Tag Archives: pay
Handling Student Loan Debt
Eliminating Student Loan Debt
Ideas for Getting Rid of Debt from Your Student Loan
College is very costly. After you graduate, the pressure to pay back your student loan can be a tremendous burden. If you are living hand-to-mouth and tired of it, here is some friendly advise that may help eliminate student loan debt completely.
Get a Student Loan Consolidation.
Many lenders are happy to loan the money you must have to pay for your college expenses. However, these loans may have a high interest rate, perhaps because of no credit history or imperfect credit when you assumed your loan. And with more than one loan, that can be a burdensome problem. Consolidating your student loans can lower your interest rate and your monthly payments. It also allows one payment instead of several.
You Can Refinance Your Loan
Consolidating can save money through lower interest charges and less per month payments, but that may not be enough to really help you out. You can consider refinancing your student loan to stretch out the length of the loan. This will spread the debt over a longer period of time and thereby lower your monthly payments by as much as half. You should be very careful about this option. You could be spending a lot more over the term of your loan.
Dont Miss Making Your Payments
You want to pay down your debt for good and the most important step you can make is to pay on time every month. If you miss payments or are late, you will increase the loan debt and end up paying more in the long run. Be faithful in making payments and your debt will go away.
Consolidate All Your Student Loans Into One
Pay Less per Month by Consolidating Your Student Loans
A student loan can be a wonderful way to fund your college education and for some folks the only way, however, these loans must be paid back. When you are finished with school you may find repaying your loan is too much of a burden. If this is true for you, consider consolidating all your loans into one, or perhaps you would just like to save some of your hard earned cash.
Whats the Advantage of Loan Consolidation
Consolidating may bundle all your loans into a single package. You then have to deal with only one lender and one payment each month instead of one for each loan. Consolidation also allows you to get a lower interest rate and thereby save you a lot of money over the life of the loan.
What are the Costs of Consolidating Your Student Loans
Good news since you may lower your monthly payments significantly perhaps by as much as 60%. Regrettably, however, you could increase the amount of money you pay over time for the loan. Therefore before you decide to consolidate you should be very careful to look at the numbers (interest rate and loan terms). Take the time to learn about and compare the lenders you are considering.
These Federal Loans are Eligible for Loan Consolidation
Many federal loans have a low interest rates already. Even so, you may be able to get a lower payment by consolidating these loans. Federal loans that are typically eligible for consolidation follows:
- Stafford Loans
- Direct Loans
- Perkins Loans
- PLUS Loans
- Supplemental Loans for Students
- Federally Insured Student Loans
- National Direct Student Loans
- Loans for Disadvantaged Students
- Auxiliary Loan to Assist Students
- Health Education Assistance Loan
Military Bereavement Loans – Dealing with Loss
There are times in life when the unexpected happens and you are unprepared. Finding the money that you need to get through during these times may not be easy. For those in the military there are some additional options. Military bereavement loans are a good option when you need some help during your time of need. These loans are designed specifically for those in the military and can help you get through the tough times. They may be available in rates that are competitive and they could help you to save you credit during these times.
Sadly there are times when families have to deal with a death in their family. The military bereavement loans are offered to military personnel or the family of military personnel when they need help making ends meet upon experiencing a death in the family. The loans are provided up to $1,000 and they are free of interest for a 90 day time period. If the borrower needs longer than 90 days to repay the loan they can have more time and will only pay an APR that is competitive to other loans on the market.
The military bereavement loans are offered to any military personnel or their family members who are active-duty members whether they are members of the Army, Air Force, Coast Guard or Navy. The funds have no specific requirements as to how they are used. They can be used for anything that the borrower feels is necessary. Many of them use the funds for expenses that are related to funeral expenses or even for the travel required to visit the family or attend a funeral that is not nearby. The borrower does not have to explain what the funds are being used for in order to obtain one of the loans.
Some of the advantages of these military bereavement loans are that they are available quickly and they are repayable without having to pay interest on the loan. Another advantage is that they are not repayable for three months making it easier to pay them back before interest starts to accrue. Qualifying for the loans is not difficult making it less stressful given your already stressful situation. Making sure that you are able to pay for what you need during the difficult times will make it a little easier to focus on grieving and being with your loved ones through the process.