Student Loan News, Updates and Blog Posts

So you are a senior and college and you have decided that you are definitely going to go to grad school next year. The job market is tough and you figure with a little bit more education you can get into your field of choice and increase your earning potential. You know that between the Graduate Stafford loan, Graduate PlUS loan and alternative student loans you will be able to pay for tuition, books and any other living expenses. Now comes the hard part; deciding which school and program to enroll in.

The first decision you need to make is whether you want to pursue a traditional graduate degree or an online degree. If an online degree is something the piques your interest Edvisors.com can help you learn more about this possibility and connect you with the best online schools and programs. If you decide to go the more traditional route GraduateCenter.com can help you explore your options and search for the perfect school.

Another great resource is the school you are attending now for your undergraduate degree. Many schools host graduate school fairs or graduate school information sessions. Your school’s career services office can also help you greatly in your decision.

Choosing a graduate school program is an extremely important decision and it should not be taken lightly. When making your decision you should consider the cost of attendance, cost of living, length of the program, whether or not you will be able to work while you are in school, and admission requirements. Remember that this decision will greatly impact your future career so make sure you choose a program you are going to enjoy.

It turns out that doing good really does pay off.

When many college seniors graduate in May they will be facing a tough job market and student loan bills. Because of this, many soon-to-be college graduates are considering alternative post-graduate options. For students who decide to engage in post-graduate volunteer service there are a few student loan benefits.

The Peace Corps is the best example of this. Volunteers with the Peace Corps can apply for deferment of Stafford loans, Perkins loans and consolidation loans for up to 27 months.  Additionally, PeaceCorps volunteers qualify for a partial forgiveness of their Perkins loans (15% for each year of service).

AmeriCorps is another program with loan benefits. If you serve with AmeriCorps for 12 months you receive up $7,400 in stipends and $4,725 to be used towards student loans.

If you do decide to take advantage of one of these opportunities it is important to know that deferment and cancellation do not happen automatically. It is up to you to contact your lender and complete the paperwork needed in order to apply. The Peace Corps’ itself has very little to do with the deferment process. They basically only certify your dates and country of service. The Peace Corps does not grant or deny deferments of loans.

Budgets; you can’t live with them and you can’t live without them. I hate budgets just as much as the next person, but I have realized that having one makes my life a lot easier.  By the time you make the decision to pursue grad school chances are you will be completely on your own financially. Whether you decide to go to school full time or part time while you work, paying for grad school will take a certain amount of financial discipline and budgeting. However, living within your means does not have to be a drag. You can successfully pay for grad school without being strapped for cash.

Here are some tips for creating a budget that works for your lifestyle:

1: Determine your monthly income and your monthly expenses. This is the most important step to creating a budget. The amount of money you bring home on a monthly basis is what you have to work with. Make sure your expenses do not exceed you income. If you are going to school part time and working full time this will probably be a little bit easier for you. If you are living off of savings, determine how much you have for each month. Be sure to factor in all expenses including rent, car payments, insurance, groceries etc.

2: Take out loans to pay your tuition and other school expenses. As a grad student you have plenty of loan options. The Graduate Stafford Loan has a low fixed interest rate and does not require a credit check. The Graduate PLUS Loan is a low, fixed interest rate student loan that is based on your credit. It allows you to borrow up to the total cost of your education minus any other aid you receive. Finally, there are other private loans that can help you cover any and all of your school expenses. Make sure you include all loan funds and tuition payments in your monthly income and expenses. GradLoans.com can help you apply for and secure all of the loans you need.

3: Defer undergraduate loans until your graduate degree is complete. Unless you have the money to start paying your loans back while you are in grad school you might as well wait. Do not kill yourself trying to pay off these loans until you are working full-time and have more flexibility.

4: Use a free online budgeting tool like Mint.com. The days of scratching numbers on a piece of paper are over. This tool allows you to see all of your accounts, including your student loans, aggregated together. It will allow you to see where you spend the most money and where you might be able to cut back.

5: Find a credit card with good rewards. Sometimes using a credit card to make all of your purchases can be beneficial if you pay it off every month and you get rewards points. I have a credit card that awards one point for every dollar spent. Usually I trade in my points for Target gift cards. Since I spend a lot of money there anyway it gives me a little extra wiggle room in my budget. StudentPlatinum.com can help you choose a credit card with a rewards program that will work for you.

