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Refinance Student Loans – Is It The Way To Go?

August 27, 2011

Refinance Student Loans Information

If you have been looking to refinance student loans that you have accumulated, it CAN be a great way to lower your monthly total in what you pay each month on your payment plan. This is the main overview of what it can do for you, but there is a lot more encompasses the refinance student loans subject which will be explained in the following information so you can choose whether you want to refinance or if it would hinder you to do so, as it can go both ways.

Refinance Student Loans

Refinance Student Loans – Overview

When one chooses to refinance student loans, which can be one with both federal and private loans, what they are basically doing is consolidating their loans into one loan payment or basically paying a monthly debt payment to one program. This is all made possible by the cosolidation company paying off all of your loans, and forming their own program in which you now just pay money to them. To give you a feel for what happens when you refinance student loans, here is a list of details that encompass the process and how it can both benefit you as well as provide negative aspects:

  • If you refinance student loans, you can reduce your monthly payment by up to 60 percent. This is great but what happens is that what happens is that the life span of your loan increases when your refinances student loans because in order to provide you with lower monthly payments, they must extend the years it will take to pay off, meaning that you will be paying more monthly payments which means that you will pay a lot more in interest. Now this can also be a good thing if you are stuck in a financially tough position, and need lower payments, but it can end up costing you more in the long run becuase of the interest.
  • This can also work to your advantage if you took out a loan which has a very high interest rate like a private loan, or one through a credit card which tend to have ridiculously high interest rates. Consolidation companies are known for providing low interest rates which can save you a lot of money if you had a loan with high interest. Then again, if you refinance student loans that have low interest, you may end up paying more in interest by refinancing.

Other Refinance Student Loans Tips

  • The main thing to remember when looking to refinance student loans that you have is to do it at a time where interest percentages are low becuase when your sign with a consolidation company, they all have fixed interest rates, so even if the average interest rate goes up, you will still pay on the lower interest rate that you were required to pay when your first started the refinancing process on your student loans.
  • If you choose to refinance student loans, you will get more favorable interest rates if you can manage to do so in the 6 month time period that loan programs give you before you have to start paying them back.

Refinance Student Loans – Conclusion

Now that you know a majority of what encompasses refinancing student loans, what should you do now? Well the best thing for you to do is meet with lenders, or essentially shop around, or browse the internet to find the best terms and interest options. Hopefully this provided you with enough information to make yourself familiar with what refinance student loans subject is all about, and all the best on your consolidation if you choose to do so.

Iowa Student Loans – All about the Iowa Student Loan Program

August 26, 2011

Iowa Student Loans

If you live in Iowa and are looking for help with tuition costs, then Iowa Student Loans can no doubt assist you with this process. If you are not familiar with who they are, Iowa Student Loans is a non profit private loan lender who is there to assist Iowa residence in getting money to use for their schooling. They were established in 1979 and have grown to now managaing over 3.5 billion dollars in loans anually. To get your even more familiar with them, the information below will expand even more on Iowa Student Loans explaining all the loan programs and the process in which they take to get the best loan for you.

Iowa Student Loans

Iowa Student Loans – Overview & Loan Programs

Basically what encompasses the Iowa Student Loans organization is both federal and private loans and are offered to their applicants as way to meet the financial needs of whatever you other financial aid, like grants, scholarships, family help, isn’t covering. When it comes to the Iowa Student Loans federal loan options, which they encourage you to pick first because of the affordablility and better repayment options, there are 4 different options that can help all differnt types of students. The 4 are:

  1. The Federal Perkins Loan
  2. The Federal Stafford Loan which has the option of subsidized, or based on financial need, or unsubsidized which is not based on financial need.
  3. Direct PLUS Loan
  4. Direct PLUS Loan option is also available to graduate students as well as students who are seeking a professional degree.

