    • Financing up to 100%
    • Low rates and affordable payment terms
    • AutoSmart online tool for auto research
    • Auto loan refinance option for current auto loan

    Student Loan

    When you need to fund the financial gap between federal funding and aid, Workers has affordable Massachusetts Student Loan options. We are committed to helping you find the best student loan option in MA for funding your continuing education.

    Workers is partnered with StudentChoice, a program that provides information about colleges, scholarship opportunities and student loans in Massachusetts.

    • Undergraduate Student Loan
    • Graduate Business Student Loan
    • Private Consolidation Loan
    • PLUS Loan Refinancing

    To find out more about Workers StudentChoice MA Student Loan options click Learn More .

    Credit Cards

    Workers offers personal and business Visa and American Express Credit Cards.

    • Visa Signature Bonus Rewards Card
    • Visa Signature Bonus Rewards PLUS Card
    • Cash Rewards American Express Card
    • Travel Rewards American Express Card
    • College Rewards Visa Card
    • Visa Business Bonus Rewards Card

    Personal Loans

    Consolidate debt, pay off credit cards, fund your wedding day – there are many reasons for a personal loan. Workers can help you accomplish your goals with a competitive rate personal loan.

    Workers offers these personal loans:

    • Personal Loan
    • Savings Secured Loan
    • Checking Account Line of Credit
    • Heat Loan

    For more information our Massachusetts Personal Loans click Learn More .

    Heat Loans

    Workers offers a 0% Heat Loan in Massachusetts in conjunction with MassSave to make your home more energy efficient.

    Energy-efficient improvements eligible for the MassSave Heat Loan Massachusetts Program:

    • Attic, wall and basement insulation
    • High efficiency heating systems
    • High efficiency domestic hot water systems
    • Solar hot water systems
    • Energy Star qualified windows

    Visit MassSave for requirements or our Massachusetts Heat Loan.

    *Heat Loans are not included in the GiveBack Program.



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    • Apply for student loans

    Having trouble repaying student loans?

    Consider these simple solutions that may help.

  • Apply for student loans

    Scholarship Sweepstakes

    High school seniors and current college students can enter for a chance to win a $500 scholarship! No purchase necessary. Terms apply.

  • Apply for student loans

    Servicemembers Civil Relief Act (SCRA)

    What protections are available for Servicemembers.

    Education Center

    Paying for college can be a challenge. SunTrust can help navigate the options.

    Before you look into paying for your college expenses, it’s important to know how much money you’ll need. Our money management resources, tools, and budgeting tips can help.

    Use our college tuition guide and step-by-step guide to paying for college for planning advice on how to avoid getting too over-burdened with debt before you’ve earned a degree.

    Before you get a loan, we encourage you to try getting scholarships and grants first. Our list of online resources can help. You can also register for the SunTrust Off to College Scholarship Sweepstakes (see Official Rules for details).

    Tools and Calculators

    • Contact

    SunTrust Education Lending | 1001 Semmes Avenue, Mail Code: RVW 7076 | Richmond, VA 23224

    SunTrust Bank, Member FDIC. 2017 SunTrust Banks, Inc.

    SunTrust and Custom Choice Loan are federally registered service marks of SunTrust Banks, Inc.

    SunTrust recommends comparing all aid alternatives including grants, scholarships, and federal student loans, prior to applying for a private student loan. Before selecting a private student loan, compare options offered by SunTrust.

    Union Federal is a federally registered trademark of Cognition Financial Corporation used by SunTrust Bank under license. The Union Federal Private Student Loan is funded by SunTrust Bank and is not affiliated with any other lender. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this program without notice. This loan program is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions. SunTrust is a federally registered service mark of SunTrust Banks, Inc. Cognition Financial Corporation is not an affiliate of SunTrust Bank.

    1 Interest rate reductions offered for automatic payment from a bank account: 0.25% interest rate reduction for ACH payment from any bank account and an extra 0.25% interest rate reduction when ACH payments are made from a SunTrust Bank account. ACH interest rate reduction(s) apply when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust Bank account ACH interest rate reduction is available for loans first disbursed on or after 6/1/11 and will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account and will be removed for the reasons stated above or if you close your SunTrust Bank account. In the event the benefit(s) is removed, the interest rate stated in the Credit Agreement shall be applied in accordance with the terms of the Credit Agreement.



  • FinAid, Calculators, Loan Calculator, student loan interest calculator.#Student #loan #interest #calculator


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    This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

    This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

    This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

    Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

    Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

    The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.



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    College News

    How to Apply for Financial Aid, Grants, Loans and Scholarships: Start with the FAFSA

    Billions of dollars in grants, loans, and scholarships are available every year at the federal, state and local levels for new and returning college students. To be considered for any type of educational funding the place to begin is online here at the U.S. Department of Education to file your Free Application for Federal Student Aid, also known as the FAFSA.

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    Top Paying College Degree Majors

    Are you a Bachelor degree student wanting to be recruited for a great paying job after graduation? According to a report from the National Association of Colleges and Employers, students with a bachelors degree in one of seven disciplines of Technology and Engineering can expect to be in high demand, and will earn the highest salaries upon graduation. The college degree pay ranking shows the 2013 top eight highest paying degrees are. Continued

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    A new Ford Motor Company website, fordscholars.org, offers new information on Ford scholarships, competitions, volunteer opportunities and career information.

    A new Ford Motor Company website, fordscholars.org, offers new information on Ford scholarships, competitions, volunteer opportunities and career information.

    “The updated Ford Scholar website seems to truly be a wonderful resource, bringing together many tools to help young adults succeed in advancing their career and mature as future leaders. I truly appreciate Ford Scholars’ continued efforts to help educate and empower the many communities that need support,” says Sam Appel, student at Michigan State University and Ford Blue Oval Scholar. Among the projects detailed on the site are Ford Community Corps projects .

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    FinAid! Financial Aid, College Scholarships and Student Loans, fafsa student loans.#Fafsa #student #loans


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    The SmartStudent TM Guide

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    Paperwork demystified — find forms and instructions here. Tips on filling out the FAFSA and maximizing eligibility.

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    ‘Ask the Aid Advisor’ for personalized help. Read the financial aid FAQ and glossary for other answers.

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    Dozens of tools for calculating college costs, loan payments, savings, and the expected family contribution (EFC).

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    A US education is very expensive. Tuition, room and board at an undergraduate institution will cost from $15,000 to $40,000 a year, depending on the school. A graduate education can be even more expensive.

    There is very little financial aid for foreign nationals to study in the US, with the possible exception of citizens of Canada and Mexico. Most grants, scholarships, and loans from public and private sources are restricted to US citizens.

    As a result, international students will find very little information about financial aid for international students. This site presents more information about financial aid for international students than any other publication. This information originally appeared as part of the FinAid site.

    Below you will find a description of how to access what aid is available, and a discussion of some of the problems you may encounter as you pay for a US education.

    US students interested in obtaining funding for study abroad should see FinAid’s Study Abroad and Foreign Study Programs section.

    The bottom line is that there is very little financial aid available, and many international students do not study in the US because they cannot afford the expense. This is especially true for undergraduate education.



    The Complete Guide to Student Loan Forgiveness for Teachers, Student Loan Hero, student loan forgiveness.#Student #loan #forgiveness


    The Complete Guide to Student Loan Forgiveness for Teachers

    Student loan forgiveness

    Kat Tretina

    Student loan forgiveness

    Teaching is one of the most important professions, but it’s at risk of losing top talent due to low pay and long hours. Approximately 8 percent of teachers leave the field each year, according to the Learning Policy Institute. To compensate, districts would have to hire an additional 145,000 individuals to return schools to their pre-recession teacher-student ratios.

    As of 2017, the average starting salary for a teacher was $38,727, according to PayScale. Education majors have lower salary potential compared to other majors.

    Meanwhile, the average student loan debt for 2016 graduates regardless of major or profession was over $37,000. It’s clear that these numbers don’t favor a teacher’s ability to repay their student loans.

    But there are teacher student loan forgiveness programs from the federal and state government can help.

    It s not easy to sift through all the details of student loan forgiveness for teachers, so we’ve broken it down for you. Here are the options available that will help you dig yourself out of debt.

    Federal Teacher Cancellation for Perkins Loans

    The Federal Perkins Loan program expired in September, 2017. However, if you borrowed money through the program before its expiration date, you might still qualify for Federal Teacher Cancellation for Perkins Loans.

    Requirements: You must teach at least one year and meet one of the below requirements:

    • Teach at a low-income school (click here for a list)
    • Teach special education
    • Teach in mathematics, science, foreign languages, or bilingual education
    • Teach in a field that has a shortage of qualified teachers in your state

    How long it takes: Minimum one full year of teaching. 100 percent Perkins Loan debt cancellation after five years.

    The details: After just one year of teaching, you can have 15 percent of your outstanding Perkins Loans canceled. This continues in varying amounts until you have all Perkins Loan debt canceled after five years.

    To apply, contact the school that holds your Perkins Loans. To learn more about requirements, check out the Federal Student Aid website.

    Teacher Loan Forgiveness

    How much it’s worth: Up to $17,500 towards Direct or Stafford Loans.

    • Teach at a low-income school
    • Have no student loans originating before Oct. 1, 1998
    • Not be in default

    How long it takes: Five complete and consecutive academic years.

    The details: This one s a little more complicated. The amount you can receive is based on your role. There are two tiers for Teacher Loan Forgiveness.

    You can receive up to $5,000 if you’re a full-time elementary teacher or full-time secondary school teacher. But you must be teaching in an area related to your academic major.

    You can receive up to $17,500 if you’re a highly qualified full-time math or science teacher in an eligible secondary school. You can also receive this award if you’re a highly qualified special education teacher if you meet certain requirements.

    To be considered “highly qualified,” you must obtain a full state certification as a teacher or pass the state teacher licensing exam. You must also hold a state license (with a few exceptions).

    Certain exceptions are made if you’re an elementary teacher who holds a bachelor’s degree and can meet other requirements. Visit the Federal Student Aid website for more information.

    Public Service Loan Forgiveness

    How much it’s worth: 100 percent of your Direct Loan balance after 10 years. This amount varies depending on many factors.

    • Must be in certain public sector jobs and employed full-time
    • Must have made 120 payments starting from Oct. 1, 2007
    • Payments must be made as part of certain repayment plans
    • Not be in default

    How long it takes: 120 qualified payments, which takes 10 years.

    The details: This program isn’t just for teachers, although teachers can qualify. With this option, relief is more long-term than the other programs we discuss above.

    This plan typically works best with other types of qualifying repayment plans. For example, you may be able to take advantage of payment plans like Income-Based Repayment (IBR). IBR will lower monthly payments and increase the amount of debt forgiven at the end of 10 years (if any).

    However, if you miss any of the requirements, you’ll end up paying more in interest on your loans. To learn more about requirements, visit the Federal Student Aid website.

    State and city loan forgiveness programs

    These plans vary based on where you live and teach. It’s worth investigating if your state or city offers teacher student loan forgiveness. Some state programs include:

    Arkansas

    Arkansas’ State Teacher Education Program provides up to $3,000 to assist educators with repaying their federal student loans. Eligible individuals must teach in areas with a critical shortage or teach an in-demand subject.

    Click here for more information about the Arkansas State Teacher Education Program.

    Illinois

    For teachers willing to work in low-income areas, the state of Illinois will award up to $5,000 to help individuals pay back their loan debt. To be eligible, teachers must serve five years in a low-income school.

    Click here for more information about the Illinois Teachers Loan Repayment program.

    The state of Iowa offers student loan repayment assistance to Iowa educators teaching in designated shortage areas. For 2016 graduates, the maximum reward is $6,858 or 20 percent of the recipient’s total eligible federal loan balance.

    Click here to learn more about Iowa’s Teacher Loan Forgiveness Program.

    Maine

    Eligible borrowers can have one year of their loan forgiven for each year of eligible service. But the service must be as an educator, speech pathologist, or child care provider. Certain borrowers can have as much as two years of loans forgiven if they work in an underserved area.

    Click here to learn more about Educators For Maine (EFM) Loan Program.

    North Dakota

    The North Dakota University System provides teachers with $1,000 a year in loan forgiveness, up to a $3,000. Teachers must have a full-time position at a grade level or in an institution that is underserved.

    Click here to learn more about North Dakota’s Teacher Shortage Loan Forgiveness Program.

    Mississippi

    Teachers in Mississippi may receive up to $3,000 a year for a maximum of four years to pay their loans. Individuals must work in specific geographic areas or teach certain subjects to be eligible.

    Click here for more information about the Mississippi Teacher Loan Repayment Program.

    Texas

    The Texas Loan Repayment Assistance Program was designed to recruit and retain teachers in areas that have a shortage of educators. Eligible individuals can receive up to $2,500 towards their federal loans.

    Click here for more information about the Texas Loan Repayment Assistance Program.

    Keep in mind, state programs come and go more often than federal programs, so don’t delay if you’re eligible to apply.

    Even though managing student loans on a teacher’s salary can be overwhelming, there is help out there. These programs are designed to make repaying your debt a little easier.



    M State – Applying for Loans, alternative student loans.#Alternative #student #loans


    Applying for Loans

    Complete the FAFSA and return all completed required documents to your M State campus financial aid office. When all required documents are received and processed, you will receive an email notification that your award letter from M State is available online. You must enroll in a minimum of 6 credits during each term of the loan period.

    Federal Direct Subsidized/Unsubsidized: To begin the loan application process, review your award letter at SpartanNet E Services Financial Aid Loans. You will need to specify the amount you wish to borrow and will be required to complete the following prerequirements:

    • Complete Entrance Counseling. Once you have completed loan entrance counseling, the school will be notified electronically that you have successfully completed it.
    • Electronically sign your Master Promissory Note. When electronically signing the Master Promissory Note, please turn off pop-up blockers to enable successful completion.

    Please have the following things ready when you complete your Master Promissory Note.

    • Your Federal Student Aid ID (FSA ID)
    • Your driver s license number
    • Names and addresses of two personal references from two different households.

    If you have problems electronically signing your Master Promissory Note for Direct Loans, assistance can be obtained at Direct Loan Applicant Services at 1-800-557-7394.

    Parent Loan for Undergraduate Students (PLUS)

    • Parent will complete a paper application and sign the electronic Master Promissory Note for PLUS Loan. Parent will need an FSA ID, driver s license number and names and addresses of two personal references from two different households. Once the credit check has been approved and M State has documentation that the parent has signed the Master Promissory Note, the loan will be disbursed following the schedule set by the college.

    Student Educational Loan Fund (SELF)

    • Co-signer completes pre-approval process here.
    • Student completes application and counseling here.
    • Once the loan is approved, money will be applied to the student s college account.

    Responsible Borrowing



    Private Bad Credit Student Loans ~, alternative student loans.#Alternative #student #loans


    Alternative Financing With Bad Credit Student Loans

    Whether you like it or not, your credit history takes center stage when it s time to plan your financial aid strategy. If you are a high school student, this may be the first time you ve had to consider the importance of having good credit.

    Understanding credit fundamentals helps you determine your best options for getting much-needed financial-aid, so let s examine the basics.

    Every credit related interaction you engage in has an outcome that affects your credit rating . If you borrow money and pay it back on schedule, your rating will be the better for it. If you have even one late payment, a negative entry serves to lower your rating.

    Your credit score is the summation of all the credit outcomes you have created over the course of your borrowing history. Credit bureaus are tasked with assigning numbers, or scores, to your overall performance. As you apply for certain student aid, your credit score is used by lenders to determine your worthiness for loans.

    Alternative student loans

    You have specific rights related to credit reporting, as outlined by The Fair Credit Reporting Act (FCRA). Three specific protections ensure that credit applications are handled without bias:

    1. If information contained in your credit report has been used to withhold a loan, the lender is obligated to tell you that it has.
    2. You have a specific right to know what is contained in your credit report.
    3. You have the right to challenge any information contained in your credit report that is not accurate or is incomplete.

    The Fair and Accurate Credit Transaction Act (FACTA) is a legal provision granting you the right to receive free copies of your credit reports from each of the three national credit bureaus, once a year. Get your free report, so you know exactly where you stand – requests are submitted annually to www.annualcreditreport.com. (Remember: you get ONE free report from each one, every year – use it wisely, from the perspective of timing).

    What s wrong with my credit?

    Experian, Equifax, and Transunion are the three primary credit bureaus that analyze your credit history. While responsible credit behavior is always going to impact your credit rating positively, it is not the only metric used to assign your credit score. Some of the criteria used to derive credit scores are inherently biased against college students.

    Credit bureaus want to see longevity and diversity in your credit history. If you are emerging from high school enroute to college, you might not be strong in either area. Three types of credit are examined:

    • Revolving Credit – YourMasterCard or Visa payment record illuminates your ability to manage a revolving account that carries balances across billing periods, and requires timely payments each month.
    • Installment Credit – Loans with fixed payments that are paid back over designated periods of time fall into this category. Mortgages provide the best installment credit references for lenders, because the loans are large and long-held. You probably didn t buy a house during high school, but your steady car loan payments are also installment credit successes.
    • Open Credit – An American Express card is a good example of an open credit line that must be paid in-full each month.

    So even if your credit outcomes have been positive, your limited history might not be sufficient to establish a high credit score. To access funds reserved for people with high credit scores, add a longer frame of reference to your credit application- take on a cosigner.

    Use cosigners to your advantage—to help build your credit. Once you ve made 48 consecutive on-time payments, it s common for your lender to release the cosigner fromthe loan. The student loan you needed a cosigner to secure, now acts as an installment credit success, to raiseyour own credit score.

    If you cannot find someone willing to lend their favorable credit rating to your college funding cause, focus instead on forms of financial aid that don t rely on your past credit performance.

    Federal Student Loans: Perfect Bad Credit Loans

    Federal student loans provideyour best borrowing options without strong credit.The first step toward securing financial aid is to complete the Free Application for Federal Student Aid (FAFSA). The standardized application computes your need for financial assistance during school. Student income, parental income and assets, and the size of your family are used to calculate your Expected Family Contribution (EFC). Your EFC is then used to create an individual Student Aid Report (SAR) that articulates your precise college financial aid needs.

