Student loans may make recent grads hesitant 2013 - Student loan debt is a troubling and not-so-

A recent Princeton study conducted by Fenaba R. Addo suggests that student loan debt could possibly leave some partners with cold feet — particularly men.

The study suggests women who have accumulated student loan debt are less likely to marry as opposed to men in the same financial predicament. Although this seems strange, there are some explanatory theories, as well as controversy from both sides of the argument.

“One interpretation of this study might suggest that women with more debt are more likely to be

pursuing professional degrees and careers, which might simply mean they are putting off marriage until a little later than average so that they can build a career first and then a family on their terms,” Seth Abrutyn, a sociology professor at the University of Memphis, said.

The United States has a federal student loan debt that resides somewhere between $902 billion and $1 trillion, according to the Federal Reserve Bank of New York. (see HERE)

“In times of economic recessions and uncertainty, both women and men tend to put off marriage and children until they feel financially secure,” Abrutyn said. “This answer doesn’t really explain the differential in rates between men and women, but it could explain why the data is saying one thing, when in five years, it might be saying something else.”
Though it could be just a misinterpretation of statistics, the classic American culture could be an explanation of why some men might be wary of taking on a traditional potential housewife fully loaded with money to pay back.

“I could understand how some men might be hesitant to marry a girl with debt, for financial reasons,” Addison Piggott, a junior criminal justice major, said. “Though the economy could be a primary issue, it seems the statistics could be distorted by the fact more people are simply waiting until later in life to get married, so that they’re financially stable.”
Sophomore Haley Hanners, an English major who has accumulated student loan debt over the past few years, believes that debts shouldn’t play a part in marriage, stating that a mutual education is well worth the burdens.

“I’m not worried about loans being a factor in my love life. I don’t value wealth and I don’t mind spending the majority of the rest of my life paying off loans as long as I can have an education and do what I want to do, career wise,” Hanners said. “And whoever I choose to marry will value the fact that I have an education and career regardless of loans and vice versa.”
Though there is little evidence of these financial issues actually interfering with  “true love,” a debt can last as long as marriage, if not longer in today’s world, so it is definitely something to consider when finding a potential life partner. (see HERE)

“I think statistics are a way of making people believe things that aren’t solid,” Hanners said. “They’re generally circumstantial, so I don’t put a lot of faith in them.”
distant reality for many currently enrolled students. However, recent studies show that it might not be just an economic problem.

Source : www.dailyhelmsman.com

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5 Steps to Maintain Student Loan Debt 2013 - As student debt levels — along with delinquencies and defaults — continue to rise, borrowers need to ask:

As a recent college graduate, this Student Loan Ranger knows both my mother and I had minimal understanding of student loans in general. And banks and schools aren't doing enough to inform us, so we end up making loan decisions in the dark.

"What can I do to keep my student loans manageable?"

Find out ways to pay for college.

To help figure it out, Equal Justice Works recently published an e-book, Maintai Your Future, which offers five of the following ways to maintain student loan repayment.

1. There are big differences between private and federal loans. It is important to understand these basic distinctions before borrowing and too often, students and parents lack knowledge on the various types of loans and what they entail.

Here are some crucial aspects to pay attention to when deciding how to borrow:

• Keep in mind that commercial or private loans are never eligible for federal relief programs (see HERE).

• Most private loans offer variable interest rates that may start low, but can — and likely will — increase.

• Federal loans, on the other hand, qualify for federal relief programs and come with borrower protections such as fixed interest rates and deferment and forbearance in times of hardship (see HERE).

Discover the ins and outs of financial aid.

Students should exhaust the federal loans available to them before taking the private loan route.

2. Income-Based Repayment can help many borrowers repay their loans. Federal relief programs inarguably help many borrowers. Among these programs is Income-Based Repayment (IBR), which keeps the amount borrowers must pay each month to 15 percent of their income. A few things to keep in mind:

• Only Federal Direct and federally guaranteed (FFEL) loans are eligible for IBR.

• You must have a partial financial hardship, meaning the amount you owe on your eligible loans exceeds 15 percent of your discretionary income.

• Your monthly payment depends on two things: your income and your family size. When income decreases or family size increases, you pay less (and vice versa).

Explore income-based and income-contingent repayment.

• If you remain in IBR you will be eligible for forgiveness of any amount remaining on your loans after 25 years of making qualified payments.

