student loan bureau

Application advice from the Student Loan Bureau

 

Education is very important but unfortunately, it comes with an expensive price tag. But do not fear, student loans are readily available to help you breeze through college without having the pressure of coming up with the money needed as enrollment time comes.
The thing with student loans is that unlike scholarships and tuition grants, loans are supposed to be paid in full at the end of the term plus interest incurred. Generally, it will take a college student 10 years to fully pay the loan he took out to finance his college education.
If you are thinking of getting a student loan then read along as we answer some of the frequently asked questions when it comes to applying for a student loan.

What do I need to apply for a student loan?

In applying for a student loan, you need to keep in mind three important elements:

First: the timeline for applying – keep track of the deadlines that you need to meet in your application to avoid any hassles and delays on your part.
Second: research on the documents that you need to have in applying for a loan.

Lastly, there is such a thing as student loan reports which states the status of your student loan, the award letter and expected family contribution.

What are the documents needed in applying for a student loan?

In applying for a student loan you need to present several documents in order for your application to be processed. Here are some important documents that you need to present:

W-2 Forms and other records of your personal income

Copy of your federal income tax return

Bank statements
Proof of investment (stocks, bonds and other investment instruments) and other mortgage information
Social Security Number
If you are a minor, you also need to present your parent’s federal income tax return or Form 1040.

What are the different types of student loans?

There are different types of student loans that you can avail, here are some of them:

Federal State Loans – The Federal Family Education Loan Program provides American families additional financial aid which is funded by the federal government. Students applying under this type of loan are automatically considered in the program. This type of student loan has a very low interest rate and flexible payment plans.

Private Student Loans – are usually offered by banking institutions such as Bank of America and Wells Fargo. This type of loan provides students to fill the difference between their tuition fee and the federal state loan grant. This type of loan requires the borrower and co-borrowers to have a good credit standing. This is to improve the financial standing of the student which he can use to buy books, computers and room and boarding expenses.

Institutional Student Loans – usually offered by the university that you are enrolled in. You can contact your financial aid department for more information.

More tips from Student loan bureau that student loan applicants can use.

If you are the parent, it’s best to invest in a college savings plan early on.
If you’re a student, apply for financial grants and scholarships because these are non-interest bearing financial instruments.
Make sure that you understand every clause and terms of your loan before you agree to it.
Never miss payments, if you have no choice but to do so, ask help from your parents.

student loan

Student Loan Bureau-Student loan Alternative

 

ACS Student loans are education financial packages. Many students who are facing the escalating cost of college education have resorted to this type of financial aid. This system of financing is a very attractive service to borrowers, and it has assisted  lots of students to attend college without the hassle of facing the bank and then being denied.

ACS Student loans are administered by a corporation called Affiliated Computer Services Inc. They are specialists in business process outsourcing technology. With the use of technology they have proven to be very efficient in processing applications and related information. Because of their efficiency, they were contracted by the US Government and they are currently administering a section of the federal education lending program.

The ACS service process is very simple. According to the company’s website, applications can be completed online. However prior to completing the online application, prospective applicants must first complete a form called the FAFSA – Free Application for Federal Student AID. This form is available from your school’s financial aid office. A few weeks after submission, the applicant will receive a SAR – Student Aid Report. This report will contain vital information that will facilitate the applicant in completing the entire application process.

The contents of the FAFSA form is also sent to and used by colleges that were indicated on the form. The financial aid offices of these colleges will use the information to further process application and make an offer of financial aid to students.
Once the applicant has received all the necessary information from ACS and the financial offers from colleges they are interested in , then the online part of the ACS student loans application can be completed.

This is where the technology is at its best. The website is basically self service and serves students, college, universities and lenders. This allows the company to provide better customer service. Every user is given a login access, and for fast processing users are required to verify their profile and account information with complete contact information including address, phone number, and company name if applicable.

The website provides for Online Payment, Express pay and Servicing of Loans, no need to travel to a payment center. Also included is Online Forbearance and Deferment requests, Scheduling, Account Update and Change in Contact Information. In essence, the company’s website provides for real time access by users. As with every other documents that requires your signature, it is important that you read the fine prints. While the company’s credibility is impeccable, it is your life, your future and you are the one that has to repay. So read everything, or let your attorney or trusted adviser review everything before you sign this or any other important document.

