Student Loan Consolidation – Put All Your Eggs in One Basket

Student load consolidation is a method that should always be considered when you have more than one student load. Unlike the saying ‘don’t put all your eggs into one basket’, it can certainly be beneficial for you to do this.

Due to the fact that we have many expenses that can arise due to our studies then it is likely that most people will need to take out additional finance to help them through the tough times.

The simple way to look at it is that if you have multiple loans, then you are paying multiple fees and multiple interest rates, so it only makes sense to consider putting everything into one basket so you will only have one lot of expenses.

Loan Consolidation

Student Loan Consolidation is when we combine all our loans into one new loan with only one monthly repayment. Your previous student loan balances are paid out by the new loan.

The interest rate you will pay will (more than likely) be an average of the overall rates that your previous loans were charged at.

One point to consider is that it may be possible to combine your loans with that of your partner or spouse. Normally though this is not a recommended practice because if you ever need to apply for a loan deferment then you will both need to meet the loan criteria. Loan repayments will still have to be met even if you divorce.

Most loans, can be consolidated. Most financial institutions can offer loan consolidation. You may also be able to consider going to the Department of Education. Another thing to consider is that students as well as parents can use loan consolidation.

Advantages

  1. In some circumstances, you can help to dictate the terms of your loan structure.
  2. Consolidation loans normally have lower monthly re-payments.
  3. You may have the option of changing your existing variable interest rate to an even lower rate that is fixed.
  4. It may be possible to also extend the term of the loan from 10 years to 25 – 30 years.
  5. You may also be eligible for tax deductions.
  6. Normally there are no re-payment penalties, which means you can make more payments than is in the schedule.

Disadvantages

  1. When you lower your loan payments then you will have to extend your re-payment term and therefore increasing the amount of interest you will pay.
  2. Keep in mind that as soon as you have consolidated all of your loans, you may not be able to ‘un-do’ them.

Eligibility

Always keep in mind that there are always specific criteria that you will need to meet before the consolidation process can be started.

There are also minimum limits that normally are in place when you look at consolidating, usually the total amount you are needing to consolidate must be over $10,000.

You will also have to still be in your grace period or you have already started your re-payment plan and have taken out no previous consolidation loans.

How

  1. Search for a lending organization in your area that has the best offer.
  2. Use the power of the web to find a list of approved organizations.
  3. Always talk to your student councilors because they will have current information about what is available and who you can see. They can also give you some idea of the costs you may be looking at.

Forward

Looking forward now, it might also be worth your while to consider setting up some sort of passive income stream that can help you in the future with your loan re-payments. There are various ways you can achieve this that will also not cost you any money.

We hope that you have more information now about student loan consolidation to help you make a more informed choice.

Student Loans Refinancing – An Easy Guide 1

Student loans refinancing could reduce the monthly payments for student’s loan. There are several issues that you must consider carefully before you take this route.

Before you start to outweigh the pros and cons of refinancing it may be an idea for you to have a sheet of paper, draw a line down the middle to make two columns. On the left column, we will man FOR and on the right column we will name AGAINST.

It seems like a simple thing to do, but this will have a powerful effect on your decision because it will help to clarify your thoughts and make it very easy for you to make a choice about which path to take. (You can also use this method to help you come to a successful decision for anything else you do through life).

Refinancing Points to Consider

1.It is easier to repay federal loans as opposed to student loans.

2. Federal loans and Student loans each have their own structure, so they can be quite different.

3. Student loan organizations work on the premise that ‘the greater your education then the greater your income will be’, hence the interest rate for student loans can usually be a bit higher.

4. Remember that the interest rates that are applied to your loans are not necessarily fixed and may change over the course of the loan.

5. Every loan company will have a slightly different lending criteria so it is a good idea to compare the small print for each, taking more notes as you go.

6. Refinancing two or more loans will most probably lead to a greatly reduced monthly repayment amount.

7. Selecting a lower rate of interest for your loan is preferable than having a longer payback term for the loan.

8. When you refinance take in to account that there may be more fees applicable as well as more documentation.

9. Some loan companies offer different types of incentives just for using their company, add these incentives to your list for consideration.

10. Interest rates can also be slightly lower if you were to refinance during any grace periods.

11. Make sure that you read every page of every document before you sign anything, you may come across a condition in the small print that might adversely affect you in the future.

Alternate

In any case, as soon as you start your loan program it is always a good idea to look at other sources of income that may be available to you.

Of course, there are the normal avenues of obtaining a little extra money such as a part time job to assist you, but perhaps it is time to start thinking outside the box.

As Albert Einstein said “Insanity is doing the same thing over and over again and expecting different results”

So, as you are already starting to think outside the box as far as your education and finances are concerned, it might be an appropriate time to consider some different income scenarios that will slowly build up and give you a passive income over time.

