5/22/2009
4/08/2008
Car Buyers Urged To Seek Best Loans
Car Buyers Urged To Seek Best Loans
By: Mark Dawson
Increasing numbers of insurance firms and other personal finance bodies are warning consumers not to let their desire for a new car cloud their sense of value.
With less than a fortnight remaining until the release of the new 08 number plates across the UK, many motorheads are sure to be checking their wallets to see if they can splash out on a new vehicle. However, regardless of whether the dream purchase is a hotrod or simply a reliable runaround, consumers are being advised to look for the best low rate loans available to fund the deal.
According to insurer esure, considering how to finance the exchange when splashing out on a new car is "way down the list of motorists' priorities". It claims that while one in six (15 per cent) consumers spend a significant number of hours turning the pages of car magazines and researching on the internet to establish which car they want to buy, as many as one in three spend less than an hour considering how they intend to support the purchase. Additionally, many do not understand the lingo involved, with more than nine in ten (92 per cent) unable to define lease purchase - an industry term for forecourt finance. Many commentators have asserted that low rate loans are a more cost efficient way of dealing with the financial outlay of buying a car.
Insurer esure also observes that the price of a vehicle is not always as concrete as it might appear when first venturing on to the forecourt. "The price tag on a new car is never fixed in stone and haggling could potentially result in savings of hundreds of pounds, yet only two thirds of Brits (65 per cent) would negotiate or bargain on the price of the new car," the company states. "Surprisingly, Brits are more likely to negotiate at a car boot sale to save their pennies (78 per cent) rather than on a car forecourt to save their pounds."
Price comparisons site moneysupermarket has also added its voice to those warning against forecourt finance. It suggests that those looking to buy a new car but failing to seek out the best low-rate loans could fritter away almost 1,000 pounds on interest payments alone. Furthermore, it estimates that, should the expected 425,000 new cars being purchased next month involve forecourt finance, a total of 402 million pounds in extra interest could be shelled out by the buyers. Tim Moss, head of loans at moneysupermarket, said: "It is vital to shop around for the best deal to finance your new car to help you avoid paying over the odds."
Low-rate loans are not only useful for covering the costs of an initial purchase, however. According to figures published last year by price comparisons service uSwitch, young drivers could also find that their premium costs have a significant impact upon their financial situation. Furthermore, any convictions accrued could cause their premiums to soar by as much as 55 per cent, at which point a low-rate loan might be a convenient way of spreading the burden.
Article Source: http://www.1articleworld.com
By: Mark Dawson
Increasing numbers of insurance firms and other personal finance bodies are warning consumers not to let their desire for a new car cloud their sense of value.
With less than a fortnight remaining until the release of the new 08 number plates across the UK, many motorheads are sure to be checking their wallets to see if they can splash out on a new vehicle. However, regardless of whether the dream purchase is a hotrod or simply a reliable runaround, consumers are being advised to look for the best low rate loans available to fund the deal.
According to insurer esure, considering how to finance the exchange when splashing out on a new car is "way down the list of motorists' priorities". It claims that while one in six (15 per cent) consumers spend a significant number of hours turning the pages of car magazines and researching on the internet to establish which car they want to buy, as many as one in three spend less than an hour considering how they intend to support the purchase. Additionally, many do not understand the lingo involved, with more than nine in ten (92 per cent) unable to define lease purchase - an industry term for forecourt finance. Many commentators have asserted that low rate loans are a more cost efficient way of dealing with the financial outlay of buying a car.
Insurer esure also observes that the price of a vehicle is not always as concrete as it might appear when first venturing on to the forecourt. "The price tag on a new car is never fixed in stone and haggling could potentially result in savings of hundreds of pounds, yet only two thirds of Brits (65 per cent) would negotiate or bargain on the price of the new car," the company states. "Surprisingly, Brits are more likely to negotiate at a car boot sale to save their pennies (78 per cent) rather than on a car forecourt to save their pounds."
Price comparisons site moneysupermarket has also added its voice to those warning against forecourt finance. It suggests that those looking to buy a new car but failing to seek out the best low-rate loans could fritter away almost 1,000 pounds on interest payments alone. Furthermore, it estimates that, should the expected 425,000 new cars being purchased next month involve forecourt finance, a total of 402 million pounds in extra interest could be shelled out by the buyers. Tim Moss, head of loans at moneysupermarket, said: "It is vital to shop around for the best deal to finance your new car to help you avoid paying over the odds."
