College Student Loans - Your Own College Can Help Your Finances

The source of funds for a college loan does not alter the expectations of the student who is awarded that loan. Every lender of a college student loan has certain obligations.

What to Expect from the Lender of a College Student Loan

Every lender of such a loan needs to supply the borrower with certain information. For example, anyone who receives one of the college student loans should receive a detailed repayment schedule.

Yet a borrower looks for more than just a repayment schedule. A borrower needs to know the loan rates and the loan fees. A person who is awarded one of the college student loans should also be provided with information about the balance owing on the loan and the payment options.

Once the borrower has paid the loan in full, then he or she should get written confirmation of that fact.

Rights of Students Awarded One of the College Student Loans

A student who struggles to make payments on a student loan has a right to defer payments for a defined period. A student who feels unable to fully repay a loan might qualify for forbearance on that loan. College student loans give qualified students the right to request such forbearance.

A student provided with money through a college student loan should look into the possibility of getting a graduated payment schedule. An income-based payment schedule might also be an option. Some private lenders of college student loans (and all sources of government loans) allow for early repayment of that loan, without charging a prepayment penalty.

Obligations of Students Receiving One of the College Student Loans

While any student can request deferment on a loan, or forbearance on a loan, the student making that request cannot assume that it is granted. The student must continue making payments on his or her college loan. Moreover, the student must keep the lender informed of any changes to his or her vital information.

Suppose, for example, that someone getting one of the college student loans changes his or her address. The lender must then be provided with the new address. Suppose a student awarded a college loan changes his or her job. The lender must be given the name and address of the new employer.

A name change for a loan recipient should not be hidden from the eyes of a loan lender. By the same token, a student awarded one of the college student loans needs to keep the lender apprised of any change in his or her phone number or Social Security number.

A student can maintain a respectable credit score if he or she fulfills all the above-mentioned obligations. Such a student has clearly shown a willingness to act “in good faith” towards the lender of the loan money.

By Martin Haworth


Check Out the Related Article : An Overview of Student Loan Debt Consolidation

Benefit Loan Consolidation Student

Do you want to get rid of your student loan? Are you tired paying the monthly installments? There is a solution for your problem and the solution is called student loan consolidation.

Student Consolidation Loan

It means merging all your loans into one and with a payment of one single monthly payment. Don’t get confused. It means that all the previous student loans you had taken are written off and in its place one new student loan is formed and you have to pay back the new loan monthly.

Benefits of loan consolidation:

Lower Monthly Payments

Since you consolidate all the loans, so now you need to pay back only one loan instead of several loans and hence your monthly installment is lower.

Payment of One Loan Monthly

Managing one loan is much easier as compared to several loans all with different deadlines of payment. This also helps you in paying back all the loans in just one single loan as with several loans you may end up forgetting about one loan completely.

Fixed and Low Interest Rate

If you consolidate all the loans, you will get the advantage of lower and fixed interest rates. According to the current law, interest rates for student consolidated loan cannot go beyond 8.25 percent.

No Processing Fees or Credit Card Check

You don’t need to have a credit card now to apply for a student loan consolidation. The payment terms and conditions are flexible to a larger extent and can be customized according to your financial capability.

Now Payment Is Easier: It Can Be Done Electronically

It is not mandatory for you to pay back your student consolidated loan electronically, but if you do it electronically you get a discount of 0.25 percent on interest rates.


By Mary Foster



Check Out the Related Article : American Student Loan Offers

A Student Loan Can Help You Afford College

A lot of times a student doubts they can't get into college, nor continue with college, only because they can't afford the tuition. But many can't get funding because they just don't have a good credit rating, or perhaps their parents lack good credit.

There is however something known as a bad credit student loan, which may help students pay for tuition, as well as books and living expenses. This type of loan is most likely easier to acquire than other kinds of loans for those with less than stellar credit.

One reason it is easier to get this sort of loan is because it will be used for education. The lenders know that once the student graduates, they will likely get a well-paying job, and will be able to pay the loan back.

Of course the interest rate will be higher with a bad credit student loan, but if a student really wants to attend college to ensure a great future, then they shouldn't hesitate to obtain this loan. Also, many of these loans have flexible repayment plans, so it won't be that hard to pay them off.

If a student is having trouble getting a loan on their own, they can find a cosigner to help. The cosigner doesn't have to have flawless credit, but they will be responsible if the loan can't be paid back. So the student should make sure they keep track of the payments being made.

The prospective college student should not be dismayed if they can't afford school. A bad credit student loan can be obtained with little trouble. But students should look into possibly getting grants or scholarships first before checking into getting loans.

By Jim Konerko


Check Out the Related Article : 5 Benefits of Student Loan Consolidation

5 Benefits of Student Loan Consolidation

Are you sick of paying interest on your monthly student loans with no end in sight? Afraid of cash-flow problems that may prevent you from paying your student loans on time? I know I was and there is a solution to this problem. It is called student loan consolidation.

What is Student Loan Consolidation?

Student loan consolidation simply means consolidating all your student loans into a single loan with a monthly payment plan. Effectively, all your previous student loans are written off and a new student loan is created which you have to pay off monthly.

Benefits of Student Loan Consolidation

Here are some of the benefits of student loan consolidation

1. Lower monthly payments

By consolidating all your student loans into one loan, you only need to pay off one loan monthly instead of several student loans monthly. Thus, your monthly payment is lower

2. Pay only one loan monthly instead of several student loans monthly

It is a lot easier if you have to manage only one student loan instead of several student loans with different payment deadlines. Also, sometimes with many student loans, you may ended up forgetting to pay one student loan.

3. Low, fixed interest rate

By consolidating your student loans, you will be able to take advantages of low, fixed interest rates. Currently, by law, student loan consolidation rates cannot exceed 8.25%. Furthermore, national interest rates are at a 40-year low therefore this is a good time to get one.

4. No credit card check or processing fees

No credit card check is required during the application of a student loan consolidation. The payment plans and terms are usually quite flexible in that they can customize it according to your financial standing.

5. Make monthly student loan payment electronically

While it is not necessary to make payment electronically, most lenders will knock 0.25% off your student loan rates if you make payment electronically. Also, using direct debit from your bank account will prevent you from forgetting to make a payment.

Sometimes it can get quite confusing as to the qualification of applying for a student loan consolidation. The official stand from the government is that students who are still in their grace period or who are still studying in school may qualify for government student loan consolidation

The government student loan consolidation nowadays are quite competitive compared to private sector, therefore I would recommend going for a government student loan consolidation. With so many benefits of getting a student loan consolidation, it is quite obvious to save money in the long run is to get one.

By Ricky Lim