Tuesday, 4 June 2013
Thursday, 22 January 2009
International Student Loans
A lot of us may not realize it, but international student loans are what help the vast majority of students in our universities secure a first world education. Most of us labor under the mistaken belief that a lot of the international students on our campuses are from well off or even wealthy families. But this is not the case. In fact, if one were to examine the countries that they come from, the startling revelation would be that almost all of them come from developing economies. While it is true that a relatively small number of them might be self-financed and consequently from wealthy families, the vast majority are able to study in our universities only because of what has come to be known as international student loans.
As the name itself reveals, international student loans are monetary assistance provided by banks and other financial institutions that enable students from one country to go abroad to further their education. For all practical purposes, international student loans are very similar to other kinds of loans. Students who want to apply for international student loans need to first and foremost secure admissions or at the very least have an offer of admission from a university of their choice. Normally, the more reputed the university and the more in demand it is, the easier it will prove to get international student loans. But a whole lot more also depends on the background of the student, the kind of course selected and even the career potential for someone who successfully completes such courses.
Why are all these things important? Well, one reason could be that the student, whenever he or she applies for the international student loans, is not in a position to earn anything. Consequently, they will be unable to begin repaying the loan unless and until they get out of college and into a job that starts paying them back. Which is why typical international student loans start the repayment terms a couple of years after they are issued. Could any commercial loan serve as international student loans? Sure, but then why would someone pay a higher rate of interest for a commercial loan and use it as a student loan when the same amount of money is available without any collateral, at a much more subsidized rate and offers a staggered repayment term? International student loans sure make sense when seen from such a perspective.
As the name itself reveals, international student loans are monetary assistance provided by banks and other financial institutions that enable students from one country to go abroad to further their education. For all practical purposes, international student loans are very similar to other kinds of loans. Students who want to apply for international student loans need to first and foremost secure admissions or at the very least have an offer of admission from a university of their choice. Normally, the more reputed the university and the more in demand it is, the easier it will prove to get international student loans. But a whole lot more also depends on the background of the student, the kind of course selected and even the career potential for someone who successfully completes such courses.
Why are all these things important? Well, one reason could be that the student, whenever he or she applies for the international student loans, is not in a position to earn anything. Consequently, they will be unable to begin repaying the loan unless and until they get out of college and into a job that starts paying them back. Which is why typical international student loans start the repayment terms a couple of years after they are issued. Could any commercial loan serve as international student loans? Sure, but then why would someone pay a higher rate of interest for a commercial loan and use it as a student loan when the same amount of money is available without any collateral, at a much more subsidized rate and offers a staggered repayment term? International student loans sure make sense when seen from such a perspective.
Thursday, 15 January 2009
Although the economy has gotten more difficult, there are still plenty of jobs for college graduates out there. You just have to keep on your toes, keep a healthy and positive outlook, and work as hard as you can to get them. Graduate jobs don't grow on trees anymore. There was a time where anyone with a graduate degree in anything could get a job easily. Those times are gone. Nowadays, particularly if you have a liberal arts major, you really have to hustle for the jobs. After all, with more people going to schools and the economy not doing very well, there is intense competition for the graduate jobs that exist.
The first graduate job that I got was not very impressive. Basically, I was working part-time as a tutor. It was at one of those large tutor mills with offices all over the country. I was teaching SAT test prep to high school kids and not making a lot of money. I knew that, with a college education, I could do more. It was just a matter of getting everything in order.
First of all, I tweaked my resume. I can't overestimate the importance of doing this to get good graduate jobs. After all, there are a lot of people who can do the job. What separates the contenders from the has-beens is having a slick, professional presentation, and this starts with your resume. After that, I signed up for some job search engines. Job search sites are wonderful. Instead of sending your resume out to a dozen employers, you can make it accessible to hundreds of them. This is the perfect way to open up new opportunities for graduate work.
It took a while until I found a graduate job that I really liked. Some of the graduate jobs that I worked for after the tutoring center were not much better, but I knew I was moving in the right direction. Eventually, I found the perfect job. I got work in a newspaper, doing local reporting. It did not pay well, and it wasn't exactly where I wanted to be, but I knew it could take me there. Within a few years using my talent with the English language, I could be a real reporter in a national periodical. Since then, I have really begun going places. I refused to give up in my search for graduate jobs, and I finally found some good opportunities.
