Owner: Student Loan Advice URL:http://studentloanadvice.blogspot.com/ Join Date: Tue, 03 Oct 2006 22:34:45 -0500 Rating:1 Site Description: This site is all about helping you get rid of student loan debt. Two out of every three graduating seniors now have student loans to pay off! I plan on talking about loans and loan companies, debt collectors and debt consolidation. I'll also cover indust Site statistics:Click here
Addressing Your Defaulted Student Loan 2008-02-05 14:46:00 If this applies to you then listen up. Here's what the Federal Student
Aid office says:Make a payment now by credit or debit card (We accept American Express, Discover, Master Card and Visa as repayment options. Please contact the Default Resolution Group at 1-800-621-3115 to process your credit card payment).Student loan borrowers in default now have more options than ever before to repay their student loans. The U.S. Department of Education's (Department) Default Resolution Group is committed to assisting individuals in default by making debt repayment a simple process.This site will provide you with information on the following loan programs:Federal Family Education Loans (FFEL), which include Federal Stafford, Federal Consolidation and Federal PLUS loans. When placed in default, thes Read more:Addressing
Student Loan Calculator 2008-02-05 09:40:00 Here's a handy little calculator from CNN Money to help you determine how quickly you'll pay off your student loans. I figure your loan amount and interest rate are set. Play around with the monthly payment amount. Figure out the maximum monthly payment you can afford and see how short your loan will last. Read more:Student
, Student Loan
, Calculator
Chase cuts rates and fees 2008-02-04 15:40:00 Here's something to consider if you're currently shopping around for a student loan. According to Reuters:Chase Education Finance said it will waive the origination fee on Stafford loans and the 1 percent default fee on Stafford, Parent PLUS and Grad PLUS loans.It said it will also reduce the interest rate on all three loans by one-tenth of a percentage point if it makes, services and retains the loans.
Sponsor my Loan 2008-02-01 14:54:00 There's a Mr. Luke Livingston that has come up with a clever way to help pay off his student loans. Check out sponsormyloans.com and see what he's done.For $200, you can be the sole sponsor of his site for 1 month with your ads on the header, footer, and sidebar. It reminds me of the "million dollar home page" some time ago but this site is a good bit more reasonable. Read more:Sponsor
Sallie Mae Update 2008-01-31 11:29:00 Sallie Mae is tightening its belt and will "no longer provide loans to students with sub-prime credit scores." (Source: collegiatetimes.com)"As a result of the impact of the College Cost Reduction and Access Act and the deterioration of the credit markets, Sallie Mae is discontinuing certain non-standard private education loan programs," said Tom Joyce, senior vice president of Sallie Mae's corporate communications. "We are also in the process of adjusting our underwriting criteria and pricing of our private education loans to reflect the current financing and market conditions."Sallie Mae is also laying off 350 people (3% of their workforce) and looking to reduce their costs by 20% in the next two years. Read more:Update
Mucho ojo... Tenga cuidado al buscar ayuda para estudiantes 2008-01-22 11:06:00 Fraude de becas¿Cómo son los servicios de búsqueda de becas?Hay muchos servicios particulares de búsqueda de becas que suministran listas de fuentes de ayuda económica. Es importante señalar, sin embargo, que nosotros no evaluamos esos servicios. Si usted opta por usarlos, debería comprobar su reputación comunicándose con la Oficina de Buenas Prácticas Comerciales (Better Business Bureau) o con la oficina de la procuraduría general de su estado. Se pueden hacer búsquedas de becas sin costo en nuestro sitio Web: www.FederalStudentAid.ed.gov. ¿Cómo puedo asegurarme de que estos servicios no son una estafa? ¿A qué debo prestar atención?Hay que ser muy precavido a la hora de buscar información sobre la asistencia financiera. Se calcula que las familias pierden millones de dó
Información gratuita sobre los programas federales de ayuda para estudiantes 2008-01-21 16:05:00 La mayor parte de la ayuda estudiantil otorgada en el país proviene de los programas de becas, trabajo y estudio, y préstamos que administra el Departamento de Educación de EE.UU. Otorgamos casi toda la ayuda de estos programas según la necesidad económica que evidencie el estudiante. Ni las calificaciones académicas ni la posición relativa que éste ocupe en su promoción figuran en la decisión de conceder ayuda.Si, después de leer la presente publicación, todavía tiene dudas sobre
los programas federales de ayuda estudiantil, puede hacer lo siguiente: Visitar nuestro sitio Web, en www.FederalStudentAid.ed.gov. Este sitio ofrece información completa y GRATUITA sobre todo lo relacionado con la ayuda estudiantil, como asi mismo enlaces a otros sitios que informan sobre la asiste Read more:gratuita
