A recent study by the National Center for Education Statistics shows that 50% of recent college graduate have student loans, with an average student loan debt of $10,000. The average cost of college increases at twice the rate of inflation. With the rising costs of college it is difficult for aspiring colleges students to get enough scholarships and grants to pay for college and basic necessities. More and more college students are forced to use credit cards to pay for basic essentials such as books and school supplies. According to the United Marketing Service (UCMS) the average number of credit cards per student is 2.8.
Here are 8 ways to help with paying off student loan debt:
1. Develop a plan. Develop a plan to pay off your student loan debt before you graduate.
2. Save your money. Each summer throughout your college education, get a job or internship. Save half the money in a high interest savings account such as http://www.emigrantdirect.com (5.05%) or http://www.ing.com (4.5%). After a few months, consult a financial advisor to earn the highest possible return on your money. After college, you can use the money saved during all 4 years to pay down your college debt.
3. Use caution with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. In addition, you may not be eligible for various student loan forgiveness programs if you consolidate your student loans.
4. Exchange work to reduce debt. Perform volunteer work or work for the following in exchange for reducing student loan debt: teaching in certain locations with low-income students or areas with shortage of teachers, providing legal and medical services in low-income areas or working for Americorps or the Peace Corps.
5. Get a work-study job. To help pay for the costs of college get a work-study job on campus to help defray the cost of college. Go to your campus employee office to ask about their work-study program. Work study Jobs pay at least the minimum wage for that state.
6. Apply for lots of scholarships. In recent years, money has been reduced from the budget for college scholarships so it is harder to get a scholarship to go to college. You can increase your changes of getting a scholarship by completing as many scholarship applications as you can. If you complete at least 50 you should receive at least 5 scholarships. Also, go to your campus financial aid office and ask about financial aid programs that the schools provides to students. Become friendly with the financial aid office employees who will alert you to financial aid programs when they become available. You can also search the internet for scholarships. Some scholarship websites are http://www.fastweb.com, http://www.scholarships.com, http://www.finaid.org, [http://www.college-scholarships.com] or http://www.scholarshiphelp.org.
7. Apply for grants. Apply for as many grants and scholarships as possible. You can also apply for federal grants such as the Federal Pell Grant (Pell Grant), the Federal Supplemental Educational Opportunity Grant (FSEOG) Program, Leveraging Educational Assistance Partnership (LEAP), and National Science Scholars Program. Some grant websites are http://www.scholarships-ar-us.org/grants/, http://www.scholarships-ar-us.org/grants/women.htm, http://www.careersandcolleges.com.
8. Protect your credit. Try to avoid making late payments on your student loans, if you do this will be reported on your credit report and can remain for up to seven years. If you are having financial hardship call the student loan company and inform them of your situation, ask for a hardship or loan deferment to ensure your credit is not damaged until you are able to start making payments again.
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Do you need to extend your federal student loan repayment term?
Extending your debt repayment term will lower your monthly payment rates and possibly your interest rate making repayment easier and more affordable. This will also let you have extra funds for other necessities: rent, bills, food, etc.
What repayment options are there to extend your debt repayment term?
Extended Repayment Plan
This plan can extend your repayment period up to 25 years and can choose to repay monthly on a fixed amount or graduated which means the amount you pay gradually increases as your income increases. A requirement is that you must owe $30000 or more in federal college loans.
Income-contingent Repayment Plan
This is available for borrowers who have Direct and PLUS loans. Your monthly repayment dues will be based on:
• Income per year
• Your spouse’s income (if married)
• The size of your family
• The total amount of your college debts
Under this plan, you will be given 25 years to pay and if after this period, you haven’t been able to repay all your debts, the remaining amount will be forgiven. The forgiven amount will be considered income received so you will have to pay for income tax.
Income-based Repayment Plan
Your monthly payment dues will be based on your income during a period of financial difficulty. This plan may exceed 10 years to repay and if you meet certain requirements over a certain period of time your outstanding balance may be canceled.