As far as the private loans go with Iowa Student Loans, they currently have 2 different options to choose from:

  1. The Partnership Advance Student Loan – This one comes with fixed rates and doesn’t require that you start paying it back until 6 months after school is over, and comes in three different forms. This option allows you to take out up to 80,000 dollars for school.
  2. Iowa Alliance Private Student Loan – Doesn’t require a co-signer and has an annual APR rate of 9.82 percent

Iowa Student Loans – Getting The Right One for YOU

If you go through Iowa Student Loans, they have a program that figures out the best program for you which is figured out by caluclating 5 different categories which are :

  1. Determining your need which will be calculated by figuring out how much your education will cost for the school you want to attend as well as factoring any other financial aid that you are receving not in the form of loans.
  2. The second step of the Iowa Student Loans process is to apply for a personal identification number, which will make the process of applying much easier for everyone. If you are taking out a loan with the help of a parent, they will need to get a PIN number as well.
  3. You will then fill out a Free Application for Federal Student Aid (FAFSA) which will determine which programs you are eligible for.
  4. The next step is the review of results.
  5. The last step of the Iowa Student Loans process is the review of the reward letter, where you will view see which financal aid programs you are eligible for.

If you like what you have seen here, and want to contact Iowa Student Loans to see what they can do for your financial aid needs, they can be contact by phone which is toll free through their customer service branch at: 1 -800-243-7552.

 

How To Pay Off Student Loans FAST – 9 Methods

August 26, 2011

How To Pay Off Student Loans Fast

If you are looking for how to pay off student loans methods that will enable you to get your debt wiped clean way faster than normal, we’ve go you covered. Below will be 7 different methods that all show you how to pay off student loans faster than you every may have thought possible.

Pay Off Student Loans

How To Pay Off Student Loans – 7 ways

  1. The first way that we will suggest when it  comes to how to pay off student loans fast is to keep living like you are in college. Budget shopping has been done by all of us in college and is a great way to save money, a lot more than when you were in college because now you have a monthly check coming in from you job, allowing you to live like a student but earn career income.
  2. With many loan options out there, there the grace period as you might know, which allows you a 6 month timeframe where you don’t have to pay. Do not wait until the 6 month timeframe is up. Right when you are done with college, start paying your student loan payments from day one.
  3. If you can, pay more than the minimum. Student loan debt programs, or any debt programs for that matter, want to keep you around for as long as they can by giving low monthly payments, but you end up paying a lot more in interest. If you can double up, or even add an extra 30 dollars each month, you will be able to pay off student loans faster. While were on the subject, you should try to pick the shortest repayment plan available.
  4. Another remedy to your how to pay off student loans quicker is to negotiate your the offer you get on your first job. Also, you should wait it out, if possible and not hop on the first job you get, try to find one that pays a little more, say 1500 more, so then you can pay off your debt with that extra 1500.
  5. Another way when it comes to the subject of how to pay off student loans a lot faster is to start saving for retirement. I know it may sound strange but saving for retirement while you have student debt does more than just help set you up financially when you hang it up, it actually provides you tax benefits. If you enroll in what is called a Registered Retirement Savings Plan (RRSP) you will pay less tax. Also, you can always decide to take out what you saved in retirement as one large last payment to finish off your debt completely. So this method can be very powerful.
  6. Another way when askign how to pay off student loans faster is: Do not let instant gratification hinder your from paying off your debt. In other try to avoid the “shiny object” plague until after your student debt is paid off. Although you have to treat yourself sometimes. kind of like a diet eating 6 days health and eating up on the 7th day, but try to stay as disciplined as you can.
  7. There is also the option of loan forgiveness programs where you can get a big part of your debt wiped out by working jobs that allow this option through your loan lender. The best thing to do for this option is to ask about it through your loan lender.
  8. You can also consider conolidating your loans as this has proved to be a money saver.
  9. Another way when it comes to how to pay off student loans faster methods is to use a student repayment calculator which will really put it into perspective on how long it will take out at the rate you are paying now, as well as showing your how much time and money you can save by paying a higher payment.

How To Pay off Student Loans – Conclusion

Now you know some of the best methods when it comes to your question how to pay off student loans fast. These ways have enabled many students to pay off their student loans in a one figure time frame instead of two figure time frame. Hopefully this methods will do the same for you!