3. Pay As You Earn keeps payments even more manageable. Launched under the direction of President Barack Obama, this program helps a ton if a borrower qualifies. Participants must be a new borrower who experiences a partial financial hardship, and must have taken out their loans on or after Oct. 1, 2007.

Participants must also have at least one loan from Oct. 2011 or later. This includes: receiving a new loan, receiving a disbursement on an existing loan, or consolidating loans on or after Oct. 1, 2011.

Under Pay As You Earn, monthly payments are capped at 10 percent of discretionary income. As long as participants remain in the plan, they will be eligible for forgiveness after making qualifying payments for 20 years (see HERE).

4. Public Service Loan Forgiveness helps public interest workers with lower salaries. Public Service Loan Forgiveness (PSLF) motivates and helps individuals to work in the public sector. Borrowers must have Federal Direct loans to be eligible, and must be working in a full-time public service job, such as with a local, state, federal or tribal government or a nonprofit.

Participants must make 120 qualifying payments on those eligible loans while employed in public service. After making those 120 qualifying payments, submit the PSLF application for forgiveness. As a bonus, forgiveness receives through PSLF is not taxed.

5. Loan Repayment Assistance Programs can help with payments. Take advantage of Loan Repayment Assistance Programs (LRAPs). If you're eligible, LRAPs provide funds toward your monthly payments. And you may be able to use those funds for your private student loans. Ask your employer, school, and even your professional association if they offer an LRAP. There are even some available from state, local and the federal government.

Learn how to evaluate an LRAP.
Download Maintain Your Future, available in the Kindle Store, to learn more about these options and weave your way through the student debt maze — whether you're just starting to borrow or already in repayment. Every borrower should be informed when making decisions that will affect your future.

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Cheap Budgets With Different Effects On Student Loans 2013 - Among a number of other dissimilarities, federal budgets proposed by Democrats and Republicans in Congress offer varying effects for students involving federal financial aid and education funding.

Democrats in the House of Representatives’ House Budget Committee announced an alternative budget plan Monday in response to the budget released March 12 by House Budget Committee Republicans, according to a Monday press release from the committee.

“Any help that students can get — by committing to funding Pell Grants and just keeping interest rates as low as they have been — is really helpful,” said BU Democrats Communications Director Margarita Diaz. “… It’s important to ensure that everyone can actually afford an education.”

The alternative budget proposed by House Democrats continues full funding for students receiving Federal Pell Grants and prevents subsidized student loan interest rates, currently set at 3.4 percent, from doubling in July 2014.

“This focus on education is in sharp contrast with the Republican budget,” the Democratic budget summary stated. “Their budget makes it harder for out-of-work Americans to get the education and skills needed to find jobs in a competitive global economy by cutting job training services and by cutting student aid by $168 billion over 10 years.”

The Republican budget plan aims to reserve financial aid for those most in need (see HERE), cap Pell Grants awards at $5,645 annually, streamline federal aid programs and remove barriers in higher education, particularly those relative to non-traditional teaching methods like online college courses.

Tim Buckley, communications director of the Massachusetts Republican Party, said in an email that the Republican budget would protect students in the future and ensure the Pell Grant program is sustainable.

“This budget plan looks to maintain current Pell Grant levels and reform the system so today’s middle school students can access the same resources currently available — which left alone, would go broke,” he said.

He said measures aiming to lower costs of college in the past have generally been ineffective.(see HERE)

“It is important to remember that throwing money at efforts to reduce the cost of higher education has not worked, as anyone paying tuition today knows all too well,” Buckley said. “More spending is not translating into results.”

BU Republicans Vice President Mara Mellstrom said the budget proposals do not appear as if they will affect a majority of college students, and that most of the provisions for higher education deal with streamlining program funding.

“Where [U.S. President Barack] Obama wants to do more Pell Grants and more price control, it looks like [House Budget Committee Chairman] Paul Ryan and the Republicans just want to trim the fat,” Mellstrom, a College of Arts and Sciences junior, said.(see HERE)

Mellstrom said the budget proposed by Republicans is fair and appropriate.

“The Republicans are well aware that everyone deserves a college education and that everyone should have equal opportunity to get it,” she said.

While it is troublesome that Congress takes so long to come to a consensus on the budget, these dilemmas are more complex than most Americans think, Mellstrom said.

“It’s not black and white,” she said.

Diaz, a CAS senior, said the current stagnation in Congress is causing further distress for college students trying to fund their education.