The first graduate job that I got was not very impressive. Basically, I was working part-time as a tutor. It was at one of those large tutor mills with offices all over the country. I was teaching SAT test prep to high school kids and not making a lot of money. I knew that, with a college education, I could do more. It was just a matter of getting everything in order.
First of all, I tweaked my resume. I can't overestimate the importance of doing this to get good graduate jobs. After all, there are a lot of people who can do the job. What separates the contenders from the has-beens is having a slick, professional presentation, and this starts with your resume. After that, I signed up for some job search engines. Job search sites are wonderful. Instead of sending your resume out to a dozen employers, you can make it accessible to hundreds of them. This is the perfect way to open up new opportunities for graduate work.
It took a while until I found a graduate job that I really liked. Some of the graduate jobs that I worked for after the tutoring center were not much better, but I knew I was moving in the right direction. Eventually, I found the perfect job. I got work in a newspaper, doing local reporting. It did not pay well, and it wasn't exactly where I wanted to be, but I knew it could take me there. Within a few years using my talent with the English language, I could be a real reporter in a national periodical. Since then, I have really begun going places. I refused to give up in my search for graduate jobs, and I finally found some good opportunities.
Saturday, 16 December 2006
Avail Hidden Benefits Through Student Debt Consolidation Loan
Are you one of those students who are facing problems due to their multiple debts? This can be the condition with a large group of students who are pursuing their studies.
Student debt consolidation loan is the loan designed to merge all the debts of students into a single payable amount to be paid in monthly installments. This type of consolidation loan removes that extra burden of multiple monthly payments from your mind. Interest rate, the foremost requirement of any loan is lower under these loans.
Student debt consolidation loans are available in both secured and unsecured forms and they are available to everybody even to them who are with bad credit.
The reason behind students looking for this kind of loan is to get rid of their multiple debts. Debts may trap students due to numerous reasons such as:
- Hike in tuition fee
- Unexpected expenses like medical bills, etc.
- Other unforeseen expenses
- Payment of student loans
These expenses give rise to financial problems for students as they do not have a regular source of income. Increasing number of debts may worsen the condition as they have to face harassing calls from lenders. In such a scenario, these loans are an optimum solution for students to get rid of their debts.
Student debt consolidation loan is specifically crafted for students. It also comes with lower interest rate and most importantly these loans can be easily availed by just a click of your mouse.
Before you apply for any of consolidation loan for students you have to fulfill the eligibility criteria as under:
- The student should no longer be enrolled in a school
- The student should be paying the debts for at least in the grace period of loan period.
This loan has some inborn benefits that will definitely suit all students such as:
1. The interest rate of this consolidation loans usually comes at 2% - 3% which is lower than any other loans.
2. Students have the benefits that there will be no interest rate charged while students pursue their studies.
3. Students will get a number of rebates while they go for student debt consolidation loans.
It is advised that you gather enough knowledge regarding each and every aspect of student debt consolidation loans before you apply for the same. Overall it is a good opportunity to get relieved from your multiples debts
Student debt consolidation loan is the loan designed to merge all the debts of students into a single payable amount to be paid in monthly installments. This type of consolidation loan removes that extra burden of multiple monthly payments from your mind. Interest rate, the foremost requirement of any loan is lower under these loans.
Student debt consolidation loans are available in both secured and unsecured forms and they are available to everybody even to them who are with bad credit.
The reason behind students looking for this kind of loan is to get rid of their multiple debts. Debts may trap students due to numerous reasons such as:
- Hike in tuition fee
- Unexpected expenses like medical bills, etc.
- Other unforeseen expenses
- Payment of student loans
These expenses give rise to financial problems for students as they do not have a regular source of income. Increasing number of debts may worsen the condition as they have to face harassing calls from lenders. In such a scenario, these loans are an optimum solution for students to get rid of their debts.
Student debt consolidation loan is specifically crafted for students. It also comes with lower interest rate and most importantly these loans can be easily availed by just a click of your mouse.
Before you apply for any of consolidation loan for students you have to fulfill the eligibility criteria as under:
- The student should no longer be enrolled in a school
- The student should be paying the debts for at least in the grace period of loan period.
This loan has some inborn benefits that will definitely suit all students such as:
1. The interest rate of this consolidation loans usually comes at 2% - 3% which is lower than any other loans.
2. Students have the benefits that there will be no interest rate charged while students pursue their studies.
3. Students will get a number of rebates while they go for student debt consolidation loans.
It is advised that you gather enough knowledge regarding each and every aspect of student debt consolidation loans before you apply for the same. Overall it is a good opportunity to get relieved from your multiples debts
Saturday, 18 November 2006
School Loan Consolidation
Student Loan Consolidation - How does it Work?
