.:!!Reducing Your Monthly Payment With Student Loan Refinancing !!:.

With rising education costs, a lot of students leave college with more than one study loan to pay for once they start working. This is not an ideal situation to be in if you are just about to start working and already you are deeply in debt. Nevertheless, fret not, as there are plenty of student loan consolidation programs available in the market today to help you refinance all your study loans into one and help you pay them off in a faster and more effective way.

Student loan consolidation companies offer good deals for freshmen out of college to successfully refinance and consolidate all their study loans into one at lower interest rates. To find the best rate for student loan consolidation however, you would need to accomplish some background research and obtain a few quotes from the relevant agencies and firm before you decide on which offer to take up. The best deals are usually those who offer the lowest interest rates, as well as those who allow longer repayment periods to help you service your debt more effective. With longer periods, your monthly repayment amounts would also be reduced considerably, thus instead of paying multiple loans, you could stick to just one payment and never would you have to worry about missing the payment deadline again as well.

Usually once you leave college, you have a grace period of around six months for you to find employment before you have to start repaying your study loans. Make use of this grace period to find the appropriate refinancing deal for yourself, and save yourself thousands of dollars at the end of the day. Remember to scout around extensively for the best loan consolidation companies around, so that you are able to obtain the best deal possible.

Research can be accomplished through the internet, or you could personally visit these companies to obtain quotes from every one of them. Remember to stick to the legitimate companies however, or you could end up in more financial trouble than before. Stick to the licensed and legal companies, you might want to check with friends of family members who have had experience in this field to help you out here.

Usually with student loan consolidation firms, you get rewarded with actions such as paying on time, as well as utilizing automatic-paying methods. Look around for companies that offer these incentives as you would gain an advantage by working with them. Remember that you can only refinance your loans once, thus take all the time that is needed to find the best deal possible. Make sure that the company you choose are easy to work with, and can be easily reached in the case of any complications.

Opt for student loan consolidation programs if you are serious about being debt-free before you get old. The faster you choose a good plan for yourself, the faster your debts will disappear.

Can Unemployed Graduates Solve Their Student Loan Problem During Recession?

The financial crisis hit the whole world badly. Since last year, many fresh graduates have been trying extremely hard to get themselves jobs in this economy. As a result, there are too many recent graduates who totally can't afford to make the payment for their student loans.

If you are one of the "victims" in the group, don't be panic! There is a proactive approach that can help to solve your current problem. It is possible for you to consolidate all of your student loans into one loan. By having loan consolidation, you not only reduce your interest rates and your monthly payment, you can also extend your loan repayment period.

There are 2 main types of study loan consolidation programs currently, i.e. federal and private student loan consolidation. All the companies that are providing loan consolidating services for both programs are regulated by federal and state law. However, the consolidation rates vary from one company to another. If you have both federal and private study loans, you are advised to put your priority on consolidating federal loans. This is because this type of consolidation program offers lower interest rates and longer repayment period up to 30 years. On the other hand, if you only have private student loan, then you can look for any bank or any lending institution that offers the best consolidation package that suits your needs most. The private loan consolidation rates normally are relatively higher compared with the federal ones.

Your important task is to find out the best package that provides you the solution to extend your repayment during your unemployment period. You may be too stressful when you can't find a job and yet you need to pay back your study loan. With this consolidation program, you will be relieved.

How to Pay Off Your Student Loans Faster

Do you know that student loans don't have to be a financial burden for you after your college life? There are ways for you to reduce your study debts and pay them off faster. Just follow the recommendations below. They will assist you to be debt free easier.

One of the best solutions is consolidating your student debts. You can consolidate all your study loans during the grace period right after your graduation. You should start searching for the potential lenders in the market who can consolidate your student loans. Look for the financial institution which can offer you the lowest interest rate.

Most of the college or university students take student loans to further their study. It is advised that when you are in college or university, you should not spend all your loans but to save as much as possible. You should take up a part time job to earn some money to pay off your study loan when you are still studying. You can also save the allowance that you earn from internship to pay off your study debt bit by bit.

Last but not the least, it is an important reminder that you should not apply for any credit card once you graduate. Even if you have secured a job after the completion of your study. You are advised not to possess a credit card. Just focus on paying off your student debt.

By taking the suggestions mentioned above, you will be getting debt free faster and it will ease you from having stress too.

What If a Student Defaults on Loan?

