Graduating students face a very difficult situation at present. Jobs are few in the market and the student loans taken out until now suddenly begin to look ominous. Student loan consolidation is one of the options available to students to figure out how exactly they would like to repay their loans.
In the course of going through college students may take out loans from different sources. Each of these loans has different terms and interest rates. Individually attending to them and sending out monthly payments can tend to get complicated. When doubts regarding this sort of settlement arise it’s usually a good option to consider a consolidation plan.There are many benefits that come with student loan consolidation. One loan with one monthly payment usually translates to a lower fixed rate of interest. Fixed lower monthly installments increase financial flexibility for the student. It also would contribute to a better credit score as the list of creditors is reduced. Repayment terms could extend to as much as 30 years. This extended period of time does reduce the burden on a student. Though one might see that over such a long period of time interest paid will be considerable, the day to day burden gets spread out and does not overwhelm the student over short periods.
There are federal and private options that are available to someone who considers student loan consolidation. Interest rates are capped at a maximum of 8.25%. The interest rate that is assigned to a particular student will depend on the weighted average of the interest rates of the loans taken by the student.
There are a few downsides that come with loan consolidation. A long term repayment plan will cause the student to pay a substantially higher amount due to interests. If a student is able to pay back loans in a shorter period of time, it is advisable that they do so. Fixed interest rates do sound good, under the assumption that interest rates will increase in the long run. But if rates do drop, the locked in rates will force the student to pay at a higher rate than the current rate. When choosing to consolidate, students need to look at the upside and downside before going ahead.
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Monday, December 28, 2009
Tuesday, December 15, 2009
Student Loan Consolidation - Free Government Debt Consolidation For Student Debt
Moreover, due towards the tall prices of education, contemplating substance, rent, informal expenses, etc. reader loans are normally paid again long periods of time. Long as soon as graduation most civilians perpetuate towards possess a notable size of reader debt. Of course, this doesn’t possess towards be your case. You can consolidate your debt, wage off sooner and move onto with your life without worrying approximately owing reader debt long as soon as attending the workforce.
Government Student Loan Consolidation
These software bid consolidation loans for civilians whom possess many than two excellent reader loans and want towards unify their debt, reprogram their repayment itinerary and dampen the interest rate they buy finance. Loans are provided via financial institutions and organizations with few requirements towards meet. If you can prove you possess been paying the loans approximately towards be consolidated onto moment, there won’t be much complication obtaining the consolidation loan.
Another side benefit of Government Student Loan consolidation is that your financial life shall become a lot easier. You won’t possess towards remember lots of due dates, you won’t possess towards compose tons of checks every month and you won’t possess towards concern approximately lacking fees or paying late. You’ll possess a single fee every month with which you’ll wage off your debt.
Where towards encounter it
There are a lot financial institutions providing this kind of loans. You can consult with locally reader associations or you can exploration online for a lender. There are a lot spots providing information approximately consolidation loans that shall be able towards organise you towards the right lender. Nevertheless, you should be specific when searching online. Always remember you are seeking a Government Student Consolidation Loan and wage special consideration towards the consecutive specifications when asking credit quotes:
Source
Government Student Loan Consolidation
These software bid consolidation loans for civilians whom possess many than two excellent reader loans and want towards unify their debt, reprogram their repayment itinerary and dampen the interest rate they buy finance. Loans are provided via financial institutions and organizations with few requirements towards meet. If you can prove you possess been paying the loans approximately towards be consolidated onto moment, there won’t be much complication obtaining the consolidation loan.
Another side benefit of Government Student Loan consolidation is that your financial life shall become a lot easier. You won’t possess towards remember lots of due dates, you won’t possess towards compose tons of checks every month and you won’t possess towards concern approximately lacking fees or paying late. You’ll possess a single fee every month with which you’ll wage off your debt.
Where towards encounter it
There are a lot financial institutions providing this kind of loans. You can consult with locally reader associations or you can exploration online for a lender. There are a lot spots providing information approximately consolidation loans that shall be able towards organise you towards the right lender. Nevertheless, you should be specific when searching online. Always remember you are seeking a Government Student Consolidation Loan and wage special consideration towards the consecutive specifications when asking credit quotes:
Source
Saturday, November 28, 2009
Non Profit Credit Card Debt Consolidation Loan - Reduce Credit Card Debt Through Debt Consolidation
If you need a number of assistance towards dampen your credit card debt, you may opt for a debt consolidation loan. A debt consolidation loan is a financial solution offered via banks across consented non-profit agencies. Consumer credit counseling tone harmless adequate, but a number of counselors are out towards earn a profit. Benefits may involve reduction within interest rates, lower monthly fees and stopping late and over-limit fees.
