Student Loans - Ray of hope

Life before getting a job is perhaps the toughest time. Your studies at the university or college have been completed, but the study loans(student loans) are now pending. You are still paying the interest charged by these loans. The job market is now more competitive than ever. You have to be patient during the unemployment period while waiting for employement. If there is winter now, can spring be far away! Your ego does not permit you to ask your friends for favors. Do not be half-hearted. The UK loan market has loan plans suiting your needs. These loans do not have the residential property security clause. Hence until you get a job, your requirements can be met with these loans.

During the unemployment period, the installments of previous loans often face a delay. Everybody is not born with a golden spoon. As you are unemployed you do not find means to regularize the repayment pattern. These delays may create problems in future. Credit history is correlated with the past credit behavior and credit worthiness of the borrower. Cheap unsecured loans offer an opportunity the unemployed youth to regularize their repayment pattern.

Your study loans can be repaid with the help of unsecured loans for unemployed. If there are multiple study loans you can consolidate them into a single loan. The new loan charges a less rate of interest. As the total interest burden on you is decreased, you can easily maintain regularity in installments . Cheap college loans charge the borrowers a lower interest rate as compared to credit cards. As the interest is calculated annually, the repayment amount is also less. Repayment period can be extended up to 10 years. Hence job seekers need not blame the financial constraints anymore. Apply for the online unsecured loans for unemployed today to make these tough periods of life easier.

http://www.bestsyndication.com/

Student loan rate : Doubled to highest rate for 16 years

Graduates are having to pay double the rate of interest on their loans compared with last year. The Student Loan Company has put the rate of interest up from 2.4 per cent to 4.8 per cent making it the highest rate since 1991. It means that a graduate who went to university in London and borrowed the maximum of £17,970 could be paying back an extra £400 a year.

But many graduates and students say they only became aware of the increase when they spotted an advert in a national newspaper. Now they are hoping an online campaign will help reverse the Student Loan Company's decision. So far 15,000 people have signed up to the Facebook group "The Student Loans Rip-Off". Last month a similar group helped reverse the decision of HSBC to cut interest-free overdrafts for graduates.

The group's creator Rahul Thakrar, a student at University College London, wrote online: "This is extremely unfair, especially given the limited notice we have had to this massive change. "The aim of this group is an attempt to get this change reversed." Student Adam McGee, 21, from West Hampstead, who is studying History and Politics at Nottingham University, said: "The 2.4 per cent rate was a reasonable amount and students can live with that, but now that it has been increased by twice the amount it is indeed an absurd change - from what seemed to be something that was a 'fair' amount to a perceived greedy profit on their behalf. "They seem to be just profiteering, thinking about themselves instead of the students.

Source : http://www.dailymail.co.uk

3 Schools Act To Settle College Loan Questions

Three private colleges in Connecticut will add a total of $75,000 to their scholarship funds to settle allegations of questionable arrangements with a student loan agency, Attorney General Richard Blumenthal said Monday.

Trinity College, Fairfield University and Sacred Heart University all denied any wrongdoing but agreed to abide by a code of conduct that would no longer permit the kind of arrangement they had with the College Board.

The three schools received discounts on computer software from the New York-based college loan agency as part of an arrangement that included placing the agency on their list of preferred lenders. The arrangement had not been disclosed to student borrowers and "potentially violated consumer protection laws," Blumenthal said.

The schools were among 17 private colleges and universities in Connecticut signing a new code of conduct that Blumenthal called "the gold standard for the whole country in conduct and standards for student loans."

The code is the result of a continuing investigation of student lending practices in Connecticut, Blumenthal said. Officials at the state's public colleges - including the University of Connecticut, the Connecticut State University system and the Connecticut Community Colleges system - also are considering similar codes of conduct.