A student default on his study loan when he is not paying back. When a student who owes a loan to meet his educational expenses, sometimes fails to repay it. It affects his credit score and he must take some immediate steps to avoid any further problems. In this way you can make it right.

Your loan default causes different effects on variable points. Some of them are discussed below.

Credit Score

Student have to keep a full eye of effects of loan default. If a student defaults, may be he is not repaying but his loan still incurs interest. On non-payment, your credit report will go to the collection agencies and it will badly affect your rating.

Career

Loan default will certainly affect your future. The non-payment can hamper your career or job status. You may be called ineligible for doing job in some particular city, state or country. You may be removed from your existing post.

Other Finance Resources

Default on student loan ban create problem on the other parts like credit cards approval or mortgage etc. A student loan defaulter can not be discharged under Bankruptcy Chapter 7 or 13.

Available Solutions

The most easy way in this regard is make a proper budget plan and follow it strictly. Adjust your loan payments in your budget at first place. If other options are there like skipping your spring break or picking other class or work. Which can help to avoid your loan default then just go for them.

You can discuss all your financial matters with any professional when you have no other options. An expert can provide you a good advise to get your financial goals. These smart tactics can save your credit report from tarnishing. Be aware of other charges and interest costs which can be attached with your loan default.

Processing of Education Loan

Education is the essence of life. Government of India is promoting education loans so that no deserving student is denied education. Student who has secured admission in any institute of repute, whose degree/diploma is recognized by University/Institute affiliated to any Central/State Statutory Body or recognized by AICTE (All India Council of Technical Education) and other institutes of repute, is eligible for educational loan.

Banks give loans for paying fees of colleges, school, hostel, laboratory fees, buying equipments, purchasing books, to meet other course related expenses, etc.

While processing the loan application bank takes into consideration the tenure of the course, fees, other course related expenses and course material, for fixing the loan amount to be sanctioned.

At the time of loan processing bank can decide to disburse the loan directly to the college/institute depending on the fee schedule of the college/institute. The institute may be in abroad the bank will pay the fees in dollars or any other currency to the institute directly. The bank charges remittance fees for this.

Students don't have to start repaying loan amount immediately as done in the other loans. Generally repayment of loan commences 1 year after the completion of course or 6 months after securing a job, whichever is earlier. In some cases where courses have long duration the loan can be availed for long tenures of up to 7 years. The repayment tenure also includes the moratorium period. Now days most of the banks offer hassle free services and loans are being approved speedily.

The student who has taken loan also has the discretion for the repayment of the loan. If the student is coming from the family which is financially sound then the installments of the loan can be repaid while completing the course then his/her parents can pay the loan. But this has to be finalized with the bank during the processing of the loan. Then there is an option of repaying the loan after completing the course, this is given by the bank.

Let's see how the loan is processed.

If you have taken a loan of Rs 5lac for 7 years and the interest rate is 13.25 per cent a year. After you have completed the course, you take up a job and get a package of Rs 5lac a year. The EMI amount of the loan will be Rs 9,164, annually it would come out to be Rs 109,968.

Therefore in the first year of repayment, the interest calculated will be Rs 64,350, this can be deducted from the income while calculating tax. Hence you will save Rs 21,872. Thus the effective interest rate will stand around 10.75 per cent (instead of 13.25 per cent) for that particular year.

In case at the time of finalizing the loan repayment you accept moratorium on payment of interest then you don't have to pay anything till six months after the course is complete, or you get a job (whichever is earlier). In this case the interest is compounded quarterly and added to the principal sum for repayment. The interest rate will be higher but this can be helpful for those who cannot repay the loan during the course period.

For education loan banks do not charge prepayment penalty, as in case of other loans. If you are capable to prepay in the early year of your career you can pay the entire outstanding loan amount without any penalty.

The most important thing to remember is the bank sanction loan according to the tenure of the course in case you are unable to complete the course you will have to start paying the EMIs immediately. You can consult your bank in such cases if they can give you a grace period either to continue your studies or to start repaying the loan, but you have to take the final decision.

Education Loan a Big Aid For Aspiring Students

With time the cost of education has gone up. Every student is not lucky to come from a financially well off family. There are many students who do well in academics but belong to poor family or a family where it is difficult to get one day meal. Hence these students have to take up job prematurely and this leads to end of promising talents.

Government and NGOs have introduced scholarship schemes to help such students but these are less in number and only few of the lucky one get it. Now the scenario has completely changed with the introduction of educational loan. Many nationalized banks have various education loan schemes for students.

