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Tuesday, 31 July 2012

student loan

Why Student Loan Consolidation?

Due to the rising cost of higher education, a large number of students have been forced to finance their education by getting student or education loans. While student loans are easy to get and come with the cheapest rates of interest, paying them off is not so easy for the vast majority of students who find themselves facing mountains of student loan debt.

People generally find it tough to pay back student loans because the loan installments are not calculated keeping in mind other types of student loan debt. Most students also accumulate a number of other loans like huge credit card bills and car loan, which also require financing upon graduation. The best way of getting out of this kind of debt trap is to go in for student loan consolidation. A student loan consolidation program can be a lifesaver for a student and can totally turnaround a negative student loan debt situation to one of good fortune.

There is no logical reason not to seek out student loan consolidation. By finding a student loan consolidation program that meets their personal student loan debt needs, students can avoid defaulting on payments which will leave a permanent red mark on life long credit history. This would make it difficult to get any kind of financing when necessary in the future. On the other hand, by undertaking student loan consolidation, there is the opportunity to easily reduce student loan debt or in some cases eliminate the student loan debt while obviously at the same time streamlining finances and budget. Most student loan consolidation programs also offer credit counseling, which will help you in managing your finances wisely in the future.

The student loan consolidation company pays off all of the student loan debt. This means that the student loan consolidation program payment will be the only payment obligation and can be paid off in easy monthly installments. Students have the option to pay back student loan consolidation charges over a period ten to thirty years. With student loan consolidation, student loan debt has been reduced or eliminated with future obligations becoming due at a time when more earning power is likely.



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Saturday, 28 July 2012

Apply for a loan - Students Aid

Students Loans Refinancing

Student loans refinancing is an aid needed by students who have some problems paying their Student loan on time. A student may consider refinancing student loans when he/she cannot handles payments with multiple loans. Multiple loans can be described as multiple interest rates. By refinancing student loans, students may be able to consolidate their multiple loan payments into one low interest rate. That is why, student may save thousands of dollar by refinancing their loans. Keep in your mind that many lenders will ask for credit report when someone applying for student loans refinancing. A student will be able to qualify if he/she has a good and valid credit report. Student can submit the application through banks or credit lenders.

A student loan is designed to help students pay for university tuition, books, and living expenses. It may differ from other types of loans in that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in education. It also differs in many countries in the strict laws regulating re-negotiating and bankruptcy.


Tertiary student places in Australia are usually funded through the HECS-HELP scheme. This funding is in the form of loans that are not normal debts. They are repaid over time via a supplementary tax, using a sliding scale based on taxable income. As a consequence, loan repayments are only made when the former student has income to support the repayments. The debt does not attract normal interest, but grows with CPI inflation. Discounts are available for early repayment. The scheme is available to citizens and permanent humanitarian visa holders. Means-tested scholarships for living expenses are also available. Special assistance is available to indigenous students.

There has been criticism that the HECS-HELP scheme creates an incentive for people to leave the country after graduation, because those who do not file an Australian tax return do not make any repayments.

United Kingdom

Student loans in the United Kingdom are primarily provided by the state-owned Student Loans Company. Interest begins to accumulate on each loan payment as soon as the student receives it, but repayment is not required until the start of the next tax year after the student completes (or abandons) their education.
Since 1998, repayments have been collected by HMRC via the tax system, and are calculated based on the borrower's current level of income. If the borrower's income is below a certain threshold (£15,000 per tax year for 2011/2012), no repayments are required, though interest continues to accumulate.
Loans are cancelled if the borrower dies or becomes permanently unable to work. Depending on when the loan was taken out and which part of the UK the borrower is from, they may also be cancelled after a certain period of time, or when the borrower reaches a certain age.

United States

In the United States, there are two types of student loans: federal loans sponsored by the federal government and private student loans.[2] [3] The overwhelming majority of student loans are federal loans.[2] Federal loans can be "subsidized" or "unsubsidized". Interest does not accrue on subsidized loans while the students are in school. Student loans may be offered as part of a total financial aid package that may also include grants, scholarships, and/or work study opportunities.
Prior to 2010, federal loans were also divided between direct loans--originated and funded by the federal government--and guaranteed loans, originated and held by private lenders but guaranteed by the government. The guaranteed lending program was eliminated in 2010 because of a widespread perception that the government guarantees boosted student lending companies' profits but did not benefit students by reducing student loan costs.