The student lending industry came under intense scrutiny this year after investigations in New York and elsewhere uncovered conflicts of interest and questionable lending practices. In New York, Attorney General Andrew M. Cuomo reported finding illegal steering to preferred lenders along with cases in which college financial aid officers received gifts, held stock in lending companies or got consulting fees from lenders.

Source : http://www.courant.com/

Student loan survival guide : drowning in student loans

Philip Jones wanted nothing more than to marry his fiancee, fly away to Costa Rica, and embark on the rest of his life. But something was holding him back--the $40,000 in student loans he owes to Direct Loans and Sallie Mae.

Jones, 30, was stressed out because he knew that if he fell behind on his loan payments, the U.S. Department of Education could provide offsets against Social Security payments and garnish his wages and tax refunds, without a court order. Until recently, only the Internal Revenue Service wielded such power.

Luckily, the 2004 graduate of Rutgers University College of Engineering knew a little something about forbearance, a temporary suspension of loan payments that most lenders will allow when times are tough. For Jones, his wallet was being pulled in too many directions; he was trying to pay for a house, a wedding, and a honeymoon within a six-month period.

"I didn't have to make a payment for six months, so that money went toward the wedding and honeymoon. It's easing the financial stress," says the mechanical engineer, who works for Hayes Pump Inc., an industrial equipment distributor in Fairfield, New Jersey.

Source : http://findarticles.com/p/articles/mi_m1365/is_11_35/ai_n14816909

Do I qualify for a student loan?

Student loans come in several types, and you obviously have done some research as you named the Perkins and Stafford programs correctly. Perkins is awarded by the Financial Aid Office. The Stafford loan also is processed by the university based on the same FAFSAA, however, the Stafford can either be subsidized (government pays the interest for you while you're in school - determined by your income and current resources), or unsubsidized.

People who do NOT qualify for "need based aid" can still get an unsubsidized Stafford loan, and simply allow the interest from the in-school period accrue and be repaid along with the original principal amount at repayment.

Source : http://www.youngmoney.com/financial_aid/student_loans/102

How the end of the single holder rule affects you, the student loan borrower

Until July 1, 2006 if all of your student loans were issued through one lender, you were forced to consolidate with that lender—regardless of whether that lender had the best student loan consolidation deals for you. If you’re like most students, you probably have no idea which lender was supplying your federal student loans.

If you did, you probably didn’t pour through the fine print of their student loan consolidation terms while in line at the financial aid office. Now, it doesn’t matter who issued your original loan, you can consolidate college loans with the lender that offers you the most benefits.

source : http://www.scholarpoint.com/Articles/

Student car loans for college students

Student car loans for college students

Many students don’t have a source of income, but they still need to borrow money to buy a car. Although many online lenders out there offer car loans to college or university students, there are some car loan programs that are targeted at students but are not flexible. It is important to distinguish between the student car loans that are easy to repay and the ones that are offered by banks and other traditional credit unions. Online lenders are known to provide various loan solutions to people who do not have a steady income.

Student car loans have a lower interest rate and the repayment period can be extended so that the students can afford the monthly installment. In addition to these, there are other benefits of student car loans as well. In order to opt for a student car loan program, you have to be a US resident currently enrolled in a college or university. While looking for online car loan lenders, choose a company that offers a comparison of the different options and lenders.

Before you choose a lender, make sure that you have read the terms and conditions carefully. Buying a car isn’t that easy. You will not only have to consider the monthly loan payment, but also any other overhead charges that are associated with the purchase of a car. These additional costs include car maintenance and insurance.

In addition to lower interest rates, some online lenders also offer other concessions to students. If a student happens to have a bad credit history, he/she may not be eligible for a lower interest rate on a car loan. However taking out a student car loan is useful because it will actually help to improve their credit score.

If you are a student you will no doubt have either a poor credit history or no credit history at all. All students borrow money, and so their credit score will no doubt suffer. There are options to borrow money for a car even if the student has a bad credit history.

source : http://www.add-articles.com/Article/Student-Car-Loans/86952