Thursday, December 13, 2018
Department Of Education Website

Furthering Your Education: Student Loan Advice

You will get student loan offers in the mail sometimes before high school is what you’ve graduated from. While you may find that exciting, beware. In the end, you have to know what you’re doing before you pick any one loan.

Be sure you know about the grace period of your loan. Each loan has a different grace period. It is impossible to know when you need to make your first payment without looking over your paperwork or speaking with your lender. Be sure to be aware of this information so you do not miss a payment.

If you choose to pay off your student loans faster than scheduled, make sure that your extra amount is actually being applied to the principal. Many lenders will assume extra amounts are just to be applied to future payments. Contact them to make sure that the actual principal is being reduced so that you accrue less interest over time.

Learn the requirements of private loans. You should know that private loans require credit checks. If you don’t have credit, you need a cosigner. They must have good credit and a good credit history. Your interest rates and terms will be better if your cosigner has a great credit score and history.

Be sure your lender knows where you are. Keep your contact information updated to avoid fees and penalties. Always stay on top of your mail so that you don’t miss any important notices. If you fall behind on payments, be sure to discuss the situation with your lender and try to work out a resolution.

Paying your student loans helps you build a good credit rating. Conversely, not paying them can destroy your credit rating. Not only that, if you don’t pay for nine months, you will ow the entire balance. When this happens the government can keep your tax refunds and/or garnish your wages in an effort to collect. Avoid all this trouble by making timely payments.

Try getting your student loans paid off in a 10-year period. This is the traditional repayment period that you should be able to achieve after graduation. If you struggle with payments, there are 20 and 30-year repayment periods. The drawback to these is that they will make you pay more in interest.

Try to make your student loan payments on time. If you miss your payments, you can face harsh financial penalties. Some of these can be very high, especially if your lender is dealing with the loans through a collection agency. Keep in mind that bankruptcy won’t make your student loans go away.

Student loan deferment is an emergency measure only, not a means of simply buying time. During the deferment period, the principal continues to accrue interest, usually at a high rate. When the period ends, you haven’t really bought yourself any reprieve. Instead, you’ve created a larger burden for yourself in terms of the repayment period and total amount owed.

College can give you a lot of debt over the four years you are there. Choosing to borrow too much money, along with a higher interest rate can quickly add up to a big problem. Apply these tips when you apply for a loan in the future.…

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Importance Of Education

How To Get The Best Value Out Of Your College Education

High school graduation is near and you are about ready to move on to college. There are a few things you must do now, like picking a college to go to. The choices you make now will have a lasting impact on the rest of your life, so take them seriously. Read on to see how to pick a college that works with you.

Begin preparing for college your junior year. Most students wait until their senior year before getting serious about college. Instead, use your junior year to tour different colleges, learn about the scholarships available and begin applying for the colleges of your choice. Using this technique will help you accomplish everything in plenty of time.

Go visit several potential colleges to help you decide where you want to go to college. By visiting universities, private colleges and community colleges, you can decide what environment you really want to be in. Most colleges offer several tours throughout the school year. Many also offer an opportunity to shadow a student to see what a normal day is like.

Avoid studying for big college exams the night before by taking in a lot of caffeine or other stimulants. While these things can keep you up and able to study for longer, they will make you very tired in the morning. After using chemical stimulants for a while, you will need more and more and that can be damaging to your overall physical and mental health.

A credit card is often necessary, particularly if you are going to school far away from home. However, be smart about your decision. Research your options and select a card that has a low interest rate. Also, make sure there aren’t any annuals fees and don’t be tempted by high credit limits. Those are just a recipe for disaster.

To avoid the freshman 15, try watching how many simple carbs you eat. Avoid refined sugars, preservatives and fatty foods. Turn to fresh veggies and fruits in order to keep yourself healthy and energized. Eschew high protein diets, because they do not provide sufficient balance and may prompt health issues to arise.

Try to purchase used textbooks to save money. It is easy to run up a huge bill on textbooks if they are brand new when you purchase them. Used text books will save you a great deal of cash.

Do not crack under the stress of selecting or declaring a major right away. Some professors might try and draw you into their department early on, as the more students they have the more job security they have. Never rush major decisions, and do what is right for you, not anyone else.

Not all colleges have the same things. The choices you make during your college years will have long-lasting effects on the rest of your life. Use the information here to help you make a wise choice. Keep in mind that your choice will not only impact your next four years, but it’ll also impact the rest of your life. Therefore, make sure you make the right choice.…

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