Types of Student Loans

Student Loan provide students with a financial opportunity to invest in their academic future. Without this chance, many students would be unable to attend higher learning facilities. Thus the need to make an informed decision when selecting Federal, PLUS, Private or Alternative loans – we provide updated, in-depth information about all types of student loans so you can make the best personal and financial choice.

There are many different student loans available for both students and parents of students to assist with the cost of a higher education. Some of the various types of Student Loans are listed below:

  • Federal Student Loans
  • Federal Stafford Loans
  • Federal Perkins Loans
  • Federal PLUS Loans
  • Private Student Loans
  • Private High School Loans
  • Private K – 12 School Loans
  • Graduate Student Loans
  • MBA Graduate Student Loans
  • Private Graduate Student Loans
  • Graduate PLUS Loans
  • Student Consolidation Loans
  • Private College Student Loans

Student loans are often essential for obtaining a college education. Today, a bachelors degree is considered the new high school diploma, and doesn’t carry nearly the weight that it did just ten years ago. Yet, even a bachelors degree is expensive – continuing college beyond a bachelor’s degree, is very expensive.

Through hard work, dedication and persistence, many students go on to become doctors, lawyers, artists, and professionals by earning their college degree. Many of those dreams would not have become reality if it weren’t for the funding provided by student loans.

In order to apply for Federal student loans, prospective student borrowers must first file a FAFSA. Once the application is processed, the information which the student provides will be used to determine their eligibility in receiving financial aid. Besides the FFELP loans, FDSLP (Direct Loans) loans are also available. Some of the same loans which are provided through FFELP loans are also provided in the FDSLP (Stafford Loans, PLUS Loans, and Consolidation Loans). The Federal Perkins Loan program is also available to certain students that are engaged in a position of public service.

Beyond the options available through the Federal government, there are also many Private Student Loans available. However, the benefits associated with the Federal Loans are significantly greater than with Private Student Loans.

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Tips

Whether you are an affiliate veteran or a brand new rookie to the lucrative world of CPA networks, these 3 tips need to be memorized, understood and adapted into your business practices.

Audience, Audience, Audience

Any successful company, from CPA networks on down to Nike, was able to succeed because they catered to their customers’ needs. Unfortunately, this is impossible if you have never taken the time to identify exactly who your customer is and what they desire.

How will you keep them coming back for more? What can you offer that they would run and tell their family and colleagues about? How can you make sure that you don’t waste their time?

Lynn Truong, Online Business/Hosting writer at About.com seems to agree: Continue reading

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Private High School Loans

Are you interested in obtaining Private High School Loans? Many parents are finding that it is in their children’s best interest to have them attend a private high school in order to provide as solid foundation, and to prepare their student children for the highly demands of college. Due to several factors with the public educational system such as: Federal budget cuts, lack of qualified teachers, and an overall lower quality education, the education provided by public schools has been on a steady decline for several decades.

Interested in applying for Private High School Loans?
Apply for Private High School Loans today.

Private High School Loans are not the only types of private loans available. Some of the other private loan instruments that are available are:

• Private K-12 loans
• Private college student loans
• Private Grad student loans
• Private Professional student loans

Many private high schools offer in school financing option to parents in order to support higher enrollment. However, it is important for parents that are interested in financing their children’s education with Private High School Loans to thoroughly research all of their options; there may be a more affordable source of financing than that which is provided by the high school.

There are two types of Private High School Loans available.

• Fixed Rate Private High School Loans – The interest rate remains the same over the life of the loan.
• Variable Rate Private High School Loans – The interest rate will increase periodically over the life of the loan.

Many schools that Private High School Loans, also require a loan origination fee which is typically between 5% to 6 %. The origination fee is usually deducted from the loan disbursement. Short term fixed-rate private school loans usually do not include an origination fee; instead, a higher interest rate percentage. IE. 1% at ten years, or 2% at five years at a higher interest rate.

It is important to note that Private High School Loans are not guaranteed by the Federal government or the Department of Education. Parents that are interested in obtaining Private High School Loans for their children’s education must pass a credit check. For those parents that are ineligible to receive the loan, there may still be an option to receive the loan if an endorser cosigns the loan.

 

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Private Student Loans

Private Student Loans are available to students that need financial assistance to obtain their degree and yet are either unable to receive Federal financial aid or, are in need of additional funding beyond the amounts which received from Federal financial aid. There is a growing trend towards Private Student Loans which is increasing at a rate of 25% every year.

Interested in applying for Private Student Loans?
Apply for Private Student Loans today.