Through debt consolidation credit you can lower or dampen your credit card debts and activate repaying everybody your indebtedness. But the lender also observed an increasing trend for civilians towards borrow finance towards invest within themselves, across conducting a coaching course or further study.
Your debt consolidation company shall profession with your creditors for you towards negotiate terms of payment. Why glance at your credit report? Consumer credit counseling is precisely as the name implies. You wish towards retain dollars as soon as making monthly debt payments. Earlier this month, the New York Times reported a few novels of a number of consumers getting into many financial trouble as soon as seeking the assistance of certain debt settlement companies.
Multiple reader credit fees at varying interest rates may be bewildering and inconvenient, towards say the least. A single monthly fee that is lower than the sum gross of everybody the monthly fees that the borrower was originally responsible for can earn a huge difference within life of the specified whom is seeking financial relief.
Approach any debt reduction strategy cautiously and with open eyes. Whilst this provides a solution for a lot, erasing everybody debts instantly, it is not the easy option. In general, the kind of debt that is handled via these companies is consulted unsecured debt. You can merely fill out a form towards get within touch with a debt consolidation company, whom shall manoeuvre you across the procedure and curve your multiple excellent debts into one monthly payment.
Graduates should keep within mind that life can be made a little easier via distance of the choice towards school debt consolidation. You may want towards possess an attorney or a financial adviser check your documents towards ensure that everything is within order.
You should apply for a debt consolidation loan quality the size that's comfortably payable. The move towards consolidate student loan expenses for most students is a ought within order towards exist the month towards month sharpen of paying bills. When you apply for these models of facilities, you need towards strategy it with a number of warn because of a number of con performer powers get into your and bid a number of very juicy bid which not be of assistance towards you within the long run.
Source
Through debt consolidation credit you can lower or dampen your credit card debts and activate repaying everybody your indebtedness. But the lender also observed an increasing trend for civilians towards borrow finance towards invest within themselves, across conducting a coaching course or further study.
Your debt consolidation company shall profession with your creditors for you towards negotiate terms of payment. Why glance at your credit report? Consumer credit counseling is precisely as the name implies. You wish towards retain dollars as soon as making monthly debt payments. Earlier this month, the New York Times reported a few novels of a number of consumers getting into many financial trouble as soon as seeking the assistance of certain debt settlement companies.
Multiple reader credit fees at varying interest rates may be bewildering and inconvenient, towards say the least. A single monthly fee that is lower than the sum gross of everybody the monthly fees that the borrower was originally responsible for can earn a huge difference within life of the specified whom is seeking financial relief.
Approach any debt reduction strategy cautiously and with open eyes. Whilst this provides a solution for a lot, erasing everybody debts instantly, it is not the easy option. In general, the kind of debt that is handled via these companies is consulted unsecured debt. You can merely fill out a form towards get within touch with a debt consolidation company, whom shall manoeuvre you across the procedure and curve your multiple excellent debts into one monthly payment.
Graduates should keep within mind that life can be made a little easier via distance of the choice towards school debt consolidation. You may want towards possess an attorney or a financial adviser check your documents towards ensure that everything is within order.
You should apply for a debt consolidation loan quality the size that's comfortably payable. The move towards consolidate student loan expenses for most students is a ought within order towards exist the month towards month sharpen of paying bills. When you apply for these models of facilities, you need towards strategy it with a number of warn because of a number of con performer powers get into your and bid a number of very juicy bid which not be of assistance towards you within the long run.
Source
Sunday, November 15, 2009
Free Government Debt Consolidation Loans - Student Loan Debt Consolidation Can Help You Reduce Your Debt
As many students already chase their learns and carriers, institute and college fees possess also increased. As a outcome, most students possess big reader loans via the moment they finalise their studies.
Government debt consolidation bids an choice which may dampen the weight of numerous loans with tall monthly payments.
How Does A Government Student Loan Consolidation Help You Reduce Debt?
A government student loan consolidation enables students towards consolidate excellent education loans into a single novel credit that lower your monthly fees since the terms of fee shall be extended. This provides the students many financial flexibility.
The monthly amortization for the government student loan consolidation shall also be lower since the repayment can be transmit at a longer period, which earns it convenient towards students and parents. The interest rate shall also be decimated since the borrower shall possess a lot of uses blueprint options. It is advisable towards consolidate your credit right as soon as graduation ahead of the grace period ends. This shall allow the borrower towards lock within the lowest interest rate possible onto the loans.
