Homeward Bound: More Students Heading Home After Graduation

Student loan debt in this country has not only surpassed credit card debt, but by the end of the year is expected to hit $1 Trillion! News sources nation-wide have picked up the story this week, calling attention to this outrageous number. It’s no wonder more and more graduates are moving back in with mom and dad.

In a recent article from the San Francisco Chronicle, Staff Writer Kevin Fagan assesses the current state of living for graduates. In the article he writes,

“The U.S. Census Bureau says that from 2007, just before the recession hit, to 2010, a year after the recession officially ended, the number of adults ages 25 to 34 living with their parents shot up 26 percent, from 4.7 million to 5.9 million.”

26% is a huge number, but it makes a lot of sense when put into context of Trillion dollar student loan debt. If you’re like many recent college students, you might have to adjust your post-grad expectations. Students tend to expect that they will graduate, get a job, and get an apartment right away then live happily ever after. This has been the idealized version of adulthood for many young graduates. Unfortunately, this may not be an option for many. After experiencing the freedom of college, living with mom and dad might not be your top choice, but it can have some benefits. Here are some advantages of living with parents again.

Free Housing- This is a no-brainer. That is, if you’re lucky enough to live at home rent-free. Some graduates move away from home too soon, only to realize they can’t afford the lifestyle they imagine; between rent, cable, car insurance, gas, electricity, and heat, living expenses can eat up your paycheck and fast!Eat for Free- Well free for you, not your parents. Feeding yourself can add up; if you have parents willing to foot the bill while you’re at home, enjoy it while it lasts!Learn Financial Responsibility (before it’s to late)- Going from the carefree life in college to paying all your bills at once can be a huge shock to many graduates. If you move back home, talk with your parents about managing finances, from bank accounts, to 401Ks. Take this time at home to get your finances in a good place, that way, when you are able to move out, you’ll have all of your ducks in a row. Plus, putting some money away for unexpected expenses is a smart move, it’s always good to have some backup!

For many students, living at home is not an option for a variety of reasons. For those who can move back home, make the most of it! While it may be straining at times, your eventual move-out will be that much easier!

How do you feel about living at home after graduation? Leave a comment and let us know!

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SMART Grants - Educational Grants For The Student Of Math, Science And Languages

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National Science and Mathematics Access to Retain Talent (SMART) Grants assist those undergraduate post-secondary students that major in other languages or certain designated technical fields. Financial grant assistance is provided on need-basis to help these students meet their educational expenses.

National Science and Mathematics Access to Retain Talent Grants are overseen by way of the Department of Education and fall under the Federal Student Aid Information Center. To become entitled to a this, students need to be signed up for eligible schools that might be public or private nonprofit institutions of higher education. These can include but are not limited to universities, colleges, hospital schools of nursing, vocational-technical schools and for- profit institutions.

Only specific majors meet the requirements to be considered for a this grant. These are Science (including life sciences, physical science and computer science), Technology, Engineering, Critical foreign language studies, Liberal Arts and Sciences, Mathematics, and certain natural resource conservation and multidisciplinary programs.

National Science and Mathematics Access to Retain Talent Grants are not accessible for graduate students or those students who have already completed a bachelor's degree without any exceptions possible. The student should be enrolled in a four-year degree program, be in either their third or the fourth year of said program and be allowed to receive a Pell Grant in the same year that they want to be considered for a SMART Grant. Students must also maintain a minimum GPA of 3.0.

Students really need to sign a statement of educational purpose, are not allowed to owe a refund on another a Title IV grant, and cannot currently have a Title IV loan that is defaulted.

While the program itself is overseen by the Department of Education, the institution that the student is enrolled in will act as the disbursing agent. The institution calculates and pays the SMART Grants. This can be done using a payment schedule put together by the Department of Education. The Department of Education will then calculate if the student is eligible for assistance and the office the student sent the original application sent to will send the student a notification whether or not they were eligible for assistance. The student then delivers this received notification to the institution and will have their grant calculated from there. The funding available and the selection of recipients that the institution estimates will determine this payment schedule.

The total grants were $230,000,000 in 2007; approximately $260,000,000 in 2008; and approximately $270,000,000 in 2009. Depending on the need of the student and how much they are assigned, the grant received through the program can range upwards of $4000. SMART Grants assistance cannot exceed the student's actual price of education. The normal reward for students was around $3,291.

