February Sidebar about
College Grants
Finding College Grants
College grants are a useful tool to pay for your education, particularly in
a specific line of study. College grants are monies that do not have to be
repaid, unlike loans, and are usually for students with a particular major or
even a particular line of research. College grants are more often given to
graduate students than undergraduate students, and college grants are a bit like
scholarships in that you have to seek them out and apply to get college grants.
If you are interested in
finding college grants, you can go to your financial aid office at your
college and ask them about any college grants that they know about. Your
financial aid office should have an idea of some college grants that you can
apply for, and will be able to provide you with information on college grants,
what is required to apply, and who qualifies.
College grants and
information can also be found by searching online. You may be able to get
grants for a specific like of study, a degree level, being a minority, or for
other reasons that vary from some college grants to other college grants. You
can learn about them by searching online for “college grants”, particularly if
you add your field of interest or study.
College grants can be a
great way to help you pay for college, because you can apply your college grants
to your education, your books, and more, and you do not have to pay a cent of it
back. College grants are unlike
college
student loans in that you can use them as much as you need to up to the
amount that was awarded to you without worrying about repaying it in the
future. Additionally, there is a lot of grant money that goes unclaimed each
year from college grants that no qualified applicant finds, so doing some
research can net you free college grants that no one else even applied for!
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College Student Loan Repayment
As you prepare for life after college, do not forget the importance of your College Student Loan repayment obligations.
Once you have graduated, you will have a six month grace period before your first Federal Stafford Student Loan payment is due. Following these four easy procedures, you will ensure yourself of getting on the right track and avoiding the consequences associated with student-loan default.
STEP 1: Know your obligations
Students very often miscalculate their outstanding college debt. Some students forget to maintain records of their loans, while others do not realize the interest accumulated on their unsubsidized student loans while they are in school. Your student loan lender as well as your financial-aid office provided valuable information to you about the amount borrowed for your student loan. If you have misplaced or lost your information, please fill out our online form and a loan counselor will assist in obtaining your records.
STEP2: What will you be able to afford
If you have already been accepted for employment post graduation, you should also know your salary. If you are currently interviewing for employment, consult with your college placement office in regards to starting salaries in the field you plan to enter.
Student loan lenders generally advise loan payment not to exceed 10% of your gross monthly income. For example, if your starting salary is $36,000 a year your monthly payment should not surpass $300 a month.
STEP 3: Choosing a Student Loan repayment plan
There are four student loan repayment options. Please read brief description listed on this website to see which will work best for you. A way to lower your monthly payment and reduce your interest rates is to consolidate your Federal Student Loans through Student Loan Consolidation. Today’s interest rates for student consolidation loans are the lowest they have been in ten years. Click here to fill out a no-obligation consolidation form and a student loan counselor will complete the process for you, it will save you both time and money.
STEP 4: Change of address
It is very important you update your records and notify both your school and your student loan lender of any change in address. Borrowers who fail to do so may acquire additional fees and charges for missed or late payments, and risk entering student loan default which will damage your credit history.
STUDENT LOAN REPAYMENT OPTIONS
Level repayment: Also known as the standard repayment plan, this is on average the least expensive option in regards to interest costs. You may want to consider one of the following flexible loan repayment options or loan consolidation.
Graduated repayment: this offers you a low monthly rate which increases over time. This is always a good choice for those who have a limited budget but expect to increase their wages over time. Total interest on this particular loan is higher then a level replacement and the maximum repayment is 10 years.
Income-sensitive repayment: this plan offers you the ability to adjust your monthly payment in accordance to changes in your wages. Minimum payment will need to cover the accruing interest. Depending on your circumstances this repayment plan can be extended up to 15 years.
Extended repayment: this plan allows you to lower your monthly payment be extending your student loan repayment up to 30 years. You may choose to make payments over this extend time period under the level or graduated schedule.
Student Loan Consolidation: Consolidating your student loans allows you to combine all of your federal education loans into one convenient monthly loan payment at a fixed interest rate. Depending on your total outstanding loan balance you may be eligible to extend your student loan repayment and lower your monthly payments by as much as 60%. If you have graduate from college, or are going to within the next 6 months, consolidating your student loans can save you thousands of dollars by locking in to a fixed, low interest rate student loan, as low as 5%. You save even more money by electing to have your bill paid electronically via automatic
debit.
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