Student Loan News, Updates and Blog Posts

This week has been a new start for employees at the Student Loan Network. After spending almost 3 years next to the Tam Center for Holistic Healing in a cramped 1500 square foot space, management decided it was time to upgrade and move offices. What the staff got was a spacious new space on 1250 Hancock Street. Now the staff has only a 1 minute walk to Quincy Center Train Stop, Starbucks, Eating Healthy, and Dunkins. In addition to the prime locale we now have a beautiful view of the Boston skyline which looks lovely on a day like today. Also, there is the faint smell of paint in the air, new shiny furniture, and a gleaming kitchen with a snazzy Keurig coffee maker. It’s all very exciting, and it feels great to be in a space that we can truly make our own!

If ever in the area, feel free to stop by! You can to fill out an application for a student loan, get FAFSA advice, or you can just pop on by to get a great cup of coffee!

The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans

If I asked 50 college students and their parents what their least favorite part of going back to school is, I’m pretty sure they would all say filling out the FAFSA. I mean lets face it, the FAFSA is a long, tedious, and confusing form that requires not only the students information but the parents information as well. As if it’s not hard enough to get your parents to fill out the FAFSA, now you have to hassle them to get their taxes done on time. It’s a long process with usually a short reward. Most of the time the money awarded off of a fafsa is hardly enough to pay the cost of tuition let alone all the other expenses associated with going to school. Overall, filling out the fafsa has its place and is necessary but it is not the only answer.

With more and more students needing extra money to pay the balance of their tuition or for related expenses, private loans are becoming the new alternative. With competitive rates and a quick turn around, private loans and private consolidation are on the rise. The reasons for this is as follows…

1)No Fafsa! The private loan application is a standard one page form and is done in less than 10 min.

2)Competitive interest rates

3)You can borrow up to 40,000 for the year

4)Approval in just as little as five days

5)Money is sent directly to applicant and not to school

6)Like federal loans, repayment can wait until you graduate.

With the above being said, it is no wonder why private loans are becoming so popular. Like anything else it has its downside but apparently not enough to deter students and parents from wanting to take them out. It is definitely a great alternative and something to look into. You can find out more information at www.privatestudentloans.com.

If any students or parents are reading this I would love to hear your feedback.

Suggested Links

Student Loan Network:

Stafford Federal Student Loans, Parent PLUS Loans,

Student Loan Consolidation, Private Student Loans

This past July 1st, 2006 – the US Dep’t of Education created a new loan geared towards students continuing on after undergraduate school. The Graduate Plus Loan is the second non-need based federal student loan (the Parent Plus Loan was the first). Since the demand for graduate students has increased in the past 10 years, so has the cost for tuition. Typically, a stafford loan for grad school would not come close to covering tuition and living expenses, so now the student can apply for the Graduate Plus Loan to cover the difference. The approval process for the loan is not as stringent as the parent plus loan approval. As long as the applicant does not have any delinquent accounts on their credit history they are usually approved for this loan. If you have Federal loans from undergraduate school as well, they can all be rolled together once you are finished with school, since they all share the same Federal status. This will be so helpful once you finally do finish school to have just one payment. From my experience, with any loan you apply for, it is best to do your research, and pick a loan that will suffice your needs.

Helpful Sites

Graduate Loans
Private Student Loans
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Today I received a phone call from a very distressed parent…the financial aid office at her daughter’s school was asking for her social security number in order to get a loan so her daughter won’t be forced to leave school. She could not understand why the school needed HER social…when she is not the one going to school. I explained to her how the FAFSA works; I explained that because her daughter was 23 and an undergraduate student, she was considered a “dependent” of hers. Therefore, the school needs the parents’ information filled out in the FAFSA in order to determine whether her daughter can in fact take out the Federal Stafford Loan or the Federal Perkins Loan…This particular mom was very concerned that the school needed her social security number to run her credit, and use that to apply for a loan for her daughter, but in her name. Attaining Federal loans in the students name is not credit based…the eligibility for those is strictly based on the students financial need exhibited from the FAFSA results. Don’t get me wrong, there are some aspects of Federal Financial aid that have to do with your credit. For example, if the student’s Stafford loan is not enough to cover the tuition, then the school usually suggests the parents apply for a Parent Plus Loan…this IS credit based, not NEED based (like the Stafford loan)…the same goes for the Graduate Plus loan for graduate students. So to reiterate, the FAFSA determines the students eligibility for financial aid, Stafford loans, and Perkins loans…a parent may apply for the Parent plus loan if he/she chooses to, but this is not part of the federal aid in the students name…however the FAFSA form does need to be filled out before a parent can apply for such a loan, simply because the parent plus loan is a Federally guaranteed loan…you can’t get a federally guaranteed loan without having an up to date FAFSA on file.