ScholarshipPoints code: BUDGETGRAD

Wave goodbye to the stresses of cramming for finals and writing term papers and say hello to the stress of finding a job. Although there are some positives to report, so lets focus on that.

Just last week Careerbuilder.com complied a Top 10 list of best cities for employment for ‘09 grads. And although it may not be your first choice to relocate it may wind up being a necessity in order to find employment.

Sometimes you need to think outside of your comfort zone (50 miles from your house) and expand your horizons. Consider new regions and cultures to make your mark. You’ll be better off for it.

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Recently, President Obama has been talking about his plans to make college more affordable for families and students. The President’s plan is to increase the Pell grant, and make Federal student loans more accessible to students. Students from Kent State University recently asked Obama about his plans and when exactly those changes would take effect:

Now that summer is over, it is time to start thinking about getting organized for the rest of the year, and yes – the holiday season…  One consideration might be private student loan consolidation.  Refinancing  your private student loan payments is a great way to lower your monthly payments and combines all your private student loans into a single manageable loan.  Consolidation is not always the best option for everyone – but it will help make life easier for many of you.  Learn more at:

http://www.studentloanconsolidator.com/private/

More than 40,000 students recently discovered they are losing a major loan option. The Massachusetts Educational Financing Authority (MEFA) announced it won’t be giving out ANY loans this fall, ouch!

It had been previously reported that as of July 1 MEFA would not be giving out any Federal loans, but now they are not giving out any private loans either! This news has sent shockwaves through many Bay State households.

Last year MEFA made more than a half a billion dollars in loans available so the impact of this news is substantial. The state run lending authority is suffering from the same credit crunch that has affected the student loan market nationwide.

If you are in need of a federal or private loan the Student Loan Network can help.

For a Federal Stafford loan (click here).

For a Federal Parent Plus loan (click here).

For a Federal Graduate Plus loan (click here).

For a Private undergraduate loan (click here).

For a Private graduate loan (click here).

HELP WANTED!

Are you a struggling student trying to make ends meet? Do you need money for school? Would you like the opportunity to win a $1,000 scholarship per month and a $10,000 scholarship in October no strings attached??? If you meet this needy criteria you’re search is over. We are the perfect fit for you.

The perfect candidate will also enjoy sleeping late, going to parties, playing video games, exercising their mind, and most importantly receiving free money!

Guaranteed: Someone is going to walk away with $1,000 per month and $10,000 in October just for signing up. Sign up takes all of thirty seconds. I wish I knew about this site when I was going to school.

How to register: go to www.scholarshippoints.com click on Login/Register. That’s it.

Now here is the coolest part. You can accrue points like a lottery to increase your chances of winning the monthly scholarship awards! You can take surveys, post blogs, do a scavenger hunt on the website; the list goes on and on. You can also elect to do none of the above and just register once and be done with it. It’s completely up to you.

We all want something for nothing, and some of us will get it.  Will you be one of them?

For many students graduating college, the biggest challenge they face is when and how to begin paying back their college loans. About two-thirds of students borrow money to pay for college, so this is no small issue.

In 2007, the median debt of students who graduate from four-year private colleges is about $20,000, and it is about $16,000 for students graduating from public colleges, according to the College Board.

Students graduating with loans to repay are advised to follow these steps:

Due to the way college costs are financed, students typically end up with five to seven loans at graduation. Each loan can be for a different amount and carry a different interest rate. It’s important to take an inventory of all of your loans to know when you must begin repayment. Most loans (federal and private) will be in deferment for the first six months after graduation, which means you do not have to make payments during that time. You will need to know when payments are due, and how much the payment is for each loan. Also, you’ll want to update your contact information with the lenders (you may have moved) and get updated contact information on them, since some of your loans may have been sold to another company, which will now collect the payments. This is important, so you will receive important notices and know where to send payments.

I hope this helps!

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

Student Loan Network

When 95-year-old Nola Ochs graduates next month from Fort Hayes State University, she will be the world’s oldest college graduate. The record Mrs. Ochs will break, according to Guinness World Records, belongs to Mozelle Richardson, who at age 90 in 2004 received a journalism degree from the University of Oklahoma. Mrs.Ochs says she’s more excited about getting her degree, than getting a world’s record! Congratulations Mrs. Nola Ochs!

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