It’s suggested that student that wish to receive funding for a college education first exhaust all efforts in obtaining Federal Student Loans before applying for Private Student Loans. Furthermore, the applicant should file their FAFSA, to determine if there are any other types of student aid programs for which they qualify.

Some of the benefits to Private Student Loans are:

Fast application process ¬ The time that it takes for determination on Private Student Loans is typically very fast and at times may be done within a few minutes.

Flexible payment options – Undergraduate students may choose to defer the payback of the interest / principal until after graduation; there are also options available to begin paying Private Student Loans back immediately, or for a marginal deferment period.

Easy qualifications – The qualifications required to be accepted for Private Student Loans are generally significantly easier than with the FFELP and Direct Loan program Loans.

Affordable monthly payments – For students which choose to start paying their Private Student Loans while still attending college, the payments are relatively affordable.

It is important for students that are interested in receiving Private Student Loans to first consider all of their options for Federal Student Loans. Private Student Loans are not guaranteed by a government agency and are provided by banks, lending institutions and finance companies.

It is also recommended by industry professionals that students whom receive Private Student Loans do so in combination with one of the Federal student aid packages to reduce the higher loan costs associated with private funding. Students that are interested in receiving Private Student Loans should also be aware that there may be a one-time, loan origination fee, based on the amount of the loan which the student will be required to pay as well.

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Students Loans and Debt Snowflaking

You may have heard of debt snowballing: First, figure out the maximum amount you can pay toward debt each month. Second, add all the minimum payments on your debt together and subtract from your maximum affordable payment. Third, determine which debt needs to be paid first, second, third, and so on. Finally, pay the minimum amounts on all your debts each month and the extra toward only one debt at a time.

Debt snowflaking is almost the same concept except from the income side. Every extra dollar you find or earn throughout the month is immediately paid toward the top debt. By paying even a few dollars out right away, you avoid the trap of saving the money up until the end of the month and probably spending it on something else.

So, you attack the debt snowball with multiple income snowflakes.

Where to Find Those Extra Snowflakes

No amount of extra income is too small. Sell your spare couch on Craigslist for $75, recycle that aluminum cluttering your garage for $10, and return that too-small sweater for $65. Transfer the extra $150 immediately to your top debt. Take small actions like this as often as possible during the month and you can make several hundred dollars “magically” appear.

A yard sale generates tons of snowflakes. Getting your cousin to repay that small loan from five years ago produces even more. Work an hour of overtime, babysit the neighbor’s kids, rake an elderly friend’s lawn—even $5 here and there adds up in a short time.

The key to snowflaking your debt away is to pay the extra out right away—the same day, if possible. Check with your creditors to make sure multiple small payments are allowed; you may need to drop larger amounts once a week instead. Do your best not to stockpile because if the TV suddenly breaks and you have money in savings, guess where that money will go? Not toward your debt, if you’re like most people. So, keep making those small payments, even if they’re just a few dollars at a time. Your top balances will fall faster and you may save on interest and other fees.

History of the Snowball Debt Reduction Method

Dave Ramsey invented the snowball method (paying larger amounts on one debt at a time until they’re all knocked out). Though there’s some disagreement about how to order your debts most efficiently, Dave Ramsey suggests starting with the smallest one and forging ahead from there.

Combine the snowball effect with the snowflake effect and you have a powerhouse combination toward becoming completely debt-free. The extra snowflakes vary from month to month, but every little bit counts.

And Once Your Debt Is Snowflaked Away…

The true beauty of the snowflaking technique is that it doesn’t have to stop when your debt is paid. Put these magical extra dollars away in a savings account (along with your snowball money, if you like) and build a cushion for your family. Once you’re comfortable, invest your free money. Through smart and simple lifestyle changes like this, you can achieve what you once thought impossible: a debt-free life with a good start on savings!

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Alternative Payment Option for College

College is expensive, but you can actually go for free if you want to, believe or not.  Going to college for free does require a lot of planning and effort on your part, yet it will be rewarding knowing that you have zero debt.  Here is what you need to do in order to go to college for free.

Tuition free colleges

There are a number of colleges all over the country that are officially tuition free.  This means that all of their students will receive scholarships or grants to cover the cost of attending the institution, but they may still have to pay for their living expenses.

 

Berea College – It is a small liberal arts college located in Kentucky and they automatically offer all admitted students full scholarships that cover their tuition and fees for four years. The institution also helps some students pay for room and board by providing work study programs.
Webb Institute – The Webb Institute is a small undergraduate institution in Glen Cove, New York that offers students a solid education in engineering and naval architecture.  They offer all students full scholarships to cover their tuition for for all four years, but students will be responsible for room and board.

