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Breaking Down Student Loan Options

Student loan options

The cost of education has increased dramatically over the past few decades, often forcing students and parents to consider taking out loans to pay for tuition, fees and room and board. While grants and scholarships are available, they may not cover the cost of a student’s final bill. Fortunately, there are several different types of student loan programs available. The eligibility for these programs, as well as loan terms, differ by program, so it’s important that students, and their families, do some research before making the decision to borrow. Student Loan Types Federal Direct Loans Previously known as “Stafford Loans,” the Direct Loans program provides loans to students based on need. There is no credit check required to apply for a direct loan There are two subtypes of direct loans available: Subsidized and unsubsidized. The government pays the accruing interests on a subsidized loan while the student is still in school. Unsubsidized loans begin to accrue interest as soon as they are disbursed. One major advantage to choosing federal direct loans is that there are several programs that can help borrowers manage repayment, particularly if the borrower is unemployed or doesn’t make a lot of money. These include the ability ...

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Use Federal Student Loan Consolidation Lighten Up Your Load!

“Education is the Key to unlock the golden door of freedom.” – George Washington Carver This statement is true until it is time to repay student loans. We are all too excited to get our student loans so that we can be further educated, the excitement to learn is good. However, we never once thought that “Hey, this may very likely become a debt to repay for almost the rest of my life!” Repaying a loan is not as easy as obtaining it. Some of us need to start repaying our loans even before we start on our first jobs, it gets increasingly worrying. Where do we even get the money to start paying the loan off? There is a way we can work around it — refinancing and consolidating our loans. Refinancing your student loan actually really means to borrow funds to pay off your existing loans. It may sound peculiar if you are hearing this for the first time because it sounds like going back to square one. The catch is this: borrow the fund with lower interest rates — it lowers the total repayment amount at the end of the day. This works because the bulk of ...

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What Career Options Does a Business Major Have?

College Education

If you have an interest in the world of business, you may be thinking of embarking on a bachelor of business course. The good news about this type of degree is that it can be used to access more or less any occupation but also enables those holding it to specialise in various areas of business. Whether your talents lie more in the financial arena, marketing or even setting up your own business, a business degree is a very valuable qualification to have. There are different ways to study for a bachelor of business, including attendance at a traditional college or more flexible study using an online provider. Whichever method of study you choose; a business degree opens up a wide choice of career opportunities for you. Careers in finance If you study for a general business degree this will usually cover several aspects of finance. It is a good foundation for a career in these fields; although you will need to study for further career specific qualifications. The good news is that a bachelor of business qualification will quite often get you a job in the world of finance. You can then study for further qualifications while you work; ...

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Five Ideas To Help College Students Make It In The Real World

Ways to help college students

If you pay attention to national US news at all, you’ve probably heard that President Obama wants to give everyone free community college. At first glance, this might sound like a great idea. The cost of higher education is beyond reach for many Americans, and anything that make it more accessible and affordable is good, right? My friend Holly wrote a great post about this very topic. She says it better than I can, but in reality, free only means an increase in costs or taxes somewhere else. If the President really wants to help America improve its education system and job prospects without sending students into poverty over student loans, I would suggest putting money into these five ideas to help college students make it in the real world. Career Counseling In the US, we are too afraid of calling a spade a spade. We all believe in the American dream where even the most disadvantaged person can go on to become a billionaire. Yes, that does happen, and no we should not discourage anyone from their dreams, but those type stories are few and far between. I have a friend whose daughter is a pre-med major. She is ...

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The Lessons My Parents Didn’t Teach Me About Money

Money lessons parents don't teach

    Today’s post is from Glen at How To Save Money and Monster Piggy Bank. Enjoy! I was fortunate when it came to having parents who taught me about finance and money management, although they only taught me what they knew. Looking back I can say that my parents had it mostly correct, but there are some things which I think they missed, things that I think are important and that I will be teaching my son as he grows up. Budgeting For someone who just said he was fortunate and that his parents taught him heaps about finance and money, you will be surprised to learn that my parents never taught me to budget – at least not in the traditional sense. My parents didn’t sit down each month or year and decide that this is how they were going to allocate their money, and if they did, they never showed me any of it. Instead we were taught to set financial goals and to save up for things that we wanted. This approach makes sense to me, but I think it is important to take children through the process of setting a formal budget. Even if the ...

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