“We are at a point where students must address the skyrocketing costs of college tuition, but we’re also at a point where, in Congress, everything is completely stalled right now,” she said. “The House Democrats, they’re just trying to make sure with this budget that college students don’t get caught in the fray of things like inflation or economic conditions in this country.”

Kayla McDonald, a CAS senior, said Congress should be quicker to make a decision on the national budget.

“It makes sense that it’s taking them [Congress] a long time, but they should definitely be able to come to an agreement faster than this,” she said.

McDonald said she receives federal aid, but would still like to see some improvement to federal aid programs.

“I think they overestimate the family’s contribution a lot of the time,” she said.

School of Law graduate student Kelly Soltis said while she does not receive federal aid, she would like to see a limit on how much colleges can charge.

“It would be helpful for students like me who don’t receive financial aid to have some sort of cap on either the percentage increase on tuition or tuition in general at universities, especially private universities,” she said.

CAS freshman Ellen Nevers said it is important to maintain a low interest rate on federal loans.

“It’s definitely helpful that some of the federal loans come with a much lower interest rate,” she said. “They’ve offered me a lot of loans that would be easier to pay back than trying to take a loan out myself.”
Source : http://dailyfreepress.com/

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Student Loan As a Family Affair - If the mere mention of FAFSA (Free Application for Federal Student Aid), which most colleges and universities use as the universal form for determining financial aid eligibility for grants and loans -- doesn’t strike fear in your heart, then you probably aren’t staring down the possibility of not being able to afford to send your son or daughter to college this fall.

Even worse off than those who are already struggling to gather all the financial documents necessary to complete the lengthy application are the parents who are nursing the hope of landing scholarships, grants and student loans but have yet to hear about the FAFSA process.

Sorry, Illinoisans, the “priority deadline” -- the cutoff to qualify for state-based college aid -- was March 1. And funds were so limited that the state asked families to file “as soon as possible after Jan. 1, 2013” -- a hefty request when tax forms didn’t even arrive until the end of that month.

Take heart, Texans, your budding scholars have until March 15 to meet their priority deadline and Mississippians until March 31.

As for everyone else whose students are deep into considering prospective campuses and majors (see here), it’s time to have some serious heart-to-heart conversations about how to pay for college.

And the No. 1 thing families need to know about applying for college financial aid (see here) is that it involves a ton of hard work.

First, the only way to triumph over the nightmare stories of students who graduate with tens of thousands of dollars in debt -- or worse, drop out before earning a credential but still owing on loans -- is to step out of your comfort zone and talk frankly about your child’s hopeful expectations and the real-world limitations of parental help.

Probably the most shocking statistic I’ve heard about our country’s trillion-dollar student-loan debt crisis is that Americans 60 and older are among the hardest hit.

Last spring, the Federal Reserve Bank of New York reported that this demographic owes about $36 billion in student loans with about 10 percent of those loans delinquent.

Every parent wants to help their child through college but, as much smarter financial minds than mine have noted, it isn’t wise to sign or co-sign your life away on someone else’s education loan, even if that someone else is your baby. Plus, it might not be the best choice.

Research by Laura Hamilton, a sociology professor at University of California (see here), found that while the common perception is that the more a family contributes to college costs, the more time students have to focus on studies, this may not be true. She reported that though students whose parents picked up most of the tab were likelier to graduate, their grade-point averages were lower than those of their peers, possibly because they had such a small stake in the financial aspects of their educations.

And then we have the question about whether a student should work while attending college. Over the past few years, there has been tension between those who are proud to have worked their way through and others who fear it puts students -- especially minority and first-time college students -- at risk of not performing well in school.

It’s definitely a legitimate concern, especially if you’re talking about students who haven’t proved themselves to be high academic achievers. Yet, the American Psychological Association recently reported that African-American and Hispanic high school students who work long hours while attending school have more stable grades compared to whites and Asian-Americans working the same hours.

These studies shouldn’t absolve parents from fretting about how college and its costs could make or break their child’s future. But the tidbits could fuel the much-needed preparation and soul-searching required to confront some of the very real consequences of how to finance a family’s college dreams.

Navigating these emotionally thorny issues is terribly hard work, but also the perfect precursor to the sometimes mind-boggling labor of applying for student aid (more here). My husband and I already have our own student loans to pay off, and now we’re planning on how to pay for college for our two sons. Believe me, it’s a nightmare.

