Such loans can fill a funding “gap.” Often such a “gap” is created when a student is awarded a Stafford or Perkins loan, and then realizes that the amount in the loan does not fully cover all of the student’s expenses.
The Lenders of Alternative Student Loans
The lenders of alternative student loans have put their loan applications online. Those applications are for secured loans. The lenders thus seek some “security” when providing a student with loan money.
Students can easily download an application for one of the alternative student loans. Once downloaded, the application can be filled out and sent to the prospective lender. One word of warning: Students should study the details on the alternative student loans before submitting any application.
The lenders of the private, alternative student loans hope to profit from their ability and their willingness to loan money to college students. As a result, they often attach stiff fees to the loan. Those fees are sometimes paid at the time of the loan application.
In other instances, lenders have added those fees to the interest rate for the student’s loan.
Comparing Different Alternative Student Loans
Students who want to compare the offering of the various lenders might feel like they are comparing “apples and oranges.” Students might wonder how a high fee and lower interest compares to a low fee and a higher interest rate.
Students should remember this: a 3% fee is equal to a 1% rise in the interest rate. When keeping those facts in mind, students can better compare the various alternative student loans.
Students might also consider how quickly they can obtain the loan. The Act private loans are fast, and they do no require the completion of a FAFSA. Still, students should take note of the fact that awarding of the Act private loans is based on the applicant’s credit.
Different lenders have different repayment options. The student in need of a loan should study those options. An ideal lender is willing to defer payment until after the student has graduated.
Some lenders, such as Astrive, give student loan recipients an opportunity to refinance any of their alternative student loans.
The Best Time to Go After Alternative Student Loans
Unlike many student loans, the money for the alternative student loans is sent directly to the student, not the institution that he or she is attending. Students are not encouraged to look at alternative student loans as a “first choice,” when searching for a way to pay for a college education.
Not infrequently, a student with a Stafford Loan will “max out” on that loan while still in school. If he or she hopes to continue and finish his or her education, then that student needs to look at the alternative student loans.
Source:-http://ezinearticles.com/?Easy-Alternative-Student-Loans---For-When-No-One-Else-Will-Lend-You&id=735400
Sunday, July 27, 2008
Tuesday, July 22, 2008
Government Student Loan – Easy Way To Finance Your Education
These days, funding one’s higher education has become a very costly task. For many aspiring degree holders, financing the cost of one’s higher education and get through the cost of the loans available for students, is a tough job as well. Government Student Loans, scholarships and grants are available to anyone looking for higher education, whether it is a college diploma, university degree or any other accredited academic certificate.
General information
Student loans are not only used for the tuition but also to pay for school related costs such as paying associations, housing costs and lab fees, stationery and text books. If you are 18 years of age you can apply for a government student loan. During the credit period, you have the option of paying or not paying the interest on the loan. It will become easier if you do make periodical payments to cover the interest of the loan. If you have the opportunity to pay the interest off, the capital repayment once you have graduated becomes easier for you.
Availability and repayment
Using online services can help you find all the necessary information for applying for government student loans online. Expenses not subsidized by Government such as education related expenses or overseas study can be applied for through a private student loan. The loans are reviewed and this process can usually take about a week or two. The repayments of government student loans usually begin six months after graduation. This is referred to as the grace period. Most student loans are deferred for repayment until students have completed their schooling or leave school.
Interest rates
The subsidy in the interest rates are paid by the government as these are government sponsored loans. Hence, the interest rates tend to be pretty low for government student loans. Also, these loans are available for a period of 10 years at most, so the reimbursements of the loans become easier.
Source:- http://www.bestsyndication.com/?q=20080316_government_student_loans.htm
General information
Student loans are not only used for the tuition but also to pay for school related costs such as paying associations, housing costs and lab fees, stationery and text books. If you are 18 years of age you can apply for a government student loan. During the credit period, you have the option of paying or not paying the interest on the loan. It will become easier if you do make periodical payments to cover the interest of the loan. If you have the opportunity to pay the interest off, the capital repayment once you have graduated becomes easier for you.
Availability and repayment
Using online services can help you find all the necessary information for applying for government student loans online. Expenses not subsidized by Government such as education related expenses or overseas study can be applied for through a private student loan. The loans are reviewed and this process can usually take about a week or two. The repayments of government student loans usually begin six months after graduation. This is referred to as the grace period. Most student loans are deferred for repayment until students have completed their schooling or leave school.
Interest rates
The subsidy in the interest rates are paid by the government as these are government sponsored loans. Hence, the interest rates tend to be pretty low for government student loans. Also, these loans are available for a period of 10 years at most, so the reimbursements of the loans become easier.
Source:- http://www.bestsyndication.com/?q=20080316_government_student_loans.htm
Monday, July 14, 2008
Government Student Loans Consolidation - Is it Your Best Option?
Students who are having problems paying off their loans should look into what the federal government has to offer in way of consolidation.
One way to get help with your student loans is to take a government student loans consolidation which is highly beneficial because it is relatively easy to obtain. No credit checks are needed as long as you show proof of graduation. You will also gain good leeway and enjoy low fixed interest rates. And instead of paying separate lenders each month, you only need to pay a lump sum which is collectively lower than all the debts you owe. This means convenience and peace of mind will be yours, knowing that you need not perform multiple monthly repayment every 30 days.
With a world of convenience at your feet, you can effortlessly eliminate emotional stress and concentrate on your studies. If you have been a good borrower and pay your debts in a timely fashion after a student debt consolidation, your good record will help you get better credit rating. Applying for loans later on when you need to buy a car or house will be much easier.
One other vital point to remember. In most cases, students will be accorded a 10-year repayment term if you said yes to a federal student loan. This period can be stretched up to 30 years if you consolidate your student debts. While you are enjoying the lower monthly repayments, the reality is that you will take a longer time to pay off your debts, and will actually incur more interest rates.
The loan also has a deferment option and a 6 months grace period in case you need to take up these options.
In conclusion, do a thorough search online to identify and apply for your government student loans consolidation through your local area provider.
Source : http://ezinearticles.com/?Government-Student-Loans-Consolidation---Is-it-Your-Best-Option?&id=1277931
One way to get help with your student loans is to take a government student loans consolidation which is highly beneficial because it is relatively easy to obtain. No credit checks are needed as long as you show proof of graduation. You will also gain good leeway and enjoy low fixed interest rates. And instead of paying separate lenders each month, you only need to pay a lump sum which is collectively lower than all the debts you owe. This means convenience and peace of mind will be yours, knowing that you need not perform multiple monthly repayment every 30 days.