Education loan is given for pursuing higher education in India or abroad where admission has been secured. Loan covers fees payable to college/school/hostel, examination/Library/ laboratory fees, for purchasing of books/equipment/instruments, caution deposit/building fund/refundable deposit (maximum 10% of tuition fees for the entire course), travel expenses/passage money for studies abroad, purchase of computers considered necessary for completion of course and any other expenses required to complete the course like study tours, project work etc.

Students who have secured admission in courses having employment prospects such as graduation courses/post graduation courses/professional courses and reputed institutes, whose degree/diploma is recognized by UGC/government/AICTE, etc., are eligible for loan.

The amount of loan may vary from bank to bank for instance country's largest lender bank State Bank of India gives maximum loan of Rs. 10 lacs for studies in India and for studies abroad, maximum Rs. 20 lacs. Loan amount has a security attached to it, i.e. according to bank norms an individual has to produce collateral for any loan above Rs 4 lakh. Taking in consideration this government has come forward as a counter-guarantor so that the financial burden does not fall entirely on the family.

The repayment of loan amount commences one year after course completion or six months after getting job, whichever is earlier. The student can repay loan in equated monthly installments (EMI)

Banks have certain documentation requirements to get the loan they are:

• Completed Education Loan Application Form.
• Mark sheets of last qualifying examination for school and graduate studies in India
• Proof of admission scholarship, studentship etc
• Schedule of expenses for the specified course
• Copies of letter confirming scholarship, etc.
• Copies of foreign exchange permit, if applicable.
• 2 passport size photographs
• Borrower's Bank account statement for the last six months
• Income tax assessment order, of last 2 years
• Brief statement of assets and liabilities, of the Co-borrower
• Proof of Income (i.e. Salary slips/ Form 16 etc)

Information about Educational Loan from Various Banks in India with their education loan rate at RupeeTimes.com

Education Loan - Make Your Higher Studies Much Easy

It is not necessary that you are capable to afford all your education expenses because Education Loan finance for your higher study. There exist so many banks and non-bank organizations that provide funds for higher education.

But before raising funds for your education there are certain things that you need to consider.
Do I really need the loan?

* If your family has enough savings for your career needs, that can meet your education expenses, then you need not to borrow any money from anywhere.

* If you are sufficiently capable of getting through the scholarship exams, then there is a possibility that you can meet all your education expenses easily. You need to pay very less if you are a scholar.

* The government-affiliated institutions provide special deduction in fees if you belong to OBC, SC/ST and any other category.

* After analyzing the total cost of your education, if the reimbursements are more then your family savings and neither you are capable to crack any scholarship test, then you can apply for a loan.

Analysing the total cost

It is very important to analyze all the direct and indirect expenses that are will occur on your education. The correct interpretation will help you to raise an appropriate amount of loan for your education.

DIRECT COST

* Direct cost is major amount of money that a student has to spend on his studies. It includes the tuition fees, other fees like maintenance charges and computer charges and the hostel expenses.

INDIRECT COST

* Indirect cost includes of the daily expenses that are equally important as direct expenses. The money spent on books and transportation comes under indirect cost. You can also add your cell phone bill and private tuition fees, as they are some of the essential personal expenses.

EDUCATION LOAN PROCESS

There are so many education loan lenders who even provide the education loan facility online to students. Normally the loan process is very long, but if you present yourself with all the necessary and required documents, then it can help you to get the loan with smoothly. KYC is the most important document that is required in the loan process.

KYC

Know your customer. The KYC is necessary for the identification of the borrower and also it gives all the financial details about the client. KYC documentation is compulsory for the verification process. So one must be careful while submitting the KYC documents.

PROCESSING FEE FOR EDUCATION LOAN

There are certain kinds of charges that you need to pay while applying for an education loan like

* Document preparation fees

* Title search fees

* Cost occurred on lawyers

* Cost for general validation and verification

* Underwriting costs

GUARANTORS

The education loan providers generally require a guarantor who can take the responsibility to repay the loan, in case the student fails to repay the whole amount of loan borrowed.

Abroad Studying - PLUS Loans for Undergraduate Students

Federal PLUS Loans

Federal PLUS loans are offered to parents to complement other student loans provided directly to the students. These loans are usually awarded because Federal student loans are granted with the idea that parent will contribute to the student's studies financing and thus, the amount offered on students loans isn't usually enough. Therefore, for parents who can't complement student loans with savings, PLUS loans come in very handy.