Source : Washington Post Writers Group

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Over 300K Student frustration with Studylink - Government call centre Studylink is battling to cope with the number of inquiries from students their about loans and allowances. The help line has dropped nearly 300,000 calls in the last five months, and students' frustration is mounting as they struggle to get answers to their questions.

Student Melissa tried to make contact via the Studylink website(see here), but was told "the only way to do anything is over the phone". 

"So I've rang up and I cant get through to them. I've called them at eight o'clock in the morning and all throughout the day and I cant get through," she said.

It's a similar pattern across the country. Head of Studylink Susan Kosmala said it is unfortunate some students have trouble getting through.  

"That's not the service we aim to provide. We are continuing to make improvements to answer as many calls as we can," she said.

Victoria University Students' Association president Rory McCourt said the problems mean some students have to make difficult choices. "What we're finding is students who are out of luck with Studylink coming through with their allowance or student living costs, they're facing choices like spending nights at the night shelter, desperately hunting for flats - but its very hard to get into a flat when you can't front up with the cash," he said. In the last five months Studylink has answered nearly 430,000 calls, but a further 300,000 weren't answered. The figure is actually an improvement of more than a 100,000 on the same time last year. Studylink told ONE News this is its busiest time of year. It is processing 310,000 student loan and allowance applications (see more here) and has employed an extra 330 staff.

But that might not be enough, McCourt said.

"Students have trouble with Studylink every year but this year is especially bad we've found.

"A lot of people just dont get through at all, they get hung up on when they do and the online support just isn't adequate. We understand that Studylink is doing their best but the Government needs to acknowledge that this is a problem year in, year out and it needs more resourcing," he said.

Melissa's course costs have been paid by Studylink, but she still hasn't received the part of her loan she needs for living expenses and so cannot afford this week's rent. 

"It's made it a lot more stressful than it needs to be. I have not been able to buy some of my books because I haven't had my payment yet," she said. She's been to Work and Income to try and talk to someone face to face, but was told she had to make an appointment by phone, through Studylink. Studylink recommends to use its website as much as possible.

Source ONE News

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Do you have student loans? Learn Your Options - College loans can be a bear for veterinarians. An article in the Express-News Business section pointed out the growing number of practicing vets across the country who have large college loans. They're not alone.

According to Think Progress, a political blog sponsored by the Center for American Progress, the number of students who go into debt to get a bachelor's degree has risen from 45 percent in 1993 to 94 percent today. In 2010, student loans surpassed credit cards as the largest source of debt for Americans and now tops $1 trillion.

Not making student loan payments can damage your credit, which can prevent you from obtaining a job. Unpaid student loans can follow you for decades and money can be taken from income tax refunds and Social Security benefits. Wages can be garnished, and it is rarely discharged in bankruptcy.

Graduates and others who have student loans should learn their options since there are repayment plans available, even for those who have defaulted. It is never too late to begin repaying. As a local nonprofit agency providing financial education for over 30 years, we want consumers to know we have knowledgeable experts available to help you find a way to manage college debt within your budget.

We encourage anyone with student loans to learn financial aid terminology to ensure they understand what options they have. There are many new loan forgiveness and income-based loan repayment options available today. However, navigating through all the student loan information can be overwhelming.

Let our counselors negotiate with your lenders to help you get back on track to financial stability.
After all, you went to college to attain financial security.

Source: http://www.mysanantonio.com

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How to Find Fast Loans For Students - How to get an 'Education loan' The cost of education is getting higher day and day. To solve this problem, banks provide 'Education Loans' to all deserving students so that further studies become a good learning experience. Getting an education loan granted can be quite easy and one can apply online also for it.
To take an education loan from a bank, a student should take the following steps:

- Step 1: Take the student loan application form from the bank and fill it correctly. 

- Step 2: Have a personal discussion with the bank authorities. 

- Step 3: Provide correct supporting documents to the bank with your signatures on them. 

- Step 4: Get a guarantor.

- Step 5: Student signature on Promissory Note. 

- Step 6: Sanctioning of the loan or disbursal of the loan to the student.

All the above six steps have to be followed by the applicant. Now let us discuss each step:

Step 1: Loan Application form from the bank

Just as for all the other kinds of loans, for an education loan also the banks provide an application form to the applicant which has to be filled correctly. The bank will ask for personal details and all information related to the course for which one is applying. Make sure the information is accurate and can be easily verified. This information will help the bank to process your application faster.

