Category Archives: Home Mortgage
College Student Loans
A Helping Hand: College Student Loans
College students come in different shapes, sizes and backgrounds. There are those who have rich or well-to-do parents who pay for their childrens education. Some already live away from their parents and pay for their education themselves. Some others though, arent fortunate enough to have this financial capability but are very eager to continue their college education. But college tuition fees are huge investments which require large sums to be paid regularly. How can a financially handicapped individual cope with this?
Fortunately, there are a lot of colleges which offer college student loans to help out these individuals. College student loans are loans offered to students to assist in payment of the costs of professional education. Unlike scholarships, a college student loan is a form of financial aid that must be repaid, with interest, but usually has lower interest rates than other loans and are also usually issued by the government.
A good example of a government issued college student loan is the Canadian Student Loan. Canadian students are normally eligible for loans provided by the federal government, in addition to loans provided by their province of residence. But in this case, canadian college student loans are normally interest-free until one graduates, and are sometimes supplemented with grants, depending on need. Students who wish to apply for the Canadian and provincial college student loans must do so through their province of residence. The province of residence is normally the province where you lived before you were a student.
In the United States, the Federal financial aid programs offer students a lot of options regarding college student loans. Federal education college student loan programs provide lower interest rates and more flexible repayment plans than most consumer loans, making them a viable way to finance college education. The largest and most familiar federal student aid programs are:
Federal Pell Grants: Pell Grants are only awarded to undergraduate students who have not earned a bachelor’s or professional degree. Pell Grant college student loan applicants must submit a Free Application for Federal Student Aid. Awards depend on program funding. Each student can receive only one Pell Grant in an award year.
Federal Supplemental Educational Opportunity Grants: This college student loan program provides grants to undergraduates with exceptional financial need (students with the lowest expected family contributions) and gives priority to students who receive federal Pell Grants. Students are automatically considered when they submit a Free Application for Federal Student Aid.
Federal Stafford Loans: Stafford college student loans are low-interest loans available to undergraduate and graduate students enrolled at least half-time, without regard to financial need. Students are allowed to borrow money for educational expenses directly from commercial lenders such as banks, credit unions, savings and loan associations, and other lending institutions, or, for colleges participating in the Federal Direct Student Loan Program, from the U.S. government.
Federal Parent Loan for Undergraduate Students Loans: This college student loan program allows parents of undergraduate students to borrow up to the full cost of their children’s education, less any other financial aid for which the student is eligible.
Federal Perkins Loans : Another low-interest fixed rate college student loan for undergraduate and graduate students with exceptional financial need. These loans also offer generous repayment conditions. One doesn’t have to start repaying the loan, or interest on the loan, until schooling is finished or dropped below half-time status. A 9-month grace period is also given before the start of repayments.
Federal Work-Study Program : A college student loan that provides jobs for undergraduate and graduate students with demonstrated need who are enrolled on at least a half-time basis. Students are generally paid at least the prevailing federal minimum wage and may work as many as 40 hours a week.
In other countries, similar college student loan programs are also carried out in order to entice people to get into college.
All About Buy To Let Mortgages
The concept of buy to let mortgages has been something that became very popular during the 1990s and the early 2000s when the property market in the United Kingdom was rising steadily, almost on a month by month basis. Such mortgages are specifically designed for the buy to let market. These mortgages tend to be taken up mainly by amateur and professional landlords.
The idea of buy to let mortgages is that a person with some disposable income takes on a mortgage and then rents out the property to tenants. People who enter into this kind of financial transaction hope to make money by doing so. Often the landlord will get the assistance of a letting agent who will help with the whole process of finding tenants for the property and dealing with the management of the tenants.
People who go into buy to let mortgages hope that the value of their property rises over time. In good economic times the landlord may be able to increase the rent of their property. The best time to do this is often when a tenant moves out. The landlord can then consider charging more rent to a new tenant when the economy is in good shape. A good economy will mean that there is more money available for people to earn, and that landlords can charge more rent to tenants of residential properties. There are tax advantages to landlords who enter into such mortgages that work on a buy to let basis.
Buy to let mortgages can be a good idea in a good economy when there is less chance of tenants being unable to pay the rent. This will mean that residential landlords get regular rental payments over time. In a good economy the value of the residential property will go up over time as well. This will mean that if the landlord sells the property some years later after house prices have risen steadily, then there is a good chance that the landlord will make a profit.
Buy to let mortgages are of course very popular when mortgages are readily available. A ready supply of mortgages often happens when the property market and the stock market are rising, and when the financial system is in good health. Lenders offer mortgages for buy to let landlords in different ways. Some lenders base the amount that they will lend on the landlord’s salary and their existing financial commitments.
One of the drawbacks of buy to let mortgages is the amount of property maintenance that may be needed. This maintenance expenditure could be hundreds or even thousands of pounds over a year. This is the kind of money that may be needed to be spent on the upkeep of the rental property. Such expenditure may erode the profit that is made from the rent received from the tenants. Another drawback is void periods, these are the periods of time when there are no tenants in the property and therefore no rent is being received by the landlord.