Curtis Institute of Music – This is one of the best music conservatories in the country and they provide full scholarships to all of their students, whether they are enrolled in undergraduate or graduate programs.

Cooper Union College – One of the most prominent institutions in the city of New York, it gives all students full scholarships and the choice to major in fine arts, architecture, or engineering.

Grants

Grants are given to students on the basis of many different factors, but you do not have to pay them back and the requirements are not usually as high as those of scholarships.  There are usually state grants available that are based on your income level and amount of financial need.  If you look beyond that, you will be able to find thousands of grants offered by various nonprofit organizations and companies.  Definitely ask your guidance counselor if there are some that they can recommend to you and then start to search for them independently online or through the use of books and library resources.

Scholarships

Scholarships are often available from nonprofit organizations and they usually require that you continue to perform up to their standards in order to receive funding each year.  You can buy books that have detailed listings about scholarships all over the country or you can simply find them by searching online.  You should apply to as many as possible because that will increase your chances of winning.

Work study program

>Most colleges allow students to participate in the Federal Work Study program, which provides jobs on campus to students in order to help them pay for their college expenses.  The main benefit to this program is that you will have a job conveniently located on campus, a decent wage, and hopefully a positive job reference to list on your application.

Earn high test scores and grades

If you are serious about getting a free college education, then it is essential that you try your very best to earn high grades and test scores.  The only way that you will qualify for many of the grants and scholarships is to have at least a 3.0 GPA and above average scores on the ACT or SAT exams.  You may still have a chance even if you have less than stellar grades, but that will limit your opportunities.

Live at home or with a room mate

If you are attending a local college, then you can probably live at home to save money on room and board.  Room and board expenses at most institutions will can cost roughly $5,000-$10,000 per semester, so it is best to avoid that if you can.  Sometimes you can try to find an apartment and live with a roommate if you will be attending college in a different location.

Tuition reimbursement programs

Tuition reimbursement programs provide college funding to employees at the company.  It may cover the entire tuition bill or just a percentage of the costs and every company handles it differently.  Some companies will only support certain types of college programs or they may require that you maintain a certain GPA.  Check with your company to see if they offer anything like that and inquire about what you can do to qualify.

Avoiding the trap of student loans will keep you head and shoulders above your counterparts, so definitely take the time get all of the funding you are eligible for

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Benefits for College Grads

Many companies will tout the excellent retirement benefits offered, but the majority of twenty-somethings should have much more pressing concerns on their mind. The what-if factor is always a good motivator. What if you become sick or injured while working in the next year? What if you require prescription medication on a regular basis? What if you need to see a chiropractor, psychologist, clinical physician, or any other medical professional consistently? At times when these medical expenses crop up, the thought of retirement seems much farther into the distant future than it already did before. There is no hiding the fact that health insurance is a big financial burden. Employers often offer some form of company provided insurance policy; however, within this policy, there is often several options. In any case, employees will be subject to paying a substantial portion of their insurance coverage in one manner or another.

First, employers will remove a portion of one’s wages as a premium for company provided insurance coverage. Asking employers what this premium amounts to on a monthly basis is a very important question for job candidates to ask. Besides premiums, employees face other out of pocket expenses in regards to company-provided insurance policies, which include deductibles and co-payments at the time of service. A deductible is an out of pocket expense employees will face up to a certain dollar amount before the insurance benefits truly begin to kick in.

Co-payments are due at the time of service at any medical health provider one may opt to visit. Job hunters must ask employers about any deductibles and co-payments required by existing insurance policies to ascertain fully the truly benevolent nature of their prospective company’s insurance benefits plan. For more information concerning individual insurance plans, every company should offer a human resources department, which will gladly inform new employees of their insurance policies and rules.

Other online options for finding more info on health benefits include the website allaboutthebenefits.com, which is specifically designed to assist confused, newly graduated employees. Every working individual within the United States must pay taxes according to the law, however, some employees underestimate the nature of how much tax liabilities will take away from their gross annual salary. On average, most workers will look towards netting an average of eighty-two percent of their gross annual salary.  The deductions for taxes include federal income, social security, Medicare, state, and local taxes. For employees, avoiding these taxes is essentially impossible. There are some interesting tax options, however, for recent graduates paying back school loans or interested in retirement accounts.

