Student Finance – Education Without Financial Worries

Taking education in a collage means an increasing amount of expenditure each year. With limited resources it is not easy for every parent to bear the expenses from own pocket. Hence, student finance has now become part of pursuing uninterrupted collage education.

While searching for a loan, a student should first of all explore the Federal loans, which are carved out especially by the federal government for ensuring higher education for all. Federal loans consist of Stafford loans, Perkins loans and PLUS loans. You will be allotted an increasing amount each year as you advance to higher classes in collage. Apart from easier approval, low interest rate is an advantageous feature of the loan. Repayment of these loans can be started when you begin earning from regular job after the collage.

However, only those people with a lean financial back ground are eligible for federal loans. For others, student finance is accessible through private lenders as personal loans. Such loans come in secured or unsecured options. You may need to borrow any greater amount ranging from £5000 to £75000 at low rate of interest against a valued property for collateral. Its main advantage is low rate of interest and larger repayment duration of 5 to 30 years. The unsecured loan will be without collateral and only small amount of £5000 to £25000 is accessible for its repayment in 5 to 15 years at higher rate of interest. Private lenders also give you the option of repaying these loans after you finish collage studies.

If you opt for private loans, then ensure that you borrow the money at competitive rates. So, first apply for APR quotes of the lenders. Comparison of numbers of such offers will lead you to a less burdensome loan.

Surely, student finance can help you in uninterrupted studies in collage. But it is also important to find out a suitable and less burdensome loan to repay.

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Finance Education For Everyone

The Situation

Lately when I read the news or when I read on people doing great accomplishments in their lives they’re like this: “A family was able to pay a 500k debt in 5 years”, WOW! That’s a huge accomplishment, isn’t it? You should read on what they had to go through to get there though, they are heroes.

On an online community I read on a woman who’s teaching her 12 years old daughter to manage her money, with her own example on what she SHOULD NOT DO, since she is suffering debt longer than a decade. Being a woman in her thirties, this mother had to learn the hard way, she got savvy and her daughter might run with better luck than hers hopefully.

The government’s role on this issue.

Then my questions is, shouldn’t be financial education a mandatory course in high school?, however it’s a subject that doesn’t even exist in the regular program anywhere, and I am not talking just on the US education, I am talking on the education anywhere in this world. I’ve been in debt myself; this is why I can relate with, how much, 90 % of the population maybe? Yet I feel lucky, my debt weren’t too bad, just almost a ten thousand, Yeah, No bad eh?

Well now the situation needs to be faced and take the bull by its horns, we’re already victims of a bad system, which doesn’t care much to really educate us on important issues like this, but on top of that a system which actually will make it worst. We need to work on a settled problem that we all share, however not because of that it feels better.

NO time to fall into depression, there must be options, we need a community that supports us and is there to encourage each other and help and teach by example, getting support from the government with financial advocates maybe?, like those lawyers paid by them. It should be our human rights actually, against modern slavery. For now this would be just a dream; likely people won’t even dare to dream with that.

Some Options

In the mean time, what can we do? There is a huge change going on in our times, we all know about it but no sure if we are all enough aware of it.

The digital world brings more options for most people, other ways to do things, globally, and the best is that it works 24/7/365, without you having to be there all the time, which means time for family and your favourite activities. Up until now that would’ve been almost unthinkable, now this digital world brought us this option, or at least it has that potential.

There is another option, tones of MLM as well if you what to try, they say it’s the best secret kept for over a century, and now many companies are using that system, from cosmetics products to City Group, among many like pills and powders for losing weight or in the beauty industry as well. Robert Kiyosaki, “Poor Dad, Rich Dad” author tell us that it works, and it’ll give you the chance to have a residual income for a life time from work done just once. However you need to find out the product you’d be working with, get to understand and know thoroughly the system they work with to pay their members, etc. A lot to consider before getting into those it’s my best advice.

So we can choose to take advantage of one of these options to work with, “It’s not about working hard but working smart”, it’d be the best quotation for this issue.