Student loans are a great source of financial aid for students who need help paying for their education. Unfortunately, students often leave college with burdensome debt. In addition, they often have multiple loans from different lenders, meaning they are writing more than one loan repayment check each month. The solution to this problem is loan consolidation.
What is loan consolidation?
Loan consolidation means bundling all your student loans into a single loan with one lender and one repayment plan. You can think of loan consolidation as akin to refinancing a home mortgage. When you consolidate your student loans, the balances of your existing student loans are paid off, with the total balance rolling over into one consolidated loan. The end result is that you have only one student loan to pay on.
Both students and their parents can consolidate loans.
Should I consolidate my loans?
Loan consolidation offers many benefits:
Locks in a fixed, usually lower, interest rate for the term of your loan, potentially saving you thousands of dollars (depending on the interest rates of your original loans)
Lowers your monthly payment
Combines your student loan payments into one monthly bill
In addition, consolidated loans have flexible repayment options and no fees, charges, or prepayment penalties. There are also no credit checks or co-signers required.
You should consider consolidating your loans if the consolidation loan would have a lower interest rate than your current loans, particularly if you are having trouble making you monthly payments. However, if you are close to paying off your existing loans, consolidation may not be worth it.
How will the interest rate for the consolidated loan be?
The interest rate for your consolidated loan is calculated by averaging the interest rate of all the loans being consolidated and then rounding up to the next one-eighth of one percent. The maximum interest rate is 8.25 percent.
To figure your interest rate, visit loanconsolidation.ed.gov for an online calculator that will do the math for you.
How much can I save?
How much you save by consolidating loans depends on what interest rate you get and whether you choose to extend your repayment plan. According to Sallie Mae, the leading provider of student loans in the United States, consolidating student loans can reduce monthly payments by up to 54 percent. However, the only way to reduce your payment this much is to extend your repayment plan. You typically have 10 years to repay student loans, but, depending on the amount you're consolidating, you can extend your repayment plan all the way up to 30 years. Remember that if you choose to extend your repayment term, it will take longer to pay off your overall debt and you'll pay more in interest. There are no preypayment penalties, so you can always choose to pay off the loan early.
Am I eligible to consolidate my loans?
In order to consolidate your loans, you must meet the following criteria
You are in your six-month grace period following graduation or you have started repaying your loans
You have eligible loans totaling over $7,500
You have more than one lender
You have not already consolidated your student loans, or since consolidation you have gone back to school and acquired new student loans
The following types of loans can be consolidated:
Direct Subsidized and Unsubsidized Loans
Federal Subsidized and Unsubsidized Federal Stafford Loans
Direct PLUS Loans and Federal PLUS Loans
Direct Consolidation Loans and Federal Consolidation Loans
Guaranteed Student Loans
Federal Insured Student Loans
Federal Supplemental Loans for Students
Auxiliary Loans to Assist Students
Federal Perkins Loans
National Direct Student Loans
National Defense Student Loans
Health Education Assistance Loans
Health Professions Student Loans
Loans for Disadvantaged Students
Nursing Student Loans
Where can I get a consolidation loan?
You can consolidate your loans through any bank or credit union that participates in the Federal Family Education Loan Program, or directly from the U.S. Department of Education. The loan terms and conditions are generally the same, regardless of where you consolidate. You may want to check first with the lenders that hold your current loans.
If all your loans are with one lender, you must consolidate with that lender.
If you decide to consolidate your student loans, remember that you can only do so once unless you go back to school and take out more loans. Therefore, you will want to make sure you get the best deal the first time. The interest rate will be the same from all lenders, but some lenders may offer future rate discounts for prompt payment and a discount for having monthly payments directly debited from your account.
Can my spouse and I consolidate our loans together?
You can consolidate your loans together, but it is not a good idea for a couple reasons:
Both of you will always be responsible to repay the loan, even if you later separate or divorce
If you need to defer payment on the loan, both of you will have to meet the deferment criteria
When should I consolidate my loans?
You can consolidate your loans any time during your six-month grace period or after you have started repaying your loans. If you consolidate during your grace period, you may be able to get a lower interest rate. However, since you will lose the rest of the grace period, it is a good idea to wait until the fifth month of the grace period before consolidating. The consolidation process usually takes 30-45 days.