Student Loan Advice 'Concerns' 2008-04-10 11:40:00 U.S. News and World Report has posted an article expressing concerns about biased student loan advice on the internet. Along with blogs, they mention Christopher Penn's financial aid podcast from The Student
Loan Network. But consumer advocates are concerned that students may not realize or consider that these educational messages are coming from people who want their business, not unbiased sources.First of all, I highly respect Penn's podcast. He provides a wealth of useful legitimate information. Of course, he's made a business out of it too.Second, pretty much everyone has a biased view to some degree. The U.S. News and World Report 'online' piece has advertisements on it directing you to 'biased' sources. So does my blog. Information is never totally free. The point is, even i Read more:Student Loan
Authority to purchase federal family education loans 2008-04-23 14:03:00 This is straight from today's White House Press Breifing:... recent credit market conditions have raised concerns in the student loan market among parents and some college students, and so the administration has been taking steps to prepare for the approaching student loan peak season of applications in July and August. Today Secretary Spellings, Secretary Paulson and Director Jim Nussle sent a letter to members of Congress urging prompt action to get the Department of Education authority to purchase federal family education loans to better ensure the availability for the upcoming academic year. The House recently passed a bill to provide this authority, and we urge the Senate to act promptly on the bill. Implementing this authority will take time, so it is imperative to move this legislat Read more:Authority
President Barack Obama on CNN radio 2008-04-24 22:16:00 Obama speaks about his plans for student financing ... expand Pell Grants, cut out the middle men (... such as Sallie Mae), $4,000 tuition credit per year in exchange for community or national service, and finally curb university costsJust watch/listen between the 3:00 and 5:30 minute mark of this YouTube video.He speaks from personal experience with student debt. He said his and his wife's combined student loan debt coming out of law school was greater than their mortgage! Read more:President
, Barack
, Obama
, CNN
Federal Pell Grant 2008-05-02 15:14:00 A Federal
Pell Grant
, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.How much can I get?The maximum Pell Grant award for the 2007-08 award year (July 1, 2007 to June 30, 2008) is $4,310. The maximum award for the 2008-09 award year (July 1, 2008 to June 30, 2009) is $4,731. The maximum can change each award year and depends on program funding. The amount you get, though, will depend not only on your financial need,
PLUS Loans (Parent Loans) 2008-05-04 17:21:00 Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. PLUS Loans
are available through the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. Your parents can get either loan, but not both, for you during the same enrollment period. They also must have an acceptable credit history.(Source: studentaid.ed.gov) Read more:Parent
How do my parents get a loan? 2008-05-05 10:32:00 For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note, contained in a single form that you get from your school’s financial aid office.For a FFEL PLUS Loan, your parents must complete and submit a PLUS Loan application, available from your school, lender, or your state guaranty agency. After the school completes its portion of the application, it must be sent to a lender for evaluation.Also, your parents generally will be required to pass a credit check. If your parents don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to repay the loan if your parents fail to do so. Your parents might also qu
How much can my parents borrow? 2008-05-07 10:24:00 The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. If your cost of attendance is $6,000, for example, and you receive $4,000 in other financial aid, your parents can borrow up to $2,000.
Who gets my parents' loan money? 2008-05-09 15:25:00 Either the U.S. Department of Education (for a Direct PLUS Loan) or your parents’ lender (for a FFEL PLUS Loan) will send the loan funds to your school. Your school might require your parents to endorse a disbursement check and send it back to the school. In most cases, the loan will be disbursed in at least two installments, and no installment will be greater than half the loan amount. The funds will first be applied to your tuition, fees, room and board, and other school charges. If any loan funds remain, your parents will receive the amount as a check or in cash, unless they authorize the amount to be released to you or to be put into your school account. Any remaining loan funds must be used for your education expenses.