Yet, this was the original idea of PLUS loans. However, since these loans are not awarded according to the needs of the applicant, there is no particular requirement as regards to the purpose. Therefore, using them for financing study abroad programs is an excellent choice and they have proven to serve the purpose very well. More and more parents are requiring these loans to pay for these programs every year.

Including Study Abroad Programs On PLUS Loans

It is possible to include study abroad programs on plus loans. Plus loans can include all the expenses needed for college and given that under the right circumstances study abroad programs constitute college expenses, it is possible to add these programs. The question that rises is obviously, how can study abroad programs be considered part of college expenses. The answer is as follows:

As long as the study abroad program is sponsored by a college that has correctly accredited its study programs in the United States, there are no additional requirements. Thus, when considering study aborad programs, make sure to check and request all the documentation which proves that the foreign college is accredited under Federal regulations at the United States Educational Authorities.

PLUS Loans And Federal Consolidation Programs

An additional issue concerns those parents who are already in debt. Eventually, PLUS loans can be consolidated in Federal Consolidation Programs. This means that PLUS loans can be included along with student debt on a Federal Consolidation Loan with a Locked interest rate and a longer repayment program. This is particularly interesting because by locking the rate you can save thousands of dollars in terms of interests.

Furthermore, by means of extending the repayment programs and combining all debts into a single loan, you can obtain significantly lower monthly payments. Federal Consolidation Programs make student debt a lot more affordable which can bring a lot of ease to your financial life.

Conclusion

If your children want to study abroad on a particular field and you are considering different finance sources to afford the expenses associated with this programs, PLUS loans should be your first choice. They will provide you with all the money you need and the repayment programs and refinancing options will make the repayment a simple affordable process with no hassles at all.

Student Loans - Realize Your Academic Dreams

Student loans are really a convenient way of fulfilling academic dreams. Student loans are given to college students who have enrolled in a college and have completed at least one semester of the course. Student loans are provided generally to students who are bright in academics. Private lenders provide student loans with or without guarantee from the government.

When government gives the guarantee for student loans, then it could be two types, unsubsidized or subsidized student loans. Let us discuss both these student loans one by one.

Subsidized student loans have a lower yearly limit. The government pays the interest of the student loans when the student is in school.

Unsubsidized student loans usually have a higher yearly limit. The student pays the interest of the student loan. If the student chooses not to pay the interest during the schooldays, the interest amounts are added up and included with the balance amount that needs to be paid. Usually in all student loans, repayment schedule starts after a certain period. The period could be from 2 to 5 years. It does not matter whether during that period you finish your studies or not, the repayment of the student loans starts as scheduled.

Student loans come with a very convenient interest rate as it is meant to help a student, who is about to start his/her career. The interest rate of the student loan depends on the market interest index. With the index the rate floats. If you repay most of the loan amount during low rates, you can save a huge amount of money. This is called student loan consolidation.

The repayment period of the student loans could span up to 25 years. The duration depends on the loan amount. Small student loans have shorter repayment time and a large student loan would have a longer repayment period.

With student loans tuition fees, purchasing of books and stationary, hostel expenses and healthcare expenses can be taken care of. Some student loans also provide for study material like computer and Internet. Some even provide automobile expenses for the convenience of the student.

Every student does not come from a financially well off family. Many students come from a humble background but could do well in academics. In such a scenario student loans are a good option for them. The repayment of the student loans starts way after the time of getting the loan. By that time the student can study and get a job and in many cases can repay the loan on his/her own. The parents don't have to carry the huge burden of expenses related to studies. Definitely taking student loans for studies is good for the child's career and of course for life.

After finishing studies a person who has taken a student loan can repay it when he lands a job. It is up to the person whether he or she wishes to pay a lump sum and finish the loan. All in all student loans are great for a person's career.

College Loan Consolidation to Reduce Student Debts

If you need some help to reduce your student loan debts, you may opt for a study loan consolidation. Private study loan consolidation is a solution offered by many banks and finance companies to help fresh graduates handle their college loan repayments in the most efficient manner so that they can become debt free and have good credit ratings as fast as possible.

The benefits of good student loan consolidation includes reduction in debt interest rates, smaller monthly repayment amounts, or even forbearance on part of the study loan.