Besides, achieving licenses within certain fields is impossible when you failed towards wage off your reader credit debts. With everybody these impacts, it is otherwise noticeable that preventing a reader credit is none distance towards activate a life as soon as college. If you do arrive back and rob out increasingly reader loans, you shall be able towards consolidate again as soon as graduation.
When Is The Right Time towards Consolidate Your Student Loans?
In the government debt consolidation loan program, it is interesting towards know that there are actually none deadlines related towards it. It is based via the fact that you can apply for the student loan anytime during the grace period or even onto the repayment period. But towards consolidate student loans, a number of considerations ought be paid attention.
To consolidate student loans, you should know that it normally occur during your grace period. At this moment, the lower in-school interest rate shall otherwise be applied towards evaluate the weighted medium fixed rate towards consolidate student loans. And once the grace period has ended onto your government reader loans, the upper in-repayment interest rate shall be applied towards evaluate the weighted medium fixed rate. Given such procedure, it is otherwise understandable that your fixed interest rate for government student loan consolidation shall be upper whether you consolidate reader loans as soon as your grace period.
And when you are interested towards consolidate reader loans, you should know that even whether your reader loans are already within repayment, towards consolidate reader loans is still licenced and beneficial. It is for the reason that when you consolidate reader loans at this moment, you already fix the interest rate onto your government student loans whilst the rates are still originally low.
Student credit consolidation can assistance most borrowers within a lot ways. However, it is still necessary towards note that rates won’t actually stay low without end. It is greatest towards do your innovation already whilst rates are still low.
Source
Government debt consolidation bids an choice which may dampen the weight of numerous loans with tall monthly payments.
How Does A Government Student Loan Consolidation Help You Reduce Debt?
A government student loan consolidation enables students towards consolidate excellent education loans into a single novel credit that lower your monthly fees since the terms of fee shall be extended. This provides the students many financial flexibility.
The monthly amortization for the government student loan consolidation shall also be lower since the repayment can be transmit at a longer period, which earns it convenient towards students and parents. The interest rate shall also be decimated since the borrower shall possess a lot of uses blueprint options. It is advisable towards consolidate your credit right as soon as graduation ahead of the grace period ends. This shall allow the borrower towards lock within the lowest interest rate possible onto the loans.
Besides, achieving licenses within certain fields is impossible when you failed towards wage off your reader credit debts. With everybody these impacts, it is otherwise noticeable that preventing a reader credit is none distance towards activate a life as soon as college. If you do arrive back and rob out increasingly reader loans, you shall be able towards consolidate again as soon as graduation.
When Is The Right Time towards Consolidate Your Student Loans?
In the government debt consolidation loan program, it is interesting towards know that there are actually none deadlines related towards it. It is based via the fact that you can apply for the student loan anytime during the grace period or even onto the repayment period. But towards consolidate student loans, a number of considerations ought be paid attention.
To consolidate student loans, you should know that it normally occur during your grace period. At this moment, the lower in-school interest rate shall otherwise be applied towards evaluate the weighted medium fixed rate towards consolidate student loans. And once the grace period has ended onto your government reader loans, the upper in-repayment interest rate shall be applied towards evaluate the weighted medium fixed rate. Given such procedure, it is otherwise understandable that your fixed interest rate for government student loan consolidation shall be upper whether you consolidate reader loans as soon as your grace period.
And when you are interested towards consolidate reader loans, you should know that even whether your reader loans are already within repayment, towards consolidate reader loans is still licenced and beneficial. It is for the reason that when you consolidate reader loans at this moment, you already fix the interest rate onto your government student loans whilst the rates are still originally low.
Student credit consolidation can assistance most borrowers within a lot ways. However, it is still necessary towards note that rates won’t actually stay low without end. It is greatest towards do your innovation already whilst rates are still low.
Source
Wednesday, October 28, 2009
Student loans puts college graduate into deep financial hole
Student loans were a fact of life for Marjorie Dillon and she was OK with that — even though she didn't keep close track of how much she borrowed or completely understand the agreements. She and many of her former classmates at Robert Morris University in Moon relied on loans to pay tuition and expenses.
Ms. Dillon, 26, of Coraopolis, was the first in her family to attend a four-year university and loans were the only way to finance the business administration degree that would be her passport to a better life.
But six months after graduating with her bachelor's degree, Ms. Dillon is making $7.25 an hour plus tips serving beer at a bowling alley, working 25 to 30 hours a week. She's nearly $120,000 in debt, behind on her bills and, despite her best efforts, cannot find a better job. Her 80-year-old grandmother co-signed for the loans and could lose her house in North Fayette if the debts are not repaid.