What's the PLUS loan interest rate? 2008-05-12 11:26:00 For PLUS Loans disbursed on or after July 1, 2006, the interest rate is fixed (at 7.90 for Direct PLUS Loans and 8.50 percent for FFEL PLUS Loans). For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable and is determined on July 1 of every year. For 2007-2008, the variable rate for these PLUS Loans (in both the Direct and FFEL programs) is 8.02 percent. Inte
Other than interest, is there a charge to get a PLUS Loan? 2008-05-14 11:27:00 Your parents will pay a fee of up to 4 percent of the loan, deducted proportionately each time a loan disbursement is made. For a FFEL PLUS Loan, a portion of this fee goes to the federal government, and a portion goes to the guaranty agency (the organization that administers the PLUS Loan Program in your state) to help reduce the cost of the loans. For a Direct PLUS Loan, the entire fee goes to t Read more:charge
When do my parents begin repaying the loan? 2008-05-16 10:27:00 Generally, the first payment is due within 60 days after the loan is fully disbursed. There is no grace period for these loans. Interest begin
s to accumulate at the time the first disbursement is made. Your parents must begin repaying both principal and interest while you're in school.
How do my parents pay back these loans? 2008-05-19 09:29:00 They'll repay a FFEL PLUS Loan to a private lender or loan servicer. They'll repay their Direct PLUS Loan to the U.S. Department of Education's Direct Loan Servicing Center. To read more about repayment options under both programs, read the PLUS Loans section in Funding Education Beyond High School: The Guide to Federal Student Aid.
Is it ever possible to postpone repayment of a PLUS Loan? 2008-05-21 09:29:00 Yes, under certain circumstances, your parents can receive a deferment on their loans.If they temporarily can’t meet the repayment schedule, they can also receive forbearance on their loan, as long as it isn’t in default. During forbearance, their payments are postponed or reduced.Generally, the conditions for eligibility and procedures for requesting a deferment or forbearance apply to both S
Can a PLUS Loan be discharged (canceled)? 2008-05-23 10:30:00 Yes, under certain conditions. A discharge (cancellation) releases your parents from all obligation to repay the loan.Your parents’ PLUS Loan can’t be canceled for these reasons: You didn’t complete your program of study at your school (unless you couldn’t complete the program for a valid reason—because the school closed, for example), you didn’t like the school or the program of study
Student Debt Q&A 2008-07-15 03:40:00 How you are assessed as a credit risk will be based on whether you defaulted on your student loan. Government income tax refunds can stop and you may acquire wage attachments if you fail to take your student loan seriously and default on it. If you follow a few simple guidelines you can easily avoid defaulting on your student loan. You can avoid defaulting on your student loan if you just stay in Read more:Student
Key Things To Consider Before Taking a Student Loan 2008-07-14 15:35:00 by Sarah Parker (www.oneiricissues.com)The rising costs of college tuition have made it almost a necessity to apply for a student loan today. Student
s not only have tuition costs, but the cost of books, meals, gas, cell phones, recreation, etc. The variety of student loans enables students to take care of their varying college expenses. A student loan however, is a loan that must be repaid under s Read more:Taking
, Student Loan
Citigroup affiliate Student Loan Corp. to cut 89 jobs 2008-07-11 15:53:00 Student Loan Corp, a division of Citibank, plans to cut 89 jobs from its Perinton operation, the company said Thursday.The jobs represent almost one-quarter of Student Loan's local employment and their elimination is part of a company-wide restructuring and cost-cutting effort. Overall, 174 jobs are being cut, including some at Student Loan headquarters in Stamford, Conn., and at Citibank in South Read more:Student
, Student Loan
, Citigroup
Debt Consolidation Overview 2008-07-11 14:50:00 If you're in way over your head, debt consolidation is a viable option. You have to understand though that there is a tradeoff of easing your current pain. Consolidation
ProgramsFrom Justin Pritchard,Your Guide to Banking / Loans.FREE Newsletter. Sign Up Now!Overview
of Debt Consolidation
ProgramsReaders are always asking about debt consolidation programs. What are they and what do you need to
Beat the college loan crunch 2008-07-08 07:34:00 (Money Magazine) -- For families with children heading off to college, this has been the year from hell. First, a record number of applicants made 2008 the most competitive year ever for college admissions. Then the credit crunch hit the college market in a big way, igniting fears of a drought in financing for all students this fall.Spurred by dwindling demand for packaged loans from investors and
Community College Student Loan Rates 2008-08-01 11:51:00 As college tuition rates have increased, many two-year college students have been forced to take out loans. Because about one-quarter of two-year colleges do not participate in the federal loan program, these students are forced to take out private loans, which are riskier and more expensive; work while attending school; use credit cards; or, drop out of school. Of those students who completed a c Read more:College
, Student
, Rates
, Student Loan
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