Many people have taken private study loans to help them through their first degree or post graduate courses. This is necessary as higher education tuition fees has increased by around 40% over the last decade, but further education and upgrading is required to remain competitive in the job market. Private banks have been seeing a big increase in the number of people borrowing money to invest in a good college education, but the number of people having problems repaying their study loans are also correspondingly increasing.

Your private study loan consolidation firm can work with your study loan lenders to renegotiate a new payment plan that can be more manageable with your current level of disposable income. Such student debt counseling is also helpful in teaching you how to save money over debt and loan issues, such that you do not make the mistake with high risk personal loans with bad credit and other types of bad credit refinance in future.

When you have to service several college loan payments at different interest rates and loan tenors, it is definitely a confusing headache. After you consolidate student loans, you only have to service a single new loan from your lender. This can take all the trouble from having to remember the many payment due dues and writing several checks every month.

Nevertheless, you need to take note on how your study loans are being consolidated. Is it based on using a new secured or unsecured loan? Although all your existing college loans are being cleared instantly, your new secured debt consolidation loans may carry even a higher risk for you. For example, if you use your car or house as loan collateral, that means you may lose your assets if you cannot service the monthly debt repayments in future. You stand to lose a lot of money over interest fees if you drag your feet over the loan repayment.

To avoid any problems in future when you consolidate student loans. Be sure to read careful over the contract terms when approaching any finance company for a new loan. Do not be over aggressive and think that you can quickly get of out debt by opting for a monthly loan repayment amount that is around 50% of your income. That is too high and you will not be able to handle it for more than a few months. On the other hand, do not consolidate private study loans so that you can lengthen the loan term over 20, 30 years either. If your career interests fall under government and non profit areas, look into the various student loans forgiveness programs such as the Stafford Loan Forgiveness for Teachers, Public Service Loan Forgiveness etc.

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Government Study Loans - More Information About Them

Government study loans, study grants and scholarships are available to students across the US looking to study for higher education. This whether they want to study for an undergraduate Degree, Diploma or just any other accredited form of study. Students can get funding from many ways and these vary from government, private student and many other available. These types of loans do however have to be re-paid. Grants on the other hand together with scholarships are different from loans and they do not require re-payment. Government study loans are available in two ways, subsidised loans and unsubsidised loans. Subsidised loans are those that when the government gives you a loan, you only repay back the loan amount whilst government will pay the interest. In the case of unsubsidised loans the government will not pay the interest, you will pay back everything alone. To find out more about this you can complete the loan application form.

Using the internet is a good way of finding out information about applying for government study loans online. Yes the loans can be applied for online and will your outcome be online. Certain expenses associated with your study and education can be funded by means of applying for a private student loan. Student borrowers be it government or private have online information on your eligibility and how to apply for one. The whole process can take about a week then your outcome comes out. Repayments to these loans usually begin after a six month period after graduating.

Government study loans are not just for paying your tuition, but do also cater for living and all expenses associated with your studying be it at home or abroad. Books, stationery and accommodation make up just a few of the study related expenses. Once you above the age of 18 you are eligible for a loan as long as you do not have a bad credit report.

Getting Student Loans With Bad Credit Is No Problem for College Goers

There is a slightly romantic view of college ingrained in the minds of those who have never been thanks to TV and movies. They tend to believe that the experience has more to do with parties and sleeping until noon rather than tutorials and hours studying in the library. Worrying about getting approval on a student loan with bad credit does not come into the picture.

Sadly, the romantic image is quite far from the truth, though socializing is very much part of the student timetable. But the reality is that hard work and worrying over finances are both part of the college equation. For many, only by securing a student loan with bad credit can they actually pay tuition and graduate.

The trick, however, is in securing that loan in the first place, with bad credit a particular hindrance when going to traditional lenders. But there are other financing avenues to see student loan approval despite bad credit achieved, ensuring that the student can cover their tuition costs.

Choices in Student Loans

It would be a mistake to believe that the only place to get a student loan with poor credit is a bank or other traditional lending institution. The fact is there is a range of public and private lending options available to college goers, with various advantages and disadvantages.

A public lender relates to the federal government, which are involved in student loans with bad credit in order to ensure the highest possible percentage of the population attain the level in education required to get good jobs. This, after all, benefits the local and national workforce and economy.

Meanwhile, private lenders range from banks and credit unions to online lenders. The options available from these sources can vary dramatically, but student loan approval despite poor credit is more challenging too. And even when approval is secured, the interest rates can be high.