With a world of convenience at your feet, you can effortlessly eliminate emotional stress and concentrate on your studies. If you have been a good borrower and pay your debts in a timely fashion after a student debt consolidation, your good record will help you get better credit rating. Applying for loans later on when you need to buy a car or house will be much easier.
One other vital point to remember. In most cases, students will be accorded a 10-year repayment term if you said yes to a federal student loan. This period can be stretched up to 30 years if you consolidate your student debts. While you are enjoying the lower monthly repayments, the reality is that you will take a longer time to pay off your debts, and will actually incur more interest rates.
The loan also has a deferment option and a 6 months grace period in case you need to take up these options.
In conclusion, do a thorough search online to identify and apply for your government student loans consolidation through your local area provider.
Source : http://ezinearticles.com/?Government-Student-Loans-Consolidation---Is-it-Your-Best-Option?&id=1277931
Monday, July 7, 2008
Are there Bad Credit Student Loans? Is Approval Feasible?
Many inquiries made to financial advisors on our team have a common issue: bad credit and student loan approval. People who want to pursue a career to improve their life and financial situation might fear that they cannot get approved for financing due to their bad credit score and history. The availability of bad credit student loans is not widespread and thus people often wonder if they exist and if approval is feasible or there are extremely onerous requirements for approval.
Federal or Private Financing
There are federal student loans that are not based on the applicant’s credit score and history but on the merits or the needs. Therefore, those with bad credit can obtain federal funds if they meet the requirements for these loans.
null null
null null
Comfort Inn null
But the average applicant will not be able to get approved for federal funding and for federal subsidized private loans because these loans are based on credit assessment.
Private funding has similar issues: all private student loans are based on credit verifications and thus, there are limitations for those with bad credit. And even though there are private student loans provided to those going through underprivileged situations and for those that show special merits on certain fields of interest (loans provided by non profit institutions), the average applicant cannot access these loans.
But private funding always finds a way to provide a product when there is a need and thus, there are bad credit student loans available for those with bad credit, no credit and past bankruptcies. The drawback is obviously the interest rate charged for these loans and the lack of deferment that most of these loans have. There are very few private student loans for bad credit applicants with deferment till after graduation.
Bad Credit Private Student Loans
These loans are provided for those with bad credit who need to finance college studies. The amounts offered are not that high and can help you finance only a couple of years of college studies but unlike federal funding you can use the funds for any college costs including tuition, accommodation, transportation, studying material, laptop, etc. There are no limitations when it comes to the use of the funds as long as they are college related.
Another issue with bad credit private student loans is that only a few of them provide funds with deferment of the loan repayment till after graduation. Thus, the applicant needs to have a source of funds in order to afford the monthly installments. If the applicant has a limited income it is possible to apply with the aid of a co-signer in order to obtain approval and also to boost the chances of getting better terms on your student loans.
Where to Get Them?
Private student funding can be obtained through the student affairs departments of each institution and you can also obtain them by applying online. There are many online student loan lenders offering bad credit loans for financing college studies and there are also sites offering comparatives so you can choose the best option for you.
Source:http://www.bestsyndication.com/?q=20080611_bad_credit_student_loans.htm
Federal or Private Financing
There are federal student loans that are not based on the applicant’s credit score and history but on the merits or the needs. Therefore, those with bad credit can obtain federal funds if they meet the requirements for these loans.
null null
null null
Comfort Inn null
But the average applicant will not be able to get approved for federal funding and for federal subsidized private loans because these loans are based on credit assessment.
Private funding has similar issues: all private student loans are based on credit verifications and thus, there are limitations for those with bad credit. And even though there are private student loans provided to those going through underprivileged situations and for those that show special merits on certain fields of interest (loans provided by non profit institutions), the average applicant cannot access these loans.
But private funding always finds a way to provide a product when there is a need and thus, there are bad credit student loans available for those with bad credit, no credit and past bankruptcies. The drawback is obviously the interest rate charged for these loans and the lack of deferment that most of these loans have. There are very few private student loans for bad credit applicants with deferment till after graduation.
Bad Credit Private Student Loans
These loans are provided for those with bad credit who need to finance college studies. The amounts offered are not that high and can help you finance only a couple of years of college studies but unlike federal funding you can use the funds for any college costs including tuition, accommodation, transportation, studying material, laptop, etc. There are no limitations when it comes to the use of the funds as long as they are college related.
Another issue with bad credit private student loans is that only a few of them provide funds with deferment of the loan repayment till after graduation. Thus, the applicant needs to have a source of funds in order to afford the monthly installments. If the applicant has a limited income it is possible to apply with the aid of a co-signer in order to obtain approval and also to boost the chances of getting better terms on your student loans.
Where to Get Them?
Private student funding can be obtained through the student affairs departments of each institution and you can also obtain them by applying online. There are many online student loan lenders offering bad credit loans for financing college studies and there are also sites offering comparatives so you can choose the best option for you.
Source:http://www.bestsyndication.com/?q=20080611_bad_credit_student_loans.htm
Monday, June 30, 2008
Local Affordable College
Budget-friendly Eastern offers college within family’s reach
With food and fuel prices leading the assault, the family budget is taking heavy fire from all sides these days. And almost everywhere, the rise in college costs — a relentless foe in the battle to make ends meet — continues to launch torpedoes.
“College-cost inflation has been running around 5-percent to 8-percent a year, more than double the average inflation rate in recent years,” the Kiplinger Personal Finance Magazine reported earlier this year.
To make matters worse, the current turmoil in the credit industry is leading some banks to cut back the number of college loans they make to students — and this at a time when the Department of Education estimates that “about 80 percent of the fastest-growing jobs will require at least two years of college.”
Amidst this “perfect storm” of soaring costs and shrinking credit, a local community college remains committed to providing quality college learning at an affordable price. “We offer one of the lowest in-state tuition rates of any public college or university in West Virginia,” said Amanda Sites, director of Financial Aid at Eastern West Virginia Community and Technical College. “So even learners who wish to transfer later for a four-year degree can save a lot on tuition and other expenses by starting college near home at Eastern.”
For those who might need financial aid, the college partners with American Education Services. “They guarantee the loans for banks that assist our students and make Eastern a safe student loan market,” Sites said.
She also pointed to a new family-friendly scholarship that actively recruits adult learners who have been away from formal schooling for some while.
“Eastern’s Scholarship for Non-Traditional Students seeks adult learners, 24 years old or older, who have a high school diploma or GED, and who plan to attend Eastern on at least a half-time enrollment basis,” Sites said. The scholarship covers tuition and other attendance fees for up to one academic year.
Source:http://www.times-news.com/local/local_story_180234353.html
With food and fuel prices leading the assault, the family budget is taking heavy fire from all sides these days. And almost everywhere, the rise in college costs — a relentless foe in the battle to make ends meet — continues to launch torpedoes.
