Student Debt And Student Loans

The statistics show that more and more students are graduating from university with significant debt. The debt levels are growing year on year and many students will be paying them off for years after they graduate. It seems that the consumer addiction to credit and spending has effected the student population just as much as every one else. The fact that most students are not earning anything, and are living either on funds provided by their parents, or on money borrowed, they continue to spend millions each year.

These costs are spread over a variety of areas. Accommodation and other living expenses represent the largest portion of the expenditure. Added to this is travel to and from university, holiday and summer travel expenses, and entertainment. While students are generally financially responsible and not as out of control as many patents would have you think, they do continue to spend a huge proportion of their money on entertainment and socializing.

Employment

Many students will also be working part time during their studies. There are a lot of jobs available and finding one is not a problem for most students who genuinely want one. Employers recognize their flexibility and willingness to work unsociable hours and also that they will generally be happy to accept minimum or close to minimum wage. Therefore, while the jobs are there, they generally pay little, and students who work more than 10-20 hours a week are probably putting a serious strain on their studies and risking their future chances of success.

Most student debt is comprised of student loans. The student loans company based on eligibility criteria provides these. These loans are cheaper than credit that is available on the market from high street banks and have other significant advantages for students. Firstly, students will not have to start repaying the loans until they are earning a set minimum amount, currently around the £15,000 mark. Then there is also the fact that loan repayments are calculated according to earnings levels and are therefore always reasonably affordable. Students are giving as much time as they need to repay the loans and the interest rates, as said before, are very favorable.

Overdrafts

As well as these student loans however, many students will also have other forms of debt. Most banks are offering interest free student overdrafts of up to £2,000 and there are not many students who do not use this up pretty quickly. Then there are bank loans, store cards and credit cards. All of these represent a significant amount of debt that most students are living with.

How To Stretch Your Student Loan

If you’re considering going to university, there is a strong chance that you’re also contemplating taking out a student loan to fund your university expenses. Student loans don’t have to equate to student debt and if you plan your finances, it is possible to get by without student loans and possibly even profit from them. There are many sites on the internet which provide downloadable student finance guides and online advice on how best to manage your finances. Moneynet offers a comprehensive student finance guide ( http://www.moneynet.co.uk/student-finance-guide/index.shtml ), whilst the money section on support4learning is also a popular internet resource. ( http://www.support4learning.com/ ).

The first step to avoid financial dependence on a student loan is to consider taking a gap year to gain experience and earn money. This is a great opportunity to start saving for university and will give you funds to cover accommodation and bills without tapping into your student loan.

In terms of managing your personal finances, you could open up a notice savings account and invest your gap year earnings – alongside a student loan, accruing interest on the total amount, but being disciplined so that you only ever tuck into your savings – not the loan itself.

If you’re comfortable that you can timetable it – you might consider a part-time job to help finance your studies, using your income to cover the majority of your expenses so that you can leave your bank savings alone. There will be times when you may have to make a withdrawal from your savings account, but if you leave the capital there as long as possible – the more money you will make.

If you’re concerned about getting the maximum amount of interest on your loan, you could try doing a savings comparison search on the internet. Sites such as moneynet.co.uk ( http://www.moneynet.co.uk/banking-saving/index.shtml ) and reviewcentre.com ( http://www.reviewcentre.com/products2312.html ) allow you to compare different accounts alongside each other.

If you keep a tight grip on your finances, then it is likely that you will be in a strong position to pay off your loans when you graduate. Whilst studying, you might also be interested in conducting price comparison research for insurance and current accounts to ensure you’re getting the best deals. Don’t be seduced by high street offers of freshers’ fair promotions – collect as much information as you can, so you can make an informed financial decision. It’s also worth setting yourself up with online accounts which you manage through an account aggregation tool. Account aggregation allows you to manage your money online and can save you time, foot leather and bank charges. If you want to find out more about account aggregation, visit the Channel 4 website which offers a detailed guide. ( http://www.channel4.com/4money/banking/features/account_aggregation_161204.html )

Get Student Loan Today And Save Money

Apply For College Student Loan Today And Save Money While You Can

The increasing costs of higher education have made it necessary to apply for a student loan. You can pay for books, recreation, meal, hostel rent and of course tuition fee with these loans. However, the interest rates of college loans are comparatively lower than other loans. You will start repaying just after completion of your higher education.

The government offers federal loans for eligible students. If you are unable to get a federal loan then you can apply for low cost private student loans.

Your student loan will surely affect your financial situation for years, hence it is very important to choose a reliable lender with the best loan terms. Here are some simple tips to save money while choosing college loans:

1) Choose a lender who offers you:

a. Simple and easy to follow terms and conditions.
b. Lowest interest rates.
c. Reduced up-front fees.
d. Reduced repayment incentives.
e. Financial flexibility.

2) You can start a search direct from school, college or university where you will be taking admission as these institutions have list of authentic loan lenders, from which you can choose what is best suitable for you.

3) Get confirmed that if your lender is part of Plus Federal Loan Programs or Federal Stafford Loan Programs.

4) Spend some time to search for lenders with interest reduction, discounts and rebate programs. You can visit their web sites to know more about their offers.

5) Don't let your interest rate go up.

6) Use automatic payments.

7) Don't get behind on your payments.

8) Choose the best payment option for you.

9) Get cash back from your student loans.

With an authentic lender or reputed student loan company you can get a stress free student loan. Do not postpone it. Student loan consolidation is once in a life time opportunity! You have absolutely nothing to lose. Try it!

Applying Online For Student Loans Why, Where And How

After graduating high school, most of us have some confusion regarding our further education.

It is never an easy decision, attending Universities. Universities are expensive, although you can take out a loan, it will take years to pay back even if you become extremely successful with the career choices you make.

Today, large numbers of lenders are available in market to offer you college loans. Due to increased competition, some lenders are offering attractive student loan packages even with various liberties in repayments like payment holidays. That’s why students are advised to make a research on their own before finalizing a deal.

You can use Internet to search for private student loan as well as government student loan.

WHY apply online for student loans?

1. Online student loans are affordable with very low rate of interest.
2. They are unsecured, so your home equity or retirement accounts are never at risk.
3. They are very easy and fast, require no government forms and no deadline and quick approval.
4. Online student loans give you chance to earn on your investments and savings.
5. Require no paperwork.

HOW to apply online for student loans?

You can apply via lender or can directly login to the website, and can apply for an online student loan.

If you are a graduate, you will be asked to provide the following information:

1. Information , name and address of the applicant.

2. Two Personal references.

3. The Balance and rate of interest of your current student loans.

4. Your choice of online student loans payment plan.

As a conclusion online student loan are easy, less time consuming, need no paper work and offer you student loan with competitive interest rate. However it is recommended that you make a thorough research online to choose the best deal. Do not postpone, you can save a lot of money by getting a student loan.

Applying For College Student Loan For Dummies

Student loan companies take specific care of dummies. Student loans are provided to them to pay tuition fees, library fees, campus fee and also medical expenses. Government offers them specific grants and government student loans for all their expenses during education. Interest rates are comparatively lower for dummies.

If you have plan to go to college and you want apply for a student loan then you have to spend a little time to make a research on your own.

You should keep some pointers and guidelines in your mind, which will help you to choosing the right loan option and assure you of the approval of your loan application:

1.At the time of filling your application form you should have the following documents:

a. Document containing information about your financial status.

b. Income proof certificate of your parents (might be asked if you are still living with your parents.)

2. Consult your high school financial aid office for a better school loan option, as they are trained to help you. Collect each and every needed information from various sources.

3. Prepare a budget including all needed expenses.

4. If you are a good scholar then you are recommended to apply for a grant or government student loan before going to apply for a student loan, which will make your student life easy.

5. Always try to grab each and every offer provided by the Student Loan Company. You can get required information by visiting the lenders’ website.

6. Do not avail offers like interest rate reductions, on time payment’s interest rate reduction (always repay your student loan on time, as some companies offer you a 7. reduction of 1.5% if you repay them on time.)

7. Auto pay interest rate reduction: How you are going to repay your student loan? A wise selection can fetch you up to .5% reduction.

All these tips seem to be very minute but they will keep your financial position strong during your student life.