However there is just one that I know which combines both, education for financial issues, and residual income, saving you the annoying part of every mlm, and so low profits actually. In the long run mlm seems has drained a lot of energy and spent time from people.

You can choose to work with well acknowledged professionals in the finances field and the internet business, Google them, do your research. For me that I am not a sells person at all, I look for options where I can have other 9 to 11 income streams. What is most important, at least for people like me, you don’t have to sell anything to friends and family if you don’t want to, no need to stress them nor you out. Moreover, other people who are professionals do the “hard part for you”. You can leverage your own biz by applying this knowledge to run it in the digital world as well, or you just join the biz they have for you. You end up learning A LOT without debts, and with a huge income. Ask me whenever you want to know on this

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The Benefits of Finance Education

Make no mistake, debt recovery is big business. Amazingly, for a country with a strong tradition in education, the national curriculum to this day, includes no mandatory education for primary or secondary school pupils on managing personal finances. The sullen teenage refrain of “but when are we going to use this, sir?” may be a misguided attitude towards basic education in algebra or chemistry, but if there is one topic that every secondary school pupil will use at some point in their adult lives, it is financial education. We provide sexual health education as part of the national curriculum. We even insist on the mandatory study of a foreign language, despite being introduced far too late to be effective. Study of “classic” literature (as determined subjectively by a body of English professors) is included. As is a rudimentary education in physics, chemistry and biology, which while incredibly significant and valuable, probably is not going to be used by a lot of these pupils. Why no class on managing personal finances?! It seems absurd.

Nevertheless, some organisations are profiting greatly from this oversight. Decades of pre-approved credit cards, TV advertisements for personal loans, “buy now, pay later” schemes, automatic overdraught facilities and now, as if to bring us full circle, TV advertisements for debt consolidation lawyers have culminated in a nation where more people than ever are struggling with insurmountable debts. Businesses which offer commercial debt collections typically claim 10% commission on these debts and pursue debtors eagerly, profiting greatly from this financial ignorance that only continues to propagate in a credit driven culture. Similar to the obesity problem in the UK, which is similarly excluded from the curriculum and unscrupulously leveraged by fast food conglomerates and food retailers for profit at the expense of the population at large, the finance industry has too much too gain from the situation to be trusted to adequately regulate lending. For a lender, a customer who can’t pay is a near limitless vein of interest to mine, rather than a life in peril. The incentives are not there for financial institutions to adopt more ethical practices toward debtors.

Ultimately, there will always be a place for the debt recovery industry in society – there will always be individuals that fail to honour repayment of their debts. However, perhaps with better education and a more proactive approach, we can avoid funnelling large swathes of our population into these kinds of debt spirals.

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Financing Education Through School Loans

Parents dream many dreams for their children and the biggest dream of them all may be to provide the best possible education to their children; for everybody knows today that the key to success lies there and it is the biggest asset that a parent can give its child. The world we live in today is a highly competitive one almost on the borderlines of the concept of survival of the fittest.

Just as much as providing a sound education to one’s children is the biggest dream in one context, in another context, education is now the biggest nightmare as well of many a parent, splitting their brains over ways and means of finding the additional funds needed to pay for their children’s education especially as the children grow older while keeping the home fires burning.

The way educational costs are soaring day after day, parents have a big fight on their hands to give a decent college education to even one of their children as it would mean a big slice off the take home pay of an average parent. Parents may sometimes have the incredible experience of seeing their savings piled up over several years just vanish paying only for the first year or maybe even the first semester of one child! In case the child decides to pursue further higher studies with some ambitious degree or diploma on their sights, paying for these costs could become a significant strain on the finances of the parents at least as long as the education lasts, and in many cases, even beyond.

But fortunately the parents’ or the students’ dilemma does not start and end there. Federal government has thought it fit to assume responsibility for this precarious situation and moved in with a series of low interest bearing students loan packages with affordable repayment programs in addition to options for further deferments if need be. Many private lenders too have followed suit offering similar packages with of course a little higher interest rates than in the case of federal loans.

Federal loans, through three main types of loans categories named Perkins, Stafford and PLUS offer varying packages with regard to financial aid to suit different needs of students / parents placed in diverse situations and circumstances. These loans programs definitely go a long way in relieving the burdensome expenses of education. In order to qualify for most of these lowest interest bearing federal loans, the student has to show a need for the financial aid but are not required to submit to a credit check except in the case of PLUS Loans which are actually issued to parents of dependent undergraduate children and carry a little higher rate of interest than in the case of Stafford and Perkins loans.

A special characteristic of the Subsidized Stafford Loan which is the most economical out all federal loans next to a scarce Perkins Loan (as distinct from the Unsubsidized Stafford Loan) is that the government pays the interest on the loan until the student graduates. The extent of borrowing allowed is limited and does not cover the connected expenses of college education such as cost of tuition, books, computers and board and lodging.

Due to this limitation in federal loans, college students turn to Private Loans (that carry a higher rate of interest) as a supplement to the federal loans that do not cover the total costs of education as already stated above. You also have to show a good credit score to obtain a private loan. If you cannot qualify on your own worth with your credit score, you can get a cosigner of good credit standing to support your loan application.

Although private lenders usually do not place a limit on the amount that may be borrowed, nevertheless the amount lent will depend on your credit score, alone or jointly with the cosigner. Rate of interest and other credit terms will vary depending on the lender; and as such before taking a private loan it is pertinent to search for many private lenders of prominence, and visit their websites to extract their respective terms and rates and do a thorough research as to which lender has the best solution to suit your particular situation.

Private lenders too will give you options of deferment, but you will have to pay the accrued interest thereon further adding to the ultimate total cost of the loan. Having researched and minimized your final selection to a handful of potential private lenders, you will do well to then go to each lender and negotiate to obtain the best terms possible either on your own credit standing or with the support of a cosigner.

Remember that your financial aid obtained at great cost and tremendous sacrifices for the future (at least until you complete the repayment of loans) should be invested wisely to obtain the maximum value for money. It would be a good idea to consult a financial counselor who could be trusted (with caution) since even financial institutions, colleges etc. receive commissions and kickbacks from the private lenders for facilitating business.

In order to make the best use of your loans, your first endeavor should be to reduce the cost of your finance by choosing one or if not, a combination of loans comprising of grants scholarships, subsidized loans; and going for other loans carrying little higher interest rates only after exhausting all options for obtaining any more of the low cost loans of the former types. The next step should be to calculate what your total monthly installment would be once repayments start after graduation. This procedure should better be adopted at the point of taking every new loan.

When taking more and more loans annually over the period of your graduation to meet more and more new educational expenses you must try to take the loans in a more organized manner instead of in a haphazard manner bearing in mind that when you start repaying, the monthly outgoing on these loans should not cause an undue strain on your estimated income at that future date.

Hence, you should all along have a clear and unwavering ambition as to your chosen profession and also what salary or income level you are driving at. However, for purposes of estimating your monthly budget immediately after you secure employment to a reasonable level of accuracy and reliability, you should not confuse your initial salary with what others employed in the same profession are drawing after about five to six years in employment.

Remember your initial salary would be far less; and finalize your calculations accordingly. However, although you may be able to get your monthly installment adjusted to an affordable level by negotiating with the respective lenders to stretch out you repayment schedules at the point of taking every new loan, you should not forget that stretching out repayments means increasing your ultimate total cost.

But you have to live comfortably and without much strain on your finances especially in the first few years of employment when several other changes to your lifestyle may have to be contemplated such as moving to a house of your own and buying your own car etc., if not beginning a new family life as well!

Therefore, once you have your figures and options straightened out and clear, you can do the final balancing trick according to your wishes with the confidence that you are not making a mess of your life by undertaking commitments that you will be very hard pressed to meet. It is also equally or more important to ensure you are not paying too high a price for an unnecessary level of luxurious living immediately after starting employment by reducing the monthly installment to an unnecessarily low figure at the cost of incurring additional interest by lengthening the period of repayment.

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