“College-cost inflation has been running around 5-percent to 8-percent a year, more than double the average inflation rate in recent years,” the Kiplinger Personal Finance Magazine reported earlier this year.
To make matters worse, the current turmoil in the credit industry is leading some banks to cut back the number of college loans they make to students — and this at a time when the Department of Education estimates that “about 80 percent of the fastest-growing jobs will require at least two years of college.”
Amidst this “perfect storm” of soaring costs and shrinking credit, a local community college remains committed to providing quality college learning at an affordable price. “We offer one of the lowest in-state tuition rates of any public college or university in West Virginia,” said Amanda Sites, director of Financial Aid at Eastern West Virginia Community and Technical College. “So even learners who wish to transfer later for a four-year degree can save a lot on tuition and other expenses by starting college near home at Eastern.”
For those who might need financial aid, the college partners with American Education Services. “They guarantee the loans for banks that assist our students and make Eastern a safe student loan market,” Sites said.
She also pointed to a new family-friendly scholarship that actively recruits adult learners who have been away from formal schooling for some while.
“Eastern’s Scholarship for Non-Traditional Students seeks adult learners, 24 years old or older, who have a high school diploma or GED, and who plan to attend Eastern on at least a half-time enrollment basis,” Sites said. The scholarship covers tuition and other attendance fees for up to one academic year.
Source:http://www.times-news.com/local/local_story_180234353.html
Monday, June 23, 2008
Student Loans with No Credit History
A good credit history is an essential prerequisite for applying for a student loan. A student with a good credit history always stands in good stead to qualify himself for a student loan. So, it is always advisable that students who go for loans keep their credit within limits.
Many lenders provide loans to students with no credit history. There are two types of student loans namely, federal student loans and private student loans. The former are backed by the US government (coming under the department of education?s federal student aid programs) and are approved based on the financial need of the student, whereas the latter are considered as personal consumer loans. Refinancing of federal student loans is possible at far lower interest rates than private loans. Private student loans are approved after checking the credit history of a student or his parents.
Usually, a student loan with no credit history does not require any income or a co-signer. But this is sanctioned only for a small credit limit. To get larger credit limit, the help of a co-signer is essential. Before taking student loans with no credit history, compare the interest rates and the fees from different lenders. You can get student loans applying online also. The documents needed include proof of your identity, and your place of employment. It is better to look for loans based on your job history. It is advisable to have a thorough check on the terms and conditions of a student loan before signing the deal.
Source:http://ezinearticles.com/?Student-Loans-with-No-Credit-History&id=353189
Many lenders provide loans to students with no credit history. There are two types of student loans namely, federal student loans and private student loans. The former are backed by the US government (coming under the department of education?s federal student aid programs) and are approved based on the financial need of the student, whereas the latter are considered as personal consumer loans. Refinancing of federal student loans is possible at far lower interest rates than private loans. Private student loans are approved after checking the credit history of a student or his parents.
Usually, a student loan with no credit history does not require any income or a co-signer. But this is sanctioned only for a small credit limit. To get larger credit limit, the help of a co-signer is essential. Before taking student loans with no credit history, compare the interest rates and the fees from different lenders. You can get student loans applying online also. The documents needed include proof of your identity, and your place of employment. It is better to look for loans based on your job history. It is advisable to have a thorough check on the terms and conditions of a student loan before signing the deal.
Source:http://ezinearticles.com/?Student-Loans-with-No-Credit-History&id=353189
Monday, June 16, 2008
Student loans money saving tips
Every year a new set of students begin their higher education, at this time many will take out a student loan to assist them financially over the term of their course.
At the time of taking out a student loan you are properly not thinking about how to save money or make your loan last longer, but there are a few tips to help you try and keep the level of debt you get into down.
A huge way to cut costs is to avoid eating out, a recent study showed just buying a sandwich and a drink can cost around £5.00, totalling a staggering £1,200 a year. The study also revealed students living in close proximately to their university still paid for bus fare, walking or cycling can save you a packet and also keep you fit.
A spokesman for students commented whilst student debt is unavoidable, the level of debt can be dramatically reduced by simple saving techniques and a little effort, many students now work part time to earn a bit more cash and also meet new people.
source:http://www.onlyfinance.com/Loans-News/12753334-Student-loans-money-saving-tips.aspx
At the time of taking out a student loan you are properly not thinking about how to save money or make your loan last longer, but there are a few tips to help you try and keep the level of debt you get into down.
A huge way to cut costs is to avoid eating out, a recent study showed just buying a sandwich and a drink can cost around £5.00, totalling a staggering £1,200 a year. The study also revealed students living in close proximately to their university still paid for bus fare, walking or cycling can save you a packet and also keep you fit.
A spokesman for students commented whilst student debt is unavoidable, the level of debt can be dramatically reduced by simple saving techniques and a little effort, many students now work part time to earn a bit more cash and also meet new people.
source:http://www.onlyfinance.com/Loans-News/12753334-Student-loans-money-saving-tips.aspx
Monday, June 9, 2008
Paying off student loans
Many college graduates are joining the work force and they're bringing thousands of dollars in student loan debt with them. Overwhelming student loan debt can stretch the salary of an entry-level job too far.
Experts say it's best to inventory the debt right away because it doesn't take long for lending companies to start knocking.
“They need to be aware of how much they borrowed and who their lender is, that's the big thing to start with,” Amy Brown, Director of Financial Aid at Pfeiffer University.
Once they graduate, Brown says they're going to be getting a lot of information from a lot of different companies about consolidation.
“They just want to be careful about who they consolidate with and what company they choose,” she said.
Students are urged to consider reconsolidation when it comes time to pay off student loan debt.
Consolidation can help you manage multiple loans but there are some things experts say you should watch for. First, consolidate with a company that already has the loan unless you can find a lower interest rate with a reputable lender, make sure you get a fixed interest rate and make sure you aren't charged any fees to consolidate.
Brown says consolidation is something you should investigate and take seriously
“You consolidate once and you can't consolidate again no matter what happens in the loan industry,” she said. “You only get that consolidation one time.”
Forbearance and deferment can also help during tough times. During a forbearance, you pay only the interest. Deferment has specific requirements but can help alleviate some financial stress.
“Your financial aid office at the school you graduated from is a really good resource to help with those decisions,” said Brown.
In addition to contacting your alma mater's financial aid office, you can find help managing your student loans through the College Foundation of North Carolina.
Source:http://news14.com/content/headlines/596366/paying-off-student-loans/Default.aspx
Experts say it's best to inventory the debt right away because it doesn't take long for lending companies to start knocking.
