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The Most Popular Student Loan Options Today

The Best Student Loans Overview

Due to a wide variety of student loans available, higher education is accessible to a large number of people today. No matter if you are just at the beginning of your post-secondary education or you are returning to college to upgrade your degree, you can choose one of numerous options of financial aid offered to college students. Maybe you are a parent who is looking for financial assistance in paying for child’s education; there are some affordable loan options that you can opt for too. The loans for students and parents are available from the U.S. federal government, Department of Education as well as from a large number of private student loan lenders. The application process for student loans is very simple and easy and it can be completed online. It takes only a few steps and the first and most important is to complete the online FAFSA application (FAFSA stands for Free Application for Federal Student Aid). In addition to easy application procedure, you also have the opportunity to compare different student loan alternatives and their rates online, to make your payments when you start paying off your loans and to have approach to your account at any time.

There is a great deal of information on best student loans available today and it is important to carefully read all about existing loans so that you can choose the best financial aid option for you. Here are some of the most wanted federal and private student loan options available for paying for higher education today.

Federal Student Loans

Given the fact that student loans provided by the U.G. federal government are not based on your credit score, which means that they do not require you to have a cosigner, a job or any kind of regular income to qualify, they are very popular among students. In addition, many of federal student loans are based on student’s financial need, they offer six months grace period after student lefts school and they have different flexible repayment alternatives and low fixed interest rates. Different from private student loans, federal loans have limited loan amounts.

Eligibility Requirements

To qualify for this type of federal financial aid, you must be enrolled at least half-time at post-secondary educational institution that participates in Federal Family Education Loan Program, you must be a U.S. citizen or permanent resident and must proof financial need.

Types of Federal Student Loans

Federal student loans include: Subsidized Stafford Loans, Unsubsidized Stafford Loans, Perkins Loans and Direct PLUS Loans. There is also the Student Loans Consolidation option available.

Subsidized Stafford Loans

Subsidized Loans which are offered to students in economic need, and their interest is subsidized while you are in school which means that they come without charge of interest during the time you are enrolled in school and during grace period and authorized deferment periods.

Unsubsidized Stafford Loans

Unsubsidized Loans are not based on your financial need. You can opt for alternative of paying the interest while you are still in college or university as well as during grace period and deferment period or you can decide to agree for the interest to be added to the main amount of your loan. Keep in mind that with this option the total loan amount you have to pay back will be higher.

Direct PLUS Loans

Direct PLUS loans are available for parents of dependant students under 24 years of age who are either the U.S. citizens or permanent residents. In addition, parent needs to be the biological or adoptive parent of the student and the student must attend an educational institution participating in the Direct Loan Program at least on half-time basis.

Student Loans Consolidation

In case you find it hard at some point to pay back your different student loans, you can apply for student loans consolidation option that allows you to take one loan instead of several others (to consolidate multiple loans into one) and make one monthly payment instead of  numerous payments.

Application Procedure

After you collect other required documentation you have to fill out the FAFSA which is the universal application for all types of federal financial aid for college students.

Private Student Loans

The main characteristics of private student loans are that they are based on the borrower’s credit score, they are provided by different private lenders like banks or organizations and you can apply direct via lender’s application, they have various interest rates and limited repayment benefits and they have unlimited loan amounts available. Private student loans are a suitable option in case you have exhausted other loan options or if you do not qualify for federal loans. To be eligible for private student loans you have to be enrolled in school that participates in FFELP at least at half-time basis and you must be a U.S. citizen or permanent resident.

Some of the most popular private student loans include Sallie Mae, Wells Fargo and AES student loans.

Sallie Mae

Sallie Mae or SLM Corporation is one of the largest student loan lenders in the U.S.A. with different loans alternatives offered to undergraduate, graduate and professional students. The most popular Sallie Mae loan options include Smart Option Student Loan (for undergraduate and graduate students), Career Training Smart Option Student Loan (for undergraduate students), residency and Relocation Loans and Bar Study Loan (for graduate students).

Wells Fargo

Besides loans Wells Fargo Company offers investment, banking, mortgage, insurance and other consumer financial options. The main benefit of borrowing from Wells Fargo is that interest rates on your loan will be reduced if you make regular payments and there are no charges applied for application, origination and loan repayment.

AES Student Loans

AES provides management services for both federal and private loans, such as Federal Stafford Loans, Parent Plus and Graduate Plus loans.