Low-rate loans are not only useful for covering the costs of an initial purchase, however. According to figures published last year by price comparisons service uSwitch, young drivers could also find that their premium costs have a significant impact upon their financial situation. Furthermore, any convictions accrued could cause their premiums to soar by as much as 55 per cent, at which point a low-rate loan might be a convenient way of spreading the burden.
Article Source: http://www.1articleworld.com
Home Improvement Loans : Convert Your House into a Dream Home
Home Improvement Loans: Convert Your House into a Dream Home
By: Gracy
Pulling out a loan is a well-liked and trouble free method of expanding your home; whether you want to add an annex to your existing home, renovate a room for a diverse use, or set up a new kitchen, loans are on hand in the UK financial souk to suit the purpose. Not only these loans let you make modifications and enhancements to your home, but it can also raise the value of your house. The increase in value of your house may be more than the initial cost of the expansion or enhancement you include.
Study illustrates that home purchasers in the UK are able to pay considerable premiums for revamped properties. Adding unique features can certainly rise up the deal price of your home.
Home improvement loans can be utilised to put in more worth to your existing piece of real estate in various different methods. First, and the most noticeably, customers prefer the ready to move houses. They want to step into pre-furnished houses in comparison to the properties entailing investment or renovation. Older properties can gain a lot of market value by reconstruction. Putting in a new hall or double-glazing an old house to save on power bills can be an advantage, when you are selling your property in the market. Buyers also feel affection for unique features like solarium, wings, and duplex conversions, and these features amplify your house value a lot and make it a much more attractive vista in a jam-packed real estate market.
The first concern when getting a competitive homeowner loan for redecoration purpose is, obviously, the loan interest rate itself. The interest rate may differ depending on your monetary status, the sum being sought and the period in which you want to repay your loan amount. It's worth looking more or less at the offers from numerous loan lending institutions. The Internet is a helpful means in this regard, permitting you to evaluate prices at a glimpse and cutting back a lot of time and wealth. By contrasting at various lending companies, you will rapidly get a thought of which deals are competitive and which are not. So, it is always a good step to shopping around in order to find a perfect loan deal, as the particulars can fluctuate more than you might imagine. You can also consider unsecured loans for home improvement.
You should look further than the interest rate available on offer and verify the small print to avail a low-interest rate Home improvement loan. In particular, things that you should consider comprise the alternatives and penalty for early repayment, penalties for missed payments and the information on any insurance scheme which you may desire to take to cover on your settlements in case of any misfortunes, illness or demise. All of these aspects positively make your loan deal economical and reasonable.
Article Source: http://www.1articleworld.com/
By: Gracy
Pulling out a loan is a well-liked and trouble free method of expanding your home; whether you want to add an annex to your existing home, renovate a room for a diverse use, or set up a new kitchen, loans are on hand in the UK financial souk to suit the purpose. Not only these loans let you make modifications and enhancements to your home, but it can also raise the value of your house. The increase in value of your house may be more than the initial cost of the expansion or enhancement you include.
Study illustrates that home purchasers in the UK are able to pay considerable premiums for revamped properties. Adding unique features can certainly rise up the deal price of your home.
Home improvement loans can be utilised to put in more worth to your existing piece of real estate in various different methods. First, and the most noticeably, customers prefer the ready to move houses. They want to step into pre-furnished houses in comparison to the properties entailing investment or renovation. Older properties can gain a lot of market value by reconstruction. Putting in a new hall or double-glazing an old house to save on power bills can be an advantage, when you are selling your property in the market. Buyers also feel affection for unique features like solarium, wings, and duplex conversions, and these features amplify your house value a lot and make it a much more attractive vista in a jam-packed real estate market.
The first concern when getting a competitive homeowner loan for redecoration purpose is, obviously, the loan interest rate itself. The interest rate may differ depending on your monetary status, the sum being sought and the period in which you want to repay your loan amount. It's worth looking more or less at the offers from numerous loan lending institutions. The Internet is a helpful means in this regard, permitting you to evaluate prices at a glimpse and cutting back a lot of time and wealth. By contrasting at various lending companies, you will rapidly get a thought of which deals are competitive and which are not. So, it is always a good step to shopping around in order to find a perfect loan deal, as the particulars can fluctuate more than you might imagine. You can also consider unsecured loans for home improvement.