Step 2: Personal Discussion with the bank authorities.

Once the applicant has filled the form, the next step is the discussion with the bank authorities. In this stage, the applicant is asked about his/her academic and extra-curricular performance. At this stage, it is very important to be lucid and clear about one's selection of the course and its potential of generating income in the future.

Step 3: Provide correct supporting documents to the bank with your signatures on them

In case of education loans, the documents related to admissions are mandatory even before the bank considers the loan application. The bank will verify on every step of the enrollment of the student in the concerned institute in which he/she is studying. One may also require collateral
security such as papers related to any property to be mortgaged if the loan amount is above 4 lakhs (INR).

Step 4: Get a guarantor.

For an education loan, a guarantor is mandatory.To get a loan approved there should be a person who takes the responsibility for the repayment of the loan in case of any mishap. The guarantor could be the applicant's parents or guardians. The bank will run a thorough check on the guarantor's credit history before sanctioning the loan. After the completion of the process, the loan may be sanctioned or denied.

Step 5: Student signature on Promissory Note

While the parents/guardians are guarantors, the student is the actual borrower of the loan. Once the loan is
sanctioned, the student has to sign a promissory note to the bank.

Step 6: Sanction of the loan or disbursal of the loan to the student

Once the paper work formalities have been completed, the bank will surely disburse the loan into your account or deposit the fee directly into the account of the concerned college/institute.
All the above 6 steps will surely help you to understand the process of education loan. Once the loan has been approved you may contact the Admission Times for the further process.

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Student Loan Defermest - Deferring payment on student loans is necessary when circumstances prevent a borrower from staying current on payments. There are many types of deferments available depending on the kind of student loan and the situation. For instance, deferments on private loans are completely discretionary to the lender. If a private lender wants to grant or deny a deferment they can, without consequences. Ironically, they may also charge a borrower requesting a deferment because they're unable to pay. Sallie Mae often charges $150 for a three month deferment.

For deferments of federal loans there are rules to be followed and made available to borrowers. The most common deferment on a federal student loan is the "in school" deferment. In other words, if a borrower is

in school for at least half-time, payments on the federal loans will be deferred. For Stafford loans there are also deferments available when a borrower is unemployed, in a rehabilitation training program, in a graduate fellowship, in the military service or following active duty, temporarily totally disabled or caring for a disabled spouse or dependent. Deferments are also available for economic hardship.

Economic hardship deferment applications must be in writing and can be issued in one year increments for a maximum of three years. To qualify for an economic  hardship deferment a borrower must show that they are receiving federal or state public assistance, are a Peace Corps volunteer, have an economic hardship deferment on another loan or is working full time but still at 150% of poverty. An unemployed borrower seeking a deferment must be registered with an employment agency and must show proof of eligibility for unemployment benefits. To obtain an economic hardship deferment on a Parent PLUS loan, all cosigners to the loan have to be unemployed.

In addition to deferments, borrowers can verbally request a discretionary forbearance for causes such as poor health or other personal problems. While a forbearance may be needed for a short term crisis it's important to remember that when a forbearance ends, all interest is capitalized, creating a long term significant increase in the amount of the student loan debt.

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They Won't They Let Education-Loan Debtors Refinance  - Just about any time I turn on the radio, I hear an ad exhorting people to refinance their loans.  Interest rates are lower than they've been in decades, those ads remind us.  Even some people with less-than-stellar credit--including those whose home mortgages are "underwater" or even in foreclosure--are getting those rates.

It's not only the homeowners who've overpaid for their McMansions who can refinance.  People with credit card debt, even if it's a result of gambling, will be considered for lower interest rates, especially if they have collateral--including homes with "underwater" mortgages!  Car loans aren't exempt from consideration, either.

In fact, there's only one kind of loan for which it's all but impossible to get lower interest rates.  Since you're reading this blog, you've probably guessed what it is:  Federally-guaranteed student loans. 

The government and banks point fingers at each other when it comes to this issue.  The government blames the banks for not wanting to reduce the interest rates on such loans, which are often carried by people who don't have collateral.  The banks blame the Federal government for regulating the interest rates on those loans. 

Of course, both sides don't want to give up the handsome profits they're making.  They also realize that most student debtors are a captive market:  Unlike, for example, credit card holders who can shift their balances from, say, Capital One to Barclays, those who are struggling to pay education loans don't have the option of moving their debts and balances to another credit provider.