"Honestly, I wouldn't have gone to school if I knew I would be in debt the rest of my life," Ms. Dillon said. "I won't be able to ever own anything. If you look at my credit report, it's (loaded) with Sallie Mae loans."
The financial crisis she is facing provides a snapshot of the worrisome outlook confronting many college graduates who find themselves juggling a mountain of student loans and other forms of debt in the early stages of their working lives.
Her case might be considered a worst-case scenario. The average cumulative debt for four-year college graduates has reached $22,656, according to Finaid.org, a leading Web site for financial aid information.
Some relief is on the way thanks to a new federal student loan repayment plan that will set monthly payments based on how much borrowers make and the size of their families instead of how much they owe. In some cases, graduates will make no monthly payments if their income falls below a certain level. And after 25 years of payments, any remaining balance is cancelled.
But the reduced income repayment program is only available for federal student loans under Stafford, Grad Plus and federal consolidated loan programs.
Ten of Ms. Dillon's loans totalling $108,639 were private signature student loans through the SLM Corporation — commonly known as Sallie Mae — which cannot be consolidated, forgiven, deferred or erased in bankruptcy. Two of her loans, totalling $9,000, are federal government loans.
Even if the variable interest rates stay frozen or never go up during the 25-year life of the loans — which is unlikely — her monthly payments on the $117,600 borrowed will climb to more than $1,100 and she will end up repaying at least $270,000.
Source
Ms. Dillon, 26, of Coraopolis, was the first in her family to attend a four-year university and loans were the only way to finance the business administration degree that would be her passport to a better life.
But six months after graduating with her bachelor's degree, Ms. Dillon is making $7.25 an hour plus tips serving beer at a bowling alley, working 25 to 30 hours a week. She's nearly $120,000 in debt, behind on her bills and, despite her best efforts, cannot find a better job. Her 80-year-old grandmother co-signed for the loans and could lose her house in North Fayette if the debts are not repaid.
"Honestly, I wouldn't have gone to school if I knew I would be in debt the rest of my life," Ms. Dillon said. "I won't be able to ever own anything. If you look at my credit report, it's (loaded) with Sallie Mae loans."
The financial crisis she is facing provides a snapshot of the worrisome outlook confronting many college graduates who find themselves juggling a mountain of student loans and other forms of debt in the early stages of their working lives.
Her case might be considered a worst-case scenario. The average cumulative debt for four-year college graduates has reached $22,656, according to Finaid.org, a leading Web site for financial aid information.
Some relief is on the way thanks to a new federal student loan repayment plan that will set monthly payments based on how much borrowers make and the size of their families instead of how much they owe. In some cases, graduates will make no monthly payments if their income falls below a certain level. And after 25 years of payments, any remaining balance is cancelled.
But the reduced income repayment program is only available for federal student loans under Stafford, Grad Plus and federal consolidated loan programs.
Ten of Ms. Dillon's loans totalling $108,639 were private signature student loans through the SLM Corporation — commonly known as Sallie Mae — which cannot be consolidated, forgiven, deferred or erased in bankruptcy. Two of her loans, totalling $9,000, are federal government loans.
Even if the variable interest rates stay frozen or never go up during the 25-year life of the loans — which is unlikely — her monthly payments on the $117,600 borrowed will climb to more than $1,100 and she will end up repaying at least $270,000.
Source
Thursday, October 15, 2009
Help for Forms and Repaying Loans
Applying for financial aid is about to get a little less annoying, and loan repayment will get more affordable for some students, thanks to recent initiatives from the U.S. Department of Education.
In June, the department announced that it would streamline the electronic version of the 109-question, six-page Free Application for Federal Student Aid. For many years, the FAFSA has been the subject of insults and curses from parents and politicians of all types. But government officials kept making it longer and more complicated to qualify students for specific scholarships and prevent parents from hiding income.
Research shows that the form has become so complex and frustrating that as many as 1 million students are giving up in disgust, thus possibly missing out on financial aid that would help them pay for college. In fact, many of the questions seem silly: After requiring students to enter their date of birth, for example, the 2009 paper form also asks students whether or not they were born before Jan. 1, 1986. Students also have to answer several repetitive questions about their marital status and the amount of school they've completed.
Repetitive questions will be eliminated from the online version of the form, says Secretary of Education Arne Duncan. Starting in January, the Education Department will also make it easy for students and parents who use the online version of the financial aid form to simply have their IRS tax forms automatically fill in many of the FAFSA questions about adjusted gross income, earnings, and the like, he promises.
Eventually, Duncan hopes to make the form even shorter. He plans to ask Congress for approval to cut out an additional 26 questions about savings, investments, and assets.