Consider This: If you were to start building a passive income at the same time you started your studying, even if you were to spend, say, an hour a week dedicated to this new venture, then over the course of your study, this could amount to a considerable and constant passive income.

Clueless

I can hear you say ‘but what can I do?, I have no idea where I should start and no money to start any hair-brained or get-rich quick schemes”

On the back of that sheet of paper you got our earlier to jot your notes on, then put one heading ‘Alternate Income’. Not jot down a list of ten things that you can think of right now that might just help to make you a passive income. It doesn’t matter how crazy it seems, just write down what comes

to your mind. This will help get your creative juices flowing.

Three From Me

To help you get started with your list, I will start you off with three ideas that have made things happen for me, they are not get rich quick schemes (although the crowdsourcing can be), but rather they are get-wealthy-slowly ideas that will grow over the years.

  1. Your Own Blog. Believe it or not, you can make a free blog on sites such as www.blogger.com, you don’t need any tech skills, its just drag and drop. Write about something that you like, baseball, basketball, stamp collecting, ant farms, anything that id interesting. You can then monetize your blog in a very subtle way.
  2. Kindle. Write and publish a book on the Kindle platform, this is easier than you think, all you need to publish your book on Amazon Kindle is a word document of your book and a jpeg image of the cover. It is also free to upload and money can be flowing into your bank account the next month.
  3. Crowdfunding. As is sounds, this is where you get ‘the crowd’ to help fund your idea. You can set up a campaign that will bring in a wad of cash. Some ideas that others have done campaigns for are ‘help me pay my way through college’, ‘help pay for my pet dog’s operation’, ‘help me fund my new oddball idea’, you start to get the idea of what crowdfunding is all about. Your idea can be realistic or even a bit ‘whacky’, just do it.

I hope that easy student loans refinancing has been of help, I wish you every success with your study.

Student Loans – Hassle Free

Students these day seem to have many expenses. It is probably the effect of inflation that is driving education costs higher and higher and that is where the benefits of student loans come in.

These loans make it a lot easier for students to cope by helping them where they need it the most, in their hip pocket. Certainly, the minute you have been granted your loan, the world will seem a much better place.

With the added costs and expenses that are being thrust upon the students of today, it is no wonder that they have to take out one,two or even three loans to help them cover the costs of their study. What can happen is that the student starts to get overwhelmed with the total amount that he has to pay back on a monthly basis.

The student may have the words of the comedian Oliver Hardy ringing in his (or her) ears…

“this is ANOTHER fine mess you’ve got us into!”

The Answer

The good thing is that the answer is close at hand and that answer is:

A Student Debt Management Plan that incorporates a Student Consolidation Loan

This is where all of the student’s loans are rolled into just one loan, this is a ‘bite sized’ loan which will have lower repayments that will make it more affordable for the student.

Details

Before you embark on obtaining a student consolidation loan, you will have to do your due diligence. In other words, you will need to research exactly what type of loan you should get and ask several other students about their opinions of what loans worked for them. This will give you an idea of what is actually working and what are some of the pitfalls.

More Research

It is always a good idea to do some more research on what your current options are. One of the best places to find out more information is to talk to your local counsellor that is what they are there for, they will have lots of the answers that you seek.

The other method of course is finding out on the internet and narrow your search down to the companies that are local to your area.

One idea is to keep a record of all of the research that you do, then compare the main points from all of the loan institutions that you are considering.

This will help clarify exactly what loan will be the right fit for you and also help to save you money over the term of the loan because you will easily see the charges for each company and your spreadsheet will make that easier.

I hope you have learned some more information about student loans that will help you sort it all out.

Student Loans – Things to Look Out For

When you start to delve into the financial aspect of student loans, you will quickly become aware that there seems to be more questions than some people have answers for. Never fear, because you will eventually find those people that not only have the answers but that they have the right answers.

When you understand this then it will help to make your searching for the right loan a lot less stressful. You can also help to alleviate some of this stress by going to the people that will most probably have the answers you seek – the councilors at your educational institution.

They may not have ALL the answers but they can point you to the people that do.

Key Points to Consider:

1. Be careful of those companies that seem to promise you the world and tell you about a ‘special loan’ that can sidestep the necessary policies and procedures. If it sounds a bit like a scam then it probably is!

2. Something else to watch for is when the loan company is not forthcoming with the information about their rates and other important things you need to know. Some may also try and hide the actual term of the loan and might suggest an option that is good for them only. Make sure you read all of the fine print no matter how long it takes, remember you will have to live with this loan for several years, so a few extra minutes now will not be much of a burden and may save you a packet.