Debt Consolidation
A lit of borrowers resort to consolidation as a means to extend federal student loan repayment. Repayment period may extend up to 30 years and it lowers your monthly payment dues. If you consolidate when interest rates are low, you can lock-in on this lower rate which will go unchanging until your college debts are all cleared.
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Many people face great financial difficulties when it comes to funding college education. A feasible option for such people is college loans. Individuals in the U.S. have been given a chance to continue with their studies, with the help of college loans, even if their earnings are modest.
It is advisable for people to give due consideration to their expenses if they are interested in covering them with college loans. There are various kinds of college loans available. However depending on their expenses, they will have to choose a loan that suits them the best. A majority of students take college loans to pay their tuition and course fees. Part of this loan can also be used to pay for room rent, supplies, and books.
People can opt for federal student loans, which is the most usually used and can be of two types, subsidized and unsubsidized. In case of subsidized loan, the government, not students, pays interest on the loan. However, these loans are granted to only those individuals who are already facing huge debts. In case of unsubsidized loans, interest is paid by students and is not delayed until after the student graduates.
Private student loans are another type of college loan that can be provided to any person who has a good credit score; it can be used for any expenses. It is important for students to know that this type of loan is unsecured. This implies that it needs no collateral, but instead has very high interest rates.
Parent loans are also a type of college loan, which can be obtained by parents, and since they have good credit, the payoff and the interest rates are reasonably lower.
College loan consolidation is made use of to consolidate all student loans. With the help of college loan consolidation, individuals can pay off to only one lender. Students can opt for consolidation regardless of their credit rating. When applying for a college loan consolidation, it is very necessary for students to research and then choose a reliable company to handle their monetary troubles.
If students are not able to pay their monthly installments, they can also consider a college loan deferment. This means that they get a suspension of payments under special circumstances, such as if they are unemployed or suffering from financial hardship.
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Direct loan consolidation is a program that helps you to manage your student loans. The US Department of Education’s Federal Direct Loan Consolidation program allows you to consolidate your student loans into one new loan. The types of student loans you can consolidate among others are Federal Stafford Loans, Federal Perkins Loans, Direct PLUS Loans, and almost all other federal student financial aid programs. The result of this is reduced monthly repayment, extended repayment period and, although not always, lower interest rate.
As various financial aid programs may have different interest rates, the consolidation overcomes this by setting a fixed interest. The interest is determined based on the average of your combined loan interests. The consolidation interest ranges from 0.125% to 8.25%. The average of your combined interest will be rounded up to the nearest 0.125% of a whole 1% (e.g. an average interest of 4.111% will be rounded up to 4.125%). With this calculation, you might end up with a slightly lower or higher interest. A lender sometimes gives dispensations for students by giving lower interest rate or other reduction. You can consult your lender about the possibility of getting this dispensation.
With direct loan consolidation, you can extend your repayment period, resulting in lower monthly repayments. You can extend the period from the standard 10 years to 12-30 years, depending on the amount of your consolidation. Nevertheless, longer repayment period also means higher interest. To deal with this, you can increase your repayment or prepay the debt once your financial condition is recovered.
To apply for a consolidation program, your loans must be in the grace or repayment periods. A grace period is the amount of time during which you are not obliged to make repayments, which usually lasts for 6 or 9 months. Note that once the consolidation process is completed, your grace period will automatically end. So if you want to benefit from you grace period, you can delay the consolidation process until near the end of the grace period.
If you apply for the program during the repayment period, you should continue repaying the loans you want to consolidate. A step-by-step consolidation process can take around 30 to 45 days. When the consolidation process finishes, you are given 180 days to add any loans you might forget to enlist into the loan consolidation.