The simplification announcement was greeted with cheers by college financial aid officers, politicians, researchers, and others. "This is a great first step," says Marcia Weston, director of the YMCA's College Goal Sunday program, which drafts volunteers across the country to help families fill out their FAFSAs on a few Sundays each winter.
But she noted that many disadvantaged students do not have computer access and thus fill out the paper FAFSA, which will not be simplified. Those who need aid the most might still have to suffer through the most annoying form.
Source
In June, the department announced that it would streamline the electronic version of the 109-question, six-page Free Application for Federal Student Aid. For many years, the FAFSA has been the subject of insults and curses from parents and politicians of all types. But government officials kept making it longer and more complicated to qualify students for specific scholarships and prevent parents from hiding income.
Research shows that the form has become so complex and frustrating that as many as 1 million students are giving up in disgust, thus possibly missing out on financial aid that would help them pay for college. In fact, many of the questions seem silly: After requiring students to enter their date of birth, for example, the 2009 paper form also asks students whether or not they were born before Jan. 1, 1986. Students also have to answer several repetitive questions about their marital status and the amount of school they've completed.
Repetitive questions will be eliminated from the online version of the form, says Secretary of Education Arne Duncan. Starting in January, the Education Department will also make it easy for students and parents who use the online version of the financial aid form to simply have their IRS tax forms automatically fill in many of the FAFSA questions about adjusted gross income, earnings, and the like, he promises.
Eventually, Duncan hopes to make the form even shorter. He plans to ask Congress for approval to cut out an additional 26 questions about savings, investments, and assets.
The simplification announcement was greeted with cheers by college financial aid officers, politicians, researchers, and others. "This is a great first step," says Marcia Weston, director of the YMCA's College Goal Sunday program, which drafts volunteers across the country to help families fill out their FAFSAs on a few Sundays each winter.
But she noted that many disadvantaged students do not have computer access and thus fill out the paper FAFSA, which will not be simplified. Those who need aid the most might still have to suffer through the most annoying form.
Source
Monday, September 28, 2009
Corinthian Colleges Reports Fourth Quarter & Fiscal Year 2009 Results
SANTA ANA, Calif., Aug. 25 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc. (NASDAQ: COCO) reported financial results today for the fourth quarter and fiscal year ended June 30, 2009. The fourth quarter and fiscal year results exceeded our previous guidance range for start growth, revenue and earnings per share.
"Our strong fourth quarter and fiscal year results reflect the continued progress of our initiatives to improve the student experience and increase top and bottom line growth," said Peter Waller, Corinthian's chief executive officer. "We have successfully increased our student population for three consecutive years, and during fiscal 2009, the recession helped increase our growth momentum. The higher student population has resulted in improved leverage of facility and other fixed costs. Increased advertising effectiveness and lower media costs have improved efficiencies in marketing and admissions. Given all of these factors, our operating margin and cash flow increased substantially in fiscal 2009, and we expect continued improvement in the current fiscal year."
"We believe our business strategy positions us for consistent, sustainable earnings growth," Waller said. "In fiscal 2010 we expect our student population growth to be derived from several sources, including continued implementation of new programs, online enrollment, facility expansions, new branch campuses, and high school enrollment. In addition, we expect continued high unemployment to contribute to overall growth."
"While the recession helps drive enrollment growth, it also creates challenges in terms of career placement and student loan repayment," Waller added. "In fiscal 2010 we will continue to make substantial investments in both of these areas, to help graduates achieve their career goals and meet their financial obligations in a difficult economy."
Source
"Our strong fourth quarter and fiscal year results reflect the continued progress of our initiatives to improve the student experience and increase top and bottom line growth," said Peter Waller, Corinthian's chief executive officer. "We have successfully increased our student population for three consecutive years, and during fiscal 2009, the recession helped increase our growth momentum. The higher student population has resulted in improved leverage of facility and other fixed costs. Increased advertising effectiveness and lower media costs have improved efficiencies in marketing and admissions. Given all of these factors, our operating margin and cash flow increased substantially in fiscal 2009, and we expect continued improvement in the current fiscal year."
"We believe our business strategy positions us for consistent, sustainable earnings growth," Waller said. "In fiscal 2010 we expect our student population growth to be derived from several sources, including continued implementation of new programs, online enrollment, facility expansions, new branch campuses, and high school enrollment. In addition, we expect continued high unemployment to contribute to overall growth."
"While the recession helps drive enrollment growth, it also creates challenges in terms of career placement and student loan repayment," Waller added. "In fiscal 2010 we will continue to make substantial investments in both of these areas, to help graduates achieve their career goals and meet their financial obligations in a difficult economy."
Source
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