“They need to be aware of how much they borrowed and who their lender is, that's the big thing to start with,” Amy Brown, Director of Financial Aid at Pfeiffer University.
Once they graduate, Brown says they're going to be getting a lot of information from a lot of different companies about consolidation.
“They just want to be careful about who they consolidate with and what company they choose,” she said.
Students are urged to consider reconsolidation when it comes time to pay off student loan debt.
Consolidation can help you manage multiple loans but there are some things experts say you should watch for. First, consolidate with a company that already has the loan unless you can find a lower interest rate with a reputable lender, make sure you get a fixed interest rate and make sure you aren't charged any fees to consolidate.
Brown says consolidation is something you should investigate and take seriously
“You consolidate once and you can't consolidate again no matter what happens in the loan industry,” she said. “You only get that consolidation one time.”
Forbearance and deferment can also help during tough times. During a forbearance, you pay only the interest. Deferment has specific requirements but can help alleviate some financial stress.
“Your financial aid office at the school you graduated from is a really good resource to help with those decisions,” said Brown.
In addition to contacting your alma mater's financial aid office, you can find help managing your student loans through the College Foundation of North Carolina.
Source:http://news14.com/content/headlines/596366/paying-off-student-loans/Default.aspx
Saturday, May 31, 2008
Student Loan People resumes accepting applications
The Kentucky Higher Education Student Loan Corp. has resumed accepting applications for student loans having disbursements after July 1, the company announced Thursday.
The corporation, which also is known as The Student Loan People, announced last month that it was suspending its application process as a result of instability in the capital markets.
Edward J. Cunningham, executive director and CEO of The Student Loan People and the Kentucky Higher Education Assistance Authority, said in a news release that the decision was made to resume accepting applications after conversations with U.S. Department of Education officials, who have promised to furnish capital to student loan providers.
The Department of Education has not said how much money it will give each state to help fund their student loan programs.
The Student Loan People "will continue to assess" whether financing will be available to provide loan disbursements between now and July 1, the organization said in the release.
Source:http://www.bizjournals.com/louisville/stories/2008/05/26/daily27.html
The corporation, which also is known as The Student Loan People, announced last month that it was suspending its application process as a result of instability in the capital markets.
Edward J. Cunningham, executive director and CEO of The Student Loan People and the Kentucky Higher Education Assistance Authority, said in a news release that the decision was made to resume accepting applications after conversations with U.S. Department of Education officials, who have promised to furnish capital to student loan providers.
The Department of Education has not said how much money it will give each state to help fund their student loan programs.
The Student Loan People "will continue to assess" whether financing will be available to provide loan disbursements between now and July 1, the organization said in the release.
Source:http://www.bizjournals.com/louisville/stories/2008/05/26/daily27.html
Saturday, May 24, 2008
Bad Credit Student Loans
Many students incur student loans to pursue their educations and ultimately, their career goals. The inability to repay any loan or irregular paying habits results in a bad credit score. It is quite difficult for students with a bad credit to obtain a student loan. A number of financial institutions and lenders offer loans to students with a bad credit at reasonable interest rates. They offer a range of convenient loan repayment plans to suit individual needs. Generally, banks and government loans offer very flexible repayment options. However, bad credit loans come with a high interest rate. Typically, a bad credit student loan differs from other conventional loans in terms of application and eligibility standards.
Among the various types of bad credit student loans, Signature loans are different from other conventional loans. Signature loans are offered totally on the receipt of a signed activation letter. This form of loan does not require a co-signer or a collateral. Signature loans are also known as character loans. The amount of the loan offered, is based on the basis of the borrower's ability to repay the loan. The term for signature loans is generally 5 years. Students can also combine signature loans with Federal Stafford loans for extra financial support. Bad credit signature loans can also improve the credit score of a borrower. As long as the borrower continues to repay his signature loan regularly, his credit score will improve. Borrowers can use signature loans to consolidate their existing debts. Borrowers can select the term of their plan according to their current financial status.
It is important to select a reputed lender or financial institution to obtain student loans. Many schools and colleges offer a list of recommended financial institutions and lenders. Stafford and Plus federal loan programs, are the most popular among students and their parents. It is advisable to conduct a thorough research to find a good deal. Borrowers can compare free quotes on the Internet to get the lowest interest rates.
A borrower can also build up his credit history in advance, to get a student loan at lower rates in the future. This may also increase his chances of getting approved for a traditional educational loan.
Source:http://ezinearticles.com/
Among the various types of bad credit student loans, Signature loans are different from other conventional loans. Signature loans are offered totally on the receipt of a signed activation letter. This form of loan does not require a co-signer or a collateral. Signature loans are also known as character loans. The amount of the loan offered, is based on the basis of the borrower's ability to repay the loan. The term for signature loans is generally 5 years. Students can also combine signature loans with Federal Stafford loans for extra financial support. Bad credit signature loans can also improve the credit score of a borrower. As long as the borrower continues to repay his signature loan regularly, his credit score will improve. Borrowers can use signature loans to consolidate their existing debts. Borrowers can select the term of their plan according to their current financial status.
It is important to select a reputed lender or financial institution to obtain student loans. Many schools and colleges offer a list of recommended financial institutions and lenders. Stafford and Plus federal loan programs, are the most popular among students and their parents. It is advisable to conduct a thorough research to find a good deal. Borrowers can compare free quotes on the Internet to get the lowest interest rates.
A borrower can also build up his credit history in advance, to get a student loan at lower rates in the future. This may also increase his chances of getting approved for a traditional educational loan.
Source:http://ezinearticles.com/
Friday, May 16, 2008
Uganda: Mbarara Dons Appeal for Student Loans
Posted to the web 16 May 2008
LECTURERS at Mbarara University of Science and Technology lecturers have petitioned Parliament to lobby the Government to set up loan schemes for science students. This, they said, would reduce the number of university drop-outs.
Dr. Joramu Kabakyenga, the dean of the Faculty of Medicine, said some students do not complete their courses because of lack of fees.
Kabakyenga was addressing members of the parliamentary committee on science and technology, who toured the university on Wednesday.
William Nokrach said the scheme was a good suggestion but its management and recovery mechanisms were a challenge since some students who complete studies fail to get jobs and others get scholarships and leave the country.
However, Oyet Simon (Mwoya) said the Government had money to fund such schemes only that it had lost focus.
"We need to focus on priorities. Imagine the money that was spent on CHOGM and the Afro-Arab meetings. These students would not be crying for funding if that money financed such projects," he said.
Dorah Mwebesa, the director of the Institute of Computer Science, said the space and teaching facilities were not enough for the students.
Source:http://allafrica.com/stories/200805160052.html
LECTURERS at Mbarara University of Science and Technology lecturers have petitioned Parliament to lobby the Government to set up loan schemes for science students. This, they said, would reduce the number of university drop-outs.