If you encounter problems repaying your loan, you can contact your lender to grant you a deferment or forbearance. A deferment is a period of time during which your lender allows temporary suspension of payments on your loans, while forbearance is a period of time during which your lender temporarily reduces your monthly payment amount.
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Student loan debt is the price many students pay for getting a great education at a fine higher educational institution. To be sure, attending college and graduate school can pay dividends for the rest of one’s life: a good education can contribute to higher earnings potential, a wider network of friends, and a broad base of knowledge that can enrich one’s life in innumerable ways.
That is why debt is something that students consciously choose to take on: nobody is forced to take out a student loan. Rather, most students who take out loans realize that this is their best opportunity to get the money they need to pay for college.
In fact, many students end up taking out multiple student loans during their undergraduate or graduate college careers. Sometimes, one loan is just not enough to fund one’s education.
The Challenge Of Having Multiple Student Loans
The drawback to having multiple loans is the complexity of paying them back. Having multiple loans means having to make multiple monthly payments to different lenders. It means different interest terms (such as a mixture of variable and fixed-interest rate loans). And, in many cases, it involves having varying repayment schedules (e.g., some at 5 years, some at 10 years).
Consolidation Tips
That is where student loan consolidation comes in. By consolidating your student loans, you are essentially rolling all of your outstanding debt into one single loan. The new loan will have a single interest rate and a single repayment schedule.
Notably, loan consolidation allows grads to potentially lower their monthly payments. This is because the consolidation loan allows them to stretch out their payments over a longer period of time of, say, up to 30 years. Of course, doing so increases the cost of the loan itself since more total interest is paid. But, when payments are too high, sometimes consolidating is the most practical option.
If you are considering national student loan consolidation, here are 5 tips:
1. Decide If Consolidation Is Right For You
You should not consolidate your student loan if: your monthly payments are manageable, you don’t mind making multiple payments to different lenders, you do not currently hold multiple loans, or you do not feel you can get a better interest rate through consolidation.
Otherwise, consolidation is likely right for you.
2. Determine How Much You Can Afford In Monthly Payments
You will want to start by having a close look at your current monthly expenses. Figure out how much you can realistically afford in student loan payments each month. Write this figure down – it will come in handy soon.
3. Figure Out Your Ideal Repayment Period
Now that you know what you can afford to pay, use an online loan calculator to plug in different repayment schedules of, for example, 15, 20, 25 and 30 years. See which one gives you the payments you are looking for.
4. Check Out Lenders’ Terms And Conditions
Research and check the terms and conditions of at least 5 lenders.
5. Apply
Then, contact at least 3 of the lenders you researched and apply to each one for a consolidation loan. See which lender offers you the best terms, and you are on your way to lower monthly payments!
By consolidating over a longer repayment period, you will enjoy lower monthly payments and the simplicity that comes with only having to deal with a single lender.
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The federal government’s ability to collect supersedes that of any other creditor. If you owe a student loan that you’ve neglected to pay, you’ll naturally end up in collections. The government outsources consumer debts to private collection agencies. Thus, not only does your credit report suffer from the fact that you stopped paying on your education loans, it also suffers from the collection account the private collection agency will file with the credit bureaus. Luckily, you can combat this by working out a student loan payment plan.
The U.S. Department of Education understands that some individuals cannot pay off their student loans in the manner they agreed to while still enrolled in college. Because of this, the federal government offers options such as forbearance and deferment due to financial hardship. You cannot qualify for either of these options, however, while your loan is in default.
By contacting the Department of Education and providing proof of your income, you can attempt to negotiate a repayment plan that would allow you to bring your accounts out of default. You must strictly adhere to the payment plan for a period of nine or ten months, depending on the type of student loan you have. Parents who applied for a Perkins loan for their children are also eligible for this rehabilitation program.
If the government is currently garnishing your wages due to your debt, the amount garnished each pay period does not contribute to the amount you must submit for your repayment plan to be successful. Once you’ve met the terms you agreed to, the Department of Education will pull your loan out of default, revoke any private collection agencies’ rights to collect the debt, and your student loan will reflect as current on your credit report.
