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Guide to CitiBank Student Loans – What You Should Know

CitiBank private student loans are one of the best student loan alternatives available for college students and their parents. CitiBank student loans include CitiAssist ® Loans which are provided to undergraduate and graduate students and cover all college costs. There is also CitiBank student loan for law students and Health Professions Loan available.

CitiBank Student Loans Benefits

CitiBank private student loans are very popular among students and their parents because of their favorable borrowing conditions, such as the following:

  • Low interest rates with interest rate reduction of 2% for on-time online payments,
  • No application fees or early payment penalties apply,
  • No repayment while student is in school,
  • Citibank student loans can be utilized at almost any accredited college in the U.S.A.,
  • There is a deferment option available.

CitiBank Loans for Undergraduate Students

CitiAssist ® Loans are the best choice if you need assistance paying for your educational costs which are not covered by other types of student financial aid like federal student loans or college scholarships and grants. CitiAssist ® provides a competitive interest rate, flexible repayment term, and no required payments while in school.

CitiAssist ® Advantages

CitiAssist ® student loan for undergraduate students is designed for students who are enrolled in school at least half-time. It can be used to pay for tuition, books, or other school-related expenses when other sorts of financial aid fall short.

Undergraduate Students can benefit from this private student loan in several ways. Firstly, CitiAssist® Loans cover all college expenses and allow students to borrow up to $120,000 with the repayment time of 15 years. Secondly, you will be able to receive a 0.25% interest rate reduction when you enroll in CitiAssist ® auto-debit payment program. Furthermore, no payment is required while in school and during grace period. There is a grace period of six months after you finish the school.You can choose to interest while in school; there is no prepaying penalty. Note that any not paid interest will be capitalized to your principal loan balance when repayment begins.

With CitiAssist® student loans you can also take an advantage of safe and easy application process, handy online account management which helps you track your loan application, update your contact info or view disbursement information easily online.

CitiAssist ® Loan for Graduate Students

In case you are a graduate student enrolled in a graduate program at least half-time, then this private student loan may be the right for you. It offers a favorable interest rate, generous repayment conditions and no required payments while you are in school.  CitiAssist ® loans for graduate students offer a borrowing limit of $150,000 and a 20 yeas repayment period.

Their main benefits include:

  • Covering all of your college costs; you can borrow up to full cost of your education minus any other financial aid received,
  • 0.25% interest rate reduction when you enroll in CitiAssist ® auto-debit payment program,
  • No payment is required during your time in school and the grace period,
  • You can choose to interest while in school – there is no prepaying penalty,
  • Secure and easy application process, handy online account management helps access and manage your account easily online.

Application with Cosigner

Most of the undergraduate and graduate students need to apply with a creditworthy cosigner in order to meet the eligibility criteria for this student loan option. Applying with a cosigner usually increase borrower’s chances of application approval and helps in getting a lower interest rate. Applying with a creditworthy cosigner typically will increase your chances of application approval and will help you to get a lower interest rate.

Loan Limits

  • For each CitiAssist ® Loan a minimum loan amount of $1,000 is required,
  • The increasing amount you can borrow throughout your college is up to $150,000; this includes all other types of student loans.
  • Your school will be asked to certify or verify the amount for which you qualify which means that the final approved loan amount could be less than the amount that you requested.

Eligibility Requirements

To qualify for CitiBank private student loans, you must meet certain eligibility requirements:

  • You must be enrolled at least half-time in a graduate program at an eligible school,
  • You must be looking for a degree, no certificate programs,
  • You must be making acceptable academic progress, as defined by school,
  • You must be at least 18 years of age, 19 in Alabama and Nebraska, and 21 in Mississippi and Puerto Rico at time of loan application,
  • You must successfully pass a credit check.

For CitiAssist Loans, the interest rate charged is based on the your credit scores and other factors. You may apply for CitiAssist ® loan on your own. Nevertheless, if you do not have an established credit history you may apply with a qualified cosigner to increase your chances for approval and potentially receive a lower interest rate. International borrowers are always required to apply with a U.S. citizen or permanent resident cosigner.

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Chase Student Loans – What You Should Know

About Chase Student Loans

Chase Select is a private student loan program offered to undergraduate, graduate and graduate students who are going to gain career in health occupations. This student loan option is a great alternative for students who have exhausted other types of student financial aid like federal loans or college grants and or need extra money to cover their educational expenses. However, students are strongly encouraged to try to obtain federal student loans, grants or other sort of student financial aid first.