Those who have used the service testify that ACS student loans are a great way to help fund higher education. To some however, after the education is complete, it may make more fiscal sense to consolidate. Let’s face it, after college the job search begins and repayment of an education loan is one of the motivating factors to get a job fast.
Consolidation of any loan, will help ensure that your repayment and interest rate will be kept to a minimum and will also simplify life after college.

student loan

Student Loan Consolidation

As a student who has taken admission in college for the first time or as parents who are planning to send their children to college, you can’t help but baulk, when you have to purchase textbooks worth thousands of dollars or when you receive a HUGE bill for tuition.

The rise in expenses associated with college education in United States has led to increase in demand for student loans. This has, in turn, increased the requirement for student loan consolidation services.

Students, whether pursuing their studies in a graduate school or studying abroad have accrued huge debts, much beyond, what was considered reasonable, a few years back. Student loans have lower than normal interest rates and very flexible payment terms. This is because these loans are specifically meant for the people who are not employed.
But even with such low interest rates and convenient pay-back terms, many students may find it difficult to pay these loans as per the payment schedule.

Student Debt Consolidation programs are customized to assist the students in managing their loans and thereby helping them to avoid defaulting on their debts. There are debt consolidation agencies which are specially meant to manage debt problems of the students.

Basic Types of Student Loans

Student loans can be classified into federal and private. If you are one of those students who have taken both types of loans it is strongly recommended that you do not consolidate these two loans into one. Out of these two loans, only loans classified as federal can be refinanced as they are backed by the government. You should package all the federal loans into one and solve them before heading for the private loans. Private loans are mostly unsecured in nature therefore they charge interest rate which is higher than federal loans.

Criteria for Student Loan Consolidation

If you would like to go for consolidation of your student loan, you will need to meet certain criteria. Firstly, it is required that either you should be out of the school or college and be in what is defined as the “grace period” of your loan or you must have already started repaying the loan in order to take advantage of student debt consolidation service. When you get in touch with a consolidation agency providing service to students, you must begin by asking them to get in touch with your creditors.
The agency will negotiate with these creditors and convince them to reduce rate of interest as well as your monthly payment. The repayment of your student loan has a direct impact on your prospects of taking loans in future, as is the case in any other type of loan. In case your student loan becomes more than 85% of total monthly income earned by you, it will be assessed as a negative score for any future loans. This emphasizes the importance of timely repayment of your student loan and its effect on your future decisions of borrowing money. Based on their evaluation of your financial position and repayment schedules, some debt consolidation agencies can qualify you for further debt reduction programs. These addition reduction programs assist you in many ways, most important of which is reduction in your interest rates. They also include savings made during grace period, automated direct debit payment and on time payments.
Beware
It is very important to state here that not all consolidation companies are genuine in nature. Therefore, you must apply to the consolidation company which is a famous company with credentials to support it. Ignoring this advice may lead to substantial increase in your problems as such illegal companies will lead to higher debts.

student loanStudent Loan Bureau-Alternatives

That’s why alternative or private student loans are necessary. However, it is important to understand what these types of loans are in order to benefit the most out of them. Understanding Alternative Student Loans or Private Student Loans will help you wholly finance your college expenses.

Private student loans are not simply for those starting college studies.

There are private student loans for undergraduate students, for parents, for graduate and professional students and special loans for helping people to continue with their education. Each loan type is customized to meet the needs of the niche it is meant for and thus, the applicant does not have to make sacrifices in order to repay the loan.

Student Loans For Undergraduates

This loan type provides financing for those who attend at least half time to undergraduate colleges, technical and trade schools providing undergraduate titles. These loans provide all the funds needed for college tuition, studying material, accommodation on campus, and many other expenses associated with college life. Even previous college or school fees can be cancelled with the money obtained from these alternative private student loans.

Graduate Level Students Loans

These loans are meant for student undergoing graduate level careers like medicine, law, engineering, etc. They provide higher amounts due to the credit intensive nature of these careers but the uses are basically the same: tuition, transportation, accommodation, purchasing studying material, personal computers, notebooks, equipment, etc.
These loans are provided only to people studying professional careers at participating colleges. Therefore, you need to check first if the university you are planning to attend to is registered on the lenders’ database. Most young students will be required to provide a co-signer in the US territory in order to obtain approval unless they work while studying and can provide proof of income and a good credit history.