Once your loan is no longer in default, you can submit further proof of your financial hardship to your loan servicer for review. Depending on the type of loan you have, you may be eligible to defer payments either with or without interest for a limited period of time while you seek to improve your financial situation.
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December 2, 2011
Are your college loan debts making it hard for you to cope with the real world?
Being a fresh graduate trying to earn for your own keep can be tough if you also have to repay your student loan debts. This is your obligation and any way, you wouldn’t have made it through college without these loans however it shouldn’t take too much of your life, right?
Then how can you repay your student loan debts without all the stress?
Here a few helpful tips.
- Switch to an Extended repayment plan. This will extend the repayment period up to 25 years so that your monthly payment is lowered.
- If you are thinking about going back to school, you can postpone your repayment by deferring. Federal loans allow this.
- If you are experiencing some economic difficulty or if you can’t find a stable job, you can apply for payment forbearance.
- You may consolidate your loans. This will combine all your loans into one so you only worry about one payment each month. Also, you can lower your monthly payment to as low as half of the original cost. You can also lock in to a fixed low interest rate. Just don’t consolidate government loans with private loans.
- Volunteer for the Peace Corps or AmeriCorps. These organizations have programs for lowering your college loan debts.
- Work in underserved communities as a teacher, lawyer or doctor to be a candidate for loan forgiveness.
When you have decided on how to repay your student loan, set to work and stick with your plan. This is as sure as drawing a straight line from where you are now to achieving your main goal of clearing off your debt.
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November 29, 2011
Anybody with a college education knows that 4+ years of college tuition, books, and living expenses adds up quickly. It’s rare that students can earn a degree without some kind of financial help, and that usually comes in the form of student loans. Most students take out at least 2 student loans during their higher education, and now that you’ve graduated it’s time to start paying them back. Here is Wells Fargo loan consolidation explained for students struggling with multiple student loans from their time in college.
Wells Fargo offers students the chance to take their student loans totaling anywhere from $5,000 to $100,000 and lump them into one single monthly payment – simplifying the process of paying it all back. It could even get you a lower interest rate, depending on your loans and their repayment terms. The new monthly payment varies according to the amount owed and the interest rate you receive, but it is usually in the field of $200 to $300 (assuming a $40,000 loan with a 25-year repayment period.)
Student loan consolidations through Wells Fargo have variable interest rates, which are determined using your credit score. The better your credit history, the better your score. So if you haven’t done so already, make sure that your credit is top notch before applying for consolidation. Make your payments on time. Don’t max out your credit cards. Don’t open new lines of credit unless you absolutely have to. Doing these simple things can drastically improve your consolidation interest rate, saving you hundreds or even thousands in the long term. Currently, Wells Fargo even offers those who deduct payments directly from their bank accounts a.25% decrease in their interest rate.
Students trying to juggle multiple student loans with multiple due dates and perhaps high interest rates might want to look into loan consolidation with Wells Fargo. The consolidations include no repayment fees or other hidden costs. If you want to take advantage of consolidation, the first thing you’ll need to do is apply. Once received, your completed application will take an average of 45-60 days to process, so once you decide you want to consolidate your loans you should start your application right away.
Many students find it simpler and less time-consuming to turn in all their student loans for just one monthly payment. Based on their credit history and the current interest rates on their student loans, thy may even qualify for a lower interest rate.
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November 26, 2011
Students pursuing fulltime education often do not have the comforts of a salaried job. The cost of education is also increasing day by day. Under these conditions student loans have come to the rescue of the students to fund their education. Student loans are usually given at a low interest as it is for education. Students normally take the student loan for a period and amount depending upon their need. They take the only that amount that they would be able to pay back practically. Student loans can also supplement scholarships, grants and personal savings.
