When you want to consolidate your student loans, it is necessary to know the deal you are getting into. Just like any other financial decision, you need to carry out your homework before committing your signature. In fact, this is not a difficult process. However, there are several regulations and rules that you need to know before choosing to consolidate student loans. In this post, we share such important regulations and rules pertaining student loan consolidation. Ensure you understand the rules before going on with the process.
It is free
Getting student loan consolidation is free and you should not pay for consolidating. If lenders are charging you upfront fees, it is possible they are a scam. Fortunately, you can take your business somewhere else. This is what is known as “advance fee loan scam.” Moreover, it is quite common in the student loans industry.
Cannot consolidate while in college
You are allowed to consolidate student loans after they enter the grace period. This is usually, six months after graduation or getting out of school. It is possible to consolidate your loans even when repayment has started. It is advisable to do so before repayment begins. As much as it may not be beneficial to every person, it is worth considering by looking at the numbers and see whether you can save and manage your loans easily.
Students in your name
It is not possible to consolidate student loans that are not in your name. However, if you have your parent’s name on it, he or she can do it for you. Although parents and students can consolidate their student loans, they cannot do so in one program. They ought to be separate.
Any form of the federal student loan may be consolidated. There is also an idea of reconsolidating. In this situation, you will have to add a loan, which you had not consolidated. You should note that most lenders require you to have a certain minimum balance.
Longer repayment terms
Usually, federal loans come with a 10-year repayment plan. By consolidating, you will be extending their terms to 30 years depending on the amount of money owed. It is advisable to pay off the loan as soon as possible.
You can pay your student loans anytime without risking prepayment penalties. When you pay it as soon as possible, you avoid unnecessary interest charges and you can relieve the financial burden as soon as possible.…
The cost o educating your child in college is one of the most expensive endeavors. When you add up exam fees, tuition, accommodation, living expenses, and computers, you will realize the cost can add up to even $25,000 per year. Moreover, you can add the social life of your student and then estimate the cost.
We are living in an era when only the best educated are likely to succeed in life. For instance, the job market is quite crucial, and it is a very competitive element of the society. Getting a college degree plays a crucial role towards your success. In the next few years, it will be quite difficult to fund a college education. In fact, parents can pay for college debt free. The following are some of the top ways of funding your education.
This is one of the common ways of funding a college education. You should note that it is one, which is highly paid and can be afforded easily. Even when both parents have income, it becomes difficult to pay school fees and requires sacrifices. This is the case if you have several children in college. This calls for additional income sources.
Your child’s contribution
A lot of students work while they study. However, they can find the experience of involving lectures, social life and work very difficult. The result is that most students end up dropping out of college, do not perform well, or even fail exams.
The majority of students are eligible to acquire students loans and grants to fund their education. The good thing about student loans is that they greatly subsidize parental contributions. Unfortunately, most students leave college with a huge debt, and the interest rates are quite high. Thus, you are expected to pay substantial contributions at the end of every month.
There are several sources of student grants and scholarships. You need to carry out some extensive research to find great funding. However, the sources cannot be guaranteed to cover the future. Since grants and scholarships are not to be repaid, they are less popular than loans since they are not guaranteed. Thus, you should not rely on them as it can be a risk.
Education savings plan
This is a routine saving plan that can be contributed by both student and parents. State authorities or colleges administer These and can be taken even for newborn babies. It is advisable to have an education savings plan as they offer a true opportunity to fund a college education.…
According to statistics by relevant financial institutions and federal government, a lot of people are struggling to repay their student loans. It is estimated that 45% of borrowers are not repaying their loans. This does not include those currently enrolled and those still enjoying the grace period. A large percentage of these are either defaulters or in delinquent. A lot of people are experiencing struggles with student debt. Why is it difficult for people to repay student loans? Student debt can be overwhelming and immense. The following are the reasons behind the struggles:
It is estimated that an average college graduate earns about $18 per hour. This is a large percentage decrease from the year 2000. Taking into account living expenses, forms of debt, and grocery bills, borrowers are left with very little to contribute to their student loans.
The Economic Policy Institute Report reports that we are facing the longest and toughest period of economic weakness in over seven decades. In fact, the unemployment rate is estimated to be 72% and underemployment rate at 14.9%. This is an increase of 5% since 2007. This means that graduates have been rendered idle by the economy. Thus, the struggle to pay back student loans is real.
Not understanding federal loan options
After graduation, borrowers are required to be honest about their payment plan and what will work best for all of them. You should note that eligibility payment plans depend on total loan balance and various types of loans you should take out. Also, in some cases, you will take into account the amount you earn. You need to work with the loan services and check various repayment calculators to help you know how much to pay depending on your budget.
Inflexible payment terms
In fact, private loans fall under retail credit category. This means that there are quite a few exceptions and lenders should not offer alternatives or programs, which will alter your loan terms. This means that any form of relief can be given six months to a year. Also, lenders tend to be flexible to accept negotiated terms once defaulting occurs. It is advisable to consult a student loan counselor to assist you to negotiate a settlement for the private student loans.