Other types of financial aid available today include scholarships and grants for college students.

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Information on Nelnet Student Loans

Nelnet student loans are one of the numerous U.S. private student loans. Nelnet works together with the Department of Education, helping college students to pay to their tuition and other education-related expenses and to achieve their educational goals. Nelnet has favorable and simple terms and application conditions and are among the most popular private student loans because of their low interest rates.

Nelnet Student Loan Servicer

You can borrow your student loan directly from the Nelnet, but they also provide customer service for other lender’s loans, including student loans issued by the Department of Education. Nelnet provides customer service on your account if: you borrowed money directly from them, if Nelnet services your Direct Federal student loan borrowed from the Department of Education, your lender selected Nelnet to service your loan, sold out your loan to the Department and selected Nelnet to service the loan or in case your lender sold your loan to Nelnet and Nelnet is now the owner and servicer of the loan.

Nelnet Student Loans Eligibility Requirements

To qualify for Nelnet student loans, you must meet the following eligibility requirements:

  • You must be enrolled in an eligible school at least on half-time basis;
  • You have to apply with the creditworthy cosigner;
  • You as a borrower, as well as the cosigner must be at least 18 years old;
  • You must be a U.S. citizen;
  • You should not have any of your student loans into default and no bankruptcies for the previous 7 years.

Nelnet Student Loans Benefits

The main advantages of this private student loan option are favorable borrowing terms and conditions. Furthermore, applying with a co-borrower may increase your chances of getting the loan and help you to save some money. In addition, Nelnet offers the loan consolidation program which allows you to replace multiple student loans with just one and to make one singly payment a month which will decrease your monthly repayments.

How to Apply

To qualify for Nelnet Student loans you will have apply by to filling out the FAFSA (Free Application for Federal Student Aid) application. You will need to file in a new FAFSA after January 1 each year you go to school.

Nelnet Student Loan Stages

During your student loan’s life, from the time you take it out to the time you pay it back, there are generally three stages: in school period, grace period and loan repayment period. Borrowers of the Federal Stafford Loans typically go through these three stages. Borrowers of other student loan options such as parent PLUS loans or GradPLUS loans for graduate and professional students have somewhat different experiences.

However, your school will work directly with Nelnet to make sure your lender knows which stage you are in. Your servicer will be in touch with you and communicate based on your needs at that time. To help you understand the student loan life process, there is an overview of the stages of the student loan life cycle below.

Federal Stafford Loan Stages

In School Period

No payments are required during your period in school, as long as you are enrolled att least half time, which could take two to four years.

Grace Period

After leaving school, you’ll be provided six months grace period. This period is intended to help you get ready to make your student loan repayment, by finding a job or fit the loan payment in your budget in other way.

Repayment Period

Repayment period can take one to twenty years. In general, Stafford and PLUS loans must be paid off within 10 years from the start of loan repayment. Nevertheless, a grace period, periods of postponing your payments due to deferment or forbearance, and  time  when the payments weren’t due (while you were in school)  will not count toward the 10-year repayment term. You may extend the repayment term if you meet the requirements for the Extended Repayment plan, Income-Based Repayment plan, or Income Contingent Repayment plan. On a consolidation loan, the repayment period may extend up to 30 years depending on the initial balance of the loan.

Federal GradPLUS Loans

Federal GradPLUS loans are loans for graduate and professional students. There are no payments required while you are enrolled in school at least half time, but you can make early payments if you like, there is no early payment penalty. Also, you’ll enjoy six months deferment period after you graduate or drop below half-time student status (for GradPLUS loans loan postponement is called a six-month deferment, not grace period). You’ll receive your monthly student loan billing statement about three weeks before your payment is due. When you start making payments, your Nelnet student loan is considered to be in repayment.

Federal PLUS Loans for Parents

Federal PLUS student loans are designated to parents of dependent students to help them with their child’s education costs. PLUS loans are typically disbursed in groups of funds directly to the school, usually in two installments, half during a fall semester and the other half during spring semester.

At the earliest, your first PLUS loan payment would be due 60 days after the school receives the last set of funds. Although Federal PLUS Loans don’t have a grace period, you can postpone payments while you or your student is in school—but note that the loan will continue to accrue interest. Nelnet servicer is going to send your monthly student loan billing statement about three weeks before your loan payment is due. When you start making payments, your loan is considered to be in repayment.