Federal Student loans are generally less expensive than private student loans. However, the federal student lending program still generates billions of dollars in profit for the government each year, because the interest payments exceed the government's own borrowing costs, loan losses, and administrative costs. Losses on student loans are extremely low, even when students default, in part because these loans cannot be discharged in bankruptcy unless repaying the loan would create an "undue hardship" for the student borrower and his or her dependents.

Income-Based Repayment

The Income-Based Repayment plan is an alternative to paying back student loans, which allow the borrower to pay back the loan based on how much he/she makes, and not based how much money is actually owed.
IBR plans generally cap loan payments at 10 percent of the student borrower's income. Interest accrues and the balance continues to build. However, after a certain number of years, the balance of the loan is forgiven. This period is 10 years if the student borrower works in the public sector (government or a nonprofit) and 25 years if the student works at a for-profit. Debt forgiveness is treated as taxable income.

Scholars have criticized IBR plans on the grounds that they create moral hazard and suffer from adverse selection. That is, IBR may encourage student borrowers who could have obtained high-wage jobs to take low wage jobs with good benefits and minimal work hours to reduce their loan payments, thereby driving up the cost of the IBR program. And, if IBR programs are optional, only students who expect to have low wages will opt into the program. Historically, a number of IBR programs have collapsed because of these problems.

Most college students in the United States qualify for federal student loans. Students can borrow the same amount of money, at the same price, regardless of their own income or their parents income, regardless of their expected future income, regardless of their credit history. Only students who have defaulted on federal student loans or have been convicted of drug offenses are excluded.
The amount students can borrow each year depends on their education level (undergraduate or graduate), and their status as dependent or independent. Undergraduates may receive lower interest rates than graduate students, but graduate students can typically borrow more per year.

Private lenders may use different underwriting criteria, including income level, parents' income level, and other financial considerations. Students will generally only borrow from private lenders when they exhaust the maximum borrowing limit under federal loans. Several scholars have advocated eliminating the borrowing limit on federal loans and enabling students to borrow according to their needs (tuition plus living expenses) and thereby eliminating high-cost private loans.


Federal student loan interest rates are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the interest rates are established by Congress, interest rates are a political decision. The federal student loan program currently runs a multibillion dollar "negative subsidy", or profit, for the federal government. Some scholars have suggested that federal student loan interest rates should be tailored to particular courses of study and reflect the riskiness of those different courses of study. They have also suggested that the program should be run at cost, or below cost, because of the benefits and educated workforce provides to society--lower burdens on public services, lower health costs, higher wages and tax revenues, lower unemployment.

Repayment typically begins anywhere from six to twelve months after a student leaves school, regardless of whether or not they complete their degree program. In some cases, repayment begins if course load drops to half time or less, so it is important to check the exact terms and conditions of any student loan.
The student may have multiple options for extending the repayment period, although an extension of the loan term will likely reduce the monthly payment, it will also increase the amount of total interest paid on the principle balance during the life of the loan. Extension options include extended payment periods offered by the original lender and federal loan consolidation. There are also other extension options including income sensitive repayment plans and hardship deferments. Extensions and consolidation will also add to the principal, many times unpaid interest and penalties become capitalized.

The Master Promissory Note is an agreement between the lender and the borrower that promises to repay the loan. It is a binding legal contract.


In coverage through established media outlets, many borrowers have expressed feelings of victimization by the student loan corporations.There is a comparison between these accounts and the college credit card trend in America during the 2000s, though the amounts owed by students on their student loans are almost always higher than the amount owed on credit cards.Many anecdotal accounts of the hardships caused by excessive student loan debt levels are chronicled by the organization Student Loan Justice which is founded and led by consumer rights advocate and author Alan Collinge.

There are many documented cases of Americans committing extreme actions because of large student loan balances. This seems particularly true in the case of private loan balances.After the passage of the bankruptcy reform bill of 2005, even private student loans are not discharged during bankruptcy. This provided a credit risk free loan for the lender, averaging 7 percent a year.

The biggest lenders, Sallie Mae and Nelnet, are frequently criticized by borrowers. These lenders often find themselves embroiled in lawsuits, the most serious of which was filed in 2007. The false claims suit was filed on behalf of the federal government by former Department of Education researcher Jon Oberg against Sallie Mae, Nelnet, and other lenders. Oberg argued that the lenders overcharged the U.S. government and defrauded taxpayers of millions and millions of dollars. In August 2010, Nelnet settled the lawsuit and paid $55 million.