Plus, the loans are one of the few areas in which the Government actually makes a tidy profit.  According to the Center for American Progress, these loans are expect to give Uncle Sam over $34 billion in profits this year by financing $864 billion of the $1trillion in outstanding student loans. In the current budget environment, nobody wants to ask the government to cut off such a cash cow.

Most of those loans are saddled with interest rates of 6 percent or more.  According to the CAP, simply applying a rate of 5 percent to all student loans that currently have interest rates higher than that will save borrowers around $14 billion. 

Then maybe, just maybe, they could take advantage of those lower interest rates on home and other kinds of loans. And they might start to buy the homes, cars and other things their parents were able to buy without having gone to college and endebting themselves for the privilege.

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Report Details Woes of Student Loan Debt - As in the housing market, securitization of student loans led to more aggressive underwriting for borrowers who could not possibly afford the debt they took on, according to a government report.

The 131-page report was formally released by the Education Department and the Consumer Financial Protection Bureau on Friday. It provides new estimates for total outstanding student loan debt: more than $1 trillion in 2012, composed of $864 billion in federal government loans and $150 billion in private student loan debt.

Cumulative defaults on private student loans exceeded $8 billion, a sum from over 850,000 distinct loans.
That total has risen in the last decade as lenders bypassed college financial aid offices and marketed loans directly to students. Students often signed on without realizing the difference between private and government loans or that government loans usually offered better terms, the report says.
Private student loans, for example, usually charge higher interest rates and are harder to discharge in bankruptcy.

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Student Loan Debt Could Cripple Economy For Decades - The price of a college education has been climbing at a substantially higher rate than inflation for years; meanwhile, the value of a college degree has been falling. That’s why thousands of debt-laden college graduates are facing the worst economic bust to plague the United States since the housing bubble burst.

A recent report from the Center for College Affordability and Productivity, entitled “Why Are Recent College Graduates Underemployed?”, refutes the oft-repeated theory that college educated Americans have the potential to earn substantially higher lifetime incomes than their uneducated peers. In fact, the report indicates that many college-educated Americans are woefully underemployed because “the growth of supply of college-educated labor is
exceeding the growth in the demand for such labor in the labor market.”

From the report: 

• About 48 percent of employed U.S. college graduates are in jobs that the Bureau of Labor Statistics (BLS) suggests requires less than a four-year college education. Eleven percent of employed college graduates are in occupations requiring more than a high-school diploma but less than a bachelor’s, and 37 percent are in occupations requiring no more than a high-school diploma;
• The proportion of overeducated workers in occupations appears to have grown substantially; in 1970, fewer than one percent of taxi drivers and two percent of firefighters had college degrees, while now more than 15 percent do in both jobs;
• About five million college graduates are in jobs the BLS says require less than a high-school education;
• Comparing average college and high-school earnings is highly misleading as a guide for vocational success, given high college-dropout rates and the fact that overproduction of college graduates lowers recent graduate earnings relative to those graduating earlier;
• Not all colleges are equal: Typical graduates of elite private schools make more than graduates of flagship state universities, but those graduates do much better than those attending relatively non-selective institutions;
• Not all majors are equal: Engineering and economics graduates, for example, typically earn almost double what social work and education graduates receive by mid-career;
• Past and projected future growth in college enrollments and the number of graduates exceeds the actual or projected growth in high-skilled jobs, explaining the development of the underemployment problem and its probable worsening in future years;
• Rising college costs and perceived declines in economic benefits may well lead to declining enrollments and market share for traditional schools and the development of new methods of certifying occupation competence.

Meanwhile, over the past five years the average amount of student loan debt accrued by college students has risen by 30 percent to $23,829. More than half of student loan holders have currently deferred student loan payments, which is only a temporary solution for struggling degree holders.

Some economists expect the American economy to struggle for decades under massive student loan debts because student loans are almost impossible to discharge in bankruptcy and the government will collect by garnishing the paychecks and tax refunds of those who fail to pay. Furthermore, being underwater on student loans can harm a person’s credit score, making it more expensive for them to get loans for homes or vehicles.

As more and more Americans struggle to pay back student loans while underemployed, the economy as a whole will suffer, since the purchases of first homes and other durable goods are put off indefinitely.

Source : personalliberty.com

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Money