Posted by admin on February 28th, 2008
How you handle your finances while you’re in college and graduate school can have repercussions for years after you graduate. Every time you go over your limit on a credit card, apply for a new credit card, or miss a payment—whether it’s on your card, on your car, or on your student loan—it can count against your credit score. And a credit score can drop a lot faster than it’ll go back up: It can take years to repair damaged credit and a low credit score. Bad credit can keep you from being approved for a car or home loan, it can make a landlord choose not to rent to you, and it can even affect whether a potential employer decides whether or not to hire you.
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Posted by admin on February 28th, 2008
Sometimes life can put a dent in your budget, making it harder to pay your everyday living expenses and monthly bills. When faced with the loss of a job, going back to school or sudden unexpected expenses like medical bills or car-repair costs, even the most responsible borrowers can find themselves struggling to make their student loan payments.
If you ever find yourself in this situation, the main thing is not to let your student loan payments overwhelm you; don’t just ignore your student loan bills as you try to get back on your financial feet—every missed payment could be another blemish on your credit report. Miss enough payments, and you could go into default.
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Posted by admin on February 28th, 2008
If you graduated in May with student loans, you may be facing six-month grace periods that are ending sometime this month. Once your grace periods are over, you’ll be entering repayment on those student loans that were in grace.
If you’re looking at multiple student loans going into repayment, you’ll soon likely have to deal with juggling multiple bills, multiple due dates, and multiple monthly payments. But you could help make your student loan repayment easier to manage by consolidating your eligible federal student loans with a Federal Consolidation Loan from NextStudent, a leading Phoenix-based education funding company.
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Posted by admin on February 28th, 2008
If you graduated in May with federal Stafford student loans, you may be facing the prospect of adjusting your budget to accommodate new monthly student loan payments as your six-month grace periods end sometime this month. If you’re still doing temp work, looking for a job, or if you just got stuck with a lower-than-expected entry-level salary, it’s entirely possible that you’re not sure how you’re going to come up with the money you’re going to need each month to a meet a new monthly expense from student loans going into repayment.
The main thing is don’t be embarrassed! A lot of student loan borrowers go through periods when they’re having trouble making their student loan payments. Your federal student loans come with deferment and forbearance benefits that can help you through those times when money’s a little short.
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Posted by admin on February 28th, 2008
By Jane Dick , The Orion (San Diego State University)
(U-WIRE) CHICO, Calif. - College students occasionally dig themselves into a hole of debt so deep they can barely see the light of day, much less lift the brick of payment pressure off their chests to catch their breath.
In a moment of despair with time running short, students look to be rescued. Loans become the easiest and quickest life jacket used to save students from the drowning debt of their college years.
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Posted by admin on February 28th, 2008
By Jane Dick , The Orion (California State University - Chico)
(U-WIRE) CHICO, Calif. - The beginning of the semester started and most Chico State University students received their classes, textbooks and financial aid. But one student got much more than she had planned for.
Her rent and bills were due, her checks had bounced and the only thing that could calm Kathryn Bailey’s nerves was a Camel Light cigarette.
Bailey’s financial aid check was sent to her bank through electronic deposit, and the bank could not find a record of her account. The bank then sent the check back to Chico State’s financial aid department. Read the rest of this entry »
Posted by admin on February 28th, 2008
By Janel Landis , American Collegiate Financial Services
As the upcoming Presidential election approaches, there is an increasing focus on educational programs. Often overlooked, higher education has become a platform both Democratic and Republican candidates are paying more attention. President George W. Bush and candidate Senator John Kerry have included unprecedented proposals regarding higher education in their campaigns.
President Bush suggests increasing Pell Grants by 47 percent, over those disbursed in 2001, in an effort to make post-secondary education more affordable to low-income students. The State Scholars program will award an additional $1,000 in Pell Grant funding, increasing the maximum to $5,050. Read the rest of this entry »
Posted by admin on February 28th, 2008
According to federal regulations, mobilized military, including those in active duty, National Guard and Ready Reserves called to active duty, are not required to make student loan payments during their absences. This applies to the 145,000 troops currently involved in the Middle East conflicts, representing a significant percentage of student loan borrowers. The Department of Education has required that these troops receive a level of leniency from student loan lenders.
U.S. Education Secretary Rod Paige said earlier this year, “As they [deployed troops] defend the freedoms we cherish, our soldiers should not have to worry about their student loan obligations and resuming their studies. Read the rest of this entry »
Posted by admin on February 28th, 2008
By Janel Landis , American Collegiate Financial Services
As students prepare for college one acronym stands out throughout their collegiate days: FAFSA. Most students know that those letters represent the form you have to fill out to receive financial aid and many even know that it stands for the Free Application for Federal Student Aid. What we often do not know is how to fill it out. Where do I start? And what do I need to get started?
The most important thing to remember is that you are filing a free application. As I started to research the FAFSA, I entered www.fafsa.com in my Web browser. My search located a site showing users how to file your application; however, it is not free. Read the rest of this entry »
Posted by admin on February 28th, 2008
By Jose Vazquez , YOUNG MONEY Financial Aid Columnist
Last year, students were given the opportunity to receive some of the best college loan fixed interest rates ever. The government lowered the interest rate for student loans by about seven percentage points. Students and recent graduates in their six-month grace period began to see their rates drop from 3.4 to as low as 2.8 percent.
But rates won’t stay low forever. They are very low now, so the only place for rates to go is up. If you are on your way out of school, you’ll need to save every cent you can in this tough job market.
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