Chase Private Student Loans are provided by the JPMorgan Chase Bank, N.A., commonly known as Chase Bank. It is one of the leading commercial consumer banks of the United States. Chase student loans include different financial aid plans. Students can obtain financial aid alternatives such as Graduate Student Loans, College Student Loans, Parents Students Loans and even High School Student Loans. In addition, Chase Student Loans include Medical School & Health Education Loans offered to students who plan to enter the healthcare sector after graduation.

How to Apply for a Chase Student Loan

In order to apply for this student loan opportunity, first you have to complete and submit the FAFSA application for student aid, which will help the loan provider to evaluate your eligibility for this type of financial aid. The FAFSA or Free Application for Student Aid can be filled out online, on the Department of Education’s website. In addition, you will be asked to provide documentation related to your educational plans, current assets and your tax returns. Upon receiving your application the issuing authority will assess your capability to provide guarantee and your long term potential in returning the loan. It is not required to have a cosigner on your application; though having one can get the process of approval faster and may even get you a better interest rate.

Benefits of Chase Student Loans

The most important advantage of this type of student loans is that no repayment is required while you are still in school. You don’t have to return the amount borrowed while you are pursuing your education. Furthermore, these loan programs don’t call for any origination or repayment fees. They are also up to the cost of your studying plan, as certified by the school. Chase Student Loans are paid to your school directly.

Repayment Options

Chase Select student Loans Offer three repayment options: Immediate Repayment, Interest-Only Repayment and Deferred Repayment.

  • Immediate Repayment Plan –  Under this plan you have to make payments of principal and interest while in school, which may be beneficial in the terms of savings- it gives you the most savings when compared to other repayment options.
  • Interest-Only repayment Plan – You can choose to make interest-only payments while in school, which can save you money because it will help you to avoid having all the interest accrued on your loan balance (capitalized interest).
  • Deferred Repayment Plan – This plan is good for those who cannot afford to make payments while in school, you can opt to make no payments while in school. The main drawback of this repayment option is that it will increase the total cost of the loan, as compared to other repayment alternatives.

Applying with a Cosigner

Despite the fact that providing a cosigner is not necessary in order to apply for Chase student Loans, a creditworthy cosigner may increase the chances of approval, make the approval process faster and even help you get a better interest rate. The borrower must meet Chase’s minimum credit criteria and additional established cosigner release eligibility requirements at the time of the request for cosigner release.

Advice

Even if you opt for the deferred repayment alternative, making even small monthly payments while you are still in school will reduce the overall cost of your student loan and also can help you to graduate with less student loan debt. There are no early payment penalties, so you should consider making smaller payments before graduation.

Important Note

Effective July 1, 2012, Chase Select Student Loans will be available exclusively to Chase customers and employees. It will be required that either student borrower or cosigner are a Chase customer with a qualifying account or loan relationship, or be a Chase employee.

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Basics of Student Loan Forgiveness and Repayment Programs

While costs for a college education continue to rise, people aren’t making much more money than they did a few years ago. Because of this, many family’s budgets are stretched beyond the ability to pay for a college education out of pocket. In this situation how many people take out student loans to help pay for their education at a university. Many people who have completed college are left with large student loan balances that could take many years to repay. While large student loans can be an issue, some people can actually qualify for student loan forgiveness.

Student Loan Forgiveness

So what exactly is student loan forgiveness and how does it work? Student loan forgiveness is a process in which the lender eliminates part of the debt that the borrower has in place. Once the that has been forgiven, the borrower does not have to worry about repaying it at any point in the future. There are many different types of student loan cancellation that are available to individuals who have outstanding debt.

Medical Loan Forgiveness

In order to become a doctor, you have to go to medical school, which takes many years to complete MD education. Because of this, doctors are often left with very large student loan balances after they get done with college. With the medical loan forgiveness program, doctors can get a big portion of their student loan debt forgiven in exchange for working in a specific geographic region. Most of the time, doctors are needed in rural areas at hospitals and clinics. As long as a doctor is willing to go to these areas and work for a certain number of years, he can get part of his MD student loans cancellation.

Teacher Loan Forgiveness

Another way that you could get part of your student loans forgiven is if you work as a teacher. The teacher loan forgiveness program makes it possible for certain school teachers to get part of their debts forgiven if they work in a qualifying school district and many States like Georgia, Texas or Arkansas have their own programs of loan cancellation in addition to federal program. If you serve a school district that helps many low-income families and children, you may be able to get up to 30 percent of your student loans taken away. This can be a sizable forgiveness amount, depending on how big your loans are overall.