There are broadly four types of student loans depending on their source:
1. Government Student Loans – Government student loans are issued by the Department of Education and are granted directly to the students. The students need to repay the loan with interest when their studies get over. They usually have a low interest rate. The amount of money a student can borrow is decided by the lender.
2. Parent Student Loans – Parent student loans are issued to the parents of dependent students. So the parent has to make the repayments on completion of his/her child’s study.
3. Private Student Loans – Private Student Loans are issued by private institutions like banks, lenders, etc. Like other types of student loans they finance the studies of the student by granting a loan, which is to be repaid on completion of the studies. Here rate of interest is higher than the government student loans.
4. Other Loans – Other sources of student loans could be something like a home equity loan, which offers tax benefits.
Since grants and scholarships are far and few student loans have become an increasingly popular method of financing one’s studies.
About private student loans:
Private student loans have all the features of government loans and potentially can be the best choice for some students. They offer higher loan limits with attractive interest rates. They also offer a grace period and students can repay after completion of their studies.
Although the private student loans offer lower interest rates, the rates could be a little higher than the government loan rates, but it is much lower than the rates for other private loans. There are no processing fees associated with the student loans.
Credit history of the applicant or the co-signer plays a major role in getting a private student loan. International students can acquire these private loans with the help of a co-signer. The loan amount is paid directly to the school by the lender and the remaining money is given to the student as living expenses.
A word about student loan consolidations……
Unemployed student loan consolidation works just like any other loan consolidation. It combines various loans into a single consolidated loan. This takes care of various debts. Depending on the total loan amount and availability of security/collateral unemployed student can apply for a secured or an unsecured debt consolidation. Unsecured debt consolidation can be used for smaller amounts that are below £25,000. Secured debt consolidation can be used to borrow larger amounts like £25,000-£75,000. Repayment time for secured unemployed debt consolidation is normally 10-30 years and the interest rates are also lower than the unsecured debt consolidated loans.
Advantages of Unemployed student loan consolidation
1. A single monthly payment instead of several payments
2. Overall monthly payment is less than the sum of the earlier installments.
3. No credit check or processing fees.
4. The consolidated interest rate is lower than the earlier rate
Students can look at electronic debit option to save money and avoid missing payments.
Student Loans are available online so students can shop around and find what is suitable for them.
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Look around at the major financial institutions around you, willing to offer you lines of credit and consolidation as an answer to your financial worries. Wells Fargo offers several ways to consolidate your debt, giving you simplicity and peace of mind. Whether you’ve ever done business with Wells Fargo before or not, take a look at this article for Wells Fargo debt consolidation explained and get answers to your questions.
If student loans are your primary source of debt, as they are for most recent college graduates, then Wells Fargo offers a special student loan consolidation program for those with student loan debt amounting to $5,000 – $100,000. The variable interest rate is determined by your credit score, so before you apply take at least a few months to work on actively improving your score as much as possible to obtain the best interest rate.
If you own a home, you have both refinancing and home equity loans as options to consolidate your loans. Refinancing may be the ticket to effectively consolidating your loans. Now is the perfect time to take advantage of low home mortgage interest rates that we will probably never see again – the money you save just by doing this can be used to pay off your unsecured credit card debt or other bills.
If you have lived in your home for a while, then you could look into getting a home equity loan or line of credit, which is another avenue to consolidation by giving you the extra money to use to pay down your existing debt. Home equity loans allow you to cash out the paid-for value of your home while you are still living in it and not yet finished making monthly mortgage payments. It can be a great, low-risk way to enjoy a fixed rate consolidation of your debt.
With any of these three loans, you’ll need to apply to see what you qualify for. The review process on your application can take up to two months, so it’s better to start sooner than later. Contact your local Wells Fargo or visit them online for the necessary forms and paperwork you’ll need to get started. Be thorough and careful in your application, as mistakes can be very time-consuming to repair. Better to do it right the first time, than to have to go back later and correct it.
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