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I was chatting with a friend this past evening, and the topic of grad school came up. (As it tends to at my current age) We both agreed that grad school was a great idea – a somewhat necessary tool to advance in ones career. I’ve been rather excited about the prospect of going back to school for some time now, but my friend had some hesitation in his voice. Not because of the application process, or getting back into the swing of class life – but more so over the issue of payment. How do you pay for the normally pricey grad school courses?

Many students still have remaining debt from their undergraduate program, and the thought of taking out more student loans can be rather daunting. But fear not, there are options available and steps that can be taken to help mitigate some of the impact.

First and foremost, if you haven’t already, consolidate your federal student loans from your undergrad program. This will lock in your interest rate, and provide greater monthly savings – more cash flow available for normal living expenses. Not to mention, that you can defer your consolidation while you are attending grad school.

Next, if you have any private student loan debt – consolidate that as well. Wait until after you have completed your federal student loan consolidation – as it will help your credit, and private student loan consolidation is a credit based program.

Consolidating your existing debt will help you become more financially stable – now you can focus on generating money to pay for grad school. Scholarships and fellowships are a great place to get some additional help for funding. If you need additional funds, there are a variety of low interest graduate school loans that can help pay for your courses. These include the Graduate Stafford loan, Private alternative loan, and the Graduate PLUS loan.

The reality is, that most people will have to utilize some sort of additional student funding for grad school. The important thing to remember is to take advantage of the many different, helpful options available on the market, and try to get financially stable right from the start.

Stay tuned for some quick post graduate budgeting tips…

StudentLoanConsolidator.com
StudentATM.com
StudentLoanNetwork.com
Gradloans.com
ActEducationLoans.com
FinancialAidPodcast.com

Well…perhaps the title should read, “New office with even better service!” The past few days at the Student Loan Network have been pretty exciting – we’ve been in the process of moving into a bigger office space. While our physical address may have changed, our websites, helpful information, student loan financing products, and great customer service have not changed. In fact, with the extra space available we will be adding even more employees to better serve our steadily growing customer base. And now onto some news…

Attention all spring graduates! Don’t forget to contact us right away and discuss your student loan consolidation options. Interest rates look like they may be going up on July 1st 2007, so don’t wait until the last minute to get your application submitted. Apply now, save later. We’ll hold your application until you graduate, or until your specified grace end date. With finals, getting ready to move, and any last minute preparations, graduation time can be a bit overwhelming – let us do some of the worrying for you. Remember, student loan consolidation can cut your monthly payment in half, lock in your interest rate, and provide long term cash saving borrower benefits. Give us a call toll-free at 877.328.1565 if you have any questions and get started right away.

StudentLoanConsolidator.com
StudentATM.com
StudentLoanNetwork.com
Gradloans.com
ActEducationLoans.com
FinancialAidPodcast.com

Great question came in today from a medical student in Illinois. He just completed his courses this January and is graduating in May from Medical School. Beginning this summer he will be starting his medical residency. He was wondering if he can consolidate all his loans for both undergraduate and medical school BUT be able to take advantage of a student loan deferment or forbearance while he is doing his residency.
I explained to him that he can apply for a hardship deferment while in residency. The hardship deferment is a maximum of 3 years and is based on your income (as listed on last year’s taxes). This usually means that for the first two years you’ll automatically be eligible since your income for the first year of residency is based on your income during your last year in medical school (for most people income will be $0). And your second year of deferment during residency will be based on only the first 6 months of residency (June to December) which should make you eligible. Basically what I am saying is that consolidating does not effect your deferment options at all.
To consolidate your student loans must be in a grace period or in repayment status. If you just graduated you may want to follow up with your current lenders and let them know you have graduated from school and they will make the adjustment. Also, only federal student loans—those funded by the federal government’s Title IV program—are eligible for federal consolidation. These include Stafford loans, Perkins loans and HEAL loans, among others.
For more details on federal loan consolidation from the Student Loan Network please visit www.studentloanconsolidator.com- Deferment, Forbearance, and Consolidation

The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans