Thursday, September 15, 2005
FAFSA correction deadline
Deadlines: The 2004-2005 FAFSA correction deadline was today (September 15, 2005). However, if you have been affected by Hurricane Katrina, the correction deadline has been extended until December 1, 2005. Corrections must be submitted by midnight Central time on the deadline date. midnight Central Daylight time, September 15, 2005. -->Submit 2005-2006 FAFSA on the Web Applications by midnight Central Daylight time, June 30, 2006.
Friday, September 09, 2005
Student Loan Resources Page
Cingular Motorola Rokr with Itunes
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Quit Smoking Programs
Top 4 Quit Smoking Courses Reviewed. Detailed Reviews and Comparisons.
Free Articles, Resources, And Information About Credit Repair
If You Would Like To Learn How To Repair Your Credit And Consolidate Your Debt, You've Come To The Right Place. Welcome To CreditRepairSite4U.com. Our Free Articles, Strategies, And Resources Will Help You Make Informed Decisions About Credit Repair
Sedu Hairstyle Tips
Become the envy of the rest by sporting super attractive sedu hairstyles that don't take half a day to get done.
mannys 2 cents
Affiliate Program
Become a super affiliate with 100% free training from the most successful affiliate marketers in the world only at TheSecondTier.com
The lowest prices for cell phones from all major carriers. Premium phones like the Motorola Razr and Rokr are free with a new service agreement. All phones include Free Shipping. We even have free phone upgrades for existing Cingular customers.
Quit Smoking Programs
Top 4 Quit Smoking Courses Reviewed. Detailed Reviews and Comparisons.
Free Articles, Resources, And Information About Credit Repair
If You Would Like To Learn How To Repair Your Credit And Consolidate Your Debt, You've Come To The Right Place. Welcome To CreditRepairSite4U.com. Our Free Articles, Strategies, And Resources Will Help You Make Informed Decisions About Credit Repair
Sedu Hairstyle Tips
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Become a super affiliate with 100% free training from the most successful affiliate marketers in the world only at TheSecondTier.com
Thursday, September 08, 2005
Student Debt "Increasingly Unmanageable"
CNN Money Online
Article Highlights:
In 1999-2000, 64 percent of students graduated with student loan debt; average student debt has nearly doubled during the last eight years to $16,928.
Read all about it here
Article Highlights:
In 1999-2000, 64 percent of students graduated with student loan debt; average student debt has nearly doubled during the last eight years to $16,928.
Read all about it here
Canadian College Student Statistics
A statistical report from Canada about students and the factors that contribute to their ability to pay their student loan debt-
Read all about it here
Read all about it here
One British College Graduates Experience
I Found this interesting article about a British graduate named Joanna Kelly. Like a lot of college grads who had the misfortune of not being born with a silver spoon in her mouth, she finds herself deep in debt with seemingly no light at the end of the perverbial tunnel.
I just love the way the 2 "financial advisors" pelt her with GENERAL INFO (are you sensing my sarcasm here?)
Read all about it here
I just love the way the 2 "financial advisors" pelt her with GENERAL INFO (are you sensing my sarcasm here?)
Read all about it here
Wednesday, September 07, 2005
Consolidate Student Loans OR Upromise: Help Paying Off Your American Education Services (AES) Loan
Launched in April 2001, Upromise was created to help families save for college. By joining forces with some of America's leading companies, Upromise allows families to get back a percentage of their everyday spending into their Upromise accounts.
Upromise has built a simple way to help families learn more about their savings options, open investment accounts, and jumpstart their savings. The mission of Upromise is to make college more affordable for American families.
Simply join Upromise for free and leading companies will contribute a portion of what you spend with them into your Upromise account. You can then use these funds to help pay off your AES education loan. You can even invite family and friends to join Upromise and help pay off your school loans. There's never been a better way to manage your educational expenses.
Eligibility and requirements here.
Upromise has built a simple way to help families learn more about their savings options, open investment accounts, and jumpstart their savings. The mission of Upromise is to make college more affordable for American families.
Simply join Upromise for free and leading companies will contribute a portion of what you spend with them into your Upromise account. You can then use these funds to help pay off your AES education loan. You can even invite family and friends to join Upromise and help pay off your school loans. There's never been a better way to manage your educational expenses.
Eligibility and requirements here.