Parent Financing

Just like with PLUS loans, private student loans for parents or alternative college loans for parents provide funds to aid parents with the costs of paying for their children education. These loans can be used for the same purposes as the above student loans and the sole difference is that the parent’s credit and income will be evaluated instead of the student’s. Yet, just like with student loans for graduate or undergraduate students, the application can be cosigned by the student, one or more parents or other borrower to increase chances of approval and boost the chances of obtaining better terms.

Solutions for Part Time Students

For part time students there are also financial solutions from the private sector. The applicant needs also to study at a participating school or college. These loans are usually known as continuing education student loans and provide similar conditions as the rest of the above loan products but are specially tailored for this category of students and for non-traditional students too.

More importantly, these loans also provide deferment which implies that you will not have to start repaying the loan till after graduation or conclusion of the courses (just like with undergraduate and graduate student loans). However, if the student ceases to be enrolled in the school or educational institution, the repayments will also begin six months after that termination.

Student Loan BureauPrivate or Federal Student Loans

 

Many students are awarded all types of financial aid and student loans that cover the tuition. Unfortunately, college fee’s can far exceed the cost’s of your classes. Private student loans, or any kind of alternative loan arrangement, can help to bridge the gap between your financial aid, a scholarship and any living expenses.
Private student loans can be used for just about anything that you need while you are in school. You can use them for a laptop, car, food, and gasoline, whatever you need while you are in school. Many private student loans will allow you to defer payments on the loan until after graduation. This can be a big help when it comes to getting yourself through school.

Student Loan Bureau-Tip1-Comparison Shopping

You will need to do some comparison shopping before you apply for a private student loan. Compare rates, terms, perks and fees before you fill out an application. Some loans may require a hefty origination fee. Some may not offer deferred payments. Some will offer specials circumstance leeway with payments for future times of need. Educate yourself on the types of benefits you can receive from different types of private student loans before you apply.

Student Loan Bureau-Tip2-Careful how many applications you make.

Some students may get the idea to apply for as many loans as possible instead of doing the legwork and figuring out which private student loan is best before applying. This can be detrimental to your cause. This is because each application you put in reflects as a credit inquiry on your credit report, and can affect your credit rating. Your credit rating will determine whether or not you qualify for those better loans. So, do not jump the gun and just start filling out random applications, shop around and compare lenders before you commit.

Once you have your loan, stick to making payments on time, every time to protect your credit. Paying a loan on time can really help your credit score. Paying more than the minimum is also helpful. If you ever anticipate not being able to make a payment, call your lender right away. Keep in touch with them and make a concerted effort to resolve the situation. This could mean the difference in having a bad hit on your credit or keeping it blemish free. Do not ever blow off a loan payment. Every late payment goes on your credit. It can also cause you to lose good interest rates or other benefits.
Some private student loan lenders offer special reduced rates to customers that make on time payments for an extended period of time. One late payment could count you out of this special deal and could even cause your rate to increase.

Be wise and educate yourself about private student loans before you sign on the dotted line. Make sure that you know exactly how the payment plan works and work towards the goals of better rates and special deals. Keep your payments on time and your credit in check.

student loan bureau

The Student Loan Bureau takes a look at Bad Credit Student Loans

 

There is no doubt that student loans are the most economic way of funding higher education. Almost every student is eligible to go for this type of credit, which in fact constitutes the most bargain-priced loan available in the market.

It offers a great chance for youngsters to learn to handle their finances. But a bad credit loan for students isn’t something that you would like to drag along. Because the higher education expenses perpetually keep on climbing, it has become increasingly necessary for students to take loans in an attempt to get their academic degree. But loan repayments are not that easy, particularly considering that fresher earnings are generally a lot less than the real earning potential.
Given these considerations, a bad credit loan for students might turn out to be a valuable tool for many recent college graduates. Prior to going into the default stage, chill out and go over the options. Recognise that you’re not the sole defaulter; there are many students who default on their loans every year. Understand this, that whenever you default, you’ll harm your credit history. If not now, in the future this almost for certain will keep you from acquiring the best available finance, mortgage and even maybe handicap your vocation prospects. A bad credit student loan will get you out of this fiscal jam.