Dr. Joramu Kabakyenga, the dean of the Faculty of Medicine, said some students do not complete their courses because of lack of fees.
Kabakyenga was addressing members of the parliamentary committee on science and technology, who toured the university on Wednesday.
William Nokrach said the scheme was a good suggestion but its management and recovery mechanisms were a challenge since some students who complete studies fail to get jobs and others get scholarships and leave the country.
However, Oyet Simon (Mwoya) said the Government had money to fund such schemes only that it had lost focus.
"We need to focus on priorities. Imagine the money that was spent on CHOGM and the Afro-Arab meetings. These students would not be crying for funding if that money financed such projects," he said.
Dorah Mwebesa, the director of the Institute of Computer Science, said the space and teaching facilities were not enough for the students.
Source:http://allafrica.com/stories/200805160052.html
Tuesday, May 13, 2008
Instant Approval Student Loans - Save Your Precious Time
Introduction
Students are the future of any nation; it's a well known fact. It's your right to be well educated, but all of us know that we can't change our fate. Due to some financial crisis you may face some problem in pursuing your education. But it can't be the hindrance since you are having student loans weapon. You can get advantage of student loans at any time with full force. If you feel short in cash at any time and that's a hindrance in paying your tuition fee then just go for instant approval student loans.
Features of student loans
Student loans are perfectly designed for those students who are interested in studies and with a good aim. The loan amount sanctioned will start from £1,500 and goes up to £40,000; it is an ample amount for completing your course. If you are still in need of money due to some extra needs, loan amount can be increased. The rate of interest are very low, It's around 2.80% for immediate repayment and 2.99% for deferred repayments while 0.25% interest rate reduction for automatic payment. The lenders are available in local market or you can take help of internet. If you are searching for online lenders then there will be less paper work. Just you have to give some formal information and the loan amount will be credited within half an hour to your bank account. So for what you are waiting?
How instant are student loans
There are plenty of lenders who operate online. It is the easiest way to access because all things you have to do through internet. From searching of lenders to filling the forms are to be done online. By using your wit you can grab the best possible deal. Just go through their conditions and criteria and fill some dummy forms. But you should be aware of the hidden conditions of lender. You have to give your or your parents account number so that loan amount can be transferred. All things are to done online and you need not roam around lender for getting your loan amount granted.
Source:http://ezinearticles.com/?Instant-Approval-Student-Loans---Save-Your-Precious-Time&id=989186
Students are the future of any nation; it's a well known fact. It's your right to be well educated, but all of us know that we can't change our fate. Due to some financial crisis you may face some problem in pursuing your education. But it can't be the hindrance since you are having student loans weapon. You can get advantage of student loans at any time with full force. If you feel short in cash at any time and that's a hindrance in paying your tuition fee then just go for instant approval student loans.
Features of student loans
Student loans are perfectly designed for those students who are interested in studies and with a good aim. The loan amount sanctioned will start from £1,500 and goes up to £40,000; it is an ample amount for completing your course. If you are still in need of money due to some extra needs, loan amount can be increased. The rate of interest are very low, It's around 2.80% for immediate repayment and 2.99% for deferred repayments while 0.25% interest rate reduction for automatic payment. The lenders are available in local market or you can take help of internet. If you are searching for online lenders then there will be less paper work. Just you have to give some formal information and the loan amount will be credited within half an hour to your bank account. So for what you are waiting?
How instant are student loans
There are plenty of lenders who operate online. It is the easiest way to access because all things you have to do through internet. From searching of lenders to filling the forms are to be done online. By using your wit you can grab the best possible deal. Just go through their conditions and criteria and fill some dummy forms. But you should be aware of the hidden conditions of lender. You have to give your or your parents account number so that loan amount can be transferred. All things are to done online and you need not roam around lender for getting your loan amount granted.
Source:http://ezinearticles.com/?Instant-Approval-Student-Loans---Save-Your-Precious-Time&id=989186
Sunday, April 20, 2008
Student Loan Default - A Serious Situation That Could Ruin Your Credit
Did you know that to the federal government, defaulting on your student loans is considered almost as serious as not paying your taxes? In today's worrying economic climate, many recent and soon-to-be graduates might be concerned about the possibility of student loan default. Here's the cold hard truth about going into default... and some good news for you if you're already in this situation.
First, it's important to know what student loan default is. You are considered in loan default when you have made no scheduled payments on your student loans for at least 270 days. This applies to anyone whose loans are currently considered in repayment. If your loans are being deferred because you are currently attending school at least half-time, or for any other reason, your loans will not go into default.
Student loan default can come with some pretty hefty penalties. These may include:
a) Serious damage to your credit report. - The negative effect on your credit report created by loan default cannot be underestimated. Even if you've never been in default, the ability you've shown to repay/manage your student loans is one of the first things a loan officer may look at in addition to your credit rating when determining eligibility for a car or home loan.
b) Withholding of wages and other income. - The government may decide to garnish your wages, a certain percentage being withheld from you and going directly to loan payments before the rest of your monthly paycheck reaches you. Other funds such as federal tax returns and lottery winnings can also withheld. Of course, if you win the lottery, paying off student loans should be on the top of your priority list anyway.
c) Professional license and transcript blocks. - If you have earned a professional license, such as a medical, cosmetology, or real estate license, you can be prevented from receiving that license while your loans are in default. An even more common problem is a transcript block. Many jobs available to college grads require that you submit a copy of your college transcripts as a part of the application process. If your loans are in default, the school(s) you've attended are not allowed to release official transcripts to other institutions until the default is resolved.
But the good news is...
For most of us, it's not easy to go into student loan default. No one (the schools, lender banks, guaranty agencies, or the federal government) wants you to go in to default. So you do have options and resources to help you keep that from happening. Some of these are:
a) Deferment and Forbearance - Deferment allows the postponement of payments in cases of economic hardship, re-enrollment in school, or disability. Forbearance is a similar condition which allows for the lowering of minimum monthly payments based on your situation.
b) Alternate payment programs. - Rather than a standard loan repayment schedule, you may choose an income sensitive, graduated, or extended plan. Graduated and income sensitive repayment plans may be a good option for those who are unsure how much they will be earning during their first years out of college or entering into an unstable job market. Extended repayment is an option available to borrowers with more than $30,000 in federal loans. It allows you to repay over a 25-year period, rather than the standard 10 years.
c) Consolidation - Under current federal loan programs you may be eligible to consolidate your student loans. In essence, consolidation involves taking out a new loan with a lender bank or servicer to cover all of your current student loans. This allows you to work with a single lender bank (rather than multiple banks if you took out your student loans through more than one lender), may lower your monthly payments, and opens up whatever new payment options your consolidation lender may offer. Many banks offer consolidation loans, some even marketing them aggressively through mail and phone solicitations. So it's important to approach this option with the attitude of an informed consumer to determine what offers might work best for you.