TO GO OR NOT TO GO- to college
I personally feel that people today put more emphasis on college and higher education than on quality time with their family and living a simple lifestyle. If your parents happen to be well-to-do, going to college may not really be a big deal. But if you are from a family of lesser means, college will certainly take it's toll on you and your household. Consider this:
I think people are being pulled-in by all of the "go to college for a better life" propaganda out there (by the way, this propaganda is instigated by slave-drivers in order to determine which slaves would work harder and longer). I'm not saying that college in itself is completely wrong and if you go you are a dummy. But I think that "keeping your eye simple" and putting family first is in order.
Instead of being taught how to live with less, "go for the gusto" is the phrase of the day. For instance, read this article I found and notice how there is no mention of "family time" and the parents don't say anything like "there is nothing wrong with driving a Chevrolet instead of a BMW". There arguement for the kid to go to college is based solely on MAKE MORE MONEY. This is the kind of stuff that makes people today feel almost obligated to "Make something of themselves" (which actually means, you make your Maserati driving employer richer and your BMW driving self gets to look down on all of those Chevrolet driving simpletons out there).
Of course, if you have the means to go to college or plan to be single until your loans are paid off, more power to you. But always remember that college is not the "end word".
Written by Manny,
a self-employed publisher who did not go to college and is not rich
(but is very happy and spends most of his time with his family)
- If you marry while still paying on your student loans, odds are that your marriage will be full of tension due to financial difficulties- especially if both husband and wife come into the marriage owing on college loans.
- Now add the pitter-patter of little feet to the scenario....
I think people are being pulled-in by all of the "go to college for a better life" propaganda out there (by the way, this propaganda is instigated by slave-drivers in order to determine which slaves would work harder and longer). I'm not saying that college in itself is completely wrong and if you go you are a dummy. But I think that "keeping your eye simple" and putting family first is in order.
Instead of being taught how to live with less, "go for the gusto" is the phrase of the day. For instance, read this article I found and notice how there is no mention of "family time" and the parents don't say anything like "there is nothing wrong with driving a Chevrolet instead of a BMW". There arguement for the kid to go to college is based solely on MAKE MORE MONEY. This is the kind of stuff that makes people today feel almost obligated to "Make something of themselves" (which actually means, you make your Maserati driving employer richer and your BMW driving self gets to look down on all of those Chevrolet driving simpletons out there).
Of course, if you have the means to go to college or plan to be single until your loans are paid off, more power to you. But always remember that college is not the "end word".
Written by Manny,
a self-employed publisher who did not go to college and is not rich
(but is very happy and spends most of his time with his family)
Wednesday, August 31, 2005
The federal Perkins Loan
The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. (The Perkins Loan is the best student loan available. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or guarantee fees, and the interest rate is 5%. There is a 10-year repayment period.
The amount of Perkins Loan you receive is determined by your school's financial aid office. The program limits are $4,000 per year for undergraduate students and $6,000 per year for graduate students, with cumulative limits of $20,000 for undergraduate loans and $40,000 for undergraduate and graduate loans combined.
Institutions participating in the Expanded Lending Option (ELO) may offer higher loan limits for the Perkins Loan. To participate in the ELO, a school must have a default rate no higher than 15%. The annual loan limits are increased by $1,000 each and the cumulative limits increased by $5,000 and $10,000, respectively.
The Perkins Loan also offers better cancellation provisions than the Stafford or PLUS loans. See the section on loan forgiveness for more details.
To apply for a Stafford Loan, you must submit the Free Application for Federal Student Aid (FAFSA). Even though the unsubsidized Stafford Loan is available to all students regardless of financial need, you must still submit the FASFA to be eligible. You can receive a subsidized loan and an unsubsidized loan for the same period.
You may use the Lender Codes Database to obtain the lender codes of participating student loan providers. FinAid also maintains a list of education lenders who offer federal and private student loans. If you are a student attending a school that participates in the Federal Direct Student Loan Program you will obtain your federal student loan funds directly from the U.S. government, not from private lenders.
The amount of Perkins Loan you receive is determined by your school's financial aid office. The program limits are $4,000 per year for undergraduate students and $6,000 per year for graduate students, with cumulative limits of $20,000 for undergraduate loans and $40,000 for undergraduate and graduate loans combined.