Due to recent cutbacks, there is no guarantee word yet on whether the SMART Grant will be available for students for the 2011-2012 year and onwards.

Michael Saunders is an editor of TopGovernmentGrants.com. He maintains Websites providing resources on small business grants and education grants.

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Scholarships Specific To Liberal And Professional Studies

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The University of Pennsylvania in Philadelphia is a great university to attend. Besides offering students a stellar education and the opportunity to earn a degree from a well-respected institution, the college also offers students with an array of scholarship opportunities in order to aid in their educational journey.

The University of Pennsylvania's College of Liberal and Professional Studies is one sector that offers students' scores of scholarship opportunities. One such scholarship program is the Bread Upon the Waters Scholarship. This particular program is a direct tuition grant made available to women over the age of 30, who are going to pursue an undergraduate degree in the liberal arts on a part-time basis. Eligible students are selected on an academic basis coupled with financial need.

Another scholarship within the College of Liberal and Professional Studies is the Nieberle Scholarship. This scholarship is geared specifically for students who graduated from Catholic high schools in the Delaware Valley of the surrounding Philadelphia region. These students must also want to pursue an undergraduate degree on a part-time study basis. Applicants of this scholarship must provide proof of graduation from a Catholic high school located in the greater Philadelphia area and are awarded by academic excellence and financial need. Students who are awarded this scholarship are able to take two liberal and professional studies courses in each of the fall and spring terms, as well as two courses in the field during the 12-week summer course program.

Drexel University also has a Dean's Scholarship for Graduates of the Community College of Philadelphia. Students who have completed a two-year program of study in the liberal arts and sciences at the Community College of Philadelphia are eligible for this scholarship. Students are awarded this scholarship on the foundation of academic superiority and financial need.

Kay Scholarships are another available to University of Pennsylvania students. This scholarship was put together by the Kay family and is awarded to students who are following a Bachelor of Arts degree. This scholarship also takes into consideration applicants who have a high academic standing and also requires students to be in need of financial assistance. Students who are awarded this scholarship are able to take two courses within the field of liberal and professional studies in the fall term, spring term, and summer term and may complete this cycle up until they complete between 32 to 36 course units within their liberal and professional studies major.

The University of Pennsylvania also has the Michael J. Murray Memorial Scholarship that was established within the College of Liberal and Professional Studies in remembrance of Michael J. Murray, a liberal and professional studies student from 2004. He left a strong imprint on the University through his work as the founder and president of the Liberal and Professional Studies Student Advisory Board. This particular scholarship is awarded to students pursuing an undergraduate degree within the college on a part-time basis. Students applying for this scholarship must be able to demonstrate their leadership and participation in community service, in addition to showcasing a commitment to continuing education.

There is also a Phi Theta Kappa Scholarship available to students. This scholarship is only awarded to students who were members of the Phi Theta Kappa Honor Society in a community college before transferring to University of Pennsylvania's College of Liberal and Professional Studies. This award, again, is based on proven academic success as well as the need for financial assistance.

The University of Pennsylvania's College of Liberal and Professional Studies offers students the ability to apply to a number of great scholarships in order to aid in their college career. These are just a handful of the scholarships offered by the college, and there are many more that are available to suit a variety of individual needs. Check to see if one of these mentioned above or another scholarship opportunity would allow you to attend online college.

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Ways to Finance Your Education

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Everyone says that it is easy to go back and get your degree. While this is true, how you are going to pay for your education is a completely different issue. Don't worry, there are several options when it comes to paying for your education, you just have to find out which one will work best for you.

You can always try and apply for scholarships. Apply for any and all types of scholarships, that's right, I said any and all types. Some scholarships that say they are only for one gender or one race or religion may not get any applicants. So, why not apply for these? If you are the only one applying for it, what makes you think they won't just give it to you because you cared enough to apply. At one school, a guy received a scholarship that was only accepting female applicants, but since he was the only one who applied, and there were no female applicants, he was the one who received the scholarship.

Something else you might want to look into are grants. You can get state grants, federal grants, or institutional grants. There are as many types of grants as there are majors, some are specific for your type of major, and some are for just undergraduate or graduate in general. Grants are normally given to those who express a great need for financial aid, and normally do not need to be repaid when you get out of school.

If you either already have a degree and want to get a higher degree, or never got a degree, your employer may be able to help fund your schooling. Depending on what field you are working in, and if your education would be related to your job, some companies may help pay your tuition. For those who are employed by the federal government or are an active-duty service member, there is a possibility you are eligible for tuition assistance.