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Student Loan Consolidation at NexStudent.com.
Student loans are a great source of financial aid for students who need help paying for their education. Unfortunately, students often leave college with burdensome debt. In addition, they often have multiple loans from different lenders, meaning they are writing more than one loan repayment check each month. The solution to this problem is loan consolidation.
What is loan consolidation?
Loan consolidation means bundling all your student loans into a single loan with one lender and one repayment plan. You can think of loan consolidation as akin to refinancing a home mortgage. When you consolidate your student loans, the balances of your existing student loans are paid off, with the total balance rolling over into one consolidated loan. The end result is that you have only one student loan to pay on.
Both students and their parents can consolidate loans.
Should I consolidate my loans?
Loan consolidation offers many benefits:
Locks in a fixed, usually lower, interest rate for the term of your loan, potentially saving you thousands of dollars (depending on the interest rates of your original loans)
Lowers your monthly payment
Combines your student loan payments into one monthly bill
In addition, consolidated loans have flexible repayment options and no fees, charges, or prepayment penalties. There are also no credit checks or co-signers required.
You should consider consolidating your loans if the consolidation loan would have a lower interest rate than your current loans, particularly if you are having trouble making you monthly payments. However, if you are close to paying off your existing loans, consolidation may not be worth it.
How will the interest rate for the consolidated loan be?
The interest rate for your consolidated loan is calculated by averaging the interest rate of all the loans being consolidated and then rounding up to the next one-eighth of one percent. The maximum interest rate is 8.25 percent.
To figure your interest rate, visit loanconsolidation.ed.gov for an online calculator that will do the math for you.
How much can I save?
How much you save by consolidating loans depends on what interest rate you get and whether you choose to extend your repayment plan. According to Sallie Mae, the leading provider of student loans in the United States, consolidating student loans can reduce monthly payments by up to 54 percent. However, the only way to reduce your payment this much is to extend your repayment plan. You typically have 10 years to repay student loans, but, depending on the amount you're consolidating, you can extend your repayment plan all the way up to 30 years. Remember that if you choose to extend your repayment term, it will take longer to pay off your overall debt and you'll pay more in interest. There are no preypayment penalties, so you can always choose to pay off the loan early.
Am I eligible to consolidate my loans?
In order to consolidate your loans, you must meet the following criteria
You are in your six-month grace period following graduation or you have started repaying your loans
You have eligible loans totaling over $7,500
You have more than one lender
You have not already consolidated your student loans, or since consolidation you have gone back to school and acquired new student loans
The following types of loans can be consolidated:
Direct Subsidized and Unsubsidized Loans
Federal Subsidized and Unsubsidized Federal Stafford Loans
Direct PLUS Loans and Federal PLUS Loans
Direct Consolidation Loans and Federal Consolidation Loans
Guaranteed Student Loans
Federal Insured Student Loans
Federal Supplemental Loans for Students
Auxiliary Loans to Assist Students
Federal Perkins Loans
National Direct Student Loans
National Defense Student Loans
Health Education Assistance Loans
Health Professions Student Loans
Loans for Disadvantaged Students
Nursing Student Loans
Where can I get a consolidation loan?
You can consolidate your loans through any bank or credit union that participates in the Federal Family Education Loan Program, or directly from the U.S. Department of Education. The loan terms and conditions are generally the same, regardless of where you consolidate. You may want to check first with the lenders that hold your current loans.
If all your loans are with one lender, you must consolidate with that lender.
If you decide to consolidate your student loans, remember that you can only do so once unless you go back to school and take out more loans. Therefore, you will want to make sure you get the best deal the first time. The interest rate will be the same from all lenders, but some lenders may offer future rate discounts for prompt payment and a discount for having monthly payments directly debited from your account.
Can my spouse and I consolidate our loans together?
You can consolidate your loans together, but it is not a good idea for a couple reasons:
Both of you will always be responsible to repay the loan, even if you later separate or divorce
If you need to defer payment on the loan, both of you will have to meet the deferment criteria
When should I consolidate my loans?
You can consolidate your loans any time during your six-month grace period or after you have started repaying your loans. If you consolidate during your grace period, you may be able to get a lower interest rate. However, since you will lose the rest of the grace period, it is a good idea to wait until the fifth month of the grace period before consolidating. The consolidation process usually takes 30-45 days.
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Student Loan Consolidation at NexStudent.com.
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