Nelnet Student Loans Forgiveness Options

Teacher Loan Forgiveness Program

Nelnet student loans offer loan cancellation option for teachers for Federal Stafford loan borrowers with the intention to support growth of the teaching profession. You can qualify for this loan forgiveness opportunity if you teach full-time for at least five consecutive academic years in so called low-income schools that serve low-income families. You may qualify for up to $17,000 of student loan with this loan cancellation option.

Public Service Loan Forgiveness (PSLF)

If you work in public service, you may be eligible for cancellation of your remaining federal student loan balance after making qualified 120 payments made under the Income-Based Repayment Plan, Income-Contingent Repayment Plan, or the Standard Repayment Plan. Eligible loans for this forgiveness option include Direct Stafford Loans (subsidized and unsubsidized), Direct PLUS Loans (for parents and graduate or professional students), and Direct Consolidation Loans.

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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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Guide to ACS Student Loans and Things to Consider

About ACS Student Loans and Application Process

There are numerous student financial aid options available for college and university students in the USA and millions of students every year apply for student loans, grants or other types of financial support. If you are student looking for the best private student loan option for you, then you should consider applying with ACS Student Loans which can help you to find the suitable loan plan for you in order to pay your educational related expenses in the easiest way.

Affiliated Computer Services or abbreviated ACS is in essence an online financial assistance service that can catch potential borrowers (students) with the most appropriate lenders (e.g. the US Department of Education) for their particular financial need connected to their education. It is a company with more than 20 years of experience providing information technology services.

ACS has extensive experience in providing assistance to student loan borrowers through numerous government and private student loan programs. ACS clients comprise government, private lenders and institutions of higher education and they provide support to more than 450,000 college and university students. Applying for student loan with ACS is very secure way to obtain a student financial aid, since they have rigorous student loan scam prevention measures.

When you apply for the educational loan and after your student loan application is approved by the federal government or the private loan lender, it is obvious that you will have to pay off your loan after a period of time. ACS student loans are of assistance in repaying process by providing access to their online tools. In fact, one of the most advantageous features of a borrowing ACS is the online application that is available to students through their user friendly website. Borrower can view his or her loan details online, make payments online, and numerous other things that can be done in the most convenient way.

Online Payments

One of the most beneficial functions available for ACS users is ExpressPay system which is purposely created for making online payments and it is very easy to use. After creating your account you just have to log in and you can easily make online payments.

Notification

Notification is another useful feature. ACS will let you know when the time is to start paying off your student loan which will ensure that you start your repayments on time.

Deferment Assistant

ACS developed Deferment Assistant program to make the repayment process easier and to prevent going your student loan into default. This is confidential and secure service and it enables you to apply online for deferments and learn in reasonable period of time whether you qualify.

ACS allows you to apply for and submit an on-line forbearance and deferment in case of unemployment online simply by using your e-Signature.

The other useful services available with ACS include: Inbound/outbound communications with students, Transaction Processing, Document and Workflow Management, Document and information collection, payment counseling, Default aversion, etc.

ACS Student Loans serve both, federal student loans like Federal Stafford Loans, Perkins Loans, etc. and private student loans like Penn Guaranteed Loans, Key Bank Private Loans, JP Morgan Chase Private Loans and etc.

In order to apply for ACS student loan, the first thing you should do is to complete a FAFSA application form to help the Department of Education estimate how much financial aid you might be eligible for. It also helps them determine if you qualify for other forms of student financial aid such as college grants. After applying you will get the SAR or Student Aid Report with your FAFSA results and details on your eligibility, amount of loan you are going to receive and other important information on your student loan application. Than you can begin looking for the best loan provider for you, which can be one of the federal loan plans, private lending agency, college or university. ACS will summarize all the details and make it clear what the best alternatives are according to particular requirements.

To sum up, ACS is not a student loan lender, it is an online financial service that helps students find the best student loan plans. Helping students to find the most appropriate student loan program ACS make this complicated process easy.

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Guide to Astrive Student Loans – What You Should Know

Nowadays a wide variety of educational loans is assessable to college and university students, so they can complete their higher studies. These student loans include federal and private student loans. When federal student loans aren’t enough to cover all the educational costs, students usually seek for private loans.

