Being a college student does not save you from needing a large amount of money, does it? This is because you need to study but you have to live as well. There are various expenses that you have to account for. Understandably, many college students take out loan in order to cover all expenses that are usually incurred. And who wouldn’t want to borrow such a sum of money in an expensive way? To make it possible, cheap college loans have been formulated.

 

Cheap college loans are those that provide financial assistance for a student’s life at low interest rates. You can take a cheap college loan no matter which course you have applied for. It will provide enough funds for the following:

* Tuition fees

* Accommodation

* Books and computers

* Commuting expenses.

* Buying food and stationery.

 

Cheap college loans are offered by both private and federal lending institutions. You can borrow an amount up to a maximum of £15000. You can provide collateral or go for an unsecured option according to your choice. Cheap college loans often offer a grace period of 6-9months after the completion of the course. You should try and find a job during this period so that you can start repaying without much delay. The minimum salary required for repayment is presently £15000 per annum. You could get a repayment term up to 10 years depending upon the amount that you have borrowed.

 

Cheap college loans are beneficial because they have lower interest rates than conventional education loans. However, that doesn’t change the fact that you ultimately have to pay them back. You will be faced with the necessity to look for a job straightaway after college. Therefore, borrow only an amount that is sufficient for your needs. If you have considerable spare time, you could take up a part-time job or give tuitions while at college.

 

Due to their affordability, cheap college loans are viable options for students as they need to concentrate on their studies without having to worry about money matters. They help in nurturing a brighter future and a better life.




By: Julia Russell

I have heard it said that education is the best investment. Whoever said that could probably afford their college fees. Don’t get me wrong. Certainly I am all for higher education. At the same time, I am not a votary of being under unnecessary debt. This is where the contradiction arises.

What complicates this conundrum is the fact that if you go to college, you are more likely to be able to pay your debts. So you have to get an educational loan (and a college education) to be able to repay loans in the future. I guess you can see why I call it a conundrum!

First of all, realize that you can get a college loan. Sounds obvious, right? Not really! I have heard of many candidates who hesitate applying for a college loan as they have a poor credit history. Surely, poor credit history will make it tougher to get an educational loan. But, it is far from impossible. In fact, I think that going ahead and getting a good education is one of the great methods of trying to come out of a financial jam.

Having said that, I do not want to sound like I am very forgiving of a loan-tangle. Barring exceptions, most people get into a debt trap due to irresponsibility. So, do the adult thing today and acknowledge fault. Then promise yourself that you will do the right thing after college and repay all your existing loans – including your student loan.

When looking for a students loan, make sure to explore the usual options first: The Subsidized / Unsubsidized Stafford Loan, the Federal Perkins Loan, the Federal+ loan for parents, the Direct PLUS loan, the Federal consolidation loan, the Private student loans, and the like.

What you need to keep in mind is: Is the specific loan you are applying to available for undergraduate studies or graduate studies (or both)? Is the loan need based or merit based? What documents will you need to demonstrate financial need? Are there any specific loan options available to you if you are applying to specific programs, e.g., Federal Nursing Loan and the Health Professions Student Loans?

Keeping all this in mind will be a good first step towards getting a students loan. Remember your education should be a stepping stone to a better life, not a means to get stuck into a deeper financial hole.




By: Ajeet Khurana

If you’re a parent or ex-student who took out any Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those student loans are subject to variable interest rates that will adjust every year. When interest rates rise, your monthly student loan payments may also go up. If you’re on a tight budget, higher monthly payments may prove difficult to manage. Do you wish, instead, you could have a set monthly payment for your federal student loans that you know would never change? Student loan consolidation may be for you.

Federal student loan consolidation gives you the security of a fixed interest rate. By consolidating your federal parent student loans, you’ll replace your variable-rate college loans with a fixed-rate consolidation loan, so you’ll never have to worry about interest rates rising and leaving you guessing about your monthly payment amount.

Take the Hassle Out of Repaying Your Student Loans

If you have multiple college loans in repayment and you’re juggling multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a student loan consolidation could help make your repayment easier to manage. With a student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill and one monthly payment that’s fixed for the life of your college loan.

Cut Monthly Payments on Your Student Loans by up to 40%

Besides offering you convenience and the security of a fixed interest rate, a student loan consolidation could also help you cut your monthly student loan payments almost in half. When you consolidate your college loans, you may be able to extend the repayment term on your parent or student loans by up to 20 years. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down. By consolidating your college loans, your monthly payments could go down by up to 40%!

Apply in Minutes to Consolidate Your Student Loans

You can apply for your student loan consolidation in minutes, either online or with a quick phone call to NextStudent. It’s fast, easy, and free to apply, and there are NO fees, NO credit checks, and NO co-signers required.

There are also no prepayment penalties on your Federal Consolidation Loan. When you consolidate your student loans with NextStudent, you’ll never be charged extra for paying more than the minimum each month or for paying off your student loan consolidation early.

Who’s Eligible for Student Loan Consolidation?

To be eligible to consolidate your own federal student loans, you can’t currently be enrolled in school more than half time. The student loans you’re looking to consolidate must be in repayment, in a grace period, or in an authorized deferment or forbearance period.

Your parents can consolidate the PLUS loans they took out to help you pay for school as soon as those student loans have been fully disbursed and have entered repayment, even if you’re still in school full time. Although your parents can consolidate their PLUS loans, you won’t be able to consolidate your own college loans with your parents’ loans.

Student Loan Consolidation for Private Student Loans

If you have private student loans in addition to (or instead of) your federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be eligible to consolidate your private student loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.

NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.




By: Jeff Mictabor