Employees repaying student loan debt from college can write-off the interest paid to these loans are tax-deductible. When filling a W-4 form for a company, the website paycheckcity.com offers useful information for new graduates. The site also goes onto explain the common question about the number of dependent you are filing for on Line A in the W-4.  For persons whose parents claiming them as dependents on their own tax forms, employees must put “0” and for recent graduates claiming themselves as dependent and their parents do not, enter a “1”. After addressing the more pressing issues regarding benefits, prospective employees should wade into the all too murky waters of retirement benefits plans.  Taking advantage of retirement plans offered by companies seems like such a forlorn thought to many twenty-somethings, however, making one smart decision to begin contributing to a retirement savings plan can eventually earn workers thousands upon thousands of extra dollars in income; here is how.

Workers can contribute to retirement accounts with no federal income tax-liability until the funds are withdrawn many years later. In many of these retirement accounts, employers will match employee contributions up to a certain percent of their paycheck, which averages around two to five percent. Essentially, by adding money to a retirement investments account, employees can increase their annual earnings by whatever percent the company offers to match contributions. With help from online calculators such as the one at paycheckcity.com, new graduates can outline the weekly costs of contributing to any retirement savings plan as well as tabulate the amount available at time of retirement if one sticks with the plan. Deciding where to invest retirement money is critical to employees. Some companies are already affiliated with an investment organization; however, others may allow employees to pursue their own 401(K) or IRA managers.  In any case, having someone manage retirement benefits on the behalf of busy income earning individuals is the key to retirement savings success.  For those younger individuals seeking the help of professional investments managers at Charles Schwab for example, they enjoyed a rate of return of 14 percent in comparison to older persons not seeking professional assistance, who earned only 9.3 percent. Overall, the financial constraints facing workers following college as they newly enter the workforce, including loan debts, living costs, and credit card debt, are only a minor inconvenience when looking at the bigger picture of retirement savings.

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Loans for High School Studenst

However misunderstood the topic of high school loans proves to be, the fact of the matter is that many American high school students rely on high school loans to finance their education. According to statistics derived from the United States Department of Education, the national average expense of private high school education for one academic year costs each student an estimated $16,000 in the year 2014. Statistics also go on to show the cost of private high school education climbs at a steadily increasing rate each and every year. Even with such exorbitant costs, many parents feel their children will highly benefit from a private high school education.

Interested applying for high school loans?
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In 2014, an estimated 1.35 million of the 16.25 million high school students attend private schools according to the National Center for Education statistics.
Some of the purported benefits of a private school experience include:

  • College preparatory environment
  • Lower student to teacher ratio than public schools
  • A community of learning and growth
  • Highly involved guidance counselors and advisors
  • Stricter disciplinary and behavior guidance codes
  • Higher graduation and college acceptance rates
  • Higher standardized testing scores

Higher educational experience satisfaction for parents and students
Clearly, given the constant news of dropout rates and failings amongst the public education systems, a private high school experience offers students a huge help when facing the inevitable period of selecting and applying to colleges. For parents, the choice to utilize high school loans to finance a child’s enhanced future is understatedly a commendable one. Placing children in college preparatory high school programs is best route for parents wishing their children to experience successful and lucrative future careers. At the end of the day, the investment in a private school experience will most likely pay off exponentially for students and parents alike. Do not let economic misconceptions to deter the prospective high school students from a premier education when ample resources for funding private school educations are available.
Finding financing for private schools usually begins with the school itself. As part of the appreciation of the private school experience, many alumni prove generous enough to provide endowments or other general scholarship funds. In other cases, the school itself might have in place a general scholarship pool, financial aid assistance, or endowment, which allows deserving and desiring students to attend a given institution. When parents and students exhaust these options, further help finding high school loans is available.

Private lending companies currently offer prospective or current high school students the option to finance their private education via loan products. One popular example comes in the form of the AchieverLoan offered by KeyBank. AchieverLoans presents parents alternatives to financing a private kindergarten through twelfth grade experience. Another similarly popular choice includes JP Morgan & Chase Co. The lending institution aids families wishing to fund primary and high school level educations specifically through the Chase Education One Loan. Borrowers with excellent credit are offered up to $30,000 dollars annually with interest rate reductions based on creditworthiness as well as the option to setup automatic monthly withdrawals for billing. A third bank offering options in the high school loan arena is Citibank. Citibank offers the Citiassist program, which allows approved borrowers to utilize $15,000 annually to fund a private education. Additionally with the Citiassist program, co-signers can back loans and reduce interest rates greatly. The Citiassist loan program allows borrowers up to a decade to repay the principal loan amount with interest. Overall, students and parents truly wishing for an exceptional private school experience have a plethora of resources at their command currently. Contacting for more assistance is the next simple step.

 

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