Bad Credit Student Loans – How Your Can Still Get Loans

August 26, 2011

Bad Credit Student Loans

If you are looking for infromation on bad credit student loans because your credit is in the pits, no worries, we’ve got your back as we will show you how to still get money for college even though your credit score is low. Don’t let a bad credit score ruin your dreams and aspirations of attaining a degree, follow the methods below and you will we able to get financial aid in the form of loans.

Bad Credit Student Loans

Bad Credit Student Loans – 2 Different Methods

You may have been told that there are no such thing as bad credit student loans, but this is not true. There are two methods you can use on your search for bad credit student loans, those two methods are:

  1. Federal Loans, like the Stafford, Perkins and PLUS loan programs, many of them provide bad credit student loans as a lot of these programs aren’t credit based, but need based. This means that you don’t have to have a good credit score to be eligible, you just need to demonstrate that you actually are in a posistion where you need this loan. This can be done through many ways like, showing that you aren’t receive enough help financially through the financial aid your are receiving currently, if any, if your parents have low income, or if you are unemployed, etc. Another benefit of this bad credit student loans method is that federal loans are known for having many perks like, low interest, fliexible repayment options, and are just plain cheaper in the long run. So if you can do things this way, it is the best way to go.
  2. If for whatever reason you are unable to obtain loans through the above bad credit student loans option, there is another loophole. There are private organizations like banks and private lenders who lend money to people who provide a cosigner, meaning someone with a good enough credit score that can sign for you because your credit is too low. These programs usually will have your closest relative, usually parents, cosign and then there will be a credit check on them, if they fail as well, you still aren’t out of it, as many programs allow you to try another relative. This bad credit student loans method boasts some benefits like many of them offer discounts if you pay on time or get your loan payment automatically deposited each month, but usually have much higher interest rates compared to federal loans. Being that you have bad credit, a great option about the cosigner method is that after a certain amount of time during repayment, the loan can be transferred to your name, enabling you to make on time monthly payments and boost your credit score higher.

Bad Credit Student Loans – Conclusion

So these are the two ways in which you can get bad credit student loans. These methods have been used by millions of people who have bad credit and are still able to get enough money go further their education. If for some reason these bad credit student loans methods don’t work out for you, then you can check out both scholarships through your school you wish to attend as well as look into federal and private grant programs which can provide help in the form of financial aid as well, a great program you can use is called the Pell Grant.

Is Consolidating Private Student Loans A Good Thing?

August 26, 2011

Consolidating Private Student Loans

Are you looking for inforamtion on consolidating private student loans, well you are in the right places as we will show you both the advantages and disadvantages of this process. Lets face it, pretty much everyone that goes to college has to take out more than just one loan to have enough to pay their tuition, some three or four or more. Consolidating private student loans can be an excellent way to save you both time and money, among many other things, but is it for you? The next section will provide and overview of the process as well as go into detail about both sides to consolidating private student loans, so you can decide for yourself.

Consolidating Private Student Loans

Overview Of Consolidating Private Student Loans

If you aren’t familiar with the process of consolidating private student loans, it is essentially where all of your loans are combined into one lump sum where you just pay one loan payment per month. You can do this through many consolidation companies out there who will take care of all the major details, like paying off your loan lenders so that they can now be your sole loan lender, so where all you have to worry about is getting your payment in on time.

Pros & Cons of Consolidating Private Student Loans

First we will start with the benefits that are provided to one who is thinking about consolidating private student loans:

PROS

  • Consolidation companies reset all of the financial payment information once they obtain your loans, like monthly payment as well as interest rate. By searching for a consolidation company that does private student loans, you can get one who requires both lower monthly payments as well as lower interest rates compared to what you were paying to your previous lenders. A lower credit score can be attained if your credit has improved from when you first took out your loans, as a credit  check will be run, and is one of the main factors in your eligibility.
  • Another great benefit to consolidating private student loans as that most all consolidation companies have very flexible repayment options, meaning that you can pay your student loan off a lot faster by upping the monthly payment, as well as save in the interest you would have paid if you just paid the minimum.
  • You only have to focus on making one payment instead of multiple as well as only have to call one resource for any questions related to your repayment programs.