One of the most popular private student loan lenders are Astrive student loans. They are similar to federal student loans: they also offer different repayment plans, the same six months grace period after graduation and the application process is very similar. The difference is in the amount you can borrow; under the federal student loan you can take a certain amount of loan, but the Astrive Student Loans offer more flexible loan amounts per student. Students enrolled in undergraduate programs can borrow a minimum of 3,000 dollars to 45,000 dollars per academic year. The maximum limit permitted is 75,000 dollars.

Repayment Plans

The Astrive Student Loans offers three repayment options. Under the first repayment alternative, you have to repay the full loan amount after graduation and you have to be considered at least as a part-time student. The second repayment option also requires at least a half time attendance and it allows you to pay only for the interest during your period in school. Under the last repayment plan, you can choose to pay off the lower amount of interest for your loan. The interest rates are variable, but the Astrive student loans do not include any penalty charges for early payments.

Astrive Student Loans Eligibility

To qualify for the Astrive student loans, potential borrower must meet some requirements, such as credit score, cosigner on student loan application, school information and other.

Credit Score

The most important condition is your credit score. To be eligible for this type of student loan, you must have at least twenty one months of an established credit history.

Cosigner

Since the majority of college students haven’t got credit history, the large number of them applies for Astrive private student loans with a cosigner. Cosigner must have a good credit history and he or she can be a family member or person you know well. Having a cosigner can be helpful in the terms of getting a good line of credit, usually with lower fees and rates. In addition, having a cosigner on your application may help to attain Astrive loan in the short amount of time; you can have your student loan approved in just five business days.

Other requirements

To be eligible for Astrive student loans, you will need a proof of enrollment; you will have to provide the name of the school you are going to attend as well as your student status. You must have at least a half-time status in order to qualify. In addition, you will need to provide the proof of income, citizenship status, etc.

Astrive Student Loans Benefits

Students can benefit from taking Astrive student loan of loan in a number of ways. Firstly, the loan application process is easy and approval process doesn’t take long. Secondly, this student loan covers all other educational operating expenses which are not covered with other types of student financial aid. And l, it includes procedure for loan deferment and a deduction in loan repayment options as well as some other services.

Astrive Lending Suspension

Unfortunately, similar to many other private student loan programs, the Astrive Student Loans has been affected with the unstable financial circumstances. As a consequence, the Astrive Student Loan program is incapable to accept a new student loan application as of November 3, 2008.

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Understanding How Student Loans Can Affect Your Credit Score

Due to the increasing cost of higher education nowadays millions of students in the USA take one or more student loans to cope their educational expenses. And there is a growing number of students today who find it difficult to pay off their student loans. Educational loan is probably one of the largest debts most of the students have ever had. How you deal with your student loan can have a huge consequence on your credit rating and, given that your credit rating establishes how much you can borrow in the future, on your financial future as well.

You cannot declare bankruptcy for federal loans; these loans still have to be repaid. Going into default with student loans will affect your car loans, mortgage application, etc. However, keep in mind that it isn’t your student loan that has an effect on your credit score, but the way you handle it. How you manage your student loans today will affect your credit score for years to come.

What Is the Credit Score?

Your credit score plays very important role in financial terms. Essentially, it gives a reflection of your financial responsibility to diverse creditors and lenders, to put it in other words, it helps them estimate the level of risk you present as a borrower to them. For instance, if you don’t pay your bills on time, it sends a message that you lack a financial responsibility.

How Your Credit Score is Calculated?

  • Payment History – Your capability to pay your bills on time without fail makes up 35 percent of your credit score.
  • Credit History – 15 percent of your credit score is depending on the length of time you have been using credit.
  • Amount Owed – The amount of debt you owe makes up 30 percent of your score.
  • New Credit – At 10 percent, frequency of new lines of credit opened is also considered.
  • Types of Credit – Also at 10 percent, the different types of credit cards you possess affect your credit score.

How to Effectively Handle Your Debts

Your credit rating stands for the debts you have and your repayment history. The key for a good credit rating is to make regular payments on time and repay the debts as soon as possible. Here are some useful guidelines to help you successfully cope with your student loans and debts.

Early Student Loans Repayment

Repay your loans as soon as possible. The repayment period for most of the student loans is about 10 years and the monthly amount you have to pay is based on this timeline. If you find that you can afford to make these payments, increase your monthly payments and repay your student loan in the shorter period of time. Not only that paying more than minimum payment will help you repay your loan faster, but also will positively affect your credit score.

Refinancing Student Loans

Refinancing your student loan can be of assistance in getting a low interest rate. In addition, with lower monthly payments, you will be able to pay off your loans on time which will positively affect your credit rating.