Volunteer Work

In many cases, you can get your student loans forgiven by participating in volunteer work. If you have Stafford loans or Perkins loans and you volunteer for the Peace Corps or AmeriCorps, you can get up to 70 percent of your loans forgiven, depending on how long you are in the program. With this option, you need to make a difference in the lives of people all around the world, while getting rid of your student loan debt at the same time.

Legal Forgiveness

If you get a law degree and then work in a non-profit company or charity after law school, you could get part of your loans forgiven. Many law schools will actually forgive part of your loan if you work in one of these types of entities after you graduate.

Compared to Repayment

Some businesses and other entities will actually repay part of your loans in exchange for your service. While this provides the same results as loan forgiveness, it is technically not the same thing. With loan repayment, the company that you work for simply pays off some of your loan. For example, the military loan repayment program offers members of the military up to $10,000 to repay their student loans.

Tax Considerations

If you are thinking about getting part of your student loans forgiven, you should pay attention to the tax factors involved. Depending on what type of loan forgiveness you take advantage of, you may have to pay taxes on it. When you get loan cancellation for being a teacher, working as a lawyer, working as a doctor or volunteering for the Peace corps, you will not have to be responsible for taxes on that forgiven debt.

However, if you get part of your debt forgiven because the school closed or because of an unpaid refund, you may have to pay taxes on that amount. If you have debt forgiven because of debt or disability, the amount that is forgiven is taxable.

Considerations

Overall, the student loan cancellation programs are definitely helpful if you qualify for them. If you are thinking about pursuing one of these programs, just make sure that you find out if you’re going to be liable for paying taxes on the amount that has been forgiven. If you are sure that you can handle the taxes that come with the forgiven debts for you will not be responsible for taxes, then move forward with the student loan forgiveness program.

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Medical School Loans To Finance Your Medical Education

With the baby boomer generation getting older, the need for medical services is at an all-time high and still growing. Because of this need, doctors and other medical professionals are in high demand. If you are looking for a good career for the future, getting involved in the medical field is definitely a safe bet. However, the process of getting there can be time-consuming and expensive. In order to help you pay for college, you may need to take out medical school loans.

Types of Medical Student Loans

When it comes to getting medical school loans, there are two different types of loans that you could use. The first type of loan is a federal student loan. Federal student loans will help you go through regular undergraduate college and help you pay for your doctorate degree courses. These loans are need-based and are not necessarily dependent on your credit or your income.

If you do not have much money and your parents do not have many assets either, you may be able to qualify for subsidized federal student loans. With these federal student loans, you don’t have to pay the interest while you are in school. In fact, the federal government actually pays the interest for you while you are still in school. This helps you keep your debt at a more manageable level while you are still taking classes.

Another type of medical school loan that you may be able to qualify for is a private loan. Private student loans are issued by lenders such as Sallie Mae and Citi Finance. These loans do depend on your credit and your income level. These loans are not backed by the federal government and they come with higher interest rates and payments. In many cases, you have to at least make the interest payments while you are in school. You can apply for medical educational private student loan with no cosigner or co-borrower but need to have sufficient strong credit profile and no bad credit.

Student Loan Debt

One of the problems with student loans is that they lead to a large amount of debt for students. This is especially true for individuals who choose to pursue a career in the medical field. In many cases, if you try to become a doctor, you might spend up to 12 years in school after high school. This means that you’re going to rack up some pretty big debt along the way.

Because of this growing problem, many people are looking for ways to get help. There are debates going on in the federal government about whether they should forgive some of the principal of these loans so that MD students can have a better financial situation.

One of the advantages of being in the medical profession is that you can get some of your student loans forgiven. If you work in a rural area that is understaffed with medical professionals, you may be able to get a large portion of your debts forgiven by the lender.

Consolidation

Another issue that many people in the medical profession have is that they have multiple student loans. This can be difficult to keep up with because you have multiple payment due dates and interest rates. In this situation, one option that you have is student loan consolidation. When you consolidate your loans, you can only do this once. At that point, you have to pay off the loan. You can typically choose one of many different payment plans. Some are based on making even payments over the life of the loan. Others are based on your income while some use a graduated repayment plan. School loans lenders are generally flexible when it comes to repay your debt, but you won’t be able to get out of repaying it.

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