CONS

Here are some of the drawbacks of consolidating private student loans:

  • The first disadvantage to consolidating private student loans is the oriantation fee, also known as the activation fee, which is what you pay when you first establish an account with a consolidation company, can be very high in many cases. For example, say that you will have a 50,000 dollar sum in which you consolidate, and the activation fee is 4 percent, that equates to an extra 2000 dollars you have to pay.
  • Second, if by chance your credit schore is down in the dumps, consolidating your private student loans can result in you paying a lot more when it comes to interest. Like is was said above, the interest rate that you will pay is heavily based on your credit score, and it will be much higher if you have a negative credit history.
  • Consolidating private student loans can also result in you not being able to qualify for certain forgiveness programs, which are programs in which a big part of your debt can be wiped away.
  • Like it was said above, the repayment methods are flexible which lead many to choosing a longer period in which they want to pay off their debt. This will result in you paying a lot more on your loan and interest.

Consolidating Private Student Loans – Conclusion

Now that you know what the benefits and disadvantages are of consolidating private student loans, it should be easier to make your descision whether you want to go for it or not. It can be a great benefit to some, but can really be an even bigger burden to others. The best thing to do now if you are still contemplating whether or not to consolidate your private student loans is to do your homework by taking the pros if they are relevant to your situation, as well as weighing the cons to see if benefits outweigh them. The other thing you can do when thinking about consolidating private student loans is to shop around with different companies, and view what their guidelines are.

Private Student Loans – 4 Lenders & Their Benefits

August 26, 2011

Private Student LoansPrivate Student Loans

If you happen to be looking for private student loans that you can use for your college tuition, there are many programs out there, some great, some not so great. In order for you to get the best program, you have to know where to look, and that’s where we come in. You will be provided with 4 of some of the best private student loans providers around so that you can get the money you need to complete college as well as do it with a program that has excellent benefits. Just to top it off, you will also get a list of the benefits that come with taking out private student loans.

Private Student Loans – 4 Lenders

  1. Sallie Mae Private Student Loans – They have what is called the Smart Option Student Loan that provides many benefits like; no activation fees, no prepayment penaltiles, an interest repayment option allowing your to pay your interest while you are in school which will save you up to 5000 dollars, rewards for paying your bills on time like percentages off your loan, allows you to borrow up to the cost of your tuition, and up to 5000 dollars in covered fees that you can use for medical fees. The interest rates on this loan are anywhere from 2.0 to 9.88 percent. They have private student loans for many types of students including undergraduate, graduate and professional.
  2. Chase Bank Private Student Loans – This option also provides undergrads, graduates and professional students the opportunity to obtain private student loans and offers many advantages to their eligible applicants. Some of those benefits being; no payments while you are in school, no activation and repayment fees, and allows you to get funding for many facets of your shcooling like, tution, books, cost of living and buying a computer. This program offers a 25 year repayment option.
  3. Wachovia/Wells Fargo Private Student Loans – This option has been the lending hand to millions of students and has benefits like; discounts up to 1 percent, interest rates as low as 3.4 percent which there are both fixed and variable loans, you can borrow up to 25,000 dollars per school year, and don’t have to pay a dime until after your college is over.
  4. Access Group Private Student Loans – This option will allow you to to get many of the benefits of the other lenders above and allows you to either apply with or without a co signer, and has a 25 year repayment program.

These are 4 of some of the greatest programs to go through to get private student loans. Although federal student loans should be the first way to go, private student loans provide the money you need when the federal method isn’t providing you enough money to cover school costs.

  1. Like it was said above, private student loans provide you with the money that other financial aid isn’t covering.
  2. There are no deadlines when it comes to applying unlike most all federal student loans.
  3. Private student loans are not based on needs meaning if you have good enough credit or can provide someone with good enough credit, you will be given financial aid.
  4. The give you the freedom to pay for many things other than just tuition when it comes to your life at school.
  5. They have discounts that students can receive one their loans by doing things like, on time payments and getting your monthly payment withdrawn automatically, unlike federal student loans where discounts are found as often or at all.