Some colleges or universities allow you to have a monthly payment plan. By enrolling in a monthly payment plan, you can spread the cost of your tuition over several months instead of one big payment. For this option you need to check with which ever college or university you are thinking about applying too. Every college may be different so be sure to double check before just enrolling.

Another thing you can do to help cut down costs is if you aren't sure what major you want to apply for, you can attend a community college in the mean time. While at a community college you can get most of your basics covered and at a lower price than at a major university or college. If you know what all you want to take, look for colleges that are close to where you currently live, or close to someone who you can live with. Tuition costs are different for people who are out of state or country than for those who are in state. This will also help lower the cost of room and board saving you some money.

Lisa Andrews
Accredited Online Colleges
What is Accreditation?

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Getting Financial Aid From The Federal Government

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Most students have financial concerns when it comes to paying for a college education. One of the first resources you should tap in your search for college funding is the federal government, which offers grants based on financial need and other qualifications. Grants, unlike federal student loans, are gifts of money to be used towards your education and do not have to be repaid. Check to see if you are eligible for these great funding opportunities!

Federal Pell Grants are grants awarded to undergraduate students with demonstrable financial need. You may receive only one Pell Grant each year. Your school is responsible for applying this money towards your tuition, disbursing it at least twice per academic year. The maximum amount you can receive for the 2011-2012 period is $5,550, which depends on your need, the cost of your particular school, your full or part-time commitment to your studies, and the length of time you plan to be in school.

Students who have a parent or guardian who died in Iraq or Afghanistan as a result of military service following September 11, 2001 are given the maximum Pell award. Students must have been 24 years of age or younger at the time of the parent's death and enrolled as at least a part-time student.

Students who experience extreme financial need be eligible to receive an FSEOG grant. This stands for Federal Supplemental Educational Opportunity Grant. You can receive between $100 and $4,000 per year in an FSEOG grant. These awards are limited, however, and are awarded to the students with the lowest Expected Family Contributions, or EFCs. Applying early is essential to receiving the FSEOG funding you need, as resources run out quickly.

If you are interested in becoming a teacher, perhaps you are eligible for the federal TEACH grant. These grants offer up to $4,000 per year to students, even those without financial need, who plan to teach in communities that serve underprivileged families. You can teach elementary or secondary education in a private school, as long as the school meets the requirements of serving low-income families.

A TEACH grant comes with a stipulation, however. Within eight years of receiving your degree, you must complete four years of full-time teaching in a high need area. If you fail to do so, your TEACH grants will be converted to Unsubsidized Federal Stafford loans. You will then be required to pay back the grant in addition to all interest that accrued since disbursement.

Federal grants offer many funding opportunities to benefit students for whom the costs of higher education might otherwise be out of reach. To see if you are eligible for a grant, you must complete the FAFSA application in a timely manner. The FAFSA, or Free Application for Federal Student Aid, is available on the first of each year. Applying on time is important, as grants can run out.

It can be tough to come up with the money to pay for school. Fortunately, you have some resources you may be able to count on, such as grants, in your pursuit of your necessary college education. To cut some costs, you may want to consider some online classes that you can take from home.

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Four Steps to Make the Most Out of Your Scholarship Searches

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Finding the money for college has become a very tricky game with many potential pitfalls.  This cautionary statement isn’t designed to discourage you from following your dreams and pursuing higher education.  Instead this statement reflects the simple reality of today’s ever escalating education price tag.  The price of college is rising at a rate that far exceeds the rate of inflation, and these rising costs make finding a scholarship more important than ever.  In this article, we will examine some of the ways that you might be able to find the funds for higher education.

Step 1 Begin Preparing and Searching Early

Beginning your search for scholarship money well in advance is of great importance.  There are a simply staggering number of scholarships available, and knowing which ones you are eligible to apply for alone can take a good deal of research.  In addition, the application process must be taken seriously as well, as applications can be time consuming.  This is especially true if you are applying for numerous scholarships.

Step 2 Talk to Your Counselor and Other School Resources

Your counselor, in theory, has resources pertaining to scholarships and which ones you might be eligible for, and you should consult with him or her well before your graduation date.  However, you absolutely should not depend on your high school counselor for advice regarding scholarships.  Even the hardest working counselor may miss an important option for you, and that means you need also to explore on your own!