    Alternative student loans

    Stafford Loans

    Submitting your FAFSA places you in contention for Stafford Loans under the William D. Ford Federal Direct Loan Program. Stafford Loans are categorized as subsidized, or unsubsidized, with different conditions for each.

    • Subsidized Stafford Loans are based on demonstrable financial need, as illustrated by your FAFSA results. As long as you are enrolled in school, your interest payments are subsidized by the Federal Government, so your debt doesn t grow while you are learning.
    • Unsubsidized Stafford Loans are not based on financial need, so interest does accrue while you attend school. You have the option of paying the interest as you go, or letting it ride until you finish school. As your interest is added to your debt, your total repayment obligation grows.

    Stafford Loans are available for undergraduate and graduate studies, with a maximum yearly award of $20,500 per graduate student.

    Parental financial information is included on FAFSA submissions for dependent students. If you apply as an independent student, your parents income is not factored into your Expected Family Contribution (EFC), and your annual Stafford Loan limits are higher.

    Perkins Loans

    Perkins loans are administered by institutions of higher education (IHE), but are federally funded nonetheless. Funds are reserved for students who demonstrate significant need relating to educational financing.Families with annual incomes below $25,000 are usually eligible for Perkins Loans, but your FAFSA should still be submitted, even if your family makes more.

    The maximum annual Perkins loan for undergraduate students is $5500, with a lifetime loan maximum of $27,000. Graduate students may borrow up to $8000 each year, with a $60,000 lifetime maximum. Perkins loans have fixed 5% interest rates and repayment starts 9 months following graduation.

    Private lenders require established good credit to consider you for a loan. If you don t have it, get a cosigner on board to bolster your credit worthiness. Without credit or a cosigner, you are best served by direct federal loans.



    FinAid, Calculators, Loan Calculator, student loan calculator.#Student #loan #calculator


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    Student loan calculator

    This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

    This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

    This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

    Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

    Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

    The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.



    Student Loan Repayment Calculator – Complete University Guide, student loan calculator.#Student #loan #calculator


    Student Loan Repayment Calculator

    We are updating the calculator to take account of this. In the meantime, the calculator represents the position before this announcement.

    • Bear in mind this calculator is based on a number of assumptions and is looking some thirty years into the future!
    • The figures are only broad indicators of potential outcomes and this page should not be considered as financial advice.
    • The calculator is not for students who started university in 2011 or before, for whom a very different funding system applies.

    Student loan calculator

    A new student finance system based on increased tuition fees and interest-attracting loans was introduced in parts of the UK for university entry from 2012 (read about tuition fees and financial support).

    This calculator estimates the monthly repayments that will be due under the new regime, assuming the predicted earnings described below and shown on the page of detailed results.

    The results are for illustrative purposes only, since the exact repayments will depend on the actual salary earned throughout the period.

    Student loan calculator

    Interest

    An interest rate of 3% above inflation will be applied from the receipt of the first payment from the Student Loans Company (SLC) until the end of the fiscal year (5th April) following the end of the course.

    The interest rate applied after this will depend on the annual earnings of the recipient of the loan:

    There will be a threshold below which the rate of interest will be the rate of inflation. This will be 21,000 in the first year.

    There will also be a threshold above which the rate of interest will be 3% above the rate of inflation. This will be 41,000 in the first year.

    Between these two thresholds, the calculator follows the Student Loan Repayment Ready Reckoner produced by the Department of Business, Innovation and Skills (the BIS ): the rate will increase in proportion to the amount earned over the lower threshold. Therefore, annual earnings of 31,000, for example, would mean that a rate of 1.5% above inflation would be applied in the first year.

    The thresholds will increase annually, at the same rate as the national average of earnings. The calculator uses a rate of 2% above inflation for this increase, which is the long-term average.

    Student loan calculator

    Repayments

    No repayments will be due until the start of the fiscal year (6th April) following the end of the course.

    After this, the amount due will be 9% of the earnings which exceed a threshold. This threshold will be the same as the threshold below which the rate of interest is the rate of inflation: 21,000 in the first year (see above).

    Student loan calculator

    Salaries

    The calculator assumes continuous employment over 30 years.

    The projected salaries used by the calculator are based on the careers of past graduates, and are derived from figures from a number of sources.

    Student loan calculator The Association of Graduate Recruiters (AGR) provided the current starting salaries for the careers which we list.

    Current final salary figures were sourced from a variety of professional, industry-expert salary surveys and guides. These final salaries have then been adjusted to allow for an increase in the national average of earnings of 2% above inflation, over the subsequent 29 years. To do this, we have assumed that the salaries will remain unchanged in relation to each other and to the national average. We have therefore increased the final salaries by 2% for every year, which is a 78% increase over the whole period.

    The growth in salary between the starting and final figures for each career follows the pattern of the salary predictions for all graduates in employment in the BIS ‘s Ready Reckoner : higher increases in earnings are expected at the start and at the end of the 30 year period, and lower increases in between.

    In addition to expected earnings for particular careers, we give three further options for low, medium and high earnings across the whole graduate population. The figures used are as follows:



    Private Bad Credit Student Loans ~, subsidized student loans.#Subsidized #student #loans


    Alternative Financing With Bad Credit Student Loans

    Whether you like it or not, your credit history takes center stage when it s time to plan your financial aid strategy. If you are a high school student, this may be the first time you ve had to consider the importance of having good credit.

    Understanding credit fundamentals helps you determine your best options for getting much-needed financial-aid, so let s examine the basics.

    Every credit related interaction you engage in has an outcome that affects your credit rating . If you borrow money and pay it back on schedule, your rating will be the better for it. If you have even one late payment, a negative entry serves to lower your rating.

    Your credit score is the summation of all the credit outcomes you have created over the course of your borrowing history. Credit bureaus are tasked with assigning numbers, or scores, to your overall performance. As you apply for certain student aid, your credit score is used by lenders to determine your worthiness for loans.

    Subsidized student loans

    You have specific rights related to credit reporting, as outlined by The Fair Credit Reporting Act (FCRA). Three specific protections ensure that credit applications are handled without bias:

    1. If information contained in your credit report has been used to withhold a loan, the lender is obligated to tell you that it has.
    2. You have a specific right to know what is contained in your credit report.
    3. You have the right to challenge any information contained in your credit report that is not accurate or is incomplete.

    The Fair and Accurate Credit Transaction Act (FACTA) is a legal provision granting you the right to receive free copies of your credit reports from each of the three national credit bureaus, once a year. Get your free report, so you know exactly where you stand – requests are submitted annually to www.annualcreditreport.com. (Remember: you get ONE free report from each one, every year – use it wisely, from the perspective of timing).

    What s wrong with my credit?

    Experian, Equifax, and Transunion are the three primary credit bureaus that analyze your credit history. While responsible credit behavior is always going to impact your credit rating positively, it is not the only metric used to assign your credit score. Some of the criteria used to derive credit scores are inherently biased against college students.

    Credit bureaus want to see longevity and diversity in your credit history. If you are emerging from high school enroute to college, you might not be strong in either area. Three types of credit are examined:

    • Revolving Credit – YourMasterCard or Visa payment record illuminates your ability to manage a revolving account that carries balances across billing periods, and requires timely payments each month.
    • Installment Credit – Loans with fixed payments that are paid back over designated periods of time fall into this category. Mortgages provide the best installment credit references for lenders, because the loans are large and long-held. You probably didn t buy a house during high school, but your steady car loan payments are also installment credit successes.
    • Open Credit – An American Express card is a good example of an open credit line that must be paid in-full each month.

    So even if your credit outcomes have been positive, your limited history might not be sufficient to establish a high credit score. To access funds reserved for people with high credit scores, add a longer frame of reference to your credit application- take on a cosigner.

    Use cosigners to your advantage—to help build your credit. Once you ve made 48 consecutive on-time payments, it s common for your lender to release the cosigner fromthe loan. The student loan you needed a cosigner to secure, now acts as an installment credit success, to raiseyour own credit score.

    If you cannot find someone willing to lend their favorable credit rating to your college funding cause, focus instead on forms of financial aid that don t rely on your past credit performance.

    Federal Student Loans: Perfect Bad Credit Loans

    Federal student loans provideyour best borrowing options without strong credit.The first step toward securing financial aid is to complete the Free Application for Federal Student Aid (FAFSA). The standardized application computes your need for financial assistance during school. Student income, parental income and assets, and the size of your family are used to calculate your Expected Family Contribution (EFC). Your EFC is then used to create an individual Student Aid Report (SAR) that articulates your precise college financial aid needs.

    Subsidized student loans

    Stafford Loans

    Submitting your FAFSA places you in contention for Stafford Loans under the William D. Ford Federal Direct Loan Program. Stafford Loans are categorized as subsidized, or unsubsidized, with different conditions for each.

    • Subsidized Stafford Loans are based on demonstrable financial need, as illustrated by your FAFSA results. As long as you are enrolled in school, your interest payments are subsidized by the Federal Government, so your debt doesn t grow while you are learning.
    • Unsubsidized Stafford Loans are not based on financial need, so interest does accrue while you attend school. You have the option of paying the interest as you go, or letting it ride until you finish school. As your interest is added to your debt, your total repayment obligation grows.

    Stafford Loans are available for undergraduate and graduate studies, with a maximum yearly award of $20,500 per graduate student.

    Parental financial information is included on FAFSA submissions for dependent students. If you apply as an independent student, your parents income is not factored into your Expected Family Contribution (EFC), and your annual Stafford Loan limits are higher.

    Perkins Loans

    Perkins loans are administered by institutions of higher education (IHE), but are federally funded nonetheless. Funds are reserved for students who demonstrate significant need relating to educational financing.Families with annual incomes below $25,000 are usually eligible for Perkins Loans, but your FAFSA should still be submitted, even if your family makes more.

    The maximum annual Perkins loan for undergraduate students is $5500, with a lifetime loan maximum of $27,000. Graduate students may borrow up to $8000 each year, with a $60,000 lifetime maximum. Perkins loans have fixed 5% interest rates and repayment starts 9 months following graduation.

    Private lenders require established good credit to consider you for a loan. If you don t have it, get a cosigner on board to bolster your credit worthiness. Without credit or a cosigner, you are best served by direct federal loans.



    FinAid! Financial Aid, College Scholarships and Student Loans, student aid.#Student #aid


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    The SmartStudent TM Guide

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    Paperwork demystified — find forms and instructions here. Tips on filling out the FAFSA and maximizing eligibility.

    Student aid

    ‘Ask the Aid Advisor’ for personalized help. Read the financial aid FAQ and glossary for other answers.

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    Dozens of tools for calculating college costs, loan payments, savings, and the expected family contribution (EFC).

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    Get online info about testing, college admissions and jobs.

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    Student Loan Help, help with student loan debt.#Help #with #student #loan #debt


    help with student loan debt

    Goodbye, student loan debt. Hello, future!

    Help with student loan debt

    Get student debt answers now.

    A nonprofit NFCC Certified Student Loan Counselor will review all of your finances and help you develop a personal debt repayment plan, all for a nominal fee.*

    What s in it for you

    • A thorough evaluation of your entire personal financial situation—not just your student loans.
    • An audit of your current loans and their terms.
    • Comprehensive, one-on-one guidance through all student debt repayment options.
    • A full financial game plan, including which debt repayment plans are right for you.

    Here s what comes next

    • Set up a secure login.
    • Create your own confidential, financial profile online.
    • Be contacted by a nonprofit NFCC member agency.

    Ready? Set up your profile here.

    *Nonprofit, student loan counseling fees vary by NFCC member agency.

    I made the call. 1

    Help with student loan debt

    None of this was my fault, but it was my problem. Years ago, I co-signed a student loan with my then-husband. After we divorced, it stayed in his name. I made payments until the bank notified me the debt was forgiven. It wasn’t.

    Julie K Minnesota

    I didn’t leave school by choice. Two major health issues made the decision for me. By then, I had about $14,500 in federal student loans. Given my circumstances, I defaulted.

    1 Stories above represent actual NFCC client experiences.

    Student loan counseling.

    Comprehensive

    review of your financial situation, including current income, living expenses, all debt and your long-term goals.

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    game plan that doesn’t undermine your personal short- and long-term goals by just directing you to a plan with the lowest current payment.

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    assessment that looks beyond income-based programs and consolidation to see if other avenues for retiring your debt might be available and make more sense for you.

    Why choose us?

    Gain access to over 60 years of experience helping borrowers like you get answers to all of their debt-related concerns, including student debt solutions.

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    Answers

    We are experts on the ins and outs of student borrowing and repayment and on how to minimize its impact on your overall financial health. We work with you every step along the way until your issues are resolved.

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    Nonprofit

    You always know where you stand and who to call with questions about your student loans and any other financial issues that arise over time.

    Help with student loan debt

    Local to you

    NFCC member agencies have office locations in all 50 states and Puerto Rico, which are staffed by NFCC Certified Credit Counselors.

    Be informed.

    Knowledge is power. To help you make the best decisions possible for your future, we keep you updated with access to a wealth of useful tools and resources.

    Get the latest insights on recent news regarding student loans and your personal finances.

    From calculators to definitions, find what you need to make better financing and repayment decisions here.

    Who is the NFCC?

    Founded in 1951, the National Foundation for Credit Counseling (NFCC ) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being.

    NFCC members help millions of consumers like you through community-based offices located in all 50 states and Puerto Rico. Each NFCC member agency has earned our seal by adhering to high standards and ethical practices designed to help you achieve financial stability.

    Member agencies are able to offer their services for nominal fees based on their current funding status. Funding for operations and services comes from an ever-changing combination of federal, state and local government grants, as well as donations from financial industry participants and private donors.

    For more on the NFCC, visit www.NFCC.org

    Thank you to our funders.

    The Sharpen Your Financial Focus program is an initiative of the National Foundation for Credit Counseling (NFCC) in partnership with a broad cross-section of supporters. Together, we are committed to increasing the financial well-being of Americans. This initiative is partially funded by Bank of America, Chase, Synchrony Financial, Wells Fargo and other major financial institutions. We thank all funders and partners who make this program possible. For more information, visit www.SharpenToday.org.

    National Foundation for Credit Counseling



    Student loan debt: Why employers may want to help pay off college loans, help with student loan debt.#Help #with #student #loan #debt


    Here s why employers may want to help out on the mountain of student loan debt

    Help with student loan debt

    Employers eager to recruit and retain skilled workers in a tight labor market have about 1.34 trillion reasons to expand their benefits package to include assistance in helping employees repay their student loans.

    That’s the mountain of student loan debt being carried on the financial shoulders of 44 million Americans. And no surprise, the bulk of those would indeed love for the boss to kick in and help pay it back.

    More than 80 percent of workers with student loans surveyed by IonTuition said they would like to work for a company that provides a student loan repayment benefit. IonTuition, a fintech company focused on services to help borrowers manage their repayments, mostly surveyed millennials.

    Yet there is plenty of reason to suspect older workers would be eager for the perk, too. According to Federal Reserve data, borrowers at least 40 years old have a not-small $450 billion in student loans to pay off. A big part of that older cohort are parents who borrowed through the federal PLUS program or took out private student loans.

    The benefit is still clearly in the early adopter stage with just 3 percent of firms surveyed by AonHewitt currently offering student loan repayment assistance. AonHewitt says an additional 5 percent of surveyed companies say they are likely to add the benefit and 24 percent are moderately interested in adding the benefit.

    “Employers are incredibly curious and engaged around the issue given all the news about student loan debt,” said Balaji “Raj” Rajan , chief executive officer of IonTuition. He said IonTuition fields two or three inquiries a day from companies interested in adding student loan repayment assistance.

    A few big old-line firms including Aetna, Fidelity, PwC and Penguin Random House have begun to contribute to employees’ loan payments. Earlier this summer, the city of Memphis, Tennessee, announced it will contribute $50 a month toward employees’ student loan repayment.

    Adoption of the benefit is more common among smaller and mid-size companies with nimbler decision trees and the need to position benefits as a competitive edge in recruiting, according to Meera Oliva, chief marketing officer at Gradifi, a subsidiary of First Republic that provides a student loan benefit platform for employers, including PwC and Penguin Random House.

    Gradifi has more than 140 employer clients offering repayment assistance and is adding a half dozen or more monthly. “The bulk of our business is companies coming to us, not the other way around,” Oliva said.

    An employer contribution of $50 or $100 a month is common among the first movers. That can indeed be a big help, as IonTuition reports that about three-quarters of borrowers make monthly payments of $300 or less.

    Employer contributions go toward principal repayment. Gradifi’s website includes a free tool for employees to see how an employer assist can aid employee financial wellness. For instance, someone aiming to pay off $35,000 in debt over 10 years might be able to shave off 2.5 years and save some serious coin in the process:

    Help with student loan debt

    Waiting on Washington

    Chris Walters, chief executive officer of Gradfin, another student loan repayment and management tech platform, said the tax code is keeping plenty of interested employers on the sidelines.

    “If an employer contributes $100 a month toward student loan repayment, it costs $107.65 a month because it is treated as compensation and requires paying the employer share of the payroll tax,” Walters said.

    Moreover, the benefit is taxable to the employee as compensation.

    “It’s going to take a change in the tax code to see large growth in the benefit,” he said.

    More from College Game Plan

    These states have the worst student debt

    Bipartisan bills in the House and Senate would put student loan repayment assistance on par with employer tuition assistance, which currently allows employers to give employees up to $5,250 a year tax-free for tuition costs.

    The cost of that tax break likely makes for some tough sledding in this current Congress. Walters says that’s missing the bigger picture.

    “The federal government, meaning taxpayers, are already losing plenty in terms of defaulted student loans, and income-based plans that will be forgiven,” he said.

    “Congress should be worried about those losses. If the private sector comes in and improves debt repayment the Federal government is going to get paid more.”

    (Correction: This story has been updated to correct the spelling of Balaji “Raj” Rajan.)



    Student loans payment, student loans payment.#Student #loans #payment


    A Look at the Shocking Student Loan Debt Statistics for 2017

    Student loans payment

    Updated: September 13, 2017

    It s 2017 and Americans are more burdened by student loan debt than ever.

    You ve probably heard the statistics: Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.

    But how does this break down at a more granular level? Are student loans being used to attend public or private universities? Is it mostly from four-year or graduate degrees? What percentage of overall graduates carry debt? Are more grads utilizing private student loan consolidation and refinancing?

    Let s take a look.

    BONUS: Get a PDF of these statistics to print out, save, or send

    General student loan debt facts

    First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:

    • $1.45 trillion in total U.S. student loan debt
    • 44.2 million Americans with student loan debt
    • Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
    • Average monthly student loan payment (for borrower aged 20 to 30 years): $351
    • Median monthly student loan payment (for borrower aged 20 to 30 yea rs ): $203

    Public Service Loan Forgiveness statistics

    As of Q1, 2017 (latest available data)

    PSLF Borrowers: 611,598*

    * Total number of borrowers who have one or more approved PSLF Employment Certification Forms (ECF)

    Note that borrowers are self-identified based on submission of an ECF.

    Federal student loan portfolio

    (updated for Q2, 2017)

    Now let’s dive into how much debt student loan borrowers carry by loan type, term, and more.

    Student loan debt statistics by loan program:

    Student loan debt statistics by loan type:

    Student debt statistics by loan status (Direct Loan Program)

    Student loan statistics by repayment plan (Direct Loan Program)

    Student loan debt by servicer

    (updated for June 30, 2016)

    Data Source: National Student Loan Data System

    More shocking student loan debt statistics

    If those numbers weren’t stunning enough, here’s a closer look at how students accumulate debt based on the type of school they attend.

    In 2012, 71 percent of students graduating from four-year colleges had student loan debt:

    • Represents 1.3 million students graduating with debt, increase from 1.1 million in 2008
    • 66 percent of graduates from public colleges had loans (average debt of $25,550)
    • 75 percent of graduates from private nonprofit colleges had loans (average debt of $32,300)
    • 88 percent of graduates from for-profit colleges had loans (average debt of $39,950)

    Twenty percent of 2012 graduate loans were private

    Graduates who received Pell Grants were likely to borrow, and borrow more:

    • 88 percent of graduates who received Pell Grants had student loans in 2012, with an average balance of $31,200
    • 53 percent of those who didn’t receive a Pell Grant had student loan debt and borrowed $4,750 less ($26,450)

    Private student loan debt statistics

    • Private student loan debt is on the rise; $6.2 billion was borrowed in 2012-2013, up from $5.5 billion in 2011-2012
    • From 2011-2012, borrowers didn’t take advantage of federal student loans as much as they could have: 19 percent didn’t take out Stafford loans, 8 percent didn’t apply for federal financial aid, 11 percent applied for federal aid but didn’t take out a Stafford loan, 28 percent had Stafford loans but borrowed less than they were eligible for
    • In 2011-2012, 48 percent of private loan borrowers attended schools that had tuition costs of $10,000 or less
    • Nearly 1.4 million undergraduates borrowed private loans in 2011-2012

    Graduate student loan debt

    About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.

    Combined undergraduate and graduate debt by degree:

    • MBA = $42,000 (11% of graduate degrees)
    • Master of Education = $50,879 (16%)
    • Master of Science = $50,400 (18%)
    • Master of Arts = $58,539 (8%)
    • Law = $140,616 (4%)
    • Medicine and health sciences = $161,772 (5%)

    Clearly, as these student loan debt statistics show, the cost of attending college is becoming a growing burden for a huge portion of Americans.

    What are you doing to pay off your debt and ensure you aren’t another statistic? Be sure to let us know how we can help.



    Eduloan, Student Loans, Loans, SA StudySA Study, quick student loans.#Quick #student #loans


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    Quick student loans

    EDULOAN

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    About Eduloan

    As an education finance specialist, Eduloan is committed to making tertiary education both affordable and accessible to all aspiring students.

    Eduloan has empowered thousands of South Africans to unlock their potential and start realising their dreams. We understand the real costs of tertiary education and offer study loans which cover not only the course fees, but additional expenses such as textbooks, registration fees and educational tools such as laptops and PCs. In addition, Eduxtras, our unique bursary management tool, will allow you to manage and allocate bursary funds for specific needs such as books, accommodation food and more, ensuring that your funds are spent appropriately. With offices located at all major campuses throughout the country, Eduloan and its committed staff ensure that you will receive local assistance no matter where you are.

    Student Loan:

    Your study loan is tailor-made to your affordability criteria, ensuring you never feel the pressures of being overburdened. Registration fees, outstanding balances and other additional costs associated with your studies are covered by our study loans – all you have to worry about is achieving your educational goals.

    Whether you are looking to increase your salary through improved qualifications, qualify for a better job position or just for personal enrichment, Eduloan will be your partner on your education journey.

    At Eduloan, there are fixed monthly installments for your student loan, which allows you to budget more effectively. There are no hidden fees and the payment periods are flexible according to your specific needs. Anyone can apply for an education loan on your behalf, as long as they are in fulltime employment and provided that the Eduloan monthly installments does not exceed 25% (based on a one year loan) of your sponsor’s monthly basic salary.

  • Affordable interest rates from as little as Prime + 1%, at selected leading educational institutions countrywide

  • You do not have to put down a deposit for educational loan.

  • Fixed monthly installments allowing you to budget more effectively.

  • Payments include registration fees and outstanding fees.

  • We pay directly to the institution so there’s no admin for you.

  • If you require, anyone can apply on your behalf (e.g. family or friends), as long as they are in full-time employment.

  • You can also apply for a loan for books and educational tools, including laptops.

  • If the borrower of the loan passes away, Eduloan will write off the remainder of your balance, provided you supply us with a copy of the death certificate or a letter from the company in cases of retrenchment.

  • There is no cut-off period for study loans! That’s right; we’re open 365 days a year.

  • Approval is quick once we have received all your documentation.

    How To Apply

    In addition to the completed application form you must also submit the following:

  • You or your sponsor’s latest original salary advice (or a certified copy thereof).

  • A certified copy of your identification document.

  • A study fee quotation from the institution you will be studying at (this is not required if you are applying for a book loan).

  • You or your sponsor’s latest month’s bank statement to prove you are an account holder and in permanent employment (or 3 month’s personal and business bank statements, if you are self-employed.

  • Please keep a copy of your completed application form in a safe place for your future reference.

    Contact Eduloan

    Call Centre: 0860 55 55 44

    SMS ‘edu’ to 32150 and we’ll call you back

    For more information on Eduloan, please visit their website



  • 4 Ways to Get a Student Loan With Bad Credit, bad credit student loans.#Bad #credit #student #loans


    How to Get a Student Loan With Bad Credit

    Most students can’t afford to go to college without loans. The expenses associated with higher education are stressful for everyone, but if you have bad credit, you may be especially worried. Fortunately, you can take advantage of federal financial aid regardless of your credit history. Private student loans may be trickier to get, but you definitely have some options.

    Steps Edit

    Method One of Four:

    Maximizing Your Federal Financial Aid Edit

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Method Two of Four:

    Applying for Financial Aid Edit

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Method Three of Four:

    Choosing Financial Aid Offers Edit

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Method Four of Four:

    Applying for Private Funding Edit

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans

    Bad credit student loans



    Loan Calculator, loan calculator student.#Loan #calculator #student


    Loan Calculator

    A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) that they are obligated to pay back in the future. Most loans can be categorized into one of three categories:

    Loan calculator student

    Paying Back a Fixed Amount Periodically

    Use this calculator for basic calculations of common loan types such as mortgages, auto loans, student loans, or personal loans, or click the links for more detail on each.

    Results:

    Paying Back a Lump Sum Due at Loan Maturity

    Results:

    Paying Back a Predetermined Amount Due at Loan Maturity

    Use this calculator to compute the initial value of a bond/loan based on a predetermined face value to be paid back at bond/loan maturity.

    Results:

    First Calculation: Fixed Amount Paid Periodically

    Many consumer loans fall into this category. It contains regular payments that are amortized uniformly over its lifetime. Routine payments are made on principal and interest until the loan is entirely paid off, also known as the loan having matured. These are the most familiar loans such as mortgages, car loans, student loans, and personal loans. In everyday conversation, the word “loan” will refer to this type, not the type in the second or third calculation. Below is a list of loans that fall under this category, along with links to more information and calculators. Use the following for each specific need:

    Second Calculation: Single Lump Sum Due at Loan Maturity

    Many commercial loans or short-term loans are in this category. Unlike the first calculation which is amortized with payments spread uniformly over their lifetimes, these loans have a single, large lump sum due at maturity. Although the lump sum includes a single payment of interest for the whole loan, it is not simple interest but accrued by compounding over the life of the loan. As a matter of fact, this is a typical calculation of how finance textbooks teach interest accumulation. Some loans, such as balloon loans, can also have smaller routine payments during their lifetimes, but this calculation only works for loans with a single payment of all principal and interest due at maturity. Compared with smaller routine payments, there is greater risk with not being able to meet the lump sum payment obligation at the end because of how relatively large it is.

    Third Calculation: Predetermined Lump Sum Paid at Loan Maturity

    This kind of loan is rarely made except in the form of bonds. Technically, bonds are considered a form of loan, but operate differently from more conventional loans. Mainly in that the payment at loan maturity is predetermined, which is the main difference between this calculation and the second calculation, where the maturity payment is not predetermined. The face, or par value of a bond is the amount that is paid when the bond matures, assuming the bond doesn’t default. The term is used because when bonds were first issued in paper form, the amount was printed on the “face”, meaning the front of the bond certificate. Although face value is usually important just to denote the amount received at maturity, it can also help calculate coupon interest payments, which this calculation essentially does. Note that this is mainly for zero-coupon bonds, which do not have coupon payments in between. After a bond is issued, its value will fluctuate accordingly with interest rates, market forces, and many other factors. Due to this, because the face value due at maturity doesn’t change, the market price of a bond during its lifetime can fluctuate.

    Loan Basics for Borrowers

    Interest Rate

    Nearly all loan structures include interest, which is the profit that banks or lenders make on loans. Interest rate is the percentage of a loan paid by borrowers to lenders. For most loans, interest is paid in addition to principal repayment in order to compound over time. Compound interest is interest that is earned not only on initial principal, but on accumulated interest of previous periods also. Loan interest is usually expressed in APR, or annual percentage rate, in which compounding of interest is not accounted for, but fees are. The rate usually published by banks is the annual percentage yield, or APY, in which compounding interest is accounted for. It is important to understand the difference between APR and APY. Borrowers seeking loans can calculate the actual interest paid to lenders based on their given advertised rates by using our Interest Calculator.

    Compounding Frequency

    How often interest on loans compound will affect the total amount of interest paid. Generally, the more frequently compounding occurs, the higher the total amount due on the loan. In most cases, loans compound monthly as APR. Use the Compound Interest Calculator to learn more about or do calculations involving compound interest.

    Loan Term

    Terms of loans refer to how long they last, given that required minimum payments are made each month. For some specific loans such as mortgages or car loans, the terms can shorten if loan payments are accelerated. Terms can affect loan structures in many ways. Generally, the longer the term of a loan, the more interest will be accrued over time, raising the total cost of the loan for borrowers. However, because of a longer horizon to meet the debt obligation, routinely scheduled payments are lowered. Be sure not to confuse loan terms with the terms and conditions (T although T ?>


    Loan repayment – Student Finance Wales, loan calculator student.#Loan #calculator #student


    Loan repayment for undergraduate students

    There are two different repayment plans depending on when you started your course:

    • before the 1st September 2012; or
    • on or after the 1st September 2012.

    Visit our loan repayment page to find out more about your repayment plan.

    Postgraduate Loan students should visit the Repayment of Postgraduate Loan section for more information on this loan.

    Quick guides

    We’ve produced a quick guide explaining what, how and when you’ll repay your student loans and the interest charged.

    Videos

    Watch our films to find out about repayment, interest, and how much you’ll repay.

    Repaying your student loan

    Find out how and when to repay your student loan.

    Key facts on interest

    Find out more about the interest charged on student loans.

    Ask SFW about how much you ll repay

    Find out how much you ll repay and how we ll calculate your repayments.

    A guide to terms and conditions

    This guide is for students who take out undergraduate loans. It’s very important that you read this guide carefully before applying for student finance.

    Keeping in contact with us once you’ve finished your studies

    If you have a loan balance, you must keep us updated with your contact details after you have left your course.

    Visit our loan repayment page to find out more about your repayment plan.

    Latest news

    • The maximum tuition fee in Wales in 2018/19 will remain at 9,000– Oct 2017
    • Get your payment on time! What you need to know– Sep 2017
    • Going through Clearing? Sort out your student finance– Aug 2017
    • Part-time students – it’s time to apply for student finance!– Jul 2017View details

    Loan calculator student

    Contact us

    Looking for more information? Contact our customer service team



    Student Loan Payoff vs, student loan consolidation calculator.#Student #loan #consolidation #calculator


    Student Loan Payoff vs. Invest Calculator

    It’s an age-old question: Should you pay off your student loans or invest? The simplest answer is if your student loan debt has a higher interest rate than your expected return on investment, pay down your student loans first. If your investment earns a higher rate than your student loans will cost in interest, invest.

    Many other variables, such as tax deductions and employer investment matching programs play into this equation. Use the Student Loan Payoff or Invest Calculator below to determine your repayment strategy.

    Step 1: Current loan info

    Student loan balance

    Average interest rate

    Current monthly payment

    Step 2: Investment Info

    Current retirement savings

    Annual rate of return

    Current monthly contribution

    Years of contributions

    Step 3: Extra

    Monthly payment

    On the other hand, if you decided to invest the extra $317 per month for , here are your results:

    – yr years after you finish contributing. You can see the long term results below:

    Student loan consolidation calculator

    Student loan refinancing rates as low as % APR. Check your rate in 2 minutes.

    Student Loan Payoff vs. Invest Calculator FAQs

    1. Should I take the calculations from the Student Loan Payoff vs. Invest Calculator and apply them directly to my financial situation?

    No. The calculations here are for estimation purposes only. It s important to note that this calculator in particular also factors in a lot of assumptions that may not hold true, such as annual expected return on investments as well as long-term tax rates. Additionally, there are other factors that this calculator cannot account for. As always, we recommend consulting a finance or tax professional when it comes to making your own financial decisions.

    2. What value do I use for the Extra Money Payment Amount field?

    This calculator assumes that you have extra money left over each month after you pay your monthly student loan bill. Enter the amount you have left over in the Extra Money Payment Amount, field. The calculator will then calculate where it may be best for you to apply this money (towards your student loans or an investment account).

    If you do not have any money left over in your budget after paying your student loans, this calculator will not be helpful to you.

    3. How do I make extra payments on my student loans and make sure the payments are applied correctly?

    Check out this blog post to find out.

    4. If I want to invest my money, how and where can I do that?

    You can check out various investment options with our partners in the Student Loan Hero Marketplace.

    1. Prepaying student loans may be better than investing.
    2. Investing may be better than prepaying student loans.


    Watch, listen, and discover with Canada – s Public Broadcaster, government student loans.#Government #student #loans


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    Overhaul of Student Loans Passes Congress – The New York Times, government student loans.#Government #student #loans


    Student Loan Overhaul Approved by Congress

    WASHINGTON — Ending one of the fiercest lobbying fights in Washington, Congress voted Thursday to force commercial banks out of the federal student loan market, cutting off billions of dollars in profits in a sweeping restructuring of financial-aid programs and redirecting most of the money to new education initiatives.

    The revamping of student-loan programs was included in — if overshadowed by — the final health care package. The vote was 56 to 43 in the Senate and 220 to 207 in the House, with Republicans unanimously opposed in both chambers.

    Since the bank-based loan program began in 1965, commercial banks like Sallie Mae and Nelnet have received guaranteed federal subsidies to lend money to students, with the government assuming nearly all the risk. Democrats have long denounced the program, saying it fattened the bottom line for banks at the expense of students and taxpayers.

    “Why are we paying people to lend the government’s money and then the government guarantees the loan and the government takes back the loan?” said Representative George Miller, Democrat of California and chairman of the Education and Labor Committee.

    Democrats celebrated the legislation, a centerpiece of President Obama’s education agenda, as a far-reaching overhaul of federal financial aid, providing a huge infusion of money to the Pell grant program and offering new help to lower-income graduates in getting out from under crushing student debt. Still, the final bill is less ambitious than the original proposal.

    Congressional allies of the student-loan industry attacked the overhaul as an overreaching government takeover. The legislation substitutes an expanded direct-lending program by the government for the bank-based program, directing $36 billion over 10 years to Pell grants, for students from low-income families.

    “The Democratic majority decided, well look, while we’re at it, let’s have another Washington takeover,” said Senator Lamar Alexander, Republican of Tennessee and a former federal education secretary. “Let’s take over the federal student loan program.”

    Government student loans

    Even as the Democrats’ decision to attach the student-loan overhaul to the health care package virtually ensured its passage, banks fought fiercely up to the last minute, prompting some lawmakers, like Senator Ben Nelson, Democrat of Nebraska, where Nelnet has its headquarters, to cast their vote against the overall bill.

    Although private banks will no longer be allowed to make student loans with federal money, many will continue to earn income by servicing those loans.

    The Congressional Budget Office said the direct-lending approach would save taxpayers about $61 billion over 10 years. Roughly $40 billion of the savings will be redirected to higher education. Education programs will get an additional $10 billion from the health care package.

    The bill includes some landmark changes, like automatic increases, tied to inflation, in the maximum Pell grant award. But for individual students, the increase in the maximum Pell grant — to $5,900 in 2019-20 from $5,550 for the 2010-11 school year — is minuscule, compared with the steep, inexorable rise in tuition for public and private colleges alike.

    And because college costs are rising so quickly, the maximum Pell grant now covers only about a third of the average cost of attending a public university, compared with three-quarters in the 1970s, when the program began. So each year, more students graduate with debt of more than $20,000.

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    The legislation will make it easier to pay back student loans, by reducing the share of income that a graduate must devote to loan payments and by accelerating loan forgiveness — but not right away. Those who take out new loans after July 1, 2014, will have to devote 10 percent of their income to payments, down from the current 15 percent, and those who keep up their payments will have their loans forgiven after 20 years, reduced from the current 25.

    “Income-based repayment is a fantastic addition to the Senate bill that will allow over a million students to avoid being crushed by unmanageable levels of debt,” said Rich Williams, a higher-education advocate at the U.S. Public Interest Research Group.

    With the new legislation, students will have to take out their loans through their college’s financial aid office, instead of using a private bank.

    Government student loans

    The original proposal stood to save $87 billion over 10 years by ending the bank-based program, known formally as the Federal Family Education Loan program. But as the Senate delayed in taking up the legislation, colleges and universities began shifting to the direct-lending program, realizing the savings to the Treasury up front and cutting the amount of money available for future spending.

    At the same time, an increase in the number of Americans enrolling in college and seeking financial aid, as a result of the recession, raised the projected costs of the enhanced Pell grant program.

    In addition, to comply with the complex budget reconciliation rules, some of the savings from the education changes had to be redirected to pay for parts of the health care legislation.

    In the scaled-back, final version, the administration scrapped $8 billion in proposed spending on early-childhood education. It also mostly erased a $12 billion “American Graduation Initiative,” which was announced with fanfare in the fall as an effort to bolster the work force by producing millions more community college graduates over the next decade, and building up high-quality free online courses.

    Community colleges, the main provider of higher education for most low-income Americans, were slated to receive $10 billion under the administration’s original plan, but will instead get just $2 billion for job training.

    “I’m disappointed,” said Eduardo J. Padrón, the president of Miami Dade College, one of the nation’s largest community colleges. “For the first time, we had a president who understood the importance of community colleges, and we were validated and recognized for our role in opening the doors of higher education.”

    Untouched was the $2.55 billion to historically black and minority-serving colleges, a priority of the Congressional Black Caucus. If the new legislation had not passed, Obama administration officials say, Pell grants would have had to be cut to about $2,150, and some 500,000 students dropped from the program.

    In lobbying fiercely against the overhaul, the private banks argued that it would eliminate jobs, even though the government will hire many of the same banks on a contract basis to service the loans and perform other back-office administration. Furthermore, the banks said that with the government as the only lender, students would not get the same level of service.

    David M. Herszenhorn reported from Washington, and Tamar Lewin from New York.

    A version of this article appears in print on March 26, 2010, on Page A16 of the New York edition with the headline: Student Loan Overhaul Approved by Congress. Order Reprints | Today’s Paper | Subscribe

    We re interested in your feedback on this page. Tell us what you think.



    Can t Pay Your Student Loans? The Government May Come After Your House: NPR Ed: NPR, government student loans.#Government #student #loans


    Can’t Pay Your Student Loans? The Government May Come After Your House

    Government student loans

    On Adriene McNally’s 49th birthday in January, she heard a knock on the door of her modest row-home in Northeast Philadelphia.

    She was being served.

    “They actually paid someone to come out and serve me papers on a Saturday afternoon,” she says.

    The papers were from a government lawsuit that represents something more than just an unwelcome birthday gift — it’s an example of a program the federal government has brought to 19 cities around the country including Brooklyn, Detroit, Miami and Philadelphia: suing to recover unpaid student loans, like the ones McNally owes.

    Every day, 3,000 people default on their federal student loans — and those lack of payments amount to an unpaid bill of $137 billion for the federal government. For decades, the government has tried to get borrowers to pay up by hiring debt collection agencies to call and send letters. But now the government is trying this new lawsuit strategy.

    McNally filed for bankruptcy in 2006 and cleared out all her creditors — except for student loans, which are nearly impossible to get rid of in bankruptcy. As she and many others have found out, it’s not easy escaping federal student loan debt.

    “Your whole body heats up with frustration,” McNally says. “I’m so frustrated over all this. It’s been so many years that they’ve been sending me mail and threatening me on the phone.”

    In the last two years, more than 3,300 student loan borrowers have been sued after defaulting, according to the Department of Justice. In nearly every one of those suits, the borrower loses and the government wins.

    What does the government win? A lien on the borrower’s assets — meaning that the debt is now attached to his or her most valuable belongings, like a home.

    Jennifer Schultz, an attorney with Community Legal Services of Philadelphia, says that a lien traps a person, like house-handcuffs.

    “I describe a lien as a kind of marker on the house,” Schultz says. “Any time a person tries to do a transaction involving their house — a new mortgage, a refinance, or if they try to sell it — they’re going to be expected to clear up any debt that’s attached to that house.”

    The government has long been able to garnish wages, take income tax returns and divert Social Security and disability benefits. But targeting property is a way of applying even more pressure to get former students to pay up.

    “It’s to try to awaken the avoider from their slumber,” says Drew Salaman, a debt-collection attorney in Philadelphia.

    Salaman doesn’t work with student loans, but he’s familiar with debt avoidance. He says some of the borrowers are playing “catch me if you can.” These lawsuits ensure that people take responsibility for their debts.

    “After all,” he says, “if we don’t have systems in place to recover debts, how can credit be extended?”

    The end result of these suits — the liens — can be seriously threatening to borrowers. For many it’s a matter of housing preservation, says Joanna Darcus, an attorney on the student loan team at the National Consumer Law Center.

    “For folks already living on the margins financially, the fear of losing that house can be palatable,” Darcus says.

    Once a lien is in place, the government can force the sale of a former student’s home. That’s “exceedingly rare,” officials say, but it does sometimes happen.

    The federal lawsuit program is expected to keep expanding, and with more than 8 million people currently behind on their federal student loans, it doesn’t look like the private firms will run out of work any time soon.



    Here – s How to Get a Student Loan, SimpleTuition, subsidized student loan.#Subsidized #student #loan


    How to Get a Student Loan

    Few students can simply dip into their back pockets in order to pay the tab for their tuition, and even those who might be able to cover the cost of a semester or two might find it hard to pay for an entire 4-year education without a little help from an outside source. Often, this means that students must apply for and obtain loans in order to pay for school, and unfortunately, many students aren t quite sure about how they should proceed in order to get the money they need.

    How to Start a Search

    Subsidized student loanAny reasonable search for a student loan should begin with a Free Application for Federal Student Aid (FAFSA). This form, which students must fill out on a yearly basis, serves as the gateway to all of the loans provided by the U.S. Department of Education, and schools also use the information on the FAFSA in order to determine a student s eligibility for grant money and some scholarships. In other words, filling out a FAFSA can help students get free money and beneficial federal loans. It s an amazing tool, but unfortunately, few students take advantage of the opportunity. In 2012, for example, just 55% of students completed a FAFSA, according to data released by the U.S. Department of Education. Students who don t fill out this form could be missing out on an intense amount of benefits.

    When students do fill out a FAFSA, the data they enter is reviewed and a letter is generated by that student s school that explains the options students have open to them. Sometimes the FAFSA contains a great deal of information about federal loans and grants, and sometimes the letter indicates that students aren t eligible for some of the more spectacular types of aid that could help them to pay for school. For some, the search begins and ends here.

    Students who get great news on the FAFSA may not need to do any more searching for a student loan. But those who don t get the news they were hoping for may need to explore their options on the private market. These students can visit financial institutions they ve worked with in the past, including the banks that hold their savings accounts, or they can visit banks and credit unions in the community and ask about loan products for school. Sometimes these local searches provide students with great deals.

    The Internet can also be a great resource for loans for college students. Online tools (including the one we offer on this site) can help to match students in need with private lenders that can help. Often, websites provide comparison tools, so students can look at several loan products at the same time and make decisions about the products that are best for their specific situations.

    Types of Loans Available

    Direct Subsidized Loans are designed to help students who can demonstrate financial need. The U.S. Department of Education doesn t define that need on its website, and it s possible that eligibility varies depending on the financial health of the students who apply during a particular year. But in general, students struggling to pay for school and who attend school at least part-time are eligible for this program. The U.S. Department of Education picks up the tab for interest on these loans while the student is in school.

    Direct Unsubsidized Loans don t come with the same requirement regarding financial need, but students are still required to attend school at least part-time in order to get loans like this. In theory, every student who fills out a FAFSA should be offered a Direct Unsubsidized Loan, unless that student has obtained a loan like this in the past and is now over the borrowing limit determined by the U.S. Department of Education.

    Students who are no longer eligible for the direct loan program, and who are working on an advanced degree, can apply for Direct PLUS Loans. These applicants must not have a poor credit history, and they must prove that they are enrolled at least half-time, but these loans are designed to help these needy students.

    Perkins Loans are the last form of product offered by the U.S. Department of Education, and they might be considered the hardest form of help to receive. Students must demonstrate a significant level of financial need in order to participate in this program, and they must attend a school that participates in this program (and not all schools participate). Interest rates on these loans are generally kept low, as these loans are designed to help students who might not be able to afford a standard loan.

    Federal loans come with some perks that students can find appealing, but in 2007 -2008, more than 2 million students got loans from private lenders, according to the Project on Student Debt. Eligibility requirements for these loans are hard to define, as they may vary from loan to loan and student to student, but it s likely that these borrowers had good credit and/or a cosigner in order to get a loan from a private bank.

    How to Compare Loan Options

    Students who explore all of their options for loans, including federal and private, may be left with a list of five or even 10 loans. They might be a little baffled about which product to choose, but looking for a few keywords can help to narrow the field. Those products that contain the words subsidized or grant typically contain help for a student in financial distress, and those should be the products that a student chooses first.

    Looking at monthly payments can seem like a good next step, as some loans might require students to adhere to a monthly payment schedule that seems unreasonable. But the more important figure concerns the total cost of the loan. When all of the payments have been tallied, and the interest costs have been added in, students can see how much they ll pay for the loan product as a whole. This is the figure that really should separate a poor loan from a better option.

    If these figures aren t outlined on an offer letter, the U.S. Department of Education repayment calculator can help. Here, students can estimate how much they ll pay based on the repayment plan they select. This tool is

    designed only for federal loans, but it can be a good tool for students to use on private loans too, if students look only at the standard repayment plan option. Private loans should detail this information, however, so calculators might not be required.

    It s also vital to determine what add-ons the loans have. Federal loans, for example, come with a suite of options that can allow students to tie their monthly payments to their income levels, and they might even allow students to discharge debt left behind when the payments are complete. Private loans might not provide anything that appealing, and that might allow a federal loan to seem like a better option.

    Financial aid officers at most major schools are more than happy to go over loan information with students and help them to make good decisions about their loans. These people aren t financial advisors, of course, but they deal with loans each and every day, and they might provide a level of insight that s crucial for students who want to make an informed economic decision about the loans they ll agree to.

    How to Apply for Student Loans at the Federal Level

    Subsidized student loanStudents who want to take advantage of federal loans will work directly with the school they re planning to attend. The school will provide an offer letter that details the types of loans the students can take and the amount of aid they ll get, and they ll notify the school when they ve decided what loans they d like to accept.

    When students accept a loan, they re asked to sign paperwork. A Master Promissory Note (MPN) is common, and students can work with that form online, using their FAS ID. Once students sign on, they ll be taken to a form that they ll sign electronically. Students are also required to complete a short online course about their loans, and they can access that module on the same website.

    How to Get Student Loans From Private Sources
    • Provide proof of their identity
    • Demonstrate proof of their financial health
    • Obtain a co-signer for the loan (if they have poor credit)
    • Sign a series of documents about the loan

    It can be a time-consuming process, but often, students are given many opportunities to ask questions about their loans and otherwise find out more about how much they ll be asked to pay and when payments will begin. Working with a small bank can be particularly enjoyable, as students may get a significant amount of one-on-one attention from a loan servicer at a small bank or credit union.

    Online banks may not be able to provide this kind of face-to-face service, but students might have the opportunity to chat with representatives online, or they might call to ask questions and get more information. Online banks may have all of the loan paperwork online in interactive fields, and they might be able to process that paperwork in mere minutes and get students the money they need in no time at all.



    Applying for College Student Loans ~, consolidating student loans.#Consolidating #student #loans


    Student Loans Explained

    Most students rely on a variety of funding sources to pay for college. Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.

    Scholarships and grants are windfalls for college funding, because they do not require repayment. Performance and financial need are considered, and then eligible students are endowed with gifts that pay for tuition, books and housing. Do not leave free money on the table – apply for every grant and scholarship for which you qualify.

    Loans are the most common funding sources for college: According to the National Postsecondary Student Aid Study (NPSAS), 65% of four-year undergraduate students take out student loans to help them pay for college. But unlike some other resources, loans must be paid back. Loans, and associated interestcosts, typically keep graduates in debt for 10 years or more.

    Consolidating student loans

    Types of Student Loans

    Student loans are funded by a variety of sources including The United States Federal Government and private lenders like banks and credit unions. Federal loans are the most accessible to students, and offer the best repayment terms.

    Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Interest rates are higher than federal student loans, but still fall below most other types of private financing (home, car, etc.)

    Federal Student Loans

    The Federal Family Education Loan program (FFEL) is a now-defunct lending program designed to provide American college students and their families with federally backed student loans. These loans are now made through the U.S. Department of Education’s Direct Loan Program.

    These distinct types of loans are available to students and parents seeking Federal Financial Aid:

    • Subsidized Stafford Loans are available to students who demonstrate financial need. Payments are not required while you are enrolled in school, or during grace periods and deferment periods. Interest rates vary, but are currently 3.4%. Loan limits move on a sliding scale, based on what year you are in college; ranging from $5,500 annually, for first year students to $7,500, for third year students and beyond.
    • Unsubsidized Stafford Loans do not require students to show a particular level of financial need. Interest accrues on these loans from the moment the funds are issued, and students are given the choice to pay as they go, or add accumulated interest to the total amount owed following school. Loan limits match those of Subsidized Stafford Loans, but interest rates are higher; currently fixed at 6.8%.

    To be considered for Stafford Loans and other Federal Student Aid, you must submit a Free Application for Federal Student Aid (FAFSA). Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.

    Perkins loans are federally funded loans administered directly by your institution of higher education Consolidating student loans(IHE). The loans are extended to students who have the greatest financial need. In general, families with annual incomes below $25,000 are eligible for Perkins Loans.

    These three factors determine the size of your Perkins Loan:

    1. When you apply
    2. Your level of financial need
    3. Funding level at your school

    The maximum annual loan for undergraduate students is $5500, with a lifetime loan maximum of $27,000. Graduate students can borrow up to $8000 each year, with a $60,000 lifetime cap.

    Perkins Loan repayment starts 9 months following graduation, witha fixed 5% interest rate.

    Parents of dependent undergraduatestudents can borrow money under this federal program. Borrowers must be able to pass a credit check, and the student whose education is being funded must be a dependent that meets these minimum requirements:

    Parents access PLUS loans by filing an application, and signing a Master Promissory Note (MPN). Interest rates are fixed at 7.9%, and borrowing limits are determined by subtracting all other financial aid award amounts from the total cost of attending school.

    For students holding multiple federal loans, this program facilitates combining them into a single loan. A single monthly payment replaces the need to pay each loan individually, and the repayment terms of the loan can be extended for up to 30 years.

    Students considering this loan should pay close attention to how their total repayment costs might be affected. Consolidating and extending the repayment schedule of your loans can add considerable costs to your total obligation.

    State Student Loans

    State-specific funding varies – some have none, while others have a great deal. Your FAFSA places you in contention for some state loans, but other programs require separate enrollment. Your high-school guidance counselor and college financial aid office are equipped to sort out the specifics for your state.

    You can also find valuable information on state higher education websites. In Minnesota, for example, students are eligible for loans, under a program called SELF.

    SELF is not subsidized, so worthy credit is required for getting a loan. Minnesota residents who attend participating colleges are eligible to borrow up to $10,000 each year, at a fixed rate of 7.25%. Cosigners provide credit reinforcement that enables students with limited credit to apply.

    Private Student Loans

    Private student loans, such as those offered by Wells Fargo and Chase are designed to bridge the gap between your financial aid package and the true cost of your education. Private loans require borrowersto pass credit checks, and the loans often have higher interest rates than those subsidized by the U.S. Government.

    Cosigners who are willing to share responsibility for your loan provide the credit resources you need to get private financing. Federal Student Loans should be considered first, but used appropriately; private loans can effectively pay for extra educational costs, without creating unmanageable financial burdens.

    Institutional Student Loans

    Institutional loans are extended by colleges and universities as a means to cover educational costs that remain after other forms of financial aid have been applied. Long-term and short-term institutional loans are used to pay for books, room and board, and other student expenses.

    Institutional loans are by definition campus-specific, so interest rates and repayment terms are determined by each educator. Your financial aid office is best equipped to outline specific programs offered by your school.

    Consolidating student loans

    Managing Your Student Loans

    Apply these responsible financial management principles, as you repay your student loans:

    • Consider the advantages of loan forgiveness programs. These programs are available to students who agree to work in high-need fields like nursing and education. Enrolling in the military often makes you eligible for loan forgiveness. Essentially, you commit to work or serve for a designated period of time, in exchange for complete or partial loan forgiveness.
    • Make student loan payments on time. In some cases, your interest rate may qualify for reduction after you make a certain number of consecutive on-time payments. If you have a cosigner, he or she may be released from responsibility for the loan, once you have exhibited a required level of consistency with your repayments. Defaulting on your student loans has far-reaching consequences, so it is never an option.
    • Manage your loan repayment schedule using online calculators. If you are considering a consolidation loan, use these tools to quickly determine your total loan repayment obligation.
    • Take advantage of federal education tax incentives, like the student loan interest deduction and Hope Scholarship Credit.


    FinAid, Loans, Student Loans, student loans calculator.#Student #loans #calculator


    student loans calculator

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    Student loan options can be overwhelming at first glance. But when it comes to federal student loans, there are just a few options.

    The first step in getting one of the federal student loans listed below is to fill out the Free Application for Federal Student Aid, or FAFSA. While the FAFSA does determine eligibility for need-based aid, it also acts as an application for student loan options, both for need-based and non-need-based loans. It supplies students who need financial aid with that help as well as provides financing options for those students that would like to borrow with low-interest federal loans but don’t necessarily qualify for need-based aid.

    Subsidized Stafford Loan

    The subsidized Stafford Loan is available to students who qualify for need as determined by the FAFSA. Students must be a U.S. citizen or eligible non-citizen as well as have a high school diploma or GED. Like most federal student loans, interest does not accrue while the student is in school. If students qualify for a subsidized Stafford Loan, it will be stated on their award letter notification along with the amount for which they can borrow.

    The Perkins Loan is another federal loan option that is for needy students. Again, students must be a U.S. citizen or eligible non-citizen as well as hold a high school diploma or GED. Again, interest does not accrue with the Perkins Loan, and students will find out whether or not they qualify as well as for how much when they receive their award letters from colleges.