Making Regular Interest Payments

In case you have taken an unsubsidized federal or private student loan, you may be required to make interest payments while you are still in school. Include this amount into your monthly financial plan and make your payments in time. If you can, try to avoid deferring interest payments after graduation, when they are going to be added to the principal amount of your loan.

Making the Use of a Grace Period

Student loan borrowers usually have a benefit of 6 to 9 months-grace period after graduation, before they are required to start repaying their loans. This time is designated to let them find a job and to gain a regular income. In case you find a job before during the grace period, it is strongly recommended to put some money aside and make larger payments, which will help you to repay your loan faster.

Avoiding Failure to Make Payments

If you find that you have difficulty making the payments of your student loan, the best idea would be to contact your loan lender immediately and try to work it out together. If your lenders find you communicative and cooperative, they will be more willing to help you find the solution. If you are not able to pay the full amount, make effort to pay smaller payments instead. If you miss your payments, your loan will be considered delinquent. This will come as a negative mark on your credit report.

After you start repaying the loan again, your credit score should improve, but your skipped payments will still appear on your record.

Avoid Defaulting on Your Student Loans

If you fall to make your loan payments, your student loan will become delinquent Successive failure to make loan payments or extensive delinquency may lead into student loan default. Default comes about after 270 days of non-payment on a federal student loan or 120 days of failure to pay on a private loan. Under most federal student loans your loan will be put into default after nine months of skipped payments, and for most of private student loans your loan will be put into default after three months of missed payments, though this depend on the specific loan lender. Defaulting on your student loan can leave a mark on your credit record for up to seven years after your loan is fully repaid. This will have a negative mark in your credit score as a consequence.  To avoid defaulting on your student loan, get your loan refinanced.

For most of the students student loans are helpful assistance in their pursuit for higher education. Not your student loans, but the way you handle them can affect your credit rating both, positively or negatively. To avoid student loans harm your credit score the best is to make a repayment plan and start paying off your debts as soon as possible. Avoid going into default under any circumstances and take into account loan options such as flexible repayment plans, grace period, deference and forbearance to make sure that your student loans do not affect badly your credit score.Careful planning and financial responsibility, will help you not to feel overwhelmed by your student loans.

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Examining Wells Fargo Student Loans

The Essential Information

Student loans are type of financial aid to students who cannot afford to pay for their higher education. These loans can be obtained through federal or private lenders. Students can apply either for federal or private loans or for both. If you are thinking of taking a private student loan to support your studies, you should consider applying for Wells Fargo Student Loans since it is considered to be a very safe and secure way of borrowing.

About Wells Fargo

Wells Fargo company with the seat in San Francisco, USA is a one of the leading lending companies in the USA that besides loans, offers banking, investment, mortgage, insurance and other consumer financial options in North America and worldwide alike. It serves online millions of customers all around the world today and gives assistance to large number of undergraduate and graduate students to acquire higher education.

There are numerous benefits Wells Fargo’s borrowers can enjoy and the most important advantages of Wells Fargo student loans include following:

  • Interest rates on your loan are going to be reduced if you make regular payments
  • You can borrow approximately $25,000 every academic year
  • The loan amount is available to parents/guardians without delay
  • Loan repayment can be done in a period of 15 years
  • There are no charges applied for application, origination and loan repayment.

Wells Fargo Student Loan Options

Wells Fargo offers three types of student loans options with different interest rates, repayment options and borrowing terms, but they all are dependent on borrower’s credit.

• Wells Fargo Education Connection Loan

This version of Wells Fargo student loans requires no loan repayment while student is still in school. The annual maximum amount that student can borrow is $25,000. This student loan option has interest rate of 5.68% and you are going to need a cosigner when apply. There is an application fee of 0.02% required with under this student loan option.

• Wells Fargo Student Loan for Parents

Under this student loan plan parent or guardian applies for the loan. Loan is issued immediately and the interest rate is about 3.50%. There is no application fee, but there aren’t graduation benefits offered. The annual maximum amount you can borrow is 25,000 dollars. Loan repayment is parent’s responsibility.

• Wells Fargo Collegiate Loan

This type of Wells Fargo student loans is accessible to fur-years undergraduate students and you are going to need a certification from your school in order to qualify. Your loan will be disbursed directly to the school. This loan type provides the highest loan amount with the cap of $120,000. The Wells Fargo loan option has the lowest interest rate which starts at about 3.40%. You are not required to make payments until you leave the school which gives you an additional graduation benefit of 0.50%. There is no application fee, but the cosigner on application is required.