3.Some money lenders can actually sell your loan to a third party. This means that you may have to deal with an unknown individual and this could also have implications on your interest rate and term of the loan. If the lender is a good one, they will normally be forthcoming about all of the fine print concerning your loan. If you find that you have to ask more questions than they are telling you, then it should start some alarm bells ringing somewhere.

4. Try and make sure that you have a good credit score as this will effect not only the amount you can lend but also the interest rate. This may increase your costs over the long term.

As a rule of thumb, it is always better to consider to deal with those companies that a a great track record and have many great testimonials. I hope you have learnt a few more ideas about the pitfalls of student loans and wish you every success.

Student Loans – Lessen the Debt

It is always a great idea to apply for student loans, we just have to always be mindful, however of the size of the debt that we will be accruing over our learning years. Once we become more aware of the details of the debt(s), then we can work on some simple solutions to help lessen and even eliminate that debt altogether.

Something you might like to consider is that once you have set up your loan and got that squared away, you may like to consider setting up a parallel method of accumulating funds. This can easily be achieved by using the many free tools you can find on the internet. You just have to find the right method of generating a passive income that

1. Won’t take much time to set up and

2. Will run on auto-pilot bringing in funds on a regular basis.

You will find a few tips below that will give you some more ideas of how you can help lessen and take control of your debt.

Tips to Lessen Your Debt

· Scholarships. Get started early and apply for as many scholarships as you can, the more you apply for then the more chance of obtaining one or even more of them.

· Try not to Have Many Loans. Always be mindful of the fact that no matter how a student loan may appear, it is always a debt that you will eventually have to repay.

· Longer Term. Try and get a longer term on your loan so as to lessen the amount of your monthly re-payment.

· Partial. It may be prudent to only accept a part of the loan, just use what you really must at this present time, you will be thankful later.

· Loan Type. Always go for the Government loans as opposed to the Private Sector loans, the government loans will always have a lower interest rate.

· When. Try not to apply for a loan until perhaps your second semester. The later you apply for it then the less you will have to borrow and the less debt you will accrue.

· Passive. Look at several methods that you can generate a passive income. Search the internet for bona-fide methods or simply just ask your friends how they are making money on the internet.

· Fast Money. The latest craze now is about Crowdfunding or Crowdsourcing, this is where you simply set up a crowdfunding offer and ask people to donate to your education fund, you will be surprised at how many strangers and good Samaritans there are out there. This is one of the fastest ways to make money online that I know about.

I hope you have gained some useful tips about student loans and how to minimize your debt.

Student Loans – Financial Aid for Students

When looking for student loans, the question about financial aid always comes up. To come straight to the point, yes, financial aid is readily available for those students who wish to take advantage of it.

Financial aid can come in many different forms such as Scholarships, Employment opportunities, Private Loans, Government Loans and Grants.

Monetary aid is always available for students who have been approved or who meet the necessary criteria from the lending institutions.

Aid is also renewable each year that you remain at the educational institution and keep studying.

Also there can be money provided for you to fill in the difference (or shortfall) between you and any other family resources you may have access to.

Great

The great thing about this type of aid is that it is there so as to allow those financially disadvantages students the opportunity to be educated. As long as the student continues to remain eligible on a yearly basis, then the aid is always there for them.

It is also true that any aid you may be granted is only intended to help supplement any other financial support you may have from other sources.

Available

It is available from Government, state, Educational institutions and private companies. The purpose of this aid is to help with the educational expenses which include many things such as fees, school books, accommodation, transportation costs and other expenses the student may incur.

Provide that the student qualifies with the conditions of the loan provider and also as long as the student is capable of meeting the financial needs to service the loan on a monthly basis then financial aid can be obtained.

Many

Monetary aid can be obtained from many different sources and if you are a doctoral student, then you may be eligible for a full scholarship.

As mentioned above this aid can be It is usually provided by private companies, Government both Federal and State., and by the educational institutions themselves.

Research

It is always important of course that you conduct your own research into the types of financial aid that your require because no-one knows your situation as good as you.

One of the best places to gain more useful information is the educational facility itself, these places always have councilors who are armed with the latest information about what financial aid is available.

The last place you can go to is the internet, why go here last? The reason is so that once you have received the information from your educational institute, you can then use the internet as a ‘double check’.

I hope you have gained a little more insight about student loans and financial aid.

Student Loans – Get Money Fast

When applying for student loans, one of the most important things for you to consider is how you can get your loan approved in the fastest possible time.

Certainly, when you are just starting your study, these are the times when you have to be totally focused on the decisions you are making and this certainly includes the financial ones as well.

What is certain, is that you need to be de-stressed about your choices and helping to get your loan approved in the fastest time possible will certainly help in the de-stressing process.

Let’s look at few methods to help fast-track your finances and then let’s take a look at some methods you can help turn around the debt process and put some money back in your pocket.