    Unsubsidized Stafford Loan

    Finally, the unsubsidized Stafford Loan is a little different from the other federal loans. For both the subsidized Stafford and Perkins Loans, students must qualify for need as determined by the FAFSA. However, the unsubsidized Stafford Loan is available to any student, regardless of need. Also, unlike the other federal loans, interest accrues while the student is attending school. Again, if students want to apply for the unsubsidized Stafford Loan, they must complete the FAFSA.

    Students can also qualify for a federal student loan consolidation after graduating from college or graduate school.



    Subsidized Student Loans, SimpleTuition, student loans rates.#Student #loans #rates


    Subsidized Student Loans

    Student loans ratesFinancing a college education is a serious financial challenge for many families. Few can afford to cover the entire cost of college out of pocket, and the available funding options can seem intimidating and at times impossible to manage. With a variety of student loans, some private, some from the federal government, and even more from state governments and some from colleges themselves, it’s hard to keep track and understand what the best financial options are.

    Fortunately, there is one loan option that stands out above the rest as a clear best bet, once a student and his or her family has determined that they must borrow to cover college costs: and that option is a subsidized student loan.

    Technical Definitions

    Student loans ratesIt pays to know a bit about what subsidized student loans are, and where they come from, so here are the highlights. The federal government specifically the Department of Education disburses and administers subsidized student loans. Congress sets the interest rates, and those are determined in federal legislation. Currently, the interest rates are set to the ten-year Treasury note, a low-risk note issued by the United States Treasury and backed by the government.

    The government covers the interest that accrues on these loans while a student is in school, enrolled at least on a half-time basis, and for several months after a student graduates or drops below half-time status: and this is what makes them subsidized loans. The student is expected to pay back the loan, of course, but that student isn t continuing to rack up interest while obtaining an education.

    There are two types of subsidized student loans: Direct loans and Perkins loans. They each have their own requirements, but they both begin with the Free Application for Federal Student Aid (FAFSA). Students who fill out this form are automatically checked for eligibility in subsidized programs, and if they qualify, they re provided with instructions about enrollment. Students can study those offers and either accept or deny the help with no penalty involved. For any student facing college payment difficulties, the FAFSA is a good place to start, but learning more about how the loans work will help the student prepare to accept or reject the help that s provided.

    Direct Loans

    The Direct loan system is a little confusing, as some of these loans are subsidized and others are not, but loans in this category are also quite common.

    • Half- or full-time enrollment in a participating school
    • Proof of enrollment in a school that offers a degree or certificate
    • Demonstrated financial need

    Most of the requirements are covered in the FAFSA, and it s important for students to be honest in their enrollment paperwork, as the officials do check each point provided and ensure that it s accurate.

    The financial need component of the picture is vital, as these loans are designed to go to students with demonstrated financial need. USA Today reports, for example, that two-thirds of these loans go to families with adjusted gross incomes totaling less than $50,000.

    Those students who do qualify can see a deep discount on the interest rate they re asked to pay. In the 2017-2018 school year, for example, the interest rates for these loans for undergraduates stood at just 4.45%. That rate may rise or lower in the coming years, as the rates are set by Congress. However, these loans do come with a loan fee. That fee is quite small, but it should be taken into account by students who take out a loan.

    Student loans rates

    Perkins Loans

    The Perkins loan program is much smaller than the Direct loan program, and is designed to assist students from notably low-income families. These loans are also processed through the schools the students attend, not individual loan providers, and not all schools participate in the Perkins program. The U.S. Department of Education indicates that about 1,700 institutions participate, but that leaves many more that do not.

    Eligibility for this program is once again determined by the answers a student provides on a FAFSA, and the student is provided with enrollment paperwork if the proper need can be demonstrated and supported. Those who can obtain a loan like this often see remarkably low interest rates that stay steady for the life of the loan, with no interest accruing during the time the student spends in school. These loans also don t come with additional fees.

    Benefits of Subsidized Loans

    Student loans ratesIt s easy to see how obtaining a subsidized loan might help a family to save money. Since interest doesn t accrue while the student is in school, the student enjoys an effective zero percent interest rate for several years. That s a wonderful benefit. In addition, as mentioned, these loans often have interest rates that are much lower than a private student loan.

    Many subsidized loans also come with a few guarantees about costs. The latest Congressional agreement, reached in the summer of 2013, ensures that the rate a student agrees to at the beginning of the loan period stays in place for the life of the loan, according to an analysis performed by U.S. News and World Report. Private loans can often come with variable interest rates that can fluctuate over the repayment period. Most subsidized loans are far more stable.

    What to Watch For
    • Switch from one degree program to another that runs for a shorter period of time
    • Drop out altogether
    • Switch from a participating school to one that doesn t participate in the loan program
    • Move from half-time to quarter-time enrollment

    These decisions might seem applicable only to the student in question, impacting that student s ability to graduate in a timely manner. But some of these decisions can trigger adverse events, like cancellation of the loan, or repayment of the interest that the school or the government once paid. Any kind of decision about schooling should be made quite carefully, when a subsidized loan is in play.

    Getting Started

    Student loans ratesFilling out the FAFSA is the best way to get started on the subsidized student loan process. The form can be tedious and time-consuming, so it s best for students to set aside a few hours of number crunching and calculating. Once that form is filled out, students need only wait for a response. If the student qualifies for aid, that student is typically required to complete a form of counseling that describes how the loan works. Once this counseling is complete, the student will have a clear understanding of the fact that the loan must be repaid, and that student will likely be asked to sign a promissory note that will work as a formal acceptance of that plan. The rules and regulations can vary a bit from school to school, but this is the general path students take when they re enrolled in a subsidized loan program.

    This all sounds straightforward, but not all students who petition will be approved for this program. Since the requirements are so stringent and competition for these loans can be fierce, it s a good idea for students to examine their other payment options as they wait for a response to the FAFSA. Looking in the private sector, applying for scholarships, and otherwise doing fundraising could help a student to prepare, just in case the application doesn t go in the way the student hopes.



    Student Loan Calculators – Calculate Your Student Loan Payments, Student Loan Hero, student loan payments.#Student #loan #payments


    Student Loan Calculators

    Use the student loan calculators below to calculate and compare multiple repayment options.

    What are you interested in calculating?

    Prepayment Calculator

    • Calculating savings from making extra payments
    • Paying off student loans by a certain date
    • Private and federal loans

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    Refinancing Calculator

    • Lowering interest rates
    • Lowering monthly payments
    • Private and federal loans

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    Consolidation vs. Refinancing Calculator

    • Comparing repayment options
    • Lowering interest rates
    • Federal loans

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    Income-Based Repayment (IBR) Calculator

    • Lowering monthly payments
    • Getting student loan forgiveness
    • Federal loans

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    Income-Contingent Repayment (ICR) Calculator

    • Lowering monthly payments
    • Parent PLUS borrowers
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    Pay As You Earn (PAYE) Calculator

    • Lowering monthly payments
    • Getting student loan forgiveness
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    Revised Pay As Your Earn (REPAYE) Calculator

    • Lowering monthly payments
    • Getting student loan forgiveness
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    Monthly Payment Calculator

    • Estimating monthly payments
    • Calculating total interest charges
    • Federal and private loans

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    Student Loan Interest Calculator

    • Seeing how much interest you’re paying a month
    • Finding out about ways to lower your interest rate
    • Private and federal loans

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    Student Loan Comparison Calculator

    • Comparing loan interest rates and terms
    • Lowering monthly payments
    • Federal and private loans

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    Deferment Calculator

    • Pausing payments
    • Calculating interest accrued in deferment
    • Federal loans

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    Public Service Loan Forgiveness Calculator

    • Getting student loan forgiveness
    • Finding the best income-driven repayment plan
    • Federal loans

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    Interest Deduction Calculator

    • Estimating tax deductions from student loans
    • Checking interest deduction eligibility
    • Federal and private loans

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    Weighted Average Interest Rate Calculator

    • Calculating Direct Consolidation Loan interest rates
    • Federal and private loans

    View Calculator

    Debt-to-Income (DTI) Calculator

    • Calculating debt relative to income
    • Evaluating loan eligibility
    • Various loan types

    View Calculator

    Lump Sum Extra Payment Calculator

    • Estimating savings by making one-time extra payments
    • Paying off student loans early
    • Private and federal loans

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    Simple Savings Calculator

    • Calculating future savings
    • Estimating return on investments
    • Calculating impact of compound interest

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    Credit Card Consolidation Calculator

    • Estimating savings from consolidating with a personal loan
    • Paying off debt in fixed number of payments/years

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    Personal Loan Calculator

    • Estimating monthly payments
    • Calculating interest
    • Testing repayment terms

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    Investment Calculator

    • Estimating growth of retirement savings
    • Testing impacting of investment contributions over time

    View Calculator

    Mortgage Calculator

    • Calculating mortgage payments
    • Comparing rates for purchase and refinancing
    • Estimate savings from refinancing

    View Calculator

    Student Loan Hero

    Student Loan Hero, Inc. is helping 200,000+ borrowers manage and eliminate over $3.5 billion dollars in student loan debt. We’re on a mission to help 44 million Americans manage their student loans smarter.

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    Student Loan Hero, Inc. is helping 200,000+ borrowers manage and eliminate over $3.5 billion dollars in student loan debt. We’re on a mission to help 44 million Americans manage their student loans smarter.

    Disclaimers: Product name, logo, brands, and other trademarks featured or referred to within Student Loan Hero are the property of their respective trademark holders. Information obtained via Student Loan Hero is for educational purposes only. Please consult a licensed financial professional before making any financial decisions. This site may be compensated through third party advertisers. This site is not endorsed or affiliated with the U.S. Department of Education.

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    Private Student Loans for Undergraduate and Graduate Students, SunTrust Student Loans, private student loans.#Private #student #loans


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    Paying for college can be a challenge. SunTrust can help navigate the options.

    Before you look into paying for your college expenses, it’s important to know how much money you’ll need. Our money management resources, tools, and budgeting tips can help.

    Use our college tuition guide and step-by-step guide to paying for college for planning advice on how to avoid getting too over-burdened with debt before you’ve earned a degree.

    Before you get a loan, we encourage you to try getting scholarships and grants first. Our list of online resources can help. You can also register for the SunTrust Off to College Scholarship Sweepstakes (see Official Rules for details).

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    SunTrust and Custom Choice Loan are federally registered service marks of SunTrust Banks, Inc.

    SunTrust recommends comparing all aid alternatives including grants, scholarships, and federal student loans, prior to applying for a private student loan. Before selecting a private student loan, compare options offered by SunTrust.

    Union Federal is a federally registered trademark of Cognition Financial Corporation used by SunTrust Bank under license. The Union Federal Private Student Loan is funded by SunTrust Bank and is not affiliated with any other lender. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this program without notice. This loan program is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions. SunTrust is a federally registered service mark of SunTrust Banks, Inc. Cognition Financial Corporation is not an affiliate of SunTrust Bank.

    1 Interest rate reductions offered for automatic payment from a bank account: 0.25% interest rate reduction for ACH payment from any bank account and an extra 0.25% interest rate reduction when ACH payments are made from a SunTrust Bank account. ACH interest rate reduction(s) apply when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust Bank account ACH interest rate reduction is available for loans first disbursed on or after 6/1/11 and will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account and will be removed for the reasons stated above or if you close your SunTrust Bank account. In the event the benefit(s) is removed, the interest rate stated in the Credit Agreement shall be applied in accordance with the terms of the Credit Agreement.



  • Student Loan Bankruptcy, student loan default.#Student #loan #default


    Bankruptcy

    Student loan default

    Student loans are difficult, but not impossible, to discharge in bankruptcy. To do so, you must show that payment of the debt “will impose an undue hardship on you and your dependents.”

    Courts use different tests to evaluate whether a particular borrower has shown an undue hardship.

    Student loan default

    The most common test is the Brunner test which requires a showing that 1) the debtor cannot maintain, based on current income and expenses, a “minimal” standard of living for the debtor and the debtor’s dependents if forced to repay the student loans; 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and 3) the debtor has made good faith efforts to repay the loans. (Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987). Most, but not all, courts use this test. A lot has changed since this 1987 court decision and some courts have begun to question whether they should use a different standard. For now, all federal courts of appeal except the First and Eighth Circuits have adopted the Brunner test.

    If you can successfully prove undue hardship, your student loan will be completely canceled. Filing for bankruptcy also automatically protects you from collection actions on all of your debts, at least until the bankruptcy case is resolved or until the creditor gets permission from the court to start collecting again.

    Assuming you can discharge your student loan debt by proving hardship, bankruptcy may be a good option for you. It is a good idea to first consult with a lawyer or other professional to understand other pros and cons associated with bankruptcy. For example, a bankruptcy can remain part of your credit history for ten years. There are costs associated with filing for bankruptcy as well as a number of procedural hurdles. There are also limits on how often you can file for bankruptcy.

    How to Discharge Student Loans in Bankruptcy

    Whether a student loan is discharged based on hardship is not automatically determined in the bankruptcy process. You must file a petition (called an adversary proceeding) to get a determination. This sample gives you an idea of what your complaint should look like.

    If you already filed for bankruptcy, but did not request a determination of undue hardship, you may reopen your bankruptcy case at any time in order to file this proceeding. You should be able to do this without payment of an additional filing fee. Chapter 11 of NCLC’s Student Loan Law publication includes extensive information about discharging student loans in bankruptcy.

    It is up to the court to decide whether you meet the “undue hardship” standard. Here are a few examples of successful and unsuccessful cases.

    1. A 50 year old student loan borrower earning about $8.50/hour as a telemarketer was granted a discharge. The court agreed that the borrower had reached maximum earning capacity, did not earn enough to pay the loans and support minimal family expenses and appeared trapped in a cycle of poverty.
    2. A college-educated married couple proved undue hardship and were able to discharge their loans. They both worked, but had income barely above poverty level. The court noted that the borrowers worked in worthwhile, although low-paying careers. One worked as a teacher’s aide and the other as a teacher working with emotionally disturbed children. Even with a very frugal budget, they had $400 more a month in expenses than income. Their expenses included $100 monthly tuition to send their daughter to private school. Relatives paid for most of this and the couple testified that they objected to the public school’s corporeal punishment policy. In agreeing to discharge the loans, the court also found that the couple had acted in good faith because they asked about the possibility of a more affordable repayment plan. Not all courts are as sympathetic to borrowers who work in low-paying careers. For example, one borrower was denied a discharge because he worked as a cellist for an orchestra and taught music part-time. The court suggested that this borrower could find higher-paying work. Another court came up with the same result for a pastor. The court found that it was the borrower’s choice to work as a pastor for a start-up church rather than try to find a higher paying job.
    3. A number of courts have granted discharges in cases where the borrower did not benefit from the education or went to a fraudulent school.
    4. There have been mixed results when borrowers have tried to show that their financial difficulties will persist into the future. For example, one court found that a borrower’s alcoholism was not an insurmountable problem, but some borrowers have won these cases. In one case, a borrower’s testimony about her mental impairment, including evidence that she received Social Security benefits, was enough to convince the court of undue hardship. The court agreed with the borrower that her ongoing mental illness was likely to continue to interfere with her ability to work.
    5. In finding undue hardship in a 2011 case, the judge found that a 58 year old and 60 year old couple s past employment experience showed no likelihood that their financial circumstances would change for the better before they reached retirement age. The judge also considered accrued post-bankruptcy medical expenses in the amount of $22,000. There was nothing in the record to suggest that the medical debt would be forgiven. Both borrowers suffered from various medical ailments. Although there was no medical expert testimony of disability, the borrower s own testimony was sufficient to who that their health problems limited future employment prospects.
    6. Most courts have found that borrowers do not have to be at poverty level income to prove undue hardship. A 2014 court described a minimal standard of living as somewhere between poverty and mere difficult.
    7. Many courts give a lot of weight to the availability of income-based repayment plans, but all courts so far agree that a borrower does not have to participate in an income-based plan in order to meet the undue hardship standard. Borrowers should be prepared to argue that income-based repayment plans do not provide the same type of comprehensive relief as a bankruptcy discharge.

    Even if you cannot prove undue hardship, you still might want to consider repaying your student loans through a Chapter 13 bankruptcy plan.

    CHAPTER 13 and STUDENT LOANS

    A case under chapter 13 is often called “reorganization.” In a chapter 13 case, you submit a plan to repay your creditors over time, usually from future income. These plans allow you to get caught up on mortgages or car loans and other secured debts. If you cannot discharge your student loans based on undue hardship in either a chapter 7 or chapter 13 bankruptcy, there are still certain advantages to filing a chapter 13 bankruptcy. One advantage is that your chapter 13 plan, not your loan holder will determine the size of your student loan payments. You will make these court-determined payments while you are in the Chapter 13 plan, usually for three to five years. You will still owe the remainder of your student loans when you come out of bankruptcy, but you can try at this point to discharge the remainder based on undue hardship. While you are repaying through the bankruptcy court, there will be no collection actions taken against you. You may have other options, depending on how judges decide these cases in your judicial district. For example, some judges allow student loan borrowers to give priority to their student loans during the Chapter 13 plan. You should discuss these options with a bankruptcy attorney.

    The Resources section has more information about finding a lawyer to help you. When shopping around for a lawyer, make sure that you let the lawyer know that you want to discharge your student loans in bankruptcy. You should ask a lot of questions to see if the lawyer understands this process. It is not as straightforward as filing a regular Chapter 7 bankruptcy petition. You should assume the lawyer is not knowledgeable in this area if he tells you that student loans cannot be discharged in bankruptcy. The truth is that you can discharge your student loans if you can prove undue hardship. You should always have an opportunity to talk to a lawyer before you pay anything. Make sure you have a clear idea of what the lawyer will do for you and what you will be charged.

    Student loan default



    FinAid, Calculators, Education Loan Interest Rates, interest rates on student loans.#Interest #rates #on #student #loans


    interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loansInterest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Interest rates on student loans

    Education Loan Interest Rates

    The interest rates on Federal education loans change on July 1, and are based on the 91-day rate from the last Treasury auction in May and the average one-year constant maturity Treasury yield (CMT) for the last calendar week ending on or before June 26th. The following rates are updated automatically by a program that retrieves the latest appropriate Treasury bill auction data from the US Treasury web site. (During the month of June, the rates may reflect the updated reference rates. Check the date of the 91-day T-Bill and CMT reference rates listed below to see whether the student loan rates refer to the old or new academic year.)