As always, the first and best resource you have when it comes to managing your student loans are the people who are there to help and work with you. If you've started missing payment, chances are your lender bank is already trying to contact you. It's best though if you speak with your bank's representatives before it reaches that point, and always make sure they have current contact information for you. Also, the financial aid counselors/administrators at your school should be available for you to consult with even after graduation. Repayment is a process that takes place primarily between you and your lender bank, but a school's FA counselor can at least point you in the right direction even if they don't have all of the details you are looking for.
Source:http://ezinearticles.com/
First, it's important to know what student loan default is. You are considered in loan default when you have made no scheduled payments on your student loans for at least 270 days. This applies to anyone whose loans are currently considered in repayment. If your loans are being deferred because you are currently attending school at least half-time, or for any other reason, your loans will not go into default.
Student loan default can come with some pretty hefty penalties. These may include:
a) Serious damage to your credit report. - The negative effect on your credit report created by loan default cannot be underestimated. Even if you've never been in default, the ability you've shown to repay/manage your student loans is one of the first things a loan officer may look at in addition to your credit rating when determining eligibility for a car or home loan.
b) Withholding of wages and other income. - The government may decide to garnish your wages, a certain percentage being withheld from you and going directly to loan payments before the rest of your monthly paycheck reaches you. Other funds such as federal tax returns and lottery winnings can also withheld. Of course, if you win the lottery, paying off student loans should be on the top of your priority list anyway.
c) Professional license and transcript blocks. - If you have earned a professional license, such as a medical, cosmetology, or real estate license, you can be prevented from receiving that license while your loans are in default. An even more common problem is a transcript block. Many jobs available to college grads require that you submit a copy of your college transcripts as a part of the application process. If your loans are in default, the school(s) you've attended are not allowed to release official transcripts to other institutions until the default is resolved.
But the good news is...
For most of us, it's not easy to go into student loan default. No one (the schools, lender banks, guaranty agencies, or the federal government) wants you to go in to default. So you do have options and resources to help you keep that from happening. Some of these are:
a) Deferment and Forbearance - Deferment allows the postponement of payments in cases of economic hardship, re-enrollment in school, or disability. Forbearance is a similar condition which allows for the lowering of minimum monthly payments based on your situation.
b) Alternate payment programs. - Rather than a standard loan repayment schedule, you may choose an income sensitive, graduated, or extended plan. Graduated and income sensitive repayment plans may be a good option for those who are unsure how much they will be earning during their first years out of college or entering into an unstable job market. Extended repayment is an option available to borrowers with more than $30,000 in federal loans. It allows you to repay over a 25-year period, rather than the standard 10 years.
c) Consolidation - Under current federal loan programs you may be eligible to consolidate your student loans. In essence, consolidation involves taking out a new loan with a lender bank or servicer to cover all of your current student loans. This allows you to work with a single lender bank (rather than multiple banks if you took out your student loans through more than one lender), may lower your monthly payments, and opens up whatever new payment options your consolidation lender may offer. Many banks offer consolidation loans, some even marketing them aggressively through mail and phone solicitations. So it's important to approach this option with the attitude of an informed consumer to determine what offers might work best for you.
As always, the first and best resource you have when it comes to managing your student loans are the people who are there to help and work with you. If you've started missing payment, chances are your lender bank is already trying to contact you. It's best though if you speak with your bank's representatives before it reaches that point, and always make sure they have current contact information for you. Also, the financial aid counselors/administrators at your school should be available for you to consult with even after graduation. Repayment is a process that takes place primarily between you and your lender bank, but a school's FA counselor can at least point you in the right direction even if they don't have all of the details you are looking for.
Source:http://ezinearticles.com/
Monday, April 14, 2008
Affordable Student Loans Need a Deferment Period
Going to college takes a bunch of money these days! Invariably, most students end up with an amount due after their graduation and this amount will be more than the original borrowed amount. This is due to the fact many student loan include a deferment period. After all, how affordable would a student loan be if the student had to come up with monthly payments while he was in college?
This article talks about the student loan deferments and how they affect the bottom line. Namely, how much the student will be liable for after his education.
What is a deferment period?
When student loans are made, the first payment will not be due until after graduation or until the student quits school. This means the student can spend 4 years in college, graduate, get a job and then start paying back the loan.
One aspect of this type of loan that cannot be overlooked is during the deferment period the loan is accumulating interest. This means a loan of $20,000 can become $30,000 by the time the student starts to pay it off. This is a dirty deal, but it comes under the heading, "there is no such thing as a free lunch."
The difference between a straight loan and a deferred one
Let's look at how this works. If a person takes out a regular loan for $20,000 at 7% for 7 years, or 84 payments, and he is going to start paying on the first month, his payment will be $301.85 each month.
If a person takes out a deferred student loan for $20,000 at 7% for 7 years, or 84 payments, but the first payment isn't due for 4 years, the total amount owed will have become 2,6441.08 by the time the first payment is due and the monthly payment will be $399.07. So, this is another wrinkle the student has to contend with to get that ever-important sheepskin.
It is important to get an accurate idea what the payments will be after graduation, you have to use a student loan calculator that includes an entry for the deferment period or else you won't be getting the actual amount owed or monthly payment due when the payback period begins.
Another example
Let's take another example. The student gets a loan for $35,000, which has a 10-year payoff period. The payments start after a 4 years and the interest rate is 7%. Here's the way the numbers look for this loan. When the payments come due the total loan will have ballooned to $46,271.89 and the payment will be $537.26.
Now let's complicate things a little more. The student may have to take a separate loan for each of the years he is in school. The lender may allow different deferment periods for each loan. So, he may end up with $20,000 deferred for 4 years, $20,000 deferred for 3 years, $20,000 deferred for 2 years and well, you get the idea.
In short, when dealing with student loans, don't forget the deferment aspect to it. It can make a huge difference in the final numbers.
Source:http://ezinearticles.com/
This article talks about the student loan deferments and how they affect the bottom line. Namely, how much the student will be liable for after his education.
What is a deferment period?
When student loans are made, the first payment will not be due until after graduation or until the student quits school. This means the student can spend 4 years in college, graduate, get a job and then start paying back the loan.
One aspect of this type of loan that cannot be overlooked is during the deferment period the loan is accumulating interest. This means a loan of $20,000 can become $30,000 by the time the student starts to pay it off. This is a dirty deal, but it comes under the heading, "there is no such thing as a free lunch."