Wells Fargo Loans for Undergraduate Students

If you are an undergraduate student attending a four-year school and you find that you need to borrow money to pay for your books, tuition, living costs and other education-related costs, we recommend to consider applying for Wells Fargo loans for undergraduate students. With this loan option you are not required to make payments until six months after leaving school, and no origination and application fees apply. You can choose from fixed or variable interest rate; variable rates are offered as low as 2.45% APR and fixed rates at 5.72% APR and you can enjoy a repayment discount benefit of up to 0.50% interest rate reduction.

To qualify for Wells Fargo loans for undergraduate students, you must:

  • Be enrolled undergraduate or graduate student seeking degree at an eligible school;
  • Have a cosigner;
  • Be a US citizen, US national, permanent resident or international student with a temporary resident status. In the last two cases a US citizen cosigner is required.

Wells Fargo Loans for Graduate Students

This group includes graduate, MBA and Health student loans. The main benefit of this type of Wells Fargo student loans is that you don’t need a cosigner when you apply for the loan. In addition, you can choose between fixed and variable interest rates options and variable interest rates starts as low as 3.71%, fixed at 5.56%. You will also take an advantage of repayment discount of up to 0.50% interest rate reduction. Furthermore, loan repayment begins six months after you leave school.

To be eligible for this student loan option, you must:

  • Be full-time enrolled at an  eligible school;
  • Make continuous academic progress in an eligible program;
  • Have a good credit history and
  • Be a US citizen, US national, permanent resident or international student with the temporary = resident status. In case you are permanent or temporary resident, a US citizen cosigner is required.

Wells Fargo Bar Exam Loans

This student loan option is offered to law students looking for finances for their examination expenses and related costs. There are variable and fixed interest rates offered; variable rates with the interest of 6.61% and fixed interest rates of 8.47%.

There is available discount of 0.50% interest rate reduction in repayment. The maximum loan amount offered is $12,000.

Wells Fargo Repayment Plan

There is a grace period of six months after student leaves school and you will be allowed to start your repayment after that period. There is an auto pay program offered, which means that its debits the money for the payment from your bank account or you can even choose an online payment option.

Wells Fargo Uncertified Student Loan

Lots of students seek for Non Certified Student Loans since they find them beneficial in several ways. These loans do not require any authorization from your college or university in order to get the loan, they offer much higher loan limits than Certified Student Loans and you can attain the whole loan amount at once. Their main drawback is related to rather higher interest rates.

Wells Fargo offers Uncertified Student Loan opportunity and in order to apply for uncertified Wells Fargo student loan, you need to have an excellent credit history. However, you may still need a creditworthy cosigner. In case you are planning to obtain Wells Fargo uncertified student loan, it is strongly recommended that you borrow a reasonable amount and repay your loan in a rational period of time.

Summary on Wells Fargo Student Loans

Generally speaking, the Wells Fargo student loan is a great opportunity for those looking for private student loan options. It is easy and convenient online loan borrowing alternative many students today take advantage of. However, before you apply, make sure that you’ve checked out all the other financial student aid options available.

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Examining No Credit Check Private Student Loans – How to Get It

The reality of getting a no credit check private student loan

Student loans are a type of student financial aid provided from the federal government or private lenders with the intention to assist students in managing to pay for their college education. Because these loans are adapted to students, most of them have flexible repayment terms and low interest rates that make it possible for college student to pay off the borrowed amount.

When federal student loans aren’t enough or student for any reason cannot obtain this type of financial aid, private student loans can be very helpful in paying for education-related costs. If you are in this category of students, and the private student loans are the only obtainable option, you have to be aware of the fact that is almost impossible to get a private student loan when you have a bad credit. Nowadays credit is playing a large role and credit history takes important place when it’s time to plan your financial aid tactic. If you apply for private student loans, your credit score is going to be used by the loan lenders to determine your loan eligibility. Most of private student lenders offer a loans based on borrower income and credit history and unless these two conditions are met, it is very complicated to find a private loan lender that can provide borrower with the financing him without much of harassment. In case you have no credit or bad credit than you will need a creditworthy cosigner to get your private student loan approved. And since most of the students do not have an established credit history, a cosigner may be required when applying for private student loan. You can apply for private student loan with no cosigner in case you are working and have a good credit. You should be aware that many bad credit lenders who are offering you a no credit loan in fact are probably offering some type of personal loan or even a payday loan. These types of loans are not suitable for students and you should avoid them if possible.