Publicly Sourced Student Loans

The simple fact to remember is that public loans are designed specifically to aid students who are in financial difficulties, making them ideal as student loans with bad credit go. They have very low rates of interest and flexible repayment schedules that usually begin only after graduation, thereby allowing the borrower to concentrate on their studies.

The principal loan options are the Perkins loan program and the Stafford loan program. The Perkins option is reserved for those students in acute financial need, but these loans with bad credit are limited in number so early application is advised. Stafford loans are available to students either subsidized, where the government pays the interest during college, or not.

With any government sponsored or subsidized loan, however, credit rating is irrelevant, so approval despite bad credit is really just a formality, if your qualification is confirmed.

Privately Sources Student Loans

When it comes to seeking privately sourced student loans with poor credit, the terms are not as good as public loans. But given that applicants need to prove a financial need, rather than simply an ability to repay, not everyone can get one. The private option, therefore, is often necessary.

Interest rates can be quite high, but some lenders offer a repayment freeze, which means the loan does not have to be repaid until after graduation. However, it is important to ascertain whether the loan approved features accumulated interest. If so, then approval despite bad credit could be a hex in disguise.

The best rates are available online, with lenders there offering better deals to attract applicants. What is more, most will also ignore the credit rating, so student loans with bad credit are more accessible. Still, read the fine print to ensure no high hidden charges.

College Money Nightmare - Best 10 Ways To Avoid Loans

"In the 21 years I have been directly involved with college financial aid, I've had hundreds of students and parents ask the same question, 'How do we pay off all the student loans?' Unfortunately, there is no easy fix. Having student loan debt is like owing money to the IRS. Once caught in the snare, there is no way out. You simply pay and pay for years. Here are 10 ways to help you avoid student loans."

1) Start Early

Without question, students should begin taking the SAT or ACT in the 7th or 8th grade along with test prep classes to bolster results. With proper direction, even an average student can score well on national achievement tests. When you do, you'll secure a place in line for merit scholarships and grants.

2) Free College Credits

Students, sign up for Advanced Placement classes every chance you get. Millions of high school students are taking AP exams at the end of their school year. The reason is simple: hundreds of colleges will grant up to a year's worth of college credit if you have successfully passed four Advanced Placement tests, earning sophomore status on day one.

3) Test Your Knowledge

Recently a student earned 39 credit units as a freshman by taking several CLEP tests. Go online and learn more about the College-Level Examination Program®, CLEP. You can earn college credits for what you already know. Really. You could start college as a junior.

4) Put Together a Spending Plan

This is the key to college survival. Write down all the funds you have for college and compare that to the costs for tuition, food, movies, housing, transportation, pizza parties, books, and so forth. Then the choice is simple: either manage your money or your money will manage you.

5) Shop Around

Apply to schools where your national test scores, scholastic achievements, and grade point average are well above the freshman average. "The trick is to find a school that considers you a star," wrote Lucy Lazarony at Bankrate.com. Those schools will find a multitude of grants and scholarships for those they seek. In addition, look for alternative ideas such as distant education classes, a college coop program, a tuition free college, an accelerated degree program, a work-study job, or an athletic, music or talent scholarship.

6) Get Schooling for a Fraction

Attend a local community college before transferring to the "big name" university. You may be able to complete the first two years of a four-year degree at a fraction of the cost. Be sure to check with the college or university where you want to transfer regarding their acceptance of your community college classes.

7) Avoid the Credit Card Trap

College bookstores often have tables set up with credit card applications and free gifts. The free gifts are used as a hook to get you to apply for a credit card. Just say, "No thanks." Avoid the usual debt problems that lead to more and more student loans. The results could mean that you'll be back living with your parents again after graduation. What good will scholarships and grants in college do if you walk off campus with huge debt.

8) Consider a Private Institution

Many private institutions have more scholarship monies available with fewer restrictions. Hats off to Princeton and Harvard whose executive boards have chosen to draw upon their endowment funds to help reduce excessive student loan debt.

9) Let Uncle Sam Pick up The Tab

Two, three and four-year ROTC scholarships are available at some of the nation's finest schools including Johns Hopkins, Notre Dame, Virginia, Yale, UCLA, Wheaton, MIT, Cedarville, Grambling, Duke, and many others. If accepted, your tuition, books, and fees are covered plus you'll earn a monthly stipend to help cover room and board. In addition, high school juniors may be eligible to apply to one of the prestigious military academies.