You should look further than the interest rate available on offer and verify the small print to avail a low-interest rate Home improvement loan. In particular, things that you should consider comprise the alternatives and penalty for early repayment, penalties for missed payments and the information on any insurance scheme which you may desire to take to cover on your settlements in case of any misfortunes, illness or demise. All of these aspects positively make your loan deal economical and reasonable.
Article Source: http://www.1articleworld.com/
3/06/2008
MAKE COR INSURANCE EASY WITH ONLINE QUOTES
Make Car Insurance Easy With Online Quotes
By: David Kowalczyk
The easiest and the surest way to save money is to get the free online car insurance quotes. What can be more advantageous than to sip the hot espresso and find the most beneficial car insurance quote online and within minutes crack a best deal for yourself. Welcome to the world of online car insurance quotes.
It is never easy to find a right insurance quote for your car. Infact it can prove to be a real pain in the neck when you actually search for one. For choosing a right car insurance quote you have to gather complete information on the company and the procedures and then you contact the companies insurance agent to get your quote.
Actually the work just starts from here. You need to prepare all the necessary documents by yourself which is time consuming and if you are looking for quotes from more than one company then you have to devote more time to the actual process. That means depending on what schedule you follow your car insurance can take weeks to realize.
That is where online car insurance quotes come to your rescue. It's the easiest way for the job. With the online car insurance quotes you can get multiple quotes at once so that you can decide on the most beneficial.
What you need to do is to keep the complete information ready with you, gather all the information you will need to get the free quote. Information like driver's license, vehicle registration no., vehicle model and make and discountable features in your vehicle like Anti-theft Devices, Airbags, Anti-Lock Brakes, Automatic Seat Belts, Window Etching, Multiple Car Discount, Multiple Policy Discount etc.
Once you are ready with the information it is time to check out the free online car insurance quotes.
There are many insurance companies which can offer you a free online insurance quote. It is the most hassle free experience of getting the quotes where you can actually compare the quotes offered by various companies and tat too within minutes. You can also make yourself familiar with the different lingo's and can go through the FAQ's of the site.
Till the time you get your quote you are well aware fo the discounts which you can get and end up with a really competitive quote. There are many online services wherein you can not only get the quote but your policy is completed online and delivered to you at your doorsteps.
There are many websites which offer free online car insurance quotes and the best part is you can get the free online quotes from various insurance companies at once. No need to contact them individually.
These sites may help you to find the most discounted insurance quote and that too free. Some recommended websites offering the services are carinsurance.com, geico.com, lucentnetcare.com, insureme.com, insurance.com, etc. Generally the registration with such websites is quite simple and you can complete it in no matter of time by providing some essential details. The best part of such online quote providers is that you can get several quote in no matter of time. This ensures that you find the best deal which definitely would save you money.
Article Source: http://www.1articleworld.com
By: David Kowalczyk
The easiest and the surest way to save money is to get the free online car insurance quotes. What can be more advantageous than to sip the hot espresso and find the most beneficial car insurance quote online and within minutes crack a best deal for yourself. Welcome to the world of online car insurance quotes.
It is never easy to find a right insurance quote for your car. Infact it can prove to be a real pain in the neck when you actually search for one. For choosing a right car insurance quote you have to gather complete information on the company and the procedures and then you contact the companies insurance agent to get your quote.
Actually the work just starts from here. You need to prepare all the necessary documents by yourself which is time consuming and if you are looking for quotes from more than one company then you have to devote more time to the actual process. That means depending on what schedule you follow your car insurance can take weeks to realize.
That is where online car insurance quotes come to your rescue. It's the easiest way for the job. With the online car insurance quotes you can get multiple quotes at once so that you can decide on the most beneficial.
What you need to do is to keep the complete information ready with you, gather all the information you will need to get the free quote. Information like driver's license, vehicle registration no., vehicle model and make and discountable features in your vehicle like Anti-theft Devices, Airbags, Anti-Lock Brakes, Automatic Seat Belts, Window Etching, Multiple Car Discount, Multiple Policy Discount etc.
Once you are ready with the information it is time to check out the free online car insurance quotes.
There are many insurance companies which can offer you a free online insurance quote. It is the most hassle free experience of getting the quotes where you can actually compare the quotes offered by various companies and tat too within minutes. You can also make yourself familiar with the different lingo's and can go through the FAQ's of the site.
Till the time you get your quote you are well aware fo the discounts which you can get and end up with a really competitive quote. There are many online services wherein you can not only get the quote but your policy is completed online and delivered to you at your doorsteps.