Step 3 Try to Get Appointments with Officials at Colleges and Universities

Educators generally like it when young people show planning and initiative.  They also appreciate it when their opinions and knowledge is valued.  In short, you might be able to get a great deal of information regarding finding scholarships from college admissions officers and others.  Reaching out to them is a savvy move, and you should do more than send an email.  Picking up the phone and politely asking for an appointment is a good idea.

You also may want to consider showing up in person to ask for an appointment.  You will be very surprised how far this type of action will go with many in the education field.  It says volumes about your character and your dedication.  Anyone can send an email, but few people are willing to follow up a phone call with a visit!

Step 4 Invest in Books on Scholarships, Research Online and Visit Libraries

You might think that all information is online; however, even the cleverest of web searches may fail to give you a complete picture of your scholarship options.  There are still times in your life that thumbing through a book makes sense, and this is definitely the case where finding scholarships are concerned.  There are many good books written on this topic.  A few minutes with a good book on scholarships could literally be worth thousands of dollars.

Ultimately, it is up to you to begin your scholarship search early and to be proactive about finding the money you need.  Don’t be afraid to reach out for help and to be persistent.

Related posts:

Find Free Money For College or Scholarship Resources You May Not Know AboutFind Free Money For College or Scholarship Resources You May Not Know AboutThree Unique College Scholarship Opportunities.Three Unique College Scholarship Opportunities.Super List of College Scholarship Websites

Tags: college admissions, college admissions process, Financial Aid, free money for college, scholarships

This entry was posted on Thursday, October 20th, 2011 at 10:33 am and is filed under College Admissions, Preparing for College, Scholarships. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Five Tips For Acing the PLAN Test.

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Are you ready for the PLAN? Photo credit: Eric Hoefler

Are you one of the thousands of high school sophomores across the country taking the PLAN (Pre-ACT) this month? If so, then congratulations. You’re about to get your first taste of the college entrance exam experience!

Don’t worry! Your PLAN test scores won’t be counted when you apply to college. The PLAN is designed solely to prepare you for the more important exams to come later. But it still pays to do your best.

Take the time to prepare. The PLAN site offers practice questions for all four portions of the exam. Complete them all, and make sure to go back and review subjects that trip you up.Answer the easy questions first. Since the PLAN only counts the number of correct answers, it’s a good idea to go through each section and answer the questions that you know the answers to before tackling more difficult ones. This also gives you more time to mull over harder questions.Answer every single question. Since the PLAN only counts right answers, there’s no harm in guessing. It’s also multiple choice, so you have some chance of getting any question right.Don’t guess unless you have to. Instead, try to use logic to eliminate wrong answers first—even if you’re not 100 percent positive what the correct one might be. Making educated guesses is far better than simply playing eenie, meeny, miney moe.Double check your answers. If you pace yourself correctly, you should have time to review your answers. If you do, take advantage of the time. After all, simple mistakes could cost you valuable points!

Follow these tips and you’ll be well on your way to PLAN success. For more tips on preparing for college, subscribe to our blog today!

Related posts:

What is the ACT Test?SAT Test Prep: You Don’t Have to Prepare AloneThe SAT Reasoning Test and You5 Things To Know About Saving For College With a 529 Plan.“Top 10? List – Your College Search Just Got Easier!

Tags: getting into college, PLAN test, test preparation

This entry was posted on Thursday, October 6th, 2011 at 8:54 am and is filed under PLAN test, Preparing for College, SAT/ACT Test, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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When is it OK to Ignore Your High School Guidance Counselor?

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It is important not to assume that your high school guidance counselor is some sort of all knowing oracle.  Even the best high school counselor will never understand your particular situation the way that you do.  Now with that said, of course, your high school guidance counselor is a great potential source of information and, of course, can offer you topnotch guidance on many occasions.  Let’s take a look at some occasions where it is probably all right to ignore your high school guidance counselor’s advice.

#1-What Do Your Parents Do?

The second your high school guidance counselor asks you this question; you should put up your guard.  Who cares what your parents do for a living?  Your guidance counselor shouldn’t be concerned with your parents, but with you and what you want to achieve.

#2-You Can’t Get Into That School

If your high school guidance counselor tries to decide what colleges and universities you can and cannot get into, you may need to ignore this advice.  This situation is especially true if you are planning far in advance.  If you need to improve your grades or test scores, then focus on that goal.  Don’t just give up on your dream schools because your guidance counselor recommends that you do so.  After all, you could potentially transfer to your dream school after your freshman or sophomore year of college.