10) Apply For a Perkins

You may be eligible for the sought-after Federal Perkins service-cancelable loan. Those who qualify may borrow up to $20,000 for undergraduate and $20,000 for graduate school with up to 10 years for repayment at only 5% interest. In most cases, if you enter the field of nursing, teaching, law enforcement or serve in the military, work as a librarian, a speech pathologist, a medical tech, or full time firefighter, 100% of your Perkins Loan plus interest will be cancelled over a period of five years.

By planning ahead, you can achieve graduation success without a millstone of debt strapped around your neck.

How to Get Student Loans Without a Cosigner

College education is expensive and many students require loans in order to pay for it. In most cases, the lender requires the student to have someone to co-sign for the loan. This has sometimes proved difficult as many people are not willing to co-sign on another person's loan. It is considered to be risky as the person acting as signer can be targeted if the loan beneficiary fails to pay. Fortunately, student loans without promissory note are available.

Unfortunately, many students are still ignorant about these loans. Many of them do not know they exist, while other fears the application process. There are those who think that they will have to meet standards and requirements that are beyond their capabilities. Some of the loans that students can apply for without a promissory note are those supported by the federal government. With some research, any student can be able to access these loans. There are many websites that have information about federally funded loans.

The first step to take when applying for the loan is to read the eligibility form very carefully. It is important to understand everything that the lender is looking for. The applicant should be able to convince the loaner about his or her qualification or eligibility for the loan. Filling out the forms should be done clearly, in concise language. Finally, it is important to return the forms on time, with all the required documents attached. Complete honesty when filling the forms is essential, as this helps to increase the chances of getting approval.

Someone with a good credit history has a higher chance of getting loan approval than someone with a poor one. There are loans available from government as well as those from privately funded sources. Loans that are government funds are often given to students who have high academic scores. Students with low scores will need a promissory notes. The private student loans that do not require a signatory also expect the student to be a high performer. These loans also tend to have high interest rates. Some of the most common loans given require proof of financial hardship on the part of the applicant.

The federal government has a loan program that offers subsidized and unsubsidized loan programs. With the student loans without signatory, the government pays the interest of the loan while the student is in school. With the unsubsidized loan, the loan interest is paid by the student. It is important to calculate the interest required before applying for the loan. Doing this will enable the student to find out the hours of work that may be required to pay the interest. The student loans without signer are payable as soon as one graduates. There is often a grace period given to enable the applicant to find gainful employment.

The federal government has a loan program that offers subsidized and unsubsidized loan programs. With the student loans without cosigner, the government pays the interest of the loan while the student is in school. With the un-subsidized loan, the loan interest is paid by the student. It is important to calculate the interest required before applying for the loan. Doing this will enable the student to find out the hours of work that may be required to pay the interest. Student loan without cosigner are payable as soon as one graduates. There is often a grace period given to enable the applicant to find gainful employment.

Student Loans With Bad Credit: You Can Get a Loan for School With Ease

When people who have bad credit fall on to hard times, it is natural for them to want to try and earn more money through retraining and getting a new job. However, that means going back to school, which costs money they clearly do not have. With bad credit, finding a loan to pay for school may seem like an impossible task. However, the rules that apply to typical loans, such as auto loans and home loans, do not apply to student loans. Once you familiarize yourself with the options available, the prospect of finding money to pay for school will be a snap.

School Loans Are Different

When people sit down with a lender to try and get a loan they are often subjected to a thorough run-down of their finances. This includes looking at past behaviors and current debts in the form of a credit check. When you have a poor credit score, this is the step where the lender rejects you. Basically, the idea is that if you have too much debt and/or a bad history of repayment, giving you another loan is a recipe for disaster.

School loans are different, though. When you are applying for money to fund a higher education, you past behavior does not come into play. This is because money for school is considered an investment. By giving you cash now, a lender invests in your future ability to pay. By getting an education, hopefully, you can get a higher paying, more secure job which will enable you to repay your student loans and improve your bad credit.

Because of this, student loans are calculated based on an entirely different scale: need. The less money you have the more money a lender will offer you in the form of student loans.

Low, Fixed Interest Rates

In addition to allowing you to borrow money with bad credit, student loans also come equipped with low, fixed interest rates from the federal government. This means that the interest you pay (generally around 6.8%) will remain steady through the life of your loan, regardless of your bad credit.