The New York Times published an editorial in August 2011 endorsing the return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions.

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Thursday, 26 July 2012

Student loans : Education and learning

Federal Student Loan Consolidation Programs: What Factors Need To Be Known

When it comes to handling the cost of education, there are a lot of finance options available to college-goers. Amongst the favorites are federal loans to help cover the payment of tuition and living expenses. But over the course of their studies, students take on more than one loan leaving them with large debts by graduation. But federal student loan consolidation programs can alleviate that pressure.

As with all forms of debt, there is an art to effectively managing college debt, which comes down to careful planning. But in order to fully benefit from a consolidation program, it is necessary to meet a set criteria, so when it comes to federal programs, not just anyone can get one.

The reason is that such funding is reserved for those who need it most, whereas private consolidation loans can be availed by those who simply need to restructure their spending. Student loans sponsored or issued by a federal government are different. But there are other factors that must be kept in mind too.

Conditions for Federal Consolidation

The critical point is that federal student loan consolidation programs are designed specifically for students who have received funding from their federal government. For this reason, no privately issued loans are applicable to the program. This includes bank loans, credit union loans, any loans secured from family members, and company loans.

There are private consolidation loans available from traditional lenders, so managing college debt accrued from private loans is not a problem. But the terms of private and public loans are quite different. Federal financial aid is available at lower interest rates than those from traditional lenders, and any attempt to mix the two in one consolidation plan will see that advantage lost.

However, student loans that have been secured from a public source can still boast such benefits even after consolidation. One of the biggest advantages is the fact that no credit checks are undertaken by the lender.

The Advantage of No Credit Checks

Identifying the advantages of no credit checks when applying for federal student loan consolidation is not hard to do. For any borrower who is struggling to meet repayments, bad credit scores are practically a certainty. And in most cases, this would mean a higher rate of interest charged by lenders, thus making a consolidation loan potentially more troublesome than helpful.

Consolidation programs that are either issued by or supported by federal governments are not affected by the credit rating, therefore making the need to check the score of an application obsolete. Instead, applicants are charged one low and affordable rate of interest, so that managing college debt becomes as stress-free as possible.

But that is not to say that handing debt in this way makes everything easy. The simple fact is that student loans must be repaid, whether federal or private, so ultimately there is a responsibility to keep up repayments.

Conditions to Consider

There are several conditions to getting federal student loan consolidation which every applicant needs to be aware of. Firstly, to be recognized as being in need of assistance, a student must be in the process of repaying a loan, though deferment of payments or being in a period of grace are acceptable too. It is also possible for parents of students to avail of the loan, if the loans are in the name of the parents.

Managing college debts not simple, but is definitely made simpler through the consolidation process. This is because of their lower monthly repayment sum, but this is only achieved by lengthening the term of the debt - for example, from 20 years to 30 years. So, in effect, the interest actually paid is higher than that paid on regular student loans. This is an acceptable compromise when faced with immediate financial ruin.

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Wednesday, 25 July 2012

How To Apply For Student Loans?

How To Apply For Student Loans?

Applying for a student loan would seem to be an overwhelming and complicated process unless it is completely understood. It is easier to make the process simpler and straightforward by just breaking the entire application procedure into three broad categories that include understanding one's financial needs, applying for student loans and presenting the eligibility report to the desired school. With the advent of technology, student loan application procedure has become even faster and more convenient. A student needs to just submit an online application form available on the internet.
The first step in the application process is to have a proper estimate about how much finances would be required to complete the education. This estimate should include the tuition fees, living expenses, books, food and other miscellaneous expenses. There are various online tools such as Ed-Loans Wizard that could help in finding the exact estimate. Online sites also have tools like Education Loan Marketplace that help in comparing education costs of different schools.
The next step is the application procedure. Depending on the needs, a student could apply for a variety of federal and private student loans. Federal loans include Stafford loans, Perkins Loans, and PLUS loans for parents. Even private lenders offer a variety of loans aimed for different phases of education. Stafford loans are the most convenient and popular loans. Most of the students start with Stafford loans when applying for undergraduate and graduate student loans. All the federal loans have a single application called FAFSA that needs to be filled online.
Once the FAFSA form is filled, the loan application is processed. At the end of processing, the student in provided with a Student Aid Report (SAR) containing information about the amount of federally backed funding that the student is eligible for. This SAR has to be presented to the desired school so as to get the college acceptance letter.

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