#3-Is College Really for You?

Don’t let your high school guidance counselor decide whether or not you should go to college.  It is your decision whether or not you should go to college.  Be very wary of any counselor that is attempting to make this key decision for you.

#4-This is the Major for You!

Just as you should ignore your high school guidance counselor’s advice on whether or not you should attend college, the same holds true for allowing your counselor to pick your major.  You have to live with whatever major you pick, and this decision could influence your career path, your success in college and the how happy you are with your college experience.  Even if you don’t know what you to do in the future, the odds are you are better waiting to make your decision than letting someone else decide for you, and this includes your parents as well.

#5-Follow Your Gut, If Advice Sounds Bad, Then Maybe It Is Bad!

You should listen to what your guidance counselor has to say on every topic, but there is a difference between listening, and following the advice given.  Remember the advice you receive from your guidance counselor is advice; it’s not an order.  Often students overlook this key point because the high school guidance counselor is giving advice within a school.  Of course, students are taught at a very young age to listen to teachers.  However, if you hear what you think is questionable advice from your guidance counselor, then just follow your gut.

Related posts:

College Versus High School: What’s the Difference?Why an Undecided Major isn’t So Bad: High Point UniversityYour College Application Timeline: What To Do This Month.Majors in College, The College Admission Process, and Other College Questions: Answered!Open Doors: The New School Interdisciplinary Program

Tags: college advice, college guide, guidance counselor

This entry was posted on Tuesday, October 25th, 2011 at 8:10 am and is filed under Choosing a College, Choosing a Major, Preparing for College. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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SAT Preparation-Should You Take a Class?

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The SAT test is plays an important role in the lives of students across the nation, and taking the time to prepare for this test is a no-brainer.  You may know someone that claims to have not studied for this test and still “aced” it, but such an approach and attitude is really not the best way to go.  Given the importance of this test, studying for it well in advance is your smartest move.  If you want to get into one of your top college or university picks, then you most definitely want to study for the SAT.  Often students struggle with the questions, “Do I study for the SAT on my own or do I opt for a class?”

The fact that so many students take the SAT every year means that there are many different options as well.  When it comes to deciding whether or not you should take a class to study for the SAT, it is important that you take time management into consideration.  Let’s face it; being in high-school can be time consuming.  This is especially true if you are aiming for great grades and have extracurricular activities.  This means that you need flexibility when it comes to studying for the SAT.

Taking online courses is one way that you can get the flexibility that you need.  By choosing online courses, you can study when you like and at your own pace.  Plus, you will find that online courses tend to be a lot less expensive.  There are additional benefits to studying online as well.  For example, other students will not be able to distract you when you study online.  (Plus, there will be no meeting people from other schools you might want to date!)

Another key benefit of studying for the SAT online is that you save valuable travel time.  Travel time adds up, especially over the course of many weeks.  By choosing an online SAT class instead of one that you need to attend in person, you can save a great deal of time.

An online SAT class also means that you can study on your computer whenever you like.  This will make “cramming” for the SAT feel a little more organic and a little less forced.  Being able to study when you like and wherever you like is a major plus in favor of studying online.

This is not to say that there are not benefits to studying in a traditional classroom setting.  Most of the benefits of studying in a traditional classroom setting will largely depend on your own personality and whether or not you need the direct guidance.  If you feel that you can’t get motivated to study on your own, then perhaps a traditional classroom setting is better suited for you.

There is no denying the benefits of online SAT preparation.  Being able to study whenever you like and how you like is a significant plus.  In addition, there are considerable cost savings as well.  The bottom line is whether you opt for a traditional classroom setting for you SAT prep or choose the greater flexibility of studying online, you need to study for this important test far before the month of your test date.

Related posts:

An Overview of the Importance of SAT PreparationAn Overview of the Importance of SAT PreparationShould You Take The SAT or ACT Again? Things To Consider.Should You Take The SAT or ACT Again? Things To Consider.Your College Application Timeline: What To Do This Month.

Tags: college admissions, college admissions process, SAT

This entry was posted on Saturday, October 22nd, 2011 at 11:31 am and is filed under College Admissions, Preparing for College, SAT/ACT Test. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Obama’s Plan for Student Loan Debt

 

Free Financial Aid Webinars for Students

Let’s face it, financial strategy and planning is not always on the forefront of college students’ minds. There is a lot of great information out there to help students budget while in college, but many busy students don’t have the time or will to read it. Enter Financial IQ Webinars by Great Lakes.