Institutions participating in the Expanded Lending Option (ELO) may offer higher loan limits for the Perkins Loan. To participate in the ELO, a school must have a default rate no higher than 15%. The annual loan limits are increased by $1,000 each and the cumulative limits increased by $5,000 and $10,000, respectively.
The Perkins Loan also offers better cancellation provisions than the Stafford or PLUS loans. See the section on loan forgiveness for more details.
To apply for a Stafford Loan, you must submit the Free Application for Federal Student Aid (FAFSA). Even though the unsubsidized Stafford Loan is available to all students regardless of financial need, you must still submit the FASFA to be eligible. You can receive a subsidized loan and an unsubsidized loan for the same period.
You may use the Lender Codes Database to obtain the lender codes of participating student loan providers. FinAid also maintains a list of education lenders who offer federal and private student loans. If you are a student attending a school that participates in the Federal Direct Student Loan Program you will obtain your federal student loan funds directly from the U.S. government, not from private lenders.
The federal Stafford Loan
The federal loan for students is called the Stafford Loan and has two variations:
Federal Family Education Loan Program (FFELP) loans are provided by private lenders, such as banks, credit unions and savings & loan associations. These loans are guaranteed against default by the federal government.
Federal Direct Student Loan Program (FDSLP) loans, administered by "Direct Lending Schools", are provided by the US government directly to students and their parents.
All Stafford Loans are either subsidized (the government pays the interest while you're in school) or unsubsidized (you pay all the interest, although you can have the payments deferred until after graduation). To receive a subsidized Stafford Loan, you must be able to demonstrate financial need.
With the unsubsidized Stafford loan, you can defer the payments until after graduation by capitalizing the interest. This adds the interest payments to the loan balance, increasing the size and cost of the loan. All students, regardless of need, are eligible for the unsubsidized Stafford Loan.
Stafford Loans allow dependent undergraduates to borrow up to $2,625 their freshman year, $3,500 their sophomore year and $5,500 for each remaining year (independent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years). Graduate students can borrow $18,500 per year, although only $8,500 of that is subsidized. There are also cumulative limits of $23,000 for an undergraduate education and a $65,500 combined limit for undergraduate and graduate. (For independent students and for students whose parents were denied a PLUS loan the cumulative limits are $46,000 and $138,500, respectively.) Many students combine subsidized loans with unsubsidized loans to borrow the maximum amount permitted each year.
Stafford Loans have variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional .6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments. All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment.
If your borrowing needs are not met by the federal programs, lenders offer a variety of supplemental borrowing programs known as Private or Alternative Loans.
Federal Family Education Loan Program (FFELP) loans are provided by private lenders, such as banks, credit unions and savings & loan associations. These loans are guaranteed against default by the federal government.
Federal Direct Student Loan Program (FDSLP) loans, administered by "Direct Lending Schools", are provided by the US government directly to students and their parents.
All Stafford Loans are either subsidized (the government pays the interest while you're in school) or unsubsidized (you pay all the interest, although you can have the payments deferred until after graduation). To receive a subsidized Stafford Loan, you must be able to demonstrate financial need.
With the unsubsidized Stafford loan, you can defer the payments until after graduation by capitalizing the interest. This adds the interest payments to the loan balance, increasing the size and cost of the loan. All students, regardless of need, are eligible for the unsubsidized Stafford Loan.
Stafford Loans allow dependent undergraduates to borrow up to $2,625 their freshman year, $3,500 their sophomore year and $5,500 for each remaining year (independent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years). Graduate students can borrow $18,500 per year, although only $8,500 of that is subsidized. There are also cumulative limits of $23,000 for an undergraduate education and a $65,500 combined limit for undergraduate and graduate. (For independent students and for students whose parents were denied a PLUS loan the cumulative limits are $46,000 and $138,500, respectively.) Many students combine subsidized loans with unsubsidized loans to borrow the maximum amount permitted each year.
Stafford Loans have variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional .6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments. All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment.
If your borrowing needs are not met by the federal programs, lenders offer a variety of supplemental borrowing programs known as Private or Alternative Loans.
Private Vs Federal Default
One missed payment does not equal default (however, a missed payment appears on your credit history and may affect your ability to obtain credit in the future).
A student loan can go into default after 120 days of nonpayment for private loans and 270 days of nonpayment for federal loans.
A student loan can go into default after 120 days of nonpayment for private loans and 270 days of nonpayment for federal loans.
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