There are many websites which offer free online car insurance quotes and the best part is you can get the free online quotes from various insurance companies at once. No need to contact them individually.
These sites may help you to find the most discounted insurance quote and that too free. Some recommended websites offering the services are carinsurance.com, geico.com, lucentnetcare.com, insureme.com, insurance.com, etc. Generally the registration with such websites is quite simple and you can complete it in no matter of time by providing some essential details. The best part of such online quote providers is that you can get several quote in no matter of time. This ensures that you find the best deal which definitely would save you money.
Article Source: http://www.1articleworld.com
AFFORDABLE HOME INSURANCE
Affordable Home Insurance -- More Ways To Make Massive Savings Without Hurting Yourself
By: Chimezirim Chinecherem Odimba
Affordable home insurance: This article is about other things you can do to get lower rates. Here they are with a precaution you mustn't fail to note...
1. Do regular checks on your plumbing and upgrade once it becomes necessary. Reports show that water damage is the most common claim on a homeowner's policy. Therefore, things that lower your risk of water damage will lower your home insurance rate. Let your agent know if you've improved your plumbing.
2. Check an insurer's rating and do NOT be deceived by just cheap premiums. Few things can be worse than realizing that made payments diligently to the wrong insurance provider only when you make a claim. It doesn't take much time to find out from your state's department of insurance's website. Check if your preferred insurer is licensed to offer home insurance in your state.
Independent bodies like BBB, A.M Best Company, Standard & Poor's Insurance Rating Services, Moody's Investor Services, Inc. will also help you determine if an insurer is worth it.
3. If your home's landscaping is done properly it will help bring down your rates. Things like potholes raise the chances of injuries that could result in liability claims. So if you want to lower your premiums make sure you have done your landscaping properly. And if you haven't and plan to do it, talk with your insurance agent so you'll know the right things to do in your landscaping to make sure you get the highest discounts possible with your insurance provider.
4. If you strengthen your roof you'll receive cheaper home insurance premiums. Take serious note of this if you live in the East where high winds are more prevalent. Your agent should be able to state things you can do if you want a discount this way.
5. You can lower your home insurance costs by obtaining and evaluating quotes from at least five good insurance quotes sites.
Article Source: http://www.1articleworld.com
By: Chimezirim Chinecherem Odimba
Affordable home insurance: This article is about other things you can do to get lower rates. Here they are with a precaution you mustn't fail to note...
1. Do regular checks on your plumbing and upgrade once it becomes necessary. Reports show that water damage is the most common claim on a homeowner's policy. Therefore, things that lower your risk of water damage will lower your home insurance rate. Let your agent know if you've improved your plumbing.
2. Check an insurer's rating and do NOT be deceived by just cheap premiums. Few things can be worse than realizing that made payments diligently to the wrong insurance provider only when you make a claim. It doesn't take much time to find out from your state's department of insurance's website. Check if your preferred insurer is licensed to offer home insurance in your state.
Independent bodies like BBB, A.M Best Company, Standard & Poor's Insurance Rating Services, Moody's Investor Services, Inc. will also help you determine if an insurer is worth it.
3. If your home's landscaping is done properly it will help bring down your rates. Things like potholes raise the chances of injuries that could result in liability claims. So if you want to lower your premiums make sure you have done your landscaping properly. And if you haven't and plan to do it, talk with your insurance agent so you'll know the right things to do in your landscaping to make sure you get the highest discounts possible with your insurance provider.
4. If you strengthen your roof you'll receive cheaper home insurance premiums. Take serious note of this if you live in the East where high winds are more prevalent. Your agent should be able to state things you can do if you want a discount this way.
5. You can lower your home insurance costs by obtaining and evaluating quotes from at least five good insurance quotes sites.
Article Source: http://www.1articleworld.com
3/03/2008
INSURANCE AT A GLANCE
Insurance at a Glance
By shijina seo [ 28/02/2008 ]
Reason to own a long term care insurance is to offer help when you need to do the daily living activities such as bathing and eating. Or sometimes you need some help and assistance when you have a cognitive impairment. There are some people who need care from nurses as they might be suffering from severe diseases. Long term can be obtained if you are cared by a nursing home or taken care by a living facility or at home. One might need a long term care anytime no matter how old are you are. Senior citizens are the one who often needs long term care. Younger and middle aged people rarely need this kind of insurance. Long term care can be quite expensive; on an average a year staying at a semi private room in a nursing home will costs about nearly $58,000, this is an estimated annual cost in the year 2005. In certain parts of the country, this might even cost much more!
Home care is considered to be less expensive than nursing home. Home care basically includes full time or part time nursing care. Getting such services or assistance at your house is 3 times a week to assist with work such as dressing, preparing meals, etc, that will cost you $1,000 or more per month. Long term care insurance will guard you from such high costs care. Many long term care policies give a preset dollar amount that will differ from as little as $40 per day to more than $200 per day. Everyday benefits for at-home care is about half of the benefits for nursing home care. To get the lowest rates, you need to apply earlier rather than later for long term care health insurance. Your medical conditions and age will affect your eligibility for the coverage and how much the premium will cost. Recently some changes in Federal law might allow you to take certain income tax deductions for long term care operating costs and insurance premiums. Apart from this, some States in US might give you a slight deduction or credit towards the State income taxes for these expenses.
Usually the annual rate of increase in the cost of long term care services that has risen rapidly when compared for other services for consumer. This means the advantages you get now might not be enough to cover the higher expenditures in future. You may choose a plan that has an inflation adjustment feature which will protected you against the rise in long term care expenses over sometime, until you need the services. Long term care health insurance might be given where you work, or you can be eligible for this through a fraternal group, union or an organization that you belong to. Additionally many life insurance companies directly provide long term care insurance for consumers.
Article Source: http://www.Free-Articles-Zone.com
By shijina seo [ 28/02/2008 ]
Reason to own a long term care insurance is to offer help when you need to do the daily living activities such as bathing and eating. Or sometimes you need some help and assistance when you have a cognitive impairment. There are some people who need care from nurses as they might be suffering from severe diseases. Long term can be obtained if you are cared by a nursing home or taken care by a living facility or at home. One might need a long term care anytime no matter how old are you are. Senior citizens are the one who often needs long term care. Younger and middle aged people rarely need this kind of insurance. Long term care can be quite expensive; on an average a year staying at a semi private room in a nursing home will costs about nearly $58,000, this is an estimated annual cost in the year 2005. In certain parts of the country, this might even cost much more!
Home care is considered to be less expensive than nursing home. Home care basically includes full time or part time nursing care. Getting such services or assistance at your house is 3 times a week to assist with work such as dressing, preparing meals, etc, that will cost you $1,000 or more per month. Long term care insurance will guard you from such high costs care. Many long term care policies give a preset dollar amount that will differ from as little as $40 per day to more than $200 per day. Everyday benefits for at-home care is about half of the benefits for nursing home care. To get the lowest rates, you need to apply earlier rather than later for long term care health insurance. Your medical conditions and age will affect your eligibility for the coverage and how much the premium will cost. Recently some changes in Federal law might allow you to take certain income tax deductions for long term care operating costs and insurance premiums. Apart from this, some States in US might give you a slight deduction or credit towards the State income taxes for these expenses.
Usually the annual rate of increase in the cost of long term care services that has risen rapidly when compared for other services for consumer. This means the advantages you get now might not be enough to cover the higher expenditures in future. You may choose a plan that has an inflation adjustment feature which will protected you against the rise in long term care expenses over sometime, until you need the services. Long term care health insurance might be given where you work, or you can be eligible for this through a fraternal group, union or an organization that you belong to. Additionally many life insurance companies directly provide long term care insurance for consumers.
Article Source: http://www.Free-Articles-Zone.com
2/12/2008
How To Handle Student Loans Appropriatly
How To Handle Student Loans Appropriatly
by: Michael VanWormer
It is often said that the most effective debt management strategy is to be debt-free. But, in order to pay for your college education, you may need to take out student loans.
Student loans are applied by many people these days. It is for the hope that student loans can greatly support their education. Well, that is primarily the purpose of student loans, but there are some instances that getting student loans is what lead people to be buried deep in debt. This is common among those who failed to repay their debts or those who actually escape from their obligations.
Now, planning for successful repayment involves a lot of considerations. The planning should start before you place and strike your pen on your first promissory note. Just as you are making a commitment to your career by way of investing time and money in higher education, you should also make a commitment to your financial future by way of effectively managing your student loans from the beginning.
Here are the most recommended tips and tactics that may help you handle your student loan debt effectively and repay the loans successfully.
