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STUDENT LOANS » College Financing

Posted in Federal Student Loans, Loans, Student Loans

New reports show that students are relying on federal student loans to finance their college tuition as private student loans become more difficult to obtain. The reports, issued by the College Board, show that private loans fell a whopping 52 percent in the 2008-2009 school year as a result of the financial crisis along with tightened credit standards.

Private student loans are traditionally more difficult to obtain than federal loans because of their higher interest rates and stricter guidelines for approval. It is for this reason that they are typically a last resort for students who don't qualify for the financial-need driven federal loans. With that being said, students still took out an estimated $22.8 billion private loans in the 2007-2008 school year; however, by the next school year, that number dropped to $11 billion.

To offset the drop in private student loan availability, the federal government attempted to boost student lending in government programs. As a result, federal loans jumped 15 percent in volume, making the total number of federal student loans in the 2008-2009 school year $84 billion. It also helped that as parents lost their jobs, they were able to qualify for a broader spectrum of student loan options for their children.

But even with President Obama pumping funds into non-repayable federal financial aid like the Pell Grant, it seems students still don't have enough to work with due to tuition increases. According to the College Board reports, the average tuition at four-year public colleges and universities in the United States rose 6.5 percent in the 2009-2010 school year to $7,020, while tuition for private institutions rose 4.4 percent to $26,273.

So now students, just like unemployed workers, are left scratching their heads as they try to work their way through a system that, while deemed a necessity, seems to lack the resources necessary to successfully participate.

Have you or your child had difficulties obtaining private student loans this school year?


Posted in Loans, Student Loans

Did you go to college to increase your earning potential, but end up saddled with debt instead?

Those struggling to repay their federal student loans recently gotten a break. As of July 1, 2009 The U.S. Education Department changed the terms of student loan repayment to allow borrowers to adjust their monthly payments according to their income. Previously, the monthly repayment amount was fixed and determined by the lenders.

Not only did repayment terms get tweaked, Education Secretary Arne Duncan noted the interest and fees associated with student loans will decrease.

The good news continues with the announcement that the U.S. Education Department will release $13 billion in grants from the fiscal 2009 federal budget for schools in low-income areas. Duncan also said graduates who dedicate their lives to working for the public school system or nonprofit organization and originally borrowed through the Direct Loan program can have their balance forgiven after 10 years.

Many of these changes were fueled by lobbying efforts by the Institute for College Access and Success. The Berkeley, Calif. non-profit group wanted the change as many times students graduate with mounds of debt that cannot easily be managed.


If you're going back to school for the first time in years and are looking for a way to pay for it, the prospect of student loans may have crossed your mind. It's an extremely common way to pay for tuition and is likely to be a way for you to cover at least part of your tuition costs.

But...



Read Full Article: Dealing With Student Loans When Going Back To School

Posted in Loans, Student Loan Repayment, Student Loans

The thought of going back to school after having been out of school for so long can seem distasteful, especially after you've already paid off your college loans just to realize you may have to take out another student loan. It's hard to stomach the thousands you may end up owing again.

Luckily,...



Read Full Article: Affording to Pay for New School Loans

Posted in Debt, Loans, Personal Finance, Student Loans

Going back to school can be both rewarding and troubling; rewarding because you're acquiring an education that can help you excel in your career, and troubling because of how expensive it can be. It's pretty difficult for students going back to school to avoid incurring some type of student loan...



Read Full Article: Is the Debt Worth Going Back to School For?

Posted in Financing, Loans, Student Loan Repayment, Student Loans

Life does not always deal the hand you the hand you want. Despite the best laid plans for graduating college and paying back your student loans, there are things that can happen that derail your plans. If you are a victim of unfortunate circumstances, you may be able to get more time to pay back...



Read Full Article: What is a Hardship Deferment for Student Loans?

Posted in Debt, Loans, Student Loan Consolidation, Student Loans

Over 65% of college seniors graduate with some debt. On average that debt is close to $20,000.

There are several ways to deal with this debt:

  • Build a solid budget of expenses and see how much you can allot to the repayment of your student loan ; make sure to do it regularly!
  • Pay more than the...


Read Full Article: Student Loan Debt Reduction Strategies

Posted in Debt, Loans, Student Loan Consolidation, Student Loans

Student loan consolidation refers to the decision by someone with multiple student loans from multiple sources to combine them into one, single loan. It's a decision that makes a lot of sense to a lot of people.

Most students who need help paying for college and university end up getting the...



Read Full Article: How Student Loan Consolidation Works

Posted in Debt, Loans, Student Loan Consolidation, Student Loans

Borrowing money is a very tricky business and it is what keeps the American economy flowing. If you have an outstanding student loan, then you are part of the flow. Say you have multiple student loans from undergrad and graduate studies, you can certainly consolidate all your student loans into...



Read Full Article: How Many Times Can I Consolidate Student Loans?

Posted in Federal Student Loans, Loans, Student Loans

College is expensive, but for many it is part of their American dream. Not only are good grades and decent SAT scores needed to matriculate, money is needed to help finance the process. Aside from scrimping, scraping, financial aid and scholarship money guardians and students can help finance...



Read Full Article: What are the Differences Between a Federal Loan and a Private Loan?

Learn More About Student Loans

A student loan is a way for a person matriculating in higher education to borrow money from either the government or a private banking institution to pay for their education. Typically, as long as a student is enrolled in an accredited university and is meeting the minimum credit requirements, the repayment of the student loan is deferred until after graduation.

Those looking for a student loan with low interest rates are advised to first complete a Free Application for Federal Student Aid and see if they can get any loan money from the government. However, the amount of money the Feds loan is capped by congress, so additional loans through a private bank will probably be necessary.

By taking the time to compare the student loan interest rates offered by a variety of banking institutions, a student or their benefactor can help locate the best rate available to them.

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