    Please note that the College Cost Reduction and Access Act of 2007 cut the fixed interest rates on newly originated subsidized Stafford loans for undergraduate students to 6.0% (2008-09), 5.6% (2009-10), 4.5% (2010-11) and 3.4% (2011-12), with a return to 6.8% in 2012-13. These cuts are available only to undergraduate students, not graduate students, and only for subsidized Stafford loans, not unsubsidized Stafford loans. Those loans remain at a fixed rate of 6.8%.

    The Health Care and Education Reconciliation Act of 2010 switched to 100% Direct Lending for all new loans starting July 1, 2010. The Direct Loan program has a lower interest rate on the PLUS loan than in the FFEL program (7.9% vs. 8.5%).

    In the following table, the In-School Rate includes grace and deferment periods, and the Repayment Rate includes forbearance periods.

    For use with Net Present Value calculations, the discount rate based on the most recent 10-year Treasury note is 2.75%.

    The interest rates listed above are based on the following reference rates:

    • 91-day T-Bill rate of 0.05% (05-28-2013)

  • 10-year Treasury Note rate of 2.75% (11-13-2013 10-YEAR)

    The interest rate formulas are as follows, where the 91-day T-bill rate is the investment yield of the 13-week Treasury Bill, not the discount rate:

    As of 11-12-2013, the current projections for the 2014-2015 variable interest rates are:

    • Projected Stafford Loan (In-School/Grace Period): 1.78%

  • Projected Stafford Loan (Repayment Period): 2.38%

  • Projected PLUS Loan: 3.18%


  • These projections would yield the following consolidation loan interest rates:

    • Projected Stafford Loan Consolidation (In-School/Grace Period): 1.88%

    • Projected Stafford Loan Consolidation (Repayment Period): 2.50%

    • Projected PLUS Loan Consolidation: 3.25%


    These projections represent a projected increase of 0.030% in interest rates.

    These projections indicate what the student loan interest rates would be if they were based on the most recent 91-day T-Bill auction, as opposed to the last 91-day T-Bill auction in May. They do not take into account the impact of future federal funds rate hikes and cuts by the Federal Open Market Committee (FOMC). Interest rate hikes and cuts by the FOMC usually trigger corresponding increases and cuts in education loan interest rates. Since education loan interest rates are based on market rates, and the market tends to anticipate interest rate moves by the FOMC, the dates of upcoming FOMC meetings should be considered when projecting likely education loan interest rate increases. Specifically, one should consider the dates of all FOMC meetings between the most recent 91-day T-Bill auction and the last 91-day T-Bill auction in May, plus any regularly scheduled June meetings of the FOMC. For example, if the FOMC has increased the fund rate by 25 basic points at each of its last three meetings and there is one more FOMC meeting before the last 91-day T-Bill auction in May, one can expect education loan interest rates to be about 25 basis points higher than the projections listed above.

    On February 8, 2002, President Bush signed legislation changing the interest rates on education loans from variable rates to fixed rates for new loans issued after July 1, 2006. The interest rate on the Stafford Loan is 6.8% and the interest rate on the PLUS Loan is 7.9%. The scheduled increase in the PLUS Loan interest rate was subsequently changed from 7.9% to 8.5% by the Higher Education Reconciliation Act of 2005, as passed on February 8, 2006. This bill, however, failed to make a parallel change to the Direct Loan program, so only the FFEL PLUS Loan interest rate will be increasing to 8.5%. Thus the fixed rates on new loans for which the first disbursement occurs on or after July 1, 2006 are: 6.8% Stafford, 7.9% Federal Direct PLUS and 8.5% FFEL PLUS.

    Other recent interest rates include:

    • 30-year Fixed Rate Mortgage: 4.87% [04/07/2011]
    • 91-day T-Bill: 0.09% [04/01/2011]
    • Certificate of Deposit (6 month): 0.36% [04/01/2011]
    • Commercial Paper Rate (3 month): 0.25% [04/01/2011]
    • Constant Maturity Treasury (1 year): 0.30% [04/01/2011]
    • Federal Funds Rate (Effective Rate): 0.13% [03/30/2011]
    • LIBOR (1 month): 0.29% [04/01/2011]
    • LIBOR (3 month): 0.42% [04/01/2011]
    • Prime Lending Rate: 3.25% [03/30/2011]

    Recent interest rate spreads include:

    • Spread Commercial Paper vs LIBOR (3 month): 0.17% [04/01/2011]
    • Spread Prime Lending Rate vs LIBOR (1 month): 2.96% [03/30/2011]
    • Spread Prime Lending Rate vs LIBOR (3 month): 2.83% [03/30/2011]

    Additional rate information can be found at the NCHELP E-Library.



    Best Student Loan Consolidation Programs for 2017 – Student Loan Consolidation Program Reviews, student loan consolidation rates.#Student #loan #consolidation #rates


    Student Loan Consolidation Student loan consolidation rates

    Whether you have federal student loans (such as Stafford, PLUS, or Federal Perkins loans) or private student loans, there are a number of student loan consolidation services that can help you consolidate your loans into one single debt. This can result in lower interest rates, and, in some cases, dramatically reduced monthly loan payments.

    Many consolidation services offer fixed interest rates for the life of the loan, which can lock in your savings for years to come. This is good since consolidation loans typically have longer terms than other loans – usually anywhere from 10 to 30 years.

    Continue reading below reviews

    Student loan consolidation rates

    Student Loan Consolidation Reviews

    Student loan consolidation rates

    Student loan consolidation rates

    NATIONAL DEBT RELIEF Student loan consolidation rates

    National Debt Relief is a leading provider of financial solutions, and they have an impressive range of options for both private and federal student loans. This company comes with a strong reputation, maintains a strong A rating from the Better Business Bureau, and offers a 100% money back guarantee with their plans. If you’re in the market to consolidate and better manage your student loans, National Debt Relief should be your first choice. Read More. Student loan consolidation rates

    Student loan consolidation rates

    Student loan consolidation rates

    SoFi (which is pronounced SEW-fi , short for SOcial FInance ) is one of the most innovative resources available for both federal and private student loan consolidation. Their user-friendly website, including helpful articles to help students navigate the world of finance, makes it easy to understand all of your options. SoFi is also the only lender we found that offers unemployment protection, which may allow you to suspend your loan repayments for up to 12 months if you lose your job. SoFi should absolutely be on your short list for lenders if you’re looking to consolidate your student loans.

    Student loan consolidation rates

    Student loan consolidation rates

    STUDENT LOAN CONSOLIDATOR

    Student Loan Consolidator offers both federal and private student loan consolidation. They also offer special options, such as interest-rate reductions and interest-only payments. Additionally, they provide a toll-free number that enables you to contact loan counselors with any questions you might have. Read More. Student loan consolidation rates

    Student loan consolidation rates

    Student loan consolidation rates

    LENDKEY

    LendKey is an online provider of student loan consolidation services with strong customer reviews. Their ability to connect students with community banks and credit unions for both federal and private school loans makes them a good choice for most consumers, though occasional issues with the website may prove frustrating. Read More. Student loan consolidation rates

    Student loan consolidation rates

    Student loan consolidation rates

    CHASE LOAN CONSOLIDATION

    Chase is a leading financial services institution and one you can trust when it comes to federal student loan consolidation. Their online application is quick and easy, and you can find out whether you are eligible for their services within moments. Chase has a professional website that is easy to navigate and use. However, Chase does not quite offer the same level of service as our higher-rated selection. Read More. Student loan consolidation rates

    Student loan consolidation rates

    Student loan consolidation rates

    WELLS FARGO LOAN CONSOLIDATION

    Wells Fargo offers competitive loan consolidation for those who are consolidating only private student loans. They do not offer consolidation of Federal loans, which dropped them a bit in our ranking.

    A recent study by the National Center for Education Statistics shows that half of all recent college graduates have an average student loan debt of $10,000. For some students, this amount is much higher. Many students receive loans from a variety of sources.

    There are many advantages to consolidating all of these loans into a single debt. With interest rates at record lows, you will most likely receive a better rate by consolidating your loans now than when you first got your loans. The second advantage is reducing the number of creditors you have, which makes it easier to keep track of monthly loan payments. Consolidating your student loans into a single debt also simplifies the repayment process, making it less likely that you will default on your loan payments.

    There are a number of services available to help you in this process. Some only offer federal student loan consolidation, while others enable you to consolidate both federal and private student loans. Therefore, it is important to make sure that the student loan consolidation service you choose meets your student loan consolidation needs.

    Additionally, while some websites provide instant, online loan quotes, other websites do not. You will want to make sure that the service you select provides you with the information you need to make consolidation decisions.

    There are a variety of issues to consider when looking for a student loan consolidation plan. Some of these include:

    • Information. Does the website provide adequate information to help you make student loan consolidation decisions?
    • Quality of Service. Does the website provide consolidation solutions that meet your needs?
    • Professionalism. Is the website professional and credible? Does the consolidation service have a strong reputation in the industry?


    Student Loan Repayment Options, student loan options.#Student #loan #options


    Student Loan Repayment Options

    Lenders offer a variety of plans to repay your student loans — some of them quite flexible. The plans available to you depend on the types of loans you have. Find out what kind of loans you have, learn about your options, then make the best choice for your financial situation.

    Different rules apply to federal and private student loans. The options discussed in this article are available for federal loans. If you don’t know what type of loan you have, see Types of Federal Student Loans and Private Student Loans.

    Loans issued by banks or the federal government. There are two kinds of federal loans — both allow you to choose from the repayment plans discussed below.

    Federal Family Education Loans (FFEL) are loans made by private lenders that are guaranteed by the federal government. That means, if you default, the lender gets reimbursed by the federal government.

    Federal Direct Loans are made directly by the federal government.

    School-issued federal loans. If you have school-issued federal student loans (such as Perkins loans), ask your school about repayment options.

    Private loans. Private loans, made without federal funds, come with fewer repayment options. Contact your lender, loan holder, or loan servicer to find out your repayment options.

    Tips on Switching Repayment Plans

    Keep these in mind when considering repayment plans:

    Don’t wait to switch payment plans until you’re seriously behind in your payments — if you’re in default on your loans, many of these options won’t be available to you.

    You aren’t locked into the method you choose — you can switch payment plans each year, or in some cases, more often.

    Types of Repayment Plans for Federal Student Loans

    Here are your repayment options if you have a federal loan.

    Standard Repayment Plan

    This is the repayment plan offered by your lender. You make payments for up to ten years. Your monthly payments are higher than in other plans, but your total payments are lower because you pay less interest.

    Graduated Repayment Plan

    Under a graduated plan, payments start out low and increase during the repayment period — usually every two years. This is a good option if your income is low when you graduate but will increase quickly.

    Extended Repayment Plan

    An extended plan allows you to stretch your repayment over a period of up to 25 years, depending on your loan amount. To be eligible for this plan, you must have an outstanding loan balance of more than $30,000.

    You can combine an extended plan with graduated payments, which will lower your payments even further but will increase your overall costs even more.

    Repayment Plans for Financial Hardship

    There are a number of plans available if your income is low or unstable, or you have moderate income with very high student loan debt. You might be eligible for these plans even if your financial troubles are temporary. Which plan is available to you depends on what type of loan you have. For the first three, you submit your financial information every year, and the lender will adjust payments accordingly.

    Income Contingent Repayment Plan (ICRP)

    If you have a federal Direct Loan (other than a PLUS loan), you can opt for an income contingent repayment plan. Your payments could be as low as $5 or even $0. Rmember though, if your payment is lower then the monthly accrued interest, as time goes on, your loan principal will continue to grow. If you haven’t paid off your loan after 25 years, the government will cancel the remaining balance. The IRS will treat this canceled debt as income.

    Income Sensitive Repayment Plan (ISRP)

    If you have a FFEL loan, you may qualify for an income sensitive repayment plan. In this plan, your payments are based on your annual income, family size, and total loan amount. Your payments must at least cover accruing interest (unlike income contingent plans for Direct Loans). You must pay the loan off in ten years.

    Income Based Repayment Plan (IBRP)

    You can get an IBRP for both Direct loans and FFELs, but you cannot be in default to qualify. IBRP offers more flexible options than under ICRPs or ISRPs. Your debt is eliminated after 25 years of payments, payments can be less than the accruing interest and may be less than under ICRPs or ISRPs.

    Hardship Repayment Plans for Perkins Loans

    If you have a Perkins loan, you must pay at least $40 per month, but the school can extend repayment for another ten years or allow additional extensions for prolonged illness or unemployment.

    You can find calculators to see what your payment would be under an IBRP or ICRP at http://studentaid.ed.gov. For information on an ISRP, contact your loan holder.

    Loan Consolidation

    With loan consolidation, you consolidate one, some, or all of your loans into one loan.

    Loan Deferment or Forbearance

    If your loan payments are enormous or you’ve fallen on hard times, even the most flexible payment plan might not help ends meet. In many circumstances, it’s possible to temporarily postpone making your loan payments or reduce the amount of your payments. These periods of relief are known as deferments (during which the government pays your interest) and forbearances (during which the amount you owe keeps going up because interest isn’t being paid). To learn more on postponing payments, see Nolo’s article Student Loans: Cancellation, Deferment, and Forbearance.

    For a comprehensive guide to dealing with financial difficulties, read Margaret Reiter’s Solve Your Money Troubles: Debt, Credit Bankruptcy (Nolo).



    Student Loan Consolidation: Should I Consolidate My Student Loans, SoFi, student loan consolidation rates.#Student #loan #consolidation #rates


    How and When to Combine Federal Student Loans Private Loans

    Got student loans? We ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans. And while you re at it, check out SoFi s new Student Loan Debt Navigator tool to assess your student loan repayment options.

    One of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan. It’s understandable why people think that, since this wasn’t an option for many years. But now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you – especially when there’s the potential for significant cost savings on the line.

    Can I Consolidate Federal and Private Student Loans?

    While it’s not possible to use the federal Direct loan consolidation program to combine your federal student loans with private loans, it is possible to combine private and federal student loans by refinancing them with a private lender. Through this process, you actually apply for a new loan (which is used to pay off your original loans) and you’re given a new—ideally lower—interest rate.

    Why would you want to do this? In addition to the advantages of loan consolidation (like having one, simplified monthly payment), refinancing student loans at a lower interest rate can mean big benefits, like lowering monthly payments or reducing the time it takes to pay off your debt, and cutting down on the total interest you pay over time.

    When to Consolidate Federal Student Loans Private Loans

    Before you refinance federal student loans, there are a couple of things to think about. Here’s an easy decision tree to help you understand whether refinancing federal loans is right for you:

    Should I Refinance My Federal Student Loans?

    Student loan consolidation rates

    Federal Student Loan Interest Rates, Revealed

    Some people assume that federal loans always offer the best rates, but this just isn’t true.

    Depending on loan type and disbursement date, your federal student loan rate could range from about 3% to 8%. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan. This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.

    So how important is interest rate, really? Let’s compare a 10-year term, $80,000 loan at 6.84% (the current fixed rate on Grad PLUS loans) and 5.68% (the average 10-year fixed interest rate for SoFi refinance borrowers in 2015).*

    In this example, refinancing would mean both lower monthly payments and a total savings of more than $5,600.

    Understanding Federal Student Loan Benefits

    Some federal student loans offer benefits and protections that do not transfer to private lenders. This is often the reason that people cite when they say you shouldn’t combine federal and private loans. But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.

    For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time. Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years. These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

    There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times. For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship. But if your income is over a certain threshold, you won’t benefit from these programs. And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a disproportionate price in the form of accumulating interest.

    It’s important to note that some private lenders offer their own benefits and protections. At SoFi, for example, if you lose your job, we’ll not only pause your payments, we’ll help you find a new one .

    Federal Loan Refinance Recap

    Combining federal student loans and private loans through the refinancing process won’t make sense for every borrower, but it provides great benefits for some. Now that you know it’s an option and you understand how it works, you can better assess whether it’s right for you.

    * Click here to see student loan refinance examples that depict APR, monthly payment and total finance charges.

    Editor’s Note: This is an updated version of a post we originally published in December 2013. We welcome new comments and questions below.

    Student loan consolidation ratesStudent loan consolidation rates



    Student Loan Help, student loan options.#Student #loan #options


    student loan options

    Goodbye, student loan debt. Hello, future!

    Student loan options

    Get student debt answers now.

    A nonprofit NFCC Certified Student Loan Counselor will review all of your finances and help you develop a personal debt repayment plan, all for a nominal fee.*

    What s in it for you

    • A thorough evaluation of your entire personal financial situation—not just your student loans.
    • An audit of your current loans and their terms.
    • Comprehensive, one-on-one guidance through all student debt repayment options.
    • A full financial game plan, including which debt repayment plans are right for you.

    Here s what comes next

    • Set up a secure login.
    • Create your own confidential, financial profile online.
    • Be contacted by a nonprofit NFCC member agency.

    Ready? Set up your profile here.

    *Nonprofit, student loan counseling fees vary by NFCC member agency.

    I made the call. 1

    Student loan options

    None of this was my fault, but it was my problem. Years ago, I co-signed a student loan with my then-husband. After we divorced, it stayed in his name. I made payments until the bank notified me the debt was forgiven. It wasn’t.

    Julie K Minnesota

    I didn’t leave school by choice. Two major health issues made the decision for me. By then, I had about $14,500 in federal student loans. Given my circumstances, I defaulted.

    1 Stories above represent actual NFCC client experiences.

    Student loan counseling.

    Comprehensive

    review of your financial situation, including current income, living expenses, all debt and your long-term goals.

    Customized

    game plan that doesn’t undermine your personal short- and long-term goals by just directing you to a plan with the lowest current payment.

    Complete

    assessment that looks beyond income-based programs and consolidation to see if other avenues for retiring your debt might be available and make more sense for you.

    Why choose us?

    Gain access to over 60 years of experience helping borrowers like you get answers to all of their debt-related concerns, including student debt solutions.

    Student loan options

    Answers

    We are experts on the ins and outs of student borrowing and repayment and on how to minimize its impact on your overall financial health. We work with you every step along the way until your issues are resolved.

    Student loan options

    Nonprofit

    You always know where you stand and who to call with questions about your student loans and any other financial issues that arise over time.

    Student loan options

    Local to you

    NFCC member agencies have office locations in all 50 states and Puerto Rico, which are staffed by NFCC Certified Credit Counselors.

    Be informed.

    Knowledge is power. To help you make the best decisions possible for your future, we keep you updated with access to a wealth of useful tools and resources.

    Get the latest insights on recent news regarding student loans and your personal finances.

    From calculators to definitions, find what you need to make better financing and repayment decisions here.

    Who is the NFCC?

    Founded in 1951, the National Foundation for Credit Counseling (NFCC ) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being.

    NFCC members help millions of consumers like you through community-based offices located in all 50 states and Puerto Rico. Each NFCC member agency has earned our seal by adhering to high standards and ethical practices designed to help you achieve financial stability.

    Member agencies are able to offer their services for nominal fees based on their current funding status. Funding for operations and services comes from an ever-changing combination of federal, state and local government grants, as well as donations from financial industry participants and private donors.

    For more on the NFCC, visit www.NFCC.org

    Thank you to our funders.

    The Sharpen Your Financial Focus program is an initiative of the National Foundation for Credit Counseling (NFCC) in partnership with a broad cross-section of supporters. Together, we are committed to increasing the financial well-being of Americans. This initiative is partially funded by Bank of America, Chase, Synchrony Financial, Wells Fargo and other major financial institutions. We thank all funders and partners who make this program possible. For more information, visit www.SharpenToday.org.

    National Foundation for Credit Counseling



    Student Loan Consolidation, student loan consolidation rates.#Student #loan #consolidation #rates


    Student Loan Consolidation

    Student loan consolidation is a good option if you are having trouble paying your loans. You can consolidate just one loan, or several loans. You can consolidate loans even if you re already in default. In fact, consolidation is one good way to get out of default. (To learn about other ways to get out of default on student loans, see Student Loans: Getting Out of Default.)

    A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. This may be a good option if any of the following are true:

    • You can t afford the monthly payments on your federal student loans under any of the options described in Student Loan Repayment Options, and don t qualify for a postponement or for loan cancellation.
    • You qualify for some of the payment plans described in Student Loan Repayment Options, but you are so deep in debt that you still can t afford your monthly payments.
    • You can afford your monthly payments and intend to pay off your loans under a standard plan, but you want to refinance at a lower interest rate.
    • You are in default on one or more of your student loans and want to get out of default.

    Eligibility for Student Loan Consolidation

    The vast majority of federal loans are eligible for consolidation, including subsidized and unsubsidized Stafford loans (GSLs), Direct loans, Supplemental Loans for Students (SLSs), Perkins loans, FISLs, and (except in an IBR Plan Consolidation Loan) PLUS Loans. (To find out what type of loan you have, see Types of Federal Student Loans.)

    All borrowers with these loans are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment. However, because consolidation loans have no grace period while you are in school or for the six months afterwards (unlike nonconsolidation loans, which usually do have a grace period during this time), getting a such a loan may not be a good idea if you are still in school or just graduated and don’t yet have a job.

    Restrictions

    Tthere are some restrictions to loan consolidation. Private student loans cannot be included in a federal consolidation loan. In addition, spouses cannot consolidate their loans into a single consolidation loan. And, borrowers who are in default must meet certain requirements before they can consolidate.

    Pros and Cons of Consolidation

    Consider both the advantages and disadvantages of consolidation before obtaining a consolidation loan.

    Disadvantages to Consolidation

    Potential disadvantages include the possibility that, if you have old loans, consolidation will cause your interest rate to go up. Moreover, consolidation will extend the repayment period, which means that you will pay more interest over the life of your loan. Consolidation will not completely clean up your credit report, either. If you were in default, your report will reflect that your previous loans were in default but are now paid in full through the new loan.

    In addition, your right to assert a school-related claim against the lender of the consolidation loan is not clear. That right might be important, for example, if you got a loan to attend a for-profit school because it lied about the likelihood of you getting a job after graduation. If you think you have a claim against the school, it is better to consult an attorney experienced in bringing these kinds of cases before you consolidate your loan.

    To find an experienced student loan lawyer, visit Nolo’s Lawyer Directory.

    Advantages to Consolidation

    Loan consolidation offers some potential advantages, too. If you are in default on any of your government loans, consolidation may offer the opportunity to get out of default and make affordable monthly payments. When interest rates are low, consolidation gives you the advantage of locking in a low rate on your student loans.

    Direct Consolidation Loan Program

    As with the Direct Loan Program, the federal government provides Direct Consolidation Loans.

    Direct Consolidation Loans come with flexible repayment options, including a standard plan, a graduated plan, and an extended plan, and in most circumstances an Income Contingent Repayment Plan (ICRP) or an Income Based Repayment Plan (IBR). To learn about these, see Student Loan Repayment Options.

    If you are in default, a Direct Consolidation Loan is a good way to get out of default and obtain a repayment plan that you can afford. In order to get out of default through a Direct Consolidation Loan, you must make three affordable monthly payments to the loan holder first (which can be as low as $5) or agree to an ICRP or IBR on the consolidated loan. Borrowers are also eligible for deferments in certain circumstances.

    Each loan consolidated under the program keeps its interest subsidy benefit. This can be important if you return to school.

    To qualify for a Direct Consolidation Loan, you must have at least one Direct loan or FFEL. So, if you have only a Perkins loan, for example, you don t qualify. If you have at least one FFEL, but no Direct loans, then you must certify you are unable to obtain a FFEL with an Income Sensitive Repayment Plan acceptable to you and are eligible for an Income Contingent Repayment Plan. As of 2010, there are no more FFEL Consolidation loans available, so the requirement that you cannot get one may be moot.

    For more information on Direct Consolidation Loans and to get an application for loan consolidation, go to http://loanconsolidation.ed.gov/index.html.

    Reconsolidation

    The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited. Here are some examples of when you can reconsolidate a student loan:

    • If you apply within 180 days after you get a consolidation loan, you can add another loan (either a new or existing loan) into that consolidation loan.
    • You can get a new consolidation loan to combine an existing consolidation loan and another student loan you got either before or after you got the original consolidation loan.
    • You can consolidate two existing consolidation loans.
    • FFEL Consolidation Loan borrowers may also convert a FFEL Consolidation Loan into a Direct Consolidation Loan, without having to add any additional loan, in order to obtain an Income Contingent or Income Based Repayment Plan, but only if the lender submitted the loan to the guaranty agency to help the borrower avoid default.

    To learn about student loan repayment options, getting out of default, and more, see Nolo’s Student Loan Debt area.



    Student loan options, student loan options.#Student #loan #options


    student loan options

    Student loan options

    Student loan options

    Student loan options

    Student loan options

    Student loan options

    Student loan options

    Student loan options

    Student loan options

    Student loan options

    Exhaust all federal grant and loans available to you before considering a private (alternative) loan. You may qualify for loans or other assistance under title IV of the HEA (Pell Grants, Stafford, Perkins, FSEOG grants and PLUS loans) and the terms and conditions of title IV, HEA program loans may be more favorable than the provisions of private education loans . Student Lending Analytics has developed a list of private loan options for undergraduates to serve schools and their students who need a focused and neutral resource for help in finding a private student loan.

    SLA is an independent research and advisory firm that has NO affiliations with any student lenders. SLA HAS RECEIVED NO CONSIDERATION FROM ANY LENDERS FOR PLACEMENT ON THIS LIST. Placement on this list DOES NOT in any way constitute an endorsement from SLA NOR should it be construed as a preferred lender list. You are free to borrow from any lender of your choice. While SLA has made every effort to confirm each of the lender loan terms described below through website research and multiple calls to lender customer service representatives, it cannot guarantee its accuracy. Furthermore, not all the lenders listed below lend to all students at all schools. The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan. Each lender s position on the list is randomly determined and will change each time this page is refreshed. SLA will update this page as necessary and will provide a date of last update at the top of the page. The information provided below is subject to change without notice.



    5 Options for Student Loan Forgiveness, student loan options.#Student #loan #options


    5 Ways to Get Your Student Loans Forgiven

    Student loan options

    In certain situations, you can eliminate some or all of your student loans through a student loan forgiveness program. Depending on your degree and your current occupation, you may qualify for one of many student loan forgiveness programs. If you re wondering whether you can have your student loans forgiven through your job, ask someone in your human resources department. Here are 5 ways to get your student loans forgiven:

    1. Volunteer

    Certain volunteer organizations offer student loan forgiveness in exchange for a certain amount of your time. If you volunteer for AmeriCorps, Peace Corps, or Volunteers in Service to America (VISTA) you can have up to 70 percent of your student loans forgiven. Visit their websites to find out more information about student loan forgiveness programs.

    2. Become a Full-Time Teacher

    If you have a Perkins loan, you can have part of it forgiven by working full-time in an elementary, middle, or junior high school that serves children from low-income families. The more years you teach, the more you can have forgiven. Your local school board will have additional information about which schools in your district offer student loan forgiveness under the National Defense Education Act.

    Other states have additional student loan forgiveness programs that allow you to have student loans forgiven in additional situations.

    You can always contact your loan board of education for information about having your student loans forgiven.

    3. Join the Military

    One of the benefits of joining the military is student loan repayment. Currently, the Army, Army National Guard, Air Force, Air Force National Guard, and the Navy offer student loan repayment programs up to $20,000 depending on the branch.

    Unfortunately, the Marine Corps, Coast Guard, and Air Force Reserves do not offer student loan forgiveness. For more information about military student loan forgiveness, visit this article on Military College Loan Repayment Program.

    4. Become a Doctor or Lawyer

    Medical and legal professionals can end up with six-figure student loan debt. Fortunately for these Ph.D holders, there are several student loan forgiveness programs that can reduce their student loan burden.

    • The National Institutes of Health forgives some student loan debt for medical students who complete certain types of medical research including clinical, medical disparities, and contraception research.
    • Certain health professionals can receive up to $50,000 of student loans forgiven through the National Health Service Corps Loan Repayment Program in exchange for two years of volunteer service at a clinic that has a shortage of health professionals. You may be able to receive additional forgiveness for additional service.
    • Law school graduates may have some of their student loans forgiven by doing some non-profit work. Equal Justice Works has a list of law schools that have a loan repayment assistance program. If your school is on the list, contact your financial aid department to learn how you can have your student loans forgiven.

    5. Wait 25 Years or (20 Years for New Loans)

    If you have a federal loan and you re on an income-based repayment (IBR) plan, you can have the balance of your student loan forgiven after 25 years, or 10 years if you work in public service. All Federal student loans are eligible except, student loans in default, Parent PLUS loans, and Parent PLUS consolidation loans. Your monthly student loan payments are capped based on your income and family size. For example, a family of 3 with an annual income of $45,000 would only pay $157 a month on an IBR plan. You can apply for IBR by contacting the lender servicing your loan. Loans taken out after July 22, 2014 on the IBR plan will be forgiven after 20 years instead of 25 years. President Obama recently announced plans to speed up that date to 2012. Visit the Federal Student Aid website and IBR Info for more information.

    Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.

    Who Pays for Student Loan Forgiveness

    Many people, especially those who ve worked hard to repay their loans, oppose student loan forgiveness (at least Federal loans) because it s funded by taxpayers. If the Federal government forgives your student loans, that means taxpayers have paid for your college education. In that sense, it s the same as using government grants to fund your education. Private student loan forgiveness is pretty much nonexistent, but if lenders offered these types of programs, the banks other customers would end up funding them through fees and interest.

    Drawbacks of Student Loan Forgiveness

    In certain situations, you re required to report forgiven loans as taxable income. This may increase your tax liability that year and could result in a tax bill when you file in April. Not all student loan forgiveness programs require you to pay taxes on the forgiven debt. Consult your tax preparer for more information.



    Student Loan Consolidation, federal student loan consolidation.#Federal #student #loan #consolidation


    Student Loan Consolidation

    Student loan consolidation is a good option if you are having trouble paying your loans. You can consolidate just one loan, or several loans. You can consolidate loans even if you re already in default. In fact, consolidation is one good way to get out of default. (To learn about other ways to get out of default on student loans, see Student Loans: Getting Out of Default.)

    A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. This may be a good option if any of the following are true:

    • You can t afford the monthly payments on your federal student loans under any of the options described in Student Loan Repayment Options, and don t qualify for a postponement or for loan cancellation.
    • You qualify for some of the payment plans described in Student Loan Repayment Options, but you are so deep in debt that you still can t afford your monthly payments.
    • You can afford your monthly payments and intend to pay off your loans under a standard plan, but you want to refinance at a lower interest rate.
    • You are in default on one or more of your student loans and want to get out of default.

    Eligibility for Student Loan Consolidation

    The vast majority of federal loans are eligible for consolidation, including subsidized and unsubsidized Stafford loans (GSLs), Direct loans, Supplemental Loans for Students (SLSs), Perkins loans, FISLs, and (except in an IBR Plan Consolidation Loan) PLUS Loans. (To find out what type of loan you have, see Types of Federal Student Loans.)

    All borrowers with these loans are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment. However, because consolidation loans have no grace period while you are in school or for the six months afterwards (unlike nonconsolidation loans, which usually do have a grace period during this time), getting a such a loan may not be a good idea if you are still in school or just graduated and don’t yet have a job.

    Restrictions

    Tthere are some restrictions to loan consolidation. Private student loans cannot be included in a federal consolidation loan. In addition, spouses cannot consolidate their loans into a single consolidation loan. And, borrowers who are in default must meet certain requirements before they can consolidate.

    Pros and Cons of Consolidation

    Consider both the advantages and disadvantages of consolidation before obtaining a consolidation loan.

    Disadvantages to Consolidation

    Potential disadvantages include the possibility that, if you have old loans, consolidation will cause your interest rate to go up. Moreover, consolidation will extend the repayment period, which means that you will pay more interest over the life of your loan. Consolidation will not completely clean up your credit report, either. If you were in default, your report will reflect that your previous loans were in default but are now paid in full through the new loan.

    In addition, your right to assert a school-related claim against the lender of the consolidation loan is not clear. That right might be important, for example, if you got a loan to attend a for-profit school because it lied about the likelihood of you getting a job after graduation. If you think you have a claim against the school, it is better to consult an attorney experienced in bringing these kinds of cases before you consolidate your loan.

    To find an experienced student loan lawyer, visit Nolo’s Lawyer Directory.

    Advantages to Consolidation

    Loan consolidation offers some potential advantages, too. If you are in default on any of your government loans, consolidation may offer the opportunity to get out of default and make affordable monthly payments. When interest rates are low, consolidation gives you the advantage of locking in a low rate on your student loans.

    Direct Consolidation Loan Program

    As with the Direct Loan Program, the federal government provides Direct Consolidation Loans.

    Direct Consolidation Loans come with flexible repayment options, including a standard plan, a graduated plan, and an extended plan, and in most circumstances an Income Contingent Repayment Plan (ICRP) or an Income Based Repayment Plan (IBR). To learn about these, see Student Loan Repayment Options.

    If you are in default, a Direct Consolidation Loan is a good way to get out of default and obtain a repayment plan that you can afford. In order to get out of default through a Direct Consolidation Loan, you must make three affordable monthly payments to the loan holder first (which can be as low as $5) or agree to an ICRP or IBR on the consolidated loan. Borrowers are also eligible for deferments in certain circumstances.

    Each loan consolidated under the program keeps its interest subsidy benefit. This can be important if you return to school.

    To qualify for a Direct Consolidation Loan, you must have at least one Direct loan or FFEL. So, if you have only a Perkins loan, for example, you don t qualify. If you have at least one FFEL, but no Direct loans, then you must certify you are unable to obtain a FFEL with an Income Sensitive Repayment Plan acceptable to you and are eligible for an Income Contingent Repayment Plan. As of 2010, there are no more FFEL Consolidation loans available, so the requirement that you cannot get one may be moot.

    For more information on Direct Consolidation Loans and to get an application for loan consolidation, go to http://loanconsolidation.ed.gov/index.html.

    Reconsolidation

    The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited. Here are some examples of when you can reconsolidate a student loan:

    • If you apply within 180 days after you get a consolidation loan, you can add another loan (either a new or existing loan) into that consolidation loan.
    • You can get a new consolidation loan to combine an existing consolidation loan and another student loan you got either before or after you got the original consolidation loan.
    • You can consolidate two existing consolidation loans.
    • FFEL Consolidation Loan borrowers may also convert a FFEL Consolidation Loan into a Direct Consolidation Loan, without having to add any additional loan, in order to obtain an Income Contingent or Income Based Repayment Plan, but only if the lender submitted the loan to the guaranty agency to help the borrower avoid default.

    To learn about student loan repayment options, getting out of default, and more, see Nolo’s Student Loan Debt area.



    FinAid, Loans, Student Loan Consolidation, federal student loan consolidation.#Federal #student #loan #consolidation


    federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidationFederal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Federal student loan consolidation

    Student Loan Consolidation

    Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

    Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

    The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

    For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

    If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

    This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

    If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

    No Cost to Consolidate

    Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

    Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

    Who Can Consolidate

    Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

    Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

    Which Loans Can be Consolidated?

    Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

    You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

    Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

    Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

    Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

    You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

    Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.



    Federal Consolidation Loans, Student Loan Debt Consolidation, federal student loan consolidation.#Federal #student #loan #consolidation


    Effortlessly Solve Your Student Loan Debt Issues Today

    IN DEFAULT?

    If you are in default we can find you the best Federal mandated rehabilitation options.

    ONE PAYMENT

    If you are sick of having bills pile up, let us consolidate all your student loans into one tidy monthly payment.

    REPAYMENT PLANS

    For your Federal Student Loans there are plenty of options that are allowed by Federal law. We can help find the best option that you qualify for.

    FORGIVENESS PROGRAMS

    We can find you the best forgiveness program for your situation and we can walk you through the process quite easily.

    Fill out the following form to have one of our Student Debt Relief Experts call you with a FREE Step-by-Step Action Plan that will resolve your particular situation.

    Student Loan Debt Consolidation

    Student Loan Consolidation is available to help students reduce their federal education debts by combining all of their outstanding loans into a single loan.

    WHO IS ELIGIBLE FOR A CONSOLIDATION?

    Consolidation Loans are available to most borrowers of Federal education loans and come from one of two sources. Direct Consolidation Loans and Federal Consolidation Loans.

    WHAT IS CONSOLIDATION

    The Financial meaning of the term: Taking Multiple debt or credit lines and consolidating them into one new payoff plan. Frequently, this is a consolidation loan, provided to consolidate debts into one loan with one payment.

    WHY CONSOLIDATE

    Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages.

    GREAT REASONS WHY TO CONSOLIDATE

    One Lender and One Payment
    Repayment Options
    No Minimum or Maximum Loan Amounts
    Reduced Monthly Payments
    Strengthen Your Credit

    Seeing that there is a mountain of student loan debt saddling recent and older graduates, there have been many programs made available to help those struggling with student loan debt.

    We can help choose the best repayment option for your situation

    Standard Repayment

    With the standard plan, you’ll pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50, and you’ll have up to 30 years to repay your loans with a fixed interest rate. The standard plan is a good fit for you, if according to your budget the IBR, ICR and PAYE plans are higher in monthly payment, as the standard plan does not account for your finances.

    Graduated Repayment

    With this plan your payments start out low and increase every two years. The length of your repayment period will be up to 30 years. If you expect your income to increase steadily over time, this plan may be right for you. Your monthly payment will never be less than the amount of interest that accrues between payments.

    Income Based Repayment Plan (IBR)

    Under this plan the required monthly payment will be based on your income during any period when you have a partial financial hardship. Your monthly payment may be adjusted annually. The maximum repayment period under this plan may exceed 25 years. If you meet certain requirements over a specified period of time, you may qualify for cancellation of any outstanding balance of your loans.

    Pay As You Earn (PAYE)

    On December 2012 the DOE announced that borrowers with Federal Student Loans may now be able to take advantage of a new repayment plan that could lower their monthly federal student loan payments. The plan, known as Pay As You Earn, caps monthly payments for many recent graduates at an amount that is affordable based on their annual income. This new option follows through on President Obama’s promise to provide student graduates with relief on their student loan payments and help them responsibly manage their debt payments.

    Income Contingent Repayment (ICR)

    • This plan gives you the flexibility to meet your Direct Loan obligations without causing undue financial hardship. Each year, your monthly payments will be calculated on the basis of your adjusted gross income (AGI, plus your spouse’s income if you’re married), family size, and the total amount of your Direct Loans. Under the ICR plan you will pay each month the lesser of:
      1. the amount you would pay if you repaid your loan in 12 years multiplied by an income percentage factor that varies with your annual income, or
      2. 20% of your monthly discretionary income.

    If your payments are not large enough to cover the interest that has accumulated on your loans, the unpaid amount will be capitalized once each year. However, capitalization will not exceed 10 percent of the original amount you owed when you entered repayment. Interest will continue to accumulate but will no longer be capitalized. The maximum repayment period is 25 years. If you haven’t fully repaid your loans after 25 years under this plan, the unpaid portion will be discharged. You may, however, have to pay taxes on the amount that is discharged.



    Fund Your College Expenses Using Federal and Private Loan Sources, student loans.#Student #loans


    Using Loans to Pay for Your Student Tuition and Other Fees

    College costs go beyond tuition. Books, housing, meals and other expenses contribute to the extraordinary cost of higher education. The transition from living at home to full-time campus life represents a significant financial shift for college students and their parents.

    Pre-planning sets the stage for university education, but not every student has a college fund to draw from. For most college students, financial aid is an essential part of getting an education. As college looms on the horizon, consider three primary sources of funding: Scholarships, grants and loans.

    Scholarships are usually earned through performance and achievement. For those who excel in high-school, academic and athletic success is rewarded with money for college. Scholarship money does not require repayment, so accomplished students should tap every resource available.

    Combination scholarships require students to stand out from their peers in more than one way. Exceptional athletes who also do well in school are rewarded on both fronts, as scholar-athletes. Student-citizens who actively participate in community affairs receive scholarships that acknowledge their efforts. Other traits like ethnic heritage, gender and financial need are used to determine eligibility for some special scholarships.

    Grants, like scholarships, provide financial aid for college that does not require repayment. Typically, qualifying for grant money is based on your level of financial need. Federal grants, from Pell and other programs, offset college costs for the neediest applicants.

    States, corporations, universities and other advocacy groups provide education grants. Like federal grants, some require only that candidates exhibit some level of financial hardship paying for college. Other grants provide aid for specific sets of individuals, like minorities and other under-represented student groups.

    Scholarships and grants are coveted aid resources for university students, because they generate college cash that does not require repayment. Any gift aid is ideal, but when free money doesn t cover college costs, students use loans to make up the difference.Student loans

    Student loans originate from government agencies and private sources. Loans require repayment, so low-interest federally subsidized options provide attractive financing for students. Your best approach to harnessing the education loans you need is to apply for federal financial aid.

    How to Apply for a Loan

    First things first: Apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA).

    The Department of Education has the deepest pockets for providing financial aid, so your first step is to ask for it. Your FAFSA provides the government with information about your family, including income and size. The number of your siblings who are also attending college, as well as your parents income level are used to estimate the amount of money your family can realistically provide for college.

    Your Estimated Family Contribution (EFC) is the cornerstone of your individual Student Aid Report; the document used by universities to determine your financial aid eligibility.

    When your college makes a formal student aid offer, it is usually a financing package that blends various forms of assistance, including grants and loans. in the past, the most common government loans were called Stafford Loans, but they are now referred to as Federal Direct Student Loans. Stafford loans were guaranteed by the government, but issued by private lenders. Today s Direct Loans are administered without private banks and credit unions.

    William D. Ford Federal Direct Loan Program administers direct student loans in these categories:

    • Subsidized Direct Loans Students demonstrating financial need are eligible for low-interest loans, which are subsidized by the Department of Education. Interest rates currently stand at 3.4%. Students are not responsible for interest payments during school, during a 6-month grace period following graduation, and during periods of loan deferment.
    • Unsubsidized Direct Loans Financial need is not an eligibility requirement for this type of loan. The interest rate is higher, at 6.8%, but still well below commercial lending rates. Students are responsible for interest payment during the lifetime of this loan, including during enrollment and grace periods.
    • PLUS Loans Parents of dependent students are eligible for loans to help pay for school. PLUS rates are 7.9%, providing a low-interest borrowing alternative for parents. Interest is always the responsibility of each PLUS loan recipient.
    • Direct Consolidation Loans Students can bundle existing loan debt into a single direct loan. Repayment terms are adjusted to accommodate students ability to pay, and a single payment is applied to total outstanding debt each term.

    Perkins Loans provide additional low-interest assistance for the neediest federal applicants. Families with annual incomes below $25,000 qualify as Perkins candidates. Participating Institutions of Higher Education (IHE) distribute funds based on three criteria that influence the size of your Perkins offer:

    Perkins recipients enjoy low interest rates, around 5%, and may borrow up to $5,500 annually for undergraduate studies.

    Important Change to Subsidized Direct Loan Repayment Terms – Direct subsidized loans issued after July 1, 2012 are not eligible for a federal interest subsidy during the 6-month grace period following graduation. Loan recipients must pay interest during this period. Unpaid amounts will be added to loan principle.

    States issue education loans too, so consult with your school s financial aid office for information about state-specific programs and current lending rates.

    Private Student Loans and Debt

    You ll find student loan opportunities in the private sector too, but securing them requires more than a timely-filed FAFSA. For-profit lenders will not loan money based simply on your pledge to repay it-regardless of your financial need.

    Formal credit checks thwart many college students efforts to raise money for school. Limited credit interactions, and lack of collateral are not attractive features among potential borrowers. Banks want to see a long history of credit success before they hand over cash for college. If you are unsure where you stand credit-wise, request a copy of your report.

    Even if you ve made timely car payments, and manage your mobile phone account without problems, your credit track record is not long enough to make you a safe bet for conventional lenders. Private college loans are not outside your grasp, but you will need a loan cosigner to get the job done.

    Partnering with a friend or relative bolsters your credit-worthiness, because lenders factor in your cosigners history of successful and diverse credit relationships. Private loans carry higher interest rates than Federal Direct Loans, but paying them back on-time helps establish your own credit-rating following graduation.

    If your repayment schedule does not reflect your ability to pay, consider bundling your outstanding college debt into a single consolidation loan. Federal consolidation and private consolidation options protect you and your cosigners from adverse credit entries. Consolidate proactively, because once you ve defaulted on your student loans, getting back on-track is more difficult.

    Manage your student loan accounts responsibly, and use on-time payments to establish your credit.

    Tax Breaks and Emergency College Aid

    Student loan interest payments are deductible on your tax return, so use your education expenses to offset your income tax. Deduct student loan interest as you would mortgage interest payments, and always discuss your personal tax strategies with a financial adviser. Of course, your student loan interest rate ultimately impacts the tax advantages associated with your loan payoff.

    The best-laid college plans sometime come up short of funds. Emergency financial aid programs are not widely advertised, but help is available during college cash crisis.

    To access the money you need for college, work the financial aid system from the top down. File your FAFSA on-time and tap government resources for college loans. Stepping outside the Department of Education for college loans requires credit-checks and cosigners, but banks and credit unions provide valuable funding when you need it most.



    Business – BBC News, astrive student loans.#Astrive #student #loans


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    Student Loans South Africa – Approved Study Loans, student loans.#Student #loans


    Student Loans – Approved Loans

    A good education is your best bet for a bright future. With the high cost of education nowadays, it is getting harder to get into a decent school and get a rewarding job afterwards. What are your options then?

    What is a student loan and is it necessary to get for enrolling in college?

    Student loans are funds that are available to help finance your education. If you have enough savings to pay for school, then you do not need one

    How does a student loan affect your credit?

    Student loans affect your credit score like any other loans. As long as you pay on time, your credit should be fine.

    Does a student loan and a bank loan affect your credit the same way?

    They are both installment loans on your credit report. It is not advisable to take a bank loan since this is most likely not tax deductible like the student loan.

    What happens to your credit score in you default on a student loan?

    You can’t actually default in making payments. This doesn’t go away. While you may have stopped making payments, you will have to resume because it does not “age” off the credit reports, can not be discharged in bankruptcy and the interest keeps getting added to the outstanding balance.

    Somebody with a huge outstanding student loan balance and no job to pay it off. can be set back decades in achieving their financial and social goals.

    How do you fix a student loan that is over what you originally borrowed?

    Have you exhausted all forbearance or deferment options? Or have you inquired about income-based payment plans? If you haven’t, this can be your first consideration.

    What happens after your student loan application has been approved?

    They usually don’t give you the money until right before the semester starts.

    How does student loan forgiveness work?

    Interest accumulates on any loan any time there’s a remaining balance.

    Is it possible to get a student loan from a bank without a co-signer?

    If you have a good credit history, it is possible to get a student loan without a co-signer. You should go to your bank and discuss this with your personal banker.

    How can i get a student loan if i have bad credit?

    For private student loans, you can only be approved on your own merit or you have to have a cosigner. Local banks might give you a loan but with a higher than normal interest rate.

    Is there a difference between a regular loan and student loan?

    Student loans don’t have to be paid until you finish school.

    Loans have to be re-paid immediately with monthly payments.

    What is the fastest way to get rid of student loan debt?

    In order to attack this debt you first have to write out a budget and pay off your consumer debt on a “snowball method” which is you roll over the payments to the next step and add it to the minimum payment and that will add to the point it will be a big chunk of money to be applied to the student loan. But you have to really be diligent on getting this paid off. Otherwise it will take you forever.

    Better to pay off student loan debt or invest in a home?

    As long as you both have (relatively) stable employment, buy a home and buy one you can afford while paying on your loans. After awhile your student loans will be paid off and you’ll have equity in your house to upgrade to a bigger one if you want.

    Is there a student loan available before actually enrolling in college?

    No you can’t. And if you have any excess loan money you won’t get it until well after the semester has already started. at least 2 weeks in. Sometimes even longer depending on if you met the schools deadlines for turning all your paper work in.

    How do I take out a private student loan?

    Try to avoid private student loans unless you absolutely have to. They have higher interest rates, substandard extra fees, and require cosigners or good credit history.

    I have a student loan payment but I want to go back to school. Is it possible to have my payments deferred?

    Its possible, but most loan providers only let you defer it for the 4 years your in school, your going to have to contact your loan provider to see what there policy is if you go on to grad school.

    How long do you have to pay off a student loan?

    Budget your finances. It is essential to create a budget so you can keep track of how much money is coming into your bank account, and how much money you are paying to cover expenses. Identify areas in which you can cut back on spending. Consolidate your student loans. Ask for student loan payment deferrals if you are unable to make your student loan payments on time. Focus on paying off your student loan sooner than later. Check to see what tax benefits you can get from paying your student loan.

    How can I lower my monthly student loan payments?

    If you have been paying them on time, there should be a way. Call them and ask if it would be possible to combine all the loans to gather with one interest rate. and ask them what they can do to lower your Payments. if that dose not work go to a bank or a credit union and ask if they can help you by giving You a loan to pay off the loan and just have one payment to them.

    Study now, pay later seems like a good thing. After seeing all the facts, you will know for yourself if a study loan is the product for your requirements. One thing is for sure though –a good education is your guarantee for success.

    Providers of study loans in South Africa

    higher education is very important for securing your future, and that is why many south africans are keen to study further after completing high school. however, tertiary education can be very expensive, especially for the majority of people who need the education, but simply cannot afford it. this is primarily why study loans in south [ ]

    Do you qualify for online loans in South Africa?

    There has been an increase in providers of online loans in south africa over the last few years. they have managed to successfully assist thousands of people in need of financial assistance with quick and easy loans. one of the reasons why online loans have been successful is that many people have easy access to [ ]

    Career development solutions | Bank student loans

    tertiary education is very important for securing your future in today s competitive world. however, it is often very expensive to pursue one s dreams and those not fortunate to qualify for scholarships or bursaries may need to apply for bank student loans. these prove to be most helpful in allowing would-be students to pay for their [ ]

    Best Study Loans Options for a Brighter New Year

    so you’ve chosen to further your studies in the new year? that’s probably the best decision you can make for your future, but the future seems a long way away – doesn’t it? in fact, you’re probably wondering how you will accumulate the money to pay for your studies. working and studying at the same [ ]

    Student Loans for a Brighter Future

    although bursaries and other forms of grants are always the preferred form of financial aid, a lot of students don’t have this luxury and have to rely on student loans. to most students a student loan can help them to concentrate on studying rather than worrying about sourcing of funds. this article analyses the advantages [ ]

    Secure a Brighter Future with Student Loans

    student loans remain a popular option for many young people aspiring entrepreneurs, leaders, academics and so on to secure a brighter future. higher education unlocks the door to endless possibilities, which is why finding finance for a degree or diploma has become an important issue for thousands of parents and prospective students alike. [ ]

    Paying Off Your Student Loans Fast

    Student loans

    you are now a one of the fresh graduates out to conquer the world. before you set your sights in climbing the career ladder, don’t be weighed down by your student loans first. take time to study your options in how you can quickly pay off the loans so you can be on your way [ ]

    A Word on Borrowing and Repaying Student Loans

    Student loans

    you need to bridge that college education funds gap. you find out about student loans and wonder if this is right for you. here are some tips that might help you borrow sensibly. it is still borrowing isn’t it? a student loan is still a loan even if you don’t have to pay the loan [ ]

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    Student loans

    getting a student loan for the first time can be quite a challenge. it is new and the fate of your future education rests in the hands of a private lender or the government. you need help. a student loan is expensive and you don’t just sign a lot of papers and head straight to [ ]

    Student Loans Primer

    Student loans

    are you thinking of getting a student loan to pay for your college education? learn the facts first on student loans so you will pass and succeed with flying colors. accrued interest-interests on student loans are accrued over time default rate-a student is in default when he or she hasn’t kept up with payments. the [ ]



    What Happens If You Default on Your Student Loans, defaulted student loans.#Defaulted #student #loans


    What Happens If You Default on Your Student Loans

    The government has powerful tools to use against borrowers who don’t make student loan payments. Here’s what you can expect if you are in default on a student loan.

    The IRS can intercept any income tax refund you may be entitled to until your student loans are paid in full. This is one of the most popular methods of collecting on defaulted loans, and the Department of Education annually collects hundreds of millions of dollars this way. In some cases, you can challenge a tax refund offset. You can learn how at www.studentloanborrowerassistance.org. You may need the assistance of an attorney. (You can find a legal expert near you on Nolo’s Lawyer Directory.)

    The government can take (“garnish”) a limited portion of the wages of a student loan debtor who is in default. It can take up to 15% of your disposable income. However, it cannot take more than the equivalent of 30 times the current federal minimum wage.

    As with the tax refund offset, you can object to a wage garnishment. Another way to avoid wage garnishment is to contact the holder of your loan and negotiate a repayment schedule. For more information, see Nolo’s articles on Student Loan Repayment Options and Student Loan Consolidation.

    Your Federal Benefits Taken

    The government can take some federal benefit payments (including Social Security retirement benefits and Social Security disability benefits, but not Supplemental Security Income) as reimbursement for student loans.

    The government cannot take any amount that would leave you with benefits less than $9,000 per year or $750 per month. And, it cannot take more than 15% of your total benefit.

    For example, if Doug receives monthly federal benefits in the amount of $900, the government may take either $150 (the amount of Doug’s $900 benefit that is over $750) or $135 (15% of Doug’s total benefit of $900), whichever is less. So, in this case, the government can take only $135 each month.

    You Get Sued

    The government and private lenders can sue you to collect defaulted student loans. Unlike other debts, there is no time limit on suing to collect student loans — you can be sued indefinitely.

    For information on various defenses to student loan collection lawsuits, see the Student Loan Borrower Assistance website at www.studentloanborrowerassistance.org. To get legal representation, look for an attorney on Nolo’s Lawyer Directory.

    Where to Get Help

    If you need help with a defaulted student loan, contact the Department of Education’s Ombudsman at 877-557-2575 or visit its website at www.fsahelp.ed.gov. But first you must take steps to resolve your loan problem on your own (there is a checklist of required steps on the website), or the Ombudsman will not assist you.

    More Information

    For a comprehensive guide to dealing with financial difficulties, read Solve Your Money Troubles: Debt, Credit Bankruptcy, by Robin Leonard and Margaret Reiter (Nolo).