Tip #1: Do Your Own Research
Always note that not all loans are the same. Some of them, such as the ones provided by the Indiana Secondary Market for instance, offer benefits during school as well as after graduation in the form of repayment incentives, while other do not. They will pay the 3 percent origination fee normally charged on Federal Family Education Loan Program (FFELP) loans, and this process actually means more money for the books, school supplies and living expenses. And, after you graduated, there is a chance that you will be qualified for reduced interest rates especially when you ready your payments up on automatic withdraw. So, with the differences in student loans, it is necessary that you do your research before signing the first promissory note.
Tip #2: Pay Attention to the Mail
Typically, every borrower receives important information regarding the student loan he or she took out. The mail usually comes in before, during and after school. So, it is somehow important that you read all of the materials you receive carefully. In case, you have questions, the source of the materials is available to welcome you with your questions. Don’t hesitate to ask, and never ignore the correspondence or you may miss out a very vital deadlines or details about your loans.
Tip #3: Be Organized
When taking out student loan from a particular institution, it is always best to save all of your student loan documents and correspondences. This makes you aware of what exactly you’ve agreed, what is expected from you as a student loan borrower, and how much you have borrowed. At the start of the student loan process, you may find it unnecessary to keep all the documents, but when the repayment period is approaching, there is a great possibility that you may refer to some or all of these documents.
To makes things easier for you, begin by setting up an easy to use record-keeping system where you can store your student loan documents and correspondence. As you may know, there are a number of books and software products on personal finance to help you get started. Whatever you may use, whether file folders, binders, portfolios, or envelopes, it is a good idea that you set up one folder for every type of loan or account you have and keep the items sorted accordingly.
Here is what you should keep:
· Important documents like your student loan applications, promissory notes, disbursement and disclosure statements, as well as loan transfer notices.
· Copies of all correspondences between you and your student loan lender, loan holder, and/or servicer, including your school’s financial aid office.
· Addresses and telephone numbers of your lender, loan holder, and servicer. These must be maintained up-to-date.
· The name, the date and time of the conversation, as well as a summary of what you have discussed. These must be considered especially when you are speaking with anyone regarding your student loans as these may be valuable for future reference or clarification.
Also, when setting up your record-keeping system, be sure that it is comfortable to use. This means a system that you will find easy to maintain over the life of the loan. This record-keeping system must also be secured from theft or fire. Many experts also suggest that you should keep all your student loan related documents and correspondences until all the education loans you’ve taken have been fully repaid.
Tip #4: Be present at All Required Entrance and Exit Sessions
When you take out student loan, you will be required to complete student loan counseling sessions. This is often considered when you first obtain the loan and upon graduation. Also, it is worth noting that some schools these days offer this on-line and the sessions will not require a great amount of your time. However, they will provide you with a great deal of information on your right and responsibilities as a borrower.
Tip #5: Learn to Manage Money like an Expert
It has been said that if you live like a professional while you are in school, you will live like a student once you’ve finished your degree. In other words, it is important that you know very well how to handle your money while you are attending school. This will help you lessen the total amount you end up borrowing, and in turn, the amount you will responsible for repaying.
Here are some of the tactics that are worth considering:
· Develop realistic budgets for while you are attending school and even after you graduate. This will allow you to borrow not more than you need, giving you a great chance to repay your loans.
· Learn to live as cheaply as you can. Always remember that you are just a student. You will enjoy a more comfortable lifestyle once you’ve graduated especially if you lessen your borrowing while you are in school. Some of the most recommended ideas for how to be thrifty include getting a roommate, renting a movie instead of going out to the theater, as well as bringing your lunch from home instead of eating out. Be thrifty as possible.
· For any credit card bills you receive, try to pay the full amount due.
· Establish a budget for yourself and follow it. While you are in school, it is important that you know how to resist the urge of using credit cards or your student loan funds to purchase things that are included in your budget. Don’t just buy unnecessary things.
· If possible, explore work-study or other part-time employment. As often said, it may give you an opportunity for you to study or obtain valuable professional experience, other than help cover overheads.
Tip #6: Maintain at least Half-Time Enrollment
Considering a half-time enrollment is highly necessary in order for you to qualify for an in-school deferment. The half-time enrollment normally takes six credit hours. Regarding your school’s requirements for half-time status, see your financial aid officer.
Tip #7: Take Advantage of Tax Savings
Some of the student who takes out student loans qualifies for tax credits. To see your own status, check with your tax advisor. The credits are actually based on your qualified tuition payments, and they can help reduce the amount of Federal tax you pay. Now, if you are paying interest on a student loam, you may also be able to take a deduction on your Federal tax return for those interest payments. Therefore, to obtain the full benefit of the credits as well as the deductions, grab the opportunity of employing the additional tax refund to pay down your student loan debt, or perhaps to handle your educational overheads.