The difference between a straight loan and a deferred one
Let's look at how this works. If a person takes out a regular loan for $20,000 at 7% for 7 years, or 84 payments, and he is going to start paying on the first month, his payment will be $301.85 each month.
If a person takes out a deferred student loan for $20,000 at 7% for 7 years, or 84 payments, but the first payment isn't due for 4 years, the total amount owed will have become 2,6441.08 by the time the first payment is due and the monthly payment will be $399.07. So, this is another wrinkle the student has to contend with to get that ever-important sheepskin.
It is important to get an accurate idea what the payments will be after graduation, you have to use a student loan calculator that includes an entry for the deferment period or else you won't be getting the actual amount owed or monthly payment due when the payback period begins.
Another example
Let's take another example. The student gets a loan for $35,000, which has a 10-year payoff period. The payments start after a 4 years and the interest rate is 7%. Here's the way the numbers look for this loan. When the payments come due the total loan will have ballooned to $46,271.89 and the payment will be $537.26.
Now let's complicate things a little more. The student may have to take a separate loan for each of the years he is in school. The lender may allow different deferment periods for each loan. So, he may end up with $20,000 deferred for 4 years, $20,000 deferred for 3 years, $20,000 deferred for 2 years and well, you get the idea.
In short, when dealing with student loans, don't forget the deferment aspect to it. It can make a huge difference in the final numbers.
Source:http://ezinearticles.com/
Wednesday, April 9, 2008
Bad Credit Student Loans - A Boon for Students With a Bad Credit
Bad credit student loans allocate loans for the higher education of students despite of an applicant's bad credit. They can be availed by the parents or the guardians on behalf of the students, if they think they have a better credit history. With the help of these loans, students pay their tuition fee and other expenses accrued on the studies or charges like hostel, food and lodging etc.
It is bisected into secured and unsecured and is released against a reasonable rate of interest. In secured bad credit student loans the borrower needs to deposit collateral against the loan amount applied for, whereas in an unsecured type the borrower is free from keeping any security.
Availability
Usually lenders take the tag of bad credit in a negative sense and refrain from providing financial assistance. But it is easily available online. It helps the applicants to get all the information as well as terms and conditions inhibited regarding loans in an easy and comfortable manner. The only requirement is to get a copy of your credit report. If any mistake is marked in it, get it rectified. On the basis of these credit scores, lenders provide bad credit loans to the students.
Bad credit student loans can be accessed by every means i.e. with or without collateral as it is designed with intensions to help the students. For best deal of loans, you can offer any of your assets to serve as collateral. Before opting for it the borrower must evaluate the entire cost of education and the other liabilities.
Benefits
• The loan is offered to the borrower at lower interest rates and easy pay back in small monthly installments.
• The borrower availing the loan also gets the benefit of repaying the loan after the course has been completed when he is capable of landing up with a job.
• The tag of bad credit can also be improved by the timely repayment of the loans.
• With bad credit student loans you can pay of your previous dues or debts.
Source:http://ezinearticles.com/?Bad-Credit-Student-Loans---A-Boon-for-Students-With-a-Bad-Credit&id=1068705
It is bisected into secured and unsecured and is released against a reasonable rate of interest. In secured bad credit student loans the borrower needs to deposit collateral against the loan amount applied for, whereas in an unsecured type the borrower is free from keeping any security.
Availability
Usually lenders take the tag of bad credit in a negative sense and refrain from providing financial assistance. But it is easily available online. It helps the applicants to get all the information as well as terms and conditions inhibited regarding loans in an easy and comfortable manner. The only requirement is to get a copy of your credit report. If any mistake is marked in it, get it rectified. On the basis of these credit scores, lenders provide bad credit loans to the students.
Bad credit student loans can be accessed by every means i.e. with or without collateral as it is designed with intensions to help the students. For best deal of loans, you can offer any of your assets to serve as collateral. Before opting for it the borrower must evaluate the entire cost of education and the other liabilities.
Benefits
• The loan is offered to the borrower at lower interest rates and easy pay back in small monthly installments.
• The borrower availing the loan also gets the benefit of repaying the loan after the course has been completed when he is capable of landing up with a job.
• The tag of bad credit can also be improved by the timely repayment of the loans.
• With bad credit student loans you can pay of your previous dues or debts.
Source:http://ezinearticles.com/?Bad-Credit-Student-Loans---A-Boon-for-Students-With-a-Bad-Credit&id=1068705
Friday, March 28, 2008
Top Types of Student Loan Consolidation
In today’s society, the rising cost of higher education can be often lead to financial hardship and stress for students who’s debt is rising with no hope in sight.
The pressure of completing course studies and hold down a job can be overwhelming for anyone.
Often, the student will contemplate dropping out of school rather than continue accruing more debt.
For those who need the assistance, there is student loan consolidation. What this means is that all of you student bills can be consolidated into one thereby making repayment a lot easier.
When you are considering Student loan consolidation, it is important that you research your option thoroughly. There are four different types of consolidation loans that may be right for you. A standard student loan consolidation consists of a fixed interest rate and repayment is over a period of ten years. This type of loan is best for students who know that they can pay a fixed amount each month for the repayment period. Another type of student loan consolidation is called an extended payment plan. This type of consolidation loan is similar to a standard consolidation. The only difference is that the extended payment plan offers a longer repayment period. This type of loan will offer up to thirty years to repay the consolidation loan.
For those students who have employment and attend school. The graduated payment plan is right for them. This type of loan is designed especially for students who can start the repayment process immediately after graduation. The payments start out very low and steadily increase every two years. The reason being that in the world of business, raises and promotions occur frequently. The repayment process for a graduated loan can be anywhere from fifteen to thirty years. A contingent plan is a very complicated student loan consolidation. It involves collecting financial information from the student and his or her family to determine what the amount of repayment should be. This type of loan is chosen only when the student does not qualify for any other type of student loan consolidation. When you are considering student loan consolidation, it is necessary to research all of your option to find the right loan for you. This will greatly assist you in not only being able to repay your student loans, but also assist you in paying all of your current bills also.
Source:http://ezinearticles.com/?Top-Types-of-Student-Loan-Consolidation&id=435044
The pressure of completing course studies and hold down a job can be overwhelming for anyone.
Often, the student will contemplate dropping out of school rather than continue accruing more debt.
For those who need the assistance, there is student loan consolidation. What this means is that all of you student bills can be consolidated into one thereby making repayment a lot easier.