To get these low interest student loans, you need to fill out a FAFSA or Free Application for Federal Student Aid. This form is usually included with your college applications, but can also be obtained through the Financial Aid office of your school.

Repaying Your Loans Can Wait

The final benefit of student loans is that they are deferred. This means that as long as you are in school taking a minimum of 6 credits during each semester, you will not need to repay your loans. Once you graduate you are given a grace period of 6 months where you have the ability to find a job that will support your loan repayment. In this way, student loans allow you to focus on what's important: your education.

Long-Term Benefits and One Major Caveat

By taking the opportunity to go back to school and get a higher paying job, you are setting yourself up for the long term. The bad credit you have today will disappear once you earn enough money to support your debts and obligations. However, there is one, important caveat to remember when taking student loans: they never go away. In order to justify extending loans to those with bad credit, the federal government will not allow student loans to disappear through bankruptcy. This means, no matter what, you will be obligated to repay this money.

Therefore, when taking a student loan with bad credit you need to make sure that you are really serious about finishing your education and changing your life. The long term benefits are truly well worth it though.

College Money Wasted - Choose the Right School

If you're a high school student, chances are you are already visiting college campuses all over the country to determine which school will meet your needs and desires in the future. As you go through the selection process, don't forget to establish the most essential fundamental: "How to pay for it.

In an article published online sometime ago by Rachel Hartigan Shea, the author notes that students must make a selection from approximately 2,300 four-year colleges, which for many can be their greatest challenge to date. Students often choose a college or university based solely on their plan to major in a particular subject, often searching for the school best recognized for that academic major. Unfortunately, Shea writes, "Many students come to regret this overly simple strategy when they later change their minds about what they want to study. And most college students do change their minds, switching majors at least once, and sometimes two or more times."

What makes the above scenario unfortunate is the fact that it can cost students up to 25%, or even as much as 50% more, to complete their college degree. Most educators simply point to that as college money down the drain, or wasted. Not everyone agrees with that scenario. After all they say, students are allowed the privilege of changing their minds. Yet, each time students change their major subject or school, their change of focus can add months or even years to the already high cost of a post-secondary education.

Stina Hans, an independent counselor in Santa Barbara, California, said, "Students should identify three academic areas that they enjoy and then look for schools that have solid departments in all three."

The dilemma may be further advanced should a student decide to attend a private institution. At that point, parents and students must huddle to evaluate private schools that accept federal funding versus those that do not. Many schools are totally opposed to accepting any kind of student financial aid from the government. They have deep convictions that Uncle Sam should be a distant relative when it comes to any kind of handout.

There is also the desire by some educators to help their students avoid the financial bondage that often plagues those graduating with excessive government loan debt. Since students are eligible to receive up to $138,500 or more in loans, is it any wonder that some schools prefer to stiff-arm the feds?

Those colleges that do accept government aid offer several programs that may assist students in their pursuit of a college degree. Perhaps the best known is the Federal Pell Grant that is now nearing the $6,000 mark for the neediest students.

While I do not favor loans in general, the Federal Perkins Loan is by far the best student loan available today, with up to 10 years for repayment at only 5% interest. Or better still, the entire loan (up to $40,000) may be completely canceled based on the student's occupation following graduation. If that same student enters the field of nursing, teaching, law enforcement or corrections, or serves in the military, works as a librarian, a speech pathologist, a medical tech, or full time firefighter, the student will never have to make a loan payment; 100% of their Perkins Loan will be cancelled over five years.

Then too, the Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, individuals who teach full time for five consecutive, complete academic years in certain elementary and secondary schools may be eligible for forgiveness of up to a combined total of $17,500 in principal and interest.

Finally, the Federal Work-Study Program enables students to work up to 15 hours per week in campus jobs provided through the college financial aid office. Many students are enthusiastic about their campus jobs while earning a sizeable portion of their spending money.

Not to be outdone, private schools offer sizeable merit and institutional scholarships for incoming students. Some like Pensacola Christian College, which has declined federal student aid for years, offers a variety of financial aid arrangements including a strong work-assistance program. Reportedly, students can earn up to $4,000 per year to help offset the school's affordable $7,996 annual cost.

Regardless of where a student decides to attend college, there will always be financial assistance available. The difference will be in the type of financial aid offered, albeit, scholarship & grants or student loans.

By planning ahead, you can achieve graduation success without a millstone of debt strapped around your neck.