Tip #8: Repayment Tips
As you enter the repayment period, note that being aware of your student loan obligations is very crucial. This is where the student loan default usually happens. It occurs when you fail to pay back the loan as agreed or meet the other terms of your promissory note. The promissory note for each of the loans must then be referred prior to your graduation or before you leave school so that you know what your rights and responsibilities are in repayment.
Here is what you should do as you enter the repayment period:
· Send your education loan payments when due every month, for the full monthly payment amount or more. This must be done regardless of whether or not you receive a bill.
· Note and understand the repayment options provided by your student loan lenders. With some available options, there is a possibility that you can lessen the total cost of the loan by making a high monthly payment. Other options may even lessen your initial monthly payments and may make it easier for you to pay back your leans early in your career.
· Understand the deferment as well as forbearance. In case you need them, just learn to exercise your options.
· Remember that the loan consolidation and its repayment options have its pros and cons. So, understand them.
· Keep your school, lender or servicer informed of your whereabouts. Contact them immediately if you change your name or address; have questions about billing statements; have problems making your scheduled payment on time; or if you want information on or application for deferment or forbearance.
· Read, note and understand all the correspondence you receive from your student loan lender, loan holder, or servicer. And, respond them promptly if asked to do so.
For Further Information
If for instance you need further information regarding your student loans, always remember that the financial aid staff at your school is probably your most important resource. However, there are also some consult publications from federal and state governments, lenders and scholarship granting organizations, and financial ad guidebooks that are available from your local bookstore. They are great enough for you to start your own search.
by: Michael VanWormer
It is often said that the most effective debt management strategy is to be debt-free. But, in order to pay for your college education, you may need to take out student loans.
Student loans are applied by many people these days. It is for the hope that student loans can greatly support their education. Well, that is primarily the purpose of student loans, but there are some instances that getting student loans is what lead people to be buried deep in debt. This is common among those who failed to repay their debts or those who actually escape from their obligations.
Now, planning for successful repayment involves a lot of considerations. The planning should start before you place and strike your pen on your first promissory note. Just as you are making a commitment to your career by way of investing time and money in higher education, you should also make a commitment to your financial future by way of effectively managing your student loans from the beginning.
Here are the most recommended tips and tactics that may help you handle your student loan debt effectively and repay the loans successfully.
Tip #1: Do Your Own Research
Always note that not all loans are the same. Some of them, such as the ones provided by the Indiana Secondary Market for instance, offer benefits during school as well as after graduation in the form of repayment incentives, while other do not. They will pay the 3 percent origination fee normally charged on Federal Family Education Loan Program (FFELP) loans, and this process actually means more money for the books, school supplies and living expenses. And, after you graduated, there is a chance that you will be qualified for reduced interest rates especially when you ready your payments up on automatic withdraw. So, with the differences in student loans, it is necessary that you do your research before signing the first promissory note.
Tip #2: Pay Attention to the Mail
Typically, every borrower receives important information regarding the student loan he or she took out. The mail usually comes in before, during and after school. So, it is somehow important that you read all of the materials you receive carefully. In case, you have questions, the source of the materials is available to welcome you with your questions. Don’t hesitate to ask, and never ignore the correspondence or you may miss out a very vital deadlines or details about your loans.
Tip #3: Be Organized
When taking out student loan from a particular institution, it is always best to save all of your student loan documents and correspondences. This makes you aware of what exactly you’ve agreed, what is expected from you as a student loan borrower, and how much you have borrowed. At the start of the student loan process, you may find it unnecessary to keep all the documents, but when the repayment period is approaching, there is a great possibility that you may refer to some or all of these documents.
To makes things easier for you, begin by setting up an easy to use record-keeping system where you can store your student loan documents and correspondence. As you may know, there are a number of books and software products on personal finance to help you get started. Whatever you may use, whether file folders, binders, portfolios, or envelopes, it is a good idea that you set up one folder for every type of loan or account you have and keep the items sorted accordingly.
Here is what you should keep:
· Important documents like your student loan applications, promissory notes, disbursement and disclosure statements, as well as loan transfer notices.
· Copies of all correspondences between you and your student loan lender, loan holder, and/or servicer, including your school’s financial aid office.