Tips to Help Fast Track Your Loan

  1. Standard Student Loan. This type of loan will give you funds almost straight away and the bonus is, that you won’t have to may repayments until after you have received your academic qualifications.
  2. Cosigner. Having someone cosign your loan agreement will certainly speed up the approval process, certainly if your cosigner has a good credit score will also help. A cosigner can be a family member, friend or anyone who has faith in you.
  3. Online. One of the ways to fast track your loan approval is to apply online and use the online application that the lender has available. Once your loan is approved, you will have access to the funds almost immediately.

Tips to Help You Generate a Passive Income

  1. Blogging. This seems a bit cliché but people are making big dollars from simple blogs. Some of these blogs can cost $0 to set up and only require an hour or so a week for you to maintain them. Do a search for the ‘top ten bloggers’ and you will be amazed.
  2. Kindle. Did you know that you can publish a book on the kindle platform in about 7 minutes? This system is so simple to use that many people are now starting to jump on board and self-publish micro-books (these are short books 10-30 pages that solve a specific problem).
  3. Crowd-fund. This is perhaps one of the quickest ways to raise some fast capital that exists today short of winning the lottery. You can put up a short campaign on one of these sites so that ‘the crowd’ can donate to your cause. You can even get your own software and set up your own crowdfunding website in minutes.

I hope that you have found some great tips about student loans and how you can fast track your cash flow. Good luck with your endeavors.

Student Loans – Easily Organize Them

Most students will need to obtain student loans at some time during the course of their tuition. It is important to understand that once you have received your loans then you will need to keep them organized. This is o you can always keep a track of the state of your loan, when the payments are due among other things.

In this article, we will cover some useful tips about how you can keep your loan(s) organized so that you will always know what state your finances are in.

Loan Organization Tips

  1. Make sure to keep all of your loan and other financial documents in their own folder so you know where everything is. Also keep all your correspondence in the same folder, this will come in handy when you need to go back over something. You may also need to refer to these documents even after you have finished your tuition.
  2. Make an electronic spreadsheet of your loan details as well, this will be handy because you can keep a copy of your financials on your smartphone, tablet or laptop.
  3. Your electronic spreadsheet can also have your repayment schedule and you can easily modify it to give you ‘what if’ type scenarios. In other words, you can input some data fields so you can work out at a glance what will happen to your loan repayments if you do X or if you do Y, e.g. have a column that you can input different loan amounts and see what the end result is. You can easily work out the best way to reduce or fast track your loan.
  4. You may like to get some specific student loan software that can help with your calculations and provide even more scenarios for your loan.
  5. Keep all the contact details handy just in case you need to talk to your lending company and keep them up to date.
  6. Set up an automatic deduction system to repay your monthly loan. This will also help to keep your credit rating in a good place.
  7. When in doubt Ask. Always take advantage of those around you that may have the answers to what you seek. Certainly, the councilors at your educational institution may have information about other methods that can greatly reduce your time expenditure and help you become more organized.

I hope you have gained some more useful tips from this student loans article and good luck with your study.

Student Loans – How to Choose a Lender

When you are applying for student loans it is extremely important that you choose your lender carefully, make sure that you have thoroughly researched the company that you will be dealing with for the next few years.

There are many choices that are available to you and, really, it is a buyers’ market. In other words, there are many loan companies that will be trying hard to get your business. This is a good thing because it means that due to the competition that many companies will be offering very competitive rates.

Keep in mind that ‘oils ain’t oils’ and that the quality of lenders can differ vastly.

Tips For Choosing a Good Lender

  1. Consider all the options. It is a good idea to make a spreadsheet or even just note things down on a piece of paper what the pros and cons are for each lending organization.
  2. Get Help. If you are at odds as what company to eventually use for your funding, then it may be an idea to ask your school councilors as they will have the latest information.
  3. Ask Someone. Before you commit to signing up for a loan, find out what other student from your organization has also used this company. Ask their opinion about the service and helpfulness of the loan company.
  4. Double Check. It is also a good idea, after you have been armed with a boatload of information from your educational institution, to then, do your own research. Do a further search on the internet to find out if the information you have received is accurate.
  5. Benefits. Look at all the different benefits that the lenders are offering and work out the ones that will benefit you the most.
  6. Rates. Check to see what rates that each company is offering, although they should all be fairly close to each other, there still may be room for you to ‘negotiate’ a little more.
  7. Fees. Some lenders will also look at decreasing your fees, find out which ones will do it.
  8. Terms. Some terms will be more favorable than others, you need to check to see what is the longest term available for your loan.
  9. Flexible. What help will the loan company offer if there are some hiccups along the way.

Choosing the right lender is extremely important. The bottom line in the loan process, is that you must always ensure you double check your research before you sign. I hope this article about student loans has been of help.