Consolidating debt The lender offering you a poor credit student loan takes on the assortment of debts you’ve collected. Whilst the repayment conditions differ over different lenders, a single poor credit student loan will reimburse all your debts and present you with an individual, usually longer-term loan. But that for certain does not mean that it’s not without its costs. But even so, instead of paying numerous loans over various timeframes, a poor credit student loan accumulates all your existing loans under a single debt. You can then negotiate the terms and the interest rates with your poor credit student loan supplier. Typically, students choose a repayment time period ranging from 10 to 30 years. Plainly, the lengthier the tenure of the poor credit student loan, the less your monthly instalment will be.

Taking out a bad credit student loan offers you the opportunity to extend your payments, so as to take the full advantage of your upcoming earning potential. Indeed it’s rather natural for students to think that as their career goes on they’ll pull in more, and consequently by prolonging the tenure of their loans installments, they will not have to pay back their debt when their earnings are at their lowest point. In conclusion A Bad credit student loan vastly assists the students who’d prefer to defer their monthly payments until they achieve their true earning potential, or for those who find contending with numerous separate loans aggravating.

It’s critical for the students to recognise that in spite of these benefits and irrespective of what the lenders might wish you to think, a bad credit student loan has its defects in the shape of greater rates of interest.

Sage information from The Student Loan Bureau

student loan bureau

Student Loan Bureau-education

 

The Department of Education offers several Federal Student Financial Aid programs, one of these is the Direct Loan Program. These direct loans are some of the most common loans used by university and college students, in part because students can borrow money and pay it back all to and from the same place.

Direct Loans offer college students an easy, affordable way to borrow money for college. It provides a way for almost anyone to afford the continuation of their educations. However, before understanding exactly what the Direct Loan Program does, it is important to first understand the specifics of the Federal Student Aid programs.

Federal Student Aid Info through the Student Loan Bureau

Without a doubt, the Federal Student Aid programs provide the most widely-used means of financial aid for college students. Virtually billions of dollars each year go to funding college educations. Federal Student Aid programs offer everything from grants – which do not have to be paid back – to loans – which must be paid back, along with the interest – to work study programs, which allow students to work during college (usually at the college).

In general, the Federal Student Aid programs include but are not limited to:

Pell Grants; Stafford Loans offered through either Direct Loans or the Federal Family Education Loan Program;

PLUS Loans, available solely for parents and graduate or professional students (these, too, are offered either through Direct Loans or the Federal Family Education Loan Program);

consolidation loans, also available through Direct Loans or

FFEL; work study programs; Perkins Loans; and Federal Supplemental Educational Opportunity Grants.

Further info on Campus based programs from the Student Loan Bureau

There are a number of “Campus Based Programs” like Perkins Loans, Federal work study programs,and  Federal Supplemental Educational Opportunity Grants are also known as Campus-based programs, as they are offered only through individual universities.

Now to focus on Direct Loans, which the United States government offers directly (whereas those loans offered by the Federal Family Education Loan Programs are private loans). As aforementioned, Direct Loans offer Stafford Loans, PLUS loans, and consolidation loans.

While receiving Direct Loans are quite easy, there are some steps which must be followed.

For starters, a student must complete the FAFSA form, after which, the university which the student wishes to attend will create a financial aid package that may include Direct Loans. The student then has to sign a master promissory note, assuming he or she wants to accept the loan.
For the entire life of the loan, the student must make payments directly to the Department of Education. This is because Direct Loans are not sold. A definite pro of Direct Loans is their numerous options for repayment. They have four very flexible repayment plans:  income contingent and standard, extended and graduated. No matter which option a student chooses, they can always go back and change it.

Before a student graduates, there are counselors who discuss the repayment options and provisions.
Direct Loans is one of the easiest, most rewarding financial aid programs available today. Their repayment options are second to none and they are very understanding when it comes to unemployment deferrals and the like. Students about to embark on the college experience would do well to check into Direct Loans thoroughly, because they truly do have something to fit every student’s financial needs.

Helpful advice, tips and information from The Student Loan Bureau