· Addresses and telephone numbers of your lender, loan holder, and servicer. These must be maintained up-to-date.
· The name, the date and time of the conversation, as well as a summary of what you have discussed. These must be considered especially when you are speaking with anyone regarding your student loans as these may be valuable for future reference or clarification.
Also, when setting up your record-keeping system, be sure that it is comfortable to use. This means a system that you will find easy to maintain over the life of the loan. This record-keeping system must also be secured from theft or fire. Many experts also suggest that you should keep all your student loan related documents and correspondences until all the education loans you’ve taken have been fully repaid.
Tip #4: Be present at All Required Entrance and Exit Sessions
When you take out student loan, you will be required to complete student loan counseling sessions. This is often considered when you first obtain the loan and upon graduation. Also, it is worth noting that some schools these days offer this on-line and the sessions will not require a great amount of your time. However, they will provide you with a great deal of information on your right and responsibilities as a borrower.
Tip #5: Learn to Manage Money like an Expert
It has been said that if you live like a professional while you are in school, you will live like a student once you’ve finished your degree. In other words, it is important that you know very well how to handle your money while you are attending school. This will help you lessen the total amount you end up borrowing, and in turn, the amount you will responsible for repaying.
Here are some of the tactics that are worth considering:
· Develop realistic budgets for while you are attending school and even after you graduate. This will allow you to borrow not more than you need, giving you a great chance to repay your loans.
· Learn to live as cheaply as you can. Always remember that you are just a student. You will enjoy a more comfortable lifestyle once you’ve graduated especially if you lessen your borrowing while you are in school. Some of the most recommended ideas for how to be thrifty include getting a roommate, renting a movie instead of going out to the theater, as well as bringing your lunch from home instead of eating out. Be thrifty as possible.
· For any credit card bills you receive, try to pay the full amount due.
· Establish a budget for yourself and follow it. While you are in school, it is important that you know how to resist the urge of using credit cards or your student loan funds to purchase things that are included in your budget. Don’t just buy unnecessary things.
· If possible, explore work-study or other part-time employment. As often said, it may give you an opportunity for you to study or obtain valuable professional experience, other than help cover overheads.
Tip #6: Maintain at least Half-Time Enrollment
Considering a half-time enrollment is highly necessary in order for you to qualify for an in-school deferment. The half-time enrollment normally takes six credit hours. Regarding your school’s requirements for half-time status, see your financial aid officer.
Tip #7: Take Advantage of Tax Savings
Some of the student who takes out student loans qualifies for tax credits. To see your own status, check with your tax advisor. The credits are actually based on your qualified tuition payments, and they can help reduce the amount of Federal tax you pay. Now, if you are paying interest on a student loam, you may also be able to take a deduction on your Federal tax return for those interest payments. Therefore, to obtain the full benefit of the credits as well as the deductions, grab the opportunity of employing the additional tax refund to pay down your student loan debt, or perhaps to handle your educational overheads.
Tip #8: Repayment Tips
As you enter the repayment period, note that being aware of your student loan obligations is very crucial. This is where the student loan default usually happens. It occurs when you fail to pay back the loan as agreed or meet the other terms of your promissory note. The promissory note for each of the loans must then be referred prior to your graduation or before you leave school so that you know what your rights and responsibilities are in repayment.
Here is what you should do as you enter the repayment period:
· Send your education loan payments when due every month, for the full monthly payment amount or more. This must be done regardless of whether or not you receive a bill.
· Note and understand the repayment options provided by your student loan lenders. With some available options, there is a possibility that you can lessen the total cost of the loan by making a high monthly payment. Other options may even lessen your initial monthly payments and may make it easier for you to pay back your leans early in your career.
· Understand the deferment as well as forbearance. In case you need them, just learn to exercise your options.
· Remember that the loan consolidation and its repayment options have its pros and cons. So, understand them.
· Keep your school, lender or servicer informed of your whereabouts. Contact them immediately if you change your name or address; have questions about billing statements; have problems making your scheduled payment on time; or if you want information on or application for deferment or forbearance.
· Read, note and understand all the correspondence you receive from your student loan lender, loan holder, or servicer. And, respond them promptly if asked to do so.
For Further Information
If for instance you need further information regarding your student loans, always remember that the financial aid staff at your school is probably your most important resource. However, there are also some consult publications from federal and state governments, lenders and scholarship granting organizations, and financial ad guidebooks that are available from your local bookstore. They are great enough for you to start your own search.
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