When you are considering Student loan consolidation, it is important that you research your option thoroughly. There are four different types of consolidation loans that may be right for you. A standard student loan consolidation consists of a fixed interest rate and repayment is over a period of ten years. This type of loan is best for students who know that they can pay a fixed amount each month for the repayment period. Another type of student loan consolidation is called an extended payment plan. This type of consolidation loan is similar to a standard consolidation. The only difference is that the extended payment plan offers a longer repayment period. This type of loan will offer up to thirty years to repay the consolidation loan.
For those students who have employment and attend school. The graduated payment plan is right for them. This type of loan is designed especially for students who can start the repayment process immediately after graduation. The payments start out very low and steadily increase every two years. The reason being that in the world of business, raises and promotions occur frequently. The repayment process for a graduated loan can be anywhere from fifteen to thirty years. A contingent plan is a very complicated student loan consolidation. It involves collecting financial information from the student and his or her family to determine what the amount of repayment should be. This type of loan is chosen only when the student does not qualify for any other type of student loan consolidation. When you are considering student loan consolidation, it is necessary to research all of your option to find the right loan for you. This will greatly assist you in not only being able to repay your student loans, but also assist you in paying all of your current bills also.
Source:http://ezinearticles.com/?Top-Types-of-Student-Loan-Consolidation&id=435044
Monday, March 24, 2008
Bad Credit Private Student Loans - Helping You Study Well
Is your record of making faults towards payment of old loans is creating hindrance in your way of pursuing higher education? The expenditure of education is soaring higher every year. Therefore, taking a loan for higher studies has become inevitable. But what about those people who are suffering from the blemished history? Bad credit private student loans are basically designed for those students, who are not fortunate enough to find scholarships.
These loans are provided to the borrowers, who have late payments, arrears or defaults in their names. These are most flexible loans when it comes to repayment of the loan amount. The rate of interest is usually higher, as compared to any other loan. Usually, with other loans, your credit record holds utmost importance. But with bad credit private student loans, you can get approved in spite of the blemished record. All you need to do is search properly to find the best rates.
Preliminaries
One thing that needs consideration is the loan amount . Always borrow up to a limit, which you require and can repay easily. First of all, calculate the loan amount; you may need for your educational purpose. It may include text books expenses, hostel charges, tuition fees etc. You can make a list of expenditures and try to find more than one source of income. Take due care of expenses by keeping it as low as possible.
Specifications
The repayment term for bad credit private student loans is usually up to 20 years. If you are planning to extend the term of repayment, it might affect rates of interest. So, think twice before planning any such thing. You should consolidate your debts before applying for the loans. To improve your rating, you need to have discipline and control over your finances. Search through various online sources for bad credit private student loans. Compare the various quotes and crack the best deal.
Source:http://ezinearticles.com/?Bad-Credit-Private-Student-Loans---Helping-You-Study-Well&id=1009358
These loans are provided to the borrowers, who have late payments, arrears or defaults in their names. These are most flexible loans when it comes to repayment of the loan amount. The rate of interest is usually higher, as compared to any other loan. Usually, with other loans, your credit record holds utmost importance. But with bad credit private student loans, you can get approved in spite of the blemished record. All you need to do is search properly to find the best rates.
Preliminaries
One thing that needs consideration is the loan amount . Always borrow up to a limit, which you require and can repay easily. First of all, calculate the loan amount; you may need for your educational purpose. It may include text books expenses, hostel charges, tuition fees etc. You can make a list of expenditures and try to find more than one source of income. Take due care of expenses by keeping it as low as possible.
Specifications
The repayment term for bad credit private student loans is usually up to 20 years. If you are planning to extend the term of repayment, it might affect rates of interest. So, think twice before planning any such thing. You should consolidate your debts before applying for the loans. To improve your rating, you need to have discipline and control over your finances. Search through various online sources for bad credit private student loans. Compare the various quotes and crack the best deal.
Source:http://ezinearticles.com/?Bad-Credit-Private-Student-Loans---Helping-You-Study-Well&id=1009358
Monday, March 17, 2008
Bad Credit Student Loan - What To Do If You Need One
Are you concerned that bad credit will prevent you from going to college? While it is true that finding student loans with excellent interest rates is easier if you have a sterling credit rating, bad credit student loan aid is possible. For example, the most popular US Department of Education loan, the Stafford loan, assumes that most applicants will be going to college straight from high school, and will not have a credit rating yet. Therefore, Stafford loans do not even consider the credit rating a factor when it comes to qualifications. The same holds true for Perkins loans, which are federal loans designated for the neediest students. The only reason bad credit would interfere with these kinds of student loans are if you have defaulted on a federally granted student loan in the past.
Bad credit student loans are also possible if your parents have better credit than you do. In this case, a PLUS loan, which is granted to parents and not to the student, might be the way to go. US Department of Education student loans (like Stafford and Perkins loans) assume that the parents will pay for a certain amount of their children’s schooling; PLUS loans are intended to cover the amount that the parent is obligated to contribute toward college costs.
Federal funding is a good choice for a bad credit student loan because they are specifically designed to help make college more accessible; therefore, their requirements are much looser than those of most banks and other lending companies. However, if you are unable to secure a US Department of Education student loan, you may need to turn to private loans. If you are planning to graduate in a field with a high earnings potential, like law or medicine, you might have a better chance of receiving a bad credit student loan from private lenders.
None of these choices are either/or possibilities, by the way. You may be able to put together enough money to finance college through a combination of any or all of the above types of loans. Moreover, even if your bad credit student loan is at a very high interest rate, all is not lost. Many student loans defer payment until you have finished college, giving you time to improve your credit rating. At that point, you might want to look into ways to consolidate your student loan at a better rate, lowering your payments to a more affordable level.
Source:http://ezinearticles.com/
Bad credit student loans are also possible if your parents have better credit than you do. In this case, a PLUS loan, which is granted to parents and not to the student, might be the way to go. US Department of Education student loans (like Stafford and Perkins loans) assume that the parents will pay for a certain amount of their children’s schooling; PLUS loans are intended to cover the amount that the parent is obligated to contribute toward college costs.
Federal funding is a good choice for a bad credit student loan because they are specifically designed to help make college more accessible; therefore, their requirements are much looser than those of most banks and other lending companies. However, if you are unable to secure a US Department of Education student loan, you may need to turn to private loans. If you are planning to graduate in a field with a high earnings potential, like law or medicine, you might have a better chance of receiving a bad credit student loan from private lenders.
None of these choices are either/or possibilities, by the way. You may be able to put together enough money to finance college through a combination of any or all of the above types of loans. Moreover, even if your bad credit student loan is at a very high interest rate, all is not lost. Many student loans defer payment until you have finished college, giving you time to improve your credit rating. At that point, you might want to look into ways to consolidate your student loan at a better rate, lowering your payments to a more affordable level.
Source:http://ezinearticles.com/
Subscribe to:
Posts (Atom)