No credit check student loans are loans designated to help students who don’t have a good credit history. There are many loan options that do not take borrowers credit history into consideration when assessing a potential borrower’s student loan application.

Federal Student Loans

The only true type of no credit check student loans are federal student loans which do not depend on borrower’s income and credit and don’t require you to submit a credit check and provide money on need basis. Students can apply for subsidized and unsubsidized federal loans to pay for their college education.  Federal student loans do not require a credit check or cosigner since the loans are guaranteed by the federal government. For the reason that there is no risk involved in lending to student on a federally guaranteed loan, there is no credit needed. In order to apply for federal loan, student first has to fill out the FAFSA application.

Private Student Loans

There are also no credit check private student loans available for students, and they require students-borrowers to have a creditworthy cosigner, which means that he or she need to have a strong credit history. Cosigner can be a family member, a relative or a friend and he/she agrees to pay any debts if the borrower is not able to do that. In addition, a cosigner must:

  • Have credit score over 700
  • Be someone who you know well and can trust
  • Be aware that his/her credit is going to be affected by the loan

If you have repaid some installments of a previous student loan independently, in some cases you would be given the ability of applying with no cosigner or co-borrower and you ensure that the loan repayment will be entirely your responsibility.

How to Improve Your Credit Score

In case you have a bad credit score, there are some things you can do to try to improve it and improve your chances for student loan to be approved. Firstly, you should review your credit report and make sure there aren’t any mistakes and inaccurate information occurred on it. To start fix your credit, you also should sign up for student credit card, make regular payments and put down your present debt.

Think three times before you take your student loan. Before applying, put an effort to learn about all available borrowing options and then choose the one that suits your needs the best. If you are going to take a private student loan, examine all accessible alternatives and try to make the best possible deal.

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How to Appeal a Student Loan Denial from Sallie Mae – The Essential Information

Educational expenses have been rising considerably over last decade and for a large number of students nowadays the only possible way to acquire higher education is to take a student loan or some other type of financial aid. Lots of students realize one or more federal or private student loans in order to pay for their college or university education. These loans are based on credit history, income, tuition fees and student’s needs and millions of students in US today are granted such educational financial aid. However, it happens sometimes that applicants receive a denial notification on their loan application based on criteria such as bad credit history or employment status.

Sallie Mae is one of the US largest private student loan lenders operating since 1972.  It is one of the leading America’s education loan lenders due to its low interest rates, advanced repayment options and numerous loan alternatives. And very important fact for those unlucky ones who have been denied their student loan, Sallie Mae has an appeal process option. That means that applicants who have been denied, but who believe that their loan has been rejected because of credit reporting errors or in the event that certain mitigating conditions apply, may appeal their student loan denial.

Here is some useful information to help you go through the appeal process.

First to be considered are some facilitating circumstances of student’s denied loan application as follows:

  • Temporary job loss
  • Medical emergencies
  • Temporary credit aggravation due to divorce
  • Disputed credit record based on a billing error
  • Natural disasters like earthquakes, tornadoes, hurricanes, tsunamis, etc.

In case you require appeal on student loan denial with Sallie Mae, keep in mind that you are going to be required to submit adequate third-party documentation as a verification of the events that caused your bad credit history.

If your Sallie Mae education loan is denied and you believe that you have good reasons to overturn that decision, you should without delay request appeal on your student loan denial. With the intention of helping you in this process, here is the list of succeeding steps that you should take:

  1. First you should do is to contact Sallie Mae via phone at (800) 695 3317. All applicants are invited to appeal via this phone number, because there is no appeal form to fill out available.
  2. Talk with the representative and present him/her your reasons for appealing. If they find it a reasonable explanation, they will pass your information onto the credit sector for further review.
  3. It is probable that Sallie Mae will invite you to provide a third- party documentation to help support your claims. If this is the case, you will be invited to send supporting information to them via one of the following Fax, Mail or Email.

You should take into account that Sallie Mae student loan appeal requests are evaluated on case-by-case basis and that your appeal will not be automatically approved. Appealing process takes some time and it could take up to a week for your application to be reviewed and a decision on your appeal to a student loan denial to be made.

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