Not being updated
A big mistake borrowers make as far as student loan struggles continue is pretending that debt does not exist. You need to remain proactive and staying informed. In this way, you will avoid drastic consequences and ignore your student loans.…
In the US, there are several colleges you can choose from. With all such choices and many factors involved, finding the right one for you can be quite difficult. You can be looking into sizes, areas of study, and locations. However, there is a lot more you need to take into consideration. You should not procrastinate your search for a good college. It is possible to find the best colleges in the midwest. You should start now and enroll before the deadline elapses. The following are some steps to help you with the selection process:
Make a list
You need to write down all the factors to take into consideration when finding the right college. It is advisable to have a list of things you expect from your college. This can greatly help you narrow down the search. You are free to delete options, which do not meet your expectations and needs. Then you should start to look for those that fit.
Rank your priorities
You should have some priorities in your list. Start to rank them from the most necessary to least important. When looking at various colleges, ensure you consider those that have those factors that are important to you. Leave those that are not important.
Visit prospective colleges
You should make a plan or appointment to visit your prospective colleges. Check campus life, talk to students, and check their hostels. Have a list of questions you need to ask. If the prospective college is far, you are free to call them.
Focus on a goal
Choosing the right college includes various aspects such as campus life, cost, and academics. However, you need to focus mainly on your degree. There are several factors to consider, and you can easily lose focus. Having goals is important. Without them, you will find the process quite difficult.
Research the schools
You should look up the college degrees and rankings every college provides. Check out reviews. However, you should not limit your research to only online. You need to meet students, speak to faculty members, and even go in person. This will give you a clear picture of the college and whether it meets your expectations.
Financial aid packages
A lot of schools provide career advice online, and on campus. They can be of help to you. They show you possibilities that you have for every career and the degree you need to acquire to get a certain job. Thus, a career counselor has a huge role to play.…
It can be tough for children to learn all the lessons that are presented to them at school. Even average students tend to fall behind sometimes and without enough support from their tutors at school – who are always in a hurry to finish the syllabus in time – they tend to lose interest in studies. It leaves a gap in their education, which gets revealed in the exam results. You can take care of this issue by going for home tutoring for your children. Below are five primary factors to look for while selecting an excellent tutor for your kid at home.
First, you should verify if or not the teacher is trained. It is better to request for some recommendations before choosing a home instructor. You can quickly ask your tutor to give you some references so that you can tell whether or not the teacher has the qualifications and knowledge that can assist him to impart tutoring to your kid in a satisfactory manner.
It is also necessary to check if the tutor has great communication skills. School curriculum is intended to be educative, but it is hardly so for children who bother to put up the pace with their class and know all that is being explained. A primary reason for this is the quick pace of imparting education as well as inappropriate communication on the part of the tutors. Find out from others if or the teacher can present the lessons to your kid in a simple manner.
It is also required for the teacher to have much patience. Enormous patience is required on the tutors’ side, particularly when it comes to teaching children. Sometimes, kids require more time to understand a particular subject clearly. A patient instructor will listen out what your child has to explain or say and many points over and over to your baby without blowing his cool.
While several new tutors are perceived to be skilled in handling children and educating them in the kindest possible manner, it is desirable to look for home teachers with an incredible level of experience. Qualified tutors are informed of the particular wants of children and what tires and motivates them fast. They also possess the experience to handle various types of children and can do so without any difficulty. Experience also always matters when it comes to getting higher rankings in results.…
Every year an average college student spends over $1,000 on buying textbooks. In fact, a big percentage of these students shy away from the purchase of a textbook because they cannot afford. If you are a college student, I am certain your syllabus most likely has a rundown of costly books to buy. If that is the case, you may need to find cheaper textbooks. In this article, we will offer five simple solutions to finding cheaper books. We will cover all cheap booksellers, alongside a portion of the alternatives we believe ideal, such as buying already used books or renting.
Buy Used Or Secondhand Textbooks
You can make your dollars extend somewhat further on the off chance that you buy utilized or second-hand textbooks. Buying an already used book is the most straightforward and speediest approach to saving some cash. The key is to ensure you are buying a book that is in a reasonable condition.
Another solution is to rent textbooks. You can easily find someone who is willing to rent out his/her book for a specified period. For instance, in a few sites, you can discover the cost of leasing a law course reading to go around $30 for a semester. While at first, the rental costs seem appealing, remember that you can’t resell the book. When you buy new or utilized textbooks, you can recover a portion of the cost by reselling the books after you’re through with your semester.
Buy Electronic Textbooks Or E books
Most books offering sites continually offer a few choices other than the purchase of a new book. In this digital era, you can buy digital books and read them via a Kindle. E books will usually cost much cheaper than hard copy textbooks since they don’t have printing costs.
Visit The Library
For those sincerely hoping to save on cash, the library might be a solution to finding some of your textbooks. However, you might be required to physically visit and read at the library each time you require the book. Lastly, regardless of the possibility that you can borrow the book, it’s improbable you’ll be allowed to keep it for a whole semester.
Use A Web Searching Tool Such As Bookfinder.com To Compare Prices
With the Internet and the world wide web, you can easily compare prices from various sellers without any sweat. You can sample five of the best book selling sites such as Amazon, Abe Books, Textbooks.com, e Bay and much more where you can buy cheap textbooks without using up every last cent. That way you can save up to 90% of your cash by looking at 100,000 book sellers.…