Friday, 18 December 2009

Tips on How to Consolidate Student Debt

In today being a student can be quite difficult. Try to get excellent grades and at the same time trying to raise money for tuition fees can be quite the challenge. Next thing, your student loans will be coming due. And for some students, the size of the loan can be huge and it may feel like it's going to take all of eternity to pay it off bit by a bit. Fortunately, there is a way to consolidate student debt, thus making it easier on you.

What Is Consolidation?

When a student finishes their schooling, chances are they are going to have several different loans. You maybe one of those students that had to take on a loan for each semester while you were in school. In a nutshell, when you consolidate student debt, all you are doing is to take all of these loans, put them together and sell them to one agency. This agency has now have bought all your debts and they will pay off all the lenders all at once and now you owe this agency for that total amount. The difference here is you now owe just one loan to this one agency, instead of many loans to many lenders.

How to Consolidate Student Debt?

If you decide you would like to consolidate your student debt, there are many ways to go about it. The first thing you should do is to check with your individual lenders to see if they have any ideas of programs that you can use. After that, there are many agencies that can help you through this process. Just do a search on Internet and you will see there is no shortage of agencies.

Thursday, 17 December 2009

Money Saving ideas

Over a period of time on my main website i have been accumulating practical money saving ideas and tips that help you to save money and beat the credit crunch. The result of all these money saving ideas is that today the banks pay me interest and not the other way around.

Below are a selection that you might find helpful.

1/ Only half fill your car with fuel. Heavier cars achieve fewer miles to the gallon.

2/ Don't carry around any excess weight (like golf clubs in the boot when not needed). Each extra 50kg will increase fuel consumption by as much as 10%.

3/Take control of your heating You can avoid heating an empty house by using the timer so your central heating is switched off when nobody's at home. If you have radiator valves, you can also turn off radiators in rooms that are not being used. And if you would like to cut your heating bills down by 10%, just turn your central heating down by one degree.

4/This is one of the classic money saving tips but worth reminding you of. You buy a sandwich or tea or sweet each day at work. Cost $4 a day so over a course of a year assuming you work 5 day a week less the assumption you don't work for 5 weeks you will spend $940.

5/ Drive Smart. according to the Energy Savings Trust, an average motorist can save £120 per year by eco-driving, simply change gear upwards before you hit 2500rpm, leave air conditioning off and drive at speeds around 45-50 mph.

6/ If you have credit card debts consider switching them to one of the ones that offer upto 15 months interest free on the debt transferred across.

7/ Once you have a current account paying interest think about when your direct debits go out. Most people get paid on the 28th and d/d's go out on 1st. But if you change them to the 27th that money will be in your account for an extra 27 days earning interest. £500 of d/d's shifted to the 27th at 5% is almost another £25 per year earn't in interest.

Saturday, 12 December 2009

Consolidation Guide for student Loan

Student loans are loans that are offered to students to assist in payment of the costs of professional education. The government of the country offers these loans and at a very low rate of interest. Student loans are a great help to students who plan to do further studies, in their own country or abroad, but lack the requisite funds to do that. In this way student loans not just assist the student but also his family. Many institutes and universities offer student loan. There are different types of student loans. So there are several options available for students to choose from. Broadly there are two types of loans available: Federal loans and Private Educational Loans.

The students opting for Federal Students loan program are funded and administered initially through the US Department of Education’s Federal Student Aid Programs. These loans are the easiest to get student loan consolidation services. The Federal student loan programs disburse about $60 billion a year. Stafford loans are the most common form of federal loans for students. Private student loans are administered by standard lending institutions. The most commonly opted loans in this are Sallie Mae Signature and the Citibank student loan. These organizations provide unsecured loans to a student and charge hefty interest on it.

A student can combine the private and the federal loans to gather funds for his further studies. However a student should bear in mind that these two loans should not be combined or consolidated. He should consolidate his federal loans first and then separately consolidate privately the student loan debt.

Thursday, 10 December 2009

Save Money during Your Study Period

In student life it is very essential that along with study you should be also involved some savings. You should aware of some money saving tips if you are a student. In a student life especially if you are an old student then you should earn money by some part time jobs or extra curricular activities so as to balance your routine study activities. This is when you need someone to give you some money saving tips so that you can accumulate some wealth. You should always think about your future. Particularly some times come when you will have the urgent need of money and this will really help you at that time. Below are some simple to carry out money saving tips that you can apply in your daily life. You might just find yourself to be a wealthy student soon.

1. Plan beforehand

This step should be applied in everything that you do, especially if you are a college student. This is one of the money saving tips that can prevent you from overspending even before you move into your dorm. Next, map out your cash flow chart. Consider where the source of your 'income' is. Apart from getting money from your parents, student loans, can you get yourself a part-time job to substantiate your monthly 'income'?

Since planning is the first step of your money saving tips, you should now set aside your budget for your fix monthly expenditure. Allocate your money for your food, books, etc and make sure you stick to your plan! Self-discipline is very important here. You might learn all the money saving tips in the world but if you do not stick to them, you will not succeed.

2. Save on expensive food

Having set aside a sum of money for your food means you have to find a cheaper way to get the food. This could be a point that you did not realize when you were still staying with your parents. However, now you should stop eating at fast food outlets as you will definitely find that you have exceeded your budget very soon. Try bringing your own lunch to school instead. It is more nutritious and less expensive. This is another of the numerous money saving tips that you can apply to accumulate more wealth.

3. Take full advantage of student discounts

Check out the outlets that offer special student discounts when you display your student ID. One of the money saving tips tells you to find ways to spend less money for the same quality products, i.e. looking for discounts.

Saturday, 5 December 2009

Student Debt Consolidation

Student debt consolidation loan means having the multiple student loans replaced with a single loan with a lower monthly payment scheme to be paid over a longer repayment period. Though a student debt consolidation loan is beneficial, it is important to know its pros and cons before signing up for one. The huge students’ loans have an impact on your future decisions and on your credit history. So make it a point to have your student loan debt not exceed 8% of your income to get a good credit history.

There are many types of student loans, but the most common student loans are the private and federal loans. It is not advisable to go in for student debt consolidation loan by mixing these two loans together. Instead, it is better to consolidate the federal student loans and then the private loans, separately. This is because when consolidating both these kinds of loans, the federal loan benefits will all be lost.

For one to be eligible for consolidating his/her student loans, it is important that the person is no longer enrolled in a school. The person should also be repaying the debt or at least be in the grace period of the loan. Through student debt consolidation loan, instead of making multiple payments to all your lenders, there is only one debt consolidation company to whom you have to make your payments. It is the job of this company to pay off your lenders. Interest rates are lowered as the debt consolidation is a second mortgage, which has lower interest rates. Lower interest rates lead to lower monthly payments. And with only one payment, the monthly installment will be lower too. As you only have to pay a single person, all clarifications can be made through only one person instead of approaching all your lenders.

Tuesday, 1 December 2009


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Why People File for Bankruptcy

Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.

Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills.

Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.