Great Lakes is a student loan servicer that is providing free webinars to students on financial literacy topics. Open to all students (not just those whose loans are serviced by GL) the webinars will focus on Money 411, Credit Card Smarts, and Student Loan Repayment – Everything you need to know.

For busy students, these hour-long webinars can be a relatively quick and easy way to get a little more finance-savvy. Below you can find a list of these webinars with dates, times, and more detailed information.

Money 411: October 21 & 28 at 1pm Central time
This webinar will focus on the top 5 money mistakes made by students which range from how to budget, to the appropriate uses of credit cards and loans.Credit Card Smarts: November 4 & 11 at 1pm Central time
Credit cards can be a great way to pay for everyday items conveniently, but only if you’re smart about it. This seminar will focus on how to manage and protect credit cards to minimize your debt.Student Loan Repayment: December 7 & 9 at 3pm & 1pm Central time
Student loan repayment is a lively topic in politics right now, and for good reason – managing student loan debt is no easy task. In this webinar, students will learn how to keep track of loans, find the right repayment plan, and how to contact your loan lender.

Learn more about these webinars at mygreatlakes.org.

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Occupy Colleges: Students Call for Change

The Occupy Wall Street movement has been on the forefront of many people’s minds for the past couple of weeks, college students included. With more people “occupying” cities nationwide, college students have joined in solidarity by Occupying Colleges. Today, students around the country participated in a 12pm walkout to show support to the Occupy Wall Street movement. Between the highest student loan debt our nation has seen and the job scarcity for recent graduates, students are among those calling for change.

Visit msnbc.com for breaking news, world news, and news about the economy

For those who don’t know, Occupy Wall Street is a movement that aims to call attention to many of the major problems faced by 99% of Americans. Major cities around the US are hosts to crowds of advocates, calling for change to America’s financial situation. For more information on the movement, check out this CNN article “Think Occupy Wall St. is a phase? You don’t get it“.

Did you participate in the walkout? Know someone that did? Leave a comment and tell us about it!

You can also follow the movements on Facebook and Twitter: #occupycolleges #occupywallstreet

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Federal Loan Transfer Scheduled for September – October 2011

The Department of Education is planning a transfer of federal loans to various loan servicers, including Great Lakes Educational Loan Services, Inc. The transition is part of a plan to have all of a borrower’s loans handled by one servicer, making it easier to manage your loan payments.

This transition is planned for two categories which are as follows:

“Rehabilitated/Reinstated loans with the Department of Education Student Loan Servicing Center”
Students who have loans which have been rehabilitated or reinstated currently have them serviced by the DoE Student Loan Servicing Center. These will be transferred to Great Lakes Educational Loan Services, Inc. and this transfer is scheduled for September 21, 2011.“Direct Loans and FFEL Purchased Loans Split Across Great Lakes and Other Servicers”
If you have federal loans which are serviced by Great Lakes, along with other services such as NelNet, your loans will be all be transferred to one servicer. For loans being transferred to Great Lakes, the transfer is scheduled for September 21, 2011. The transfer of loans to other servicers will commence upon the completion of step 1, which is tentatively scheduled for October 3, 2011.

The transition should make it easier for students to keep track of their federal loans, having only one servicer in the mix. After the loan transfer is complete and all necessary data is in the new servicer’s system, students will be contacted by the servicer with all of the information relating to your loans.

The borrower’s loan status should remain in tact through the transition. For example, any loans in deferment or forbearance will remain in deferment or forbearance. However, other services such as auto-debit or electronic correspondence will most likely need to be reinstated. If your loans are affected and you paid through auto-debit, make sure to contact your new servicer to set up this feature again so that you do not miss any payments!

For more information, read the announcement from the Department of Education. Contact information is provided on that page if you have any questions about the transition.

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Questions to ask Lenders before Committing to a Personal Loan

Personal loans are those that can be used for a variety of uses including vehicles, home repairs, vacations, education, and many more endless possibilities. Personal loans can be obtained from banks, financial investors, and other lending institutions including those found on the internet. It can be confusing to decide who to conduct business with. There are some questions you need to ask potential lenders before making any type of commitment on a personal loan.

First, it is important for you to understand that as a customer or potential customer, you have the legal right to ask lenders questions. Do not conduct business with any lender who is willing to answer your questions in detail. Be wary of lenders who tell you not to worry about the details or who try to rush you through the process. Both of these should be red flag indicators that something isn’t right. Quality lenders who have nothing to hide are more than happy to answer any questions you have about personal loans.

Too often, customers are hesitant to ask questions out of fear that the lender will look down on them or that they will be wasting the lenders time. As a consumer, you need to prepare yourself with the proper information to make informed decisions. This is very important in the area of your finances.

If it is not clearly stated, find out the maximum amount the lender offers for personal loans. This way you can find out if the lender will even be able to meet your needs based on the amount of money you are looking for. Next, ask questions about the personal loan terms. This will help you determine if the payment is going to fit your monthly budget.

Most personal loans are decided within just a few days. Ask the lender what verifications you will need to provide as well as how soon they can have a decision after you provide all the necessary documentation. The verifications will vary but should include ID, income, tax returns, and a completed loan application.

Many personal loan lenders will push the loan rate at you, especially if they are offering one that is lower than the competition. However, you should ask them to show you exactly how much the loan is going to cost you. Lenders can give you an itemization of all fees of the loan. You will want the information to compare with other lenders information.

Don’t forget to ask the lender about prepayment. If possible, you will want to pay your loan off early to save on interest you pay over the life of the loan. Some lenders will charge you a payment for prepayment. If you plan to pay the loan off sooner than it matures, then do not work with a lender who requires prepayment penalties as part of the personal loan offer.

With security issues being so huge in our society, inquire how the lender will be using and securing your personal information. You want their guarantee that your name and personal information won’t be sold to other solicitors. If they do, expect to start getting telemarketing calls and lots of pre-approval offers in the mail. Most lenders will use encryption and a firewall for their computer storage of your personal information, but ask about it anyway. It is also a good idea to ask them how they inform customers if they feel security has been breached. Good lenders have such plans in place for your protection.

Taking the opportunity to ask questions from potential lenders before making a commitment to a personal loan takes time and effort. However, you will be glad you did. It is important that consumers arm themselves with the best possible information as this is the only way to make important decisions based on having the proper knowledge. I can’t tell you how many people have learned the hard way that asking questions makes a world of difference when it comes to financial issues.

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Student loan debt consolidation

There’s no way around it. If you took out student loans to pay for college, you have to pay them back. That can be hard to do, whether you’re still in school, trying to start your life outside it, or even 10 years down the line. You borrowed the money, you used it, and you have to pay it back.

What happens when that means you have to choose between paying all your bills or just those? What happens when those outstanding debts get in the way of putting money together for a house, or a car, or a family? It just doesn’t make sense to walk through life incurring the debts of living while you’re still dragging around the ones from school.

Fortunately, there’s a solution. You still have to pay back what you borrowed, but with a student loan debt consolidation make monthly payments to just one lender.

Think of it as refinancing. The money you borrow from one lender pays off the money you owe to all those other lenders. No more juggling what’s due to whom and when. Not only that, the interest rate on the student loan debt consolidation is the weighted average of those other loans, making it lower overall and bringing your monthly payment down accordingly. Some student loan debt consolidations are settled at a fixed rate, so you don’t have to worry when July 1 rolls around each year that your payment will go up.

Among the student loan debt consolidation available, there are actually four different student repayment plans to research and one is bound to be just what you’re looking for.

If the idea of a fixed rate really appeals to you, consider either the Standard Repayment Plan or the Extended Repayment Plan. The Standard Repayment Plan gives you a maximum of 10 years to repay, but payments are divided within that time limit at a fixed interest rate.

Extended Repayment Plans relieve the burden of monthly payment amounts still further by stretching the time to pay off the loan to between 12 and 30 years (depending on the total amount borrowed). Again, the interest rate is fixed for that time period, and the payments are lower. Be aware that over time, you will end up paying a larger amount, but the monthly payments will be easier to bear.

The Graduated Repayment Plan also allows you to spread your monthly student load debt consolidation payments over a period of between 12 and 30 years, but in this case, the amount of your monthly payment will increase every two years.

The fourth plan appeals to a number of people because it takes into account what’s going on in your life. In the Income Contingent Repayment Plan, a reasonable monthly payment amount is determined based on your annual gross income, family size, and total direct student loan debt. Another advantage of this student loan debt consolidation repayment plan spreads the payments over 25 years.

If you’re close to the end of your student loans, consider carefully whether taking on a new loan is worth the time and effort. However, if you still have a long time to go and many payments ahead of you – and you’ve already exhausted the deferment and forbearance options on your existing loans – making a fresh start with a student loan debt consolidation may actually be to your benefit.

What to do if you are Turned Down for a Personal Loan

Obtaining a personal loan can be very important if you have a financial need and you have looked into other resources. It can be very upsetting if you are turned down for the loan. There are several things you can do to prevent that from happening. Since you never know when you may have to apply for a personal loan, always keep your eye on your credit report. It can take a very long time to get any errors corrected, time most of us don’t have when we need a personal loan. Know what your credit rating is. Be realistic about your chances of getting a personal loan based on your credit.

It is important that you fill out the loan application correctly and accurately. Provide all required information including residence verification, income, and employment verification. If you have experienced circumstances beyond your control that may have blemished your credit report, consider attaching a letter. Keep the letter short and to the point. Explain the situation, take responsibility for your credit report, and also document how you have worked hard to make the situation better. This information can help the loan officer and underwriter with the loan decision.

Be prepared to offer collateral if the only way you can get a personal loan is to have it secured. While it is best not to secure personal loans because of the high risk, it may be your only option if you are in a situation where you really need the loan. Collateral can be a vehicle, property, or other asset that is legally yours. If you default on the loan, remember that you will lose that collateral as well.

You may be able to get a personal loan if you have a co-signer. This is someone who signs the loan agreement with you. If you default on the loan, that person is legally responsible for repaying it. Asking someone to co-sign a loan for you is giving them your word that you will not place them in a financially difficult situation. If you have a co-signer to get a personal loan, you should pay that loan before anything else every month. You can seriously damage the relationship you have with a co-signer if you fail to make your personal loan payments.

While it is never a good idea to apply for credit in multiple places, you just might want to approach another lender if one has denied your personal loan application. Each lender has different formulas they use to determine loan approval. If your credit is not good, consider approaching a lender that specializes in personal loans for those with bad credit. It is very important that you verify they are a legitimate lender and not a scam set up to prey on those desperate to obtain a personal loan. While you will likely pay a higher interest rate with this lender, you will at least have the access to the funds you need. Use this opportunity as a way to start improving your credit score by making all your payments on time.

It can be a huge let down if your personal loan application is denied. Do all you can to ensure that your application is approved the first time. Do not lie on your personal loan application. This can create many other issues for you that aren’t good. Be honest as well as describe any issues that you think the lender might see as a red flag. Work hard to maintain good credit so that you won’t be denied future loans because of a poor credit history.

Repayment of a personal loan is very important. You will want to make it a top priority in your budget. Down the road, you will likely need to borrow funds again. Most lenders will help you if they see a history of responsible finances. If your personal loan has collateral or a co-signer attached to it, you have an even greater responsibility to repay the loan on time.

Federal Loan Transfer Scheduled for September – October 2011

The Department of Education is planning a transfer of federal loans to various loan servicers, including Great Lakes Educational Loan Services, Inc. The transition is part of a plan to have all of a borrower’s loans handled by one servicer, making it easier to manage your loan payments.
This transition is planned for two categories which are as follows:
“Rehabilitated/Reinstated loans with the Department of Education Student Loan Servicing Center”
Students who have loans which have been rehabilitated or reinstated currently have them serviced by the DoE Student Loan Servicing Center. These will be transferred to Great Lakes Educational Loan Services, Inc. and this transfer is scheduled for September 21, 2011.“Direct Loans and FFEL Purchased Loans Split Across Great Lakes and Other Servicers”
If you have federal loans which are serviced by Great Lakes, along with other services such as NelNet, your loans will be all be transferred to one servicer. For loans being transferred to Great Lakes, the transfer is scheduled for September 21, 2011. The transfer of loans to other servicers will commence upon the completion of step 1, which is tentatively scheduled for October 3, 2011.
The transition should make it easier for students to keep track of their federal loans, having only one servicer in the mix. After the loan transfer is complete and all necessary data is in the new servicer’s system, students will be contacted by the servicer with all of the information relating to your loans.
The borrower’s loan status should remain in tact through the transition. For example, any loans in deferment or forbearance will remain in deferment or forbearance. However, other services such as auto-debit or electronic correspondence will most likely need to be reinstated. If your loans are affected and you paid through auto-debit, make sure to contact your new servicer to set up this feature again so that you do not miss any payments!
For more information, read the announcement from the Department of Education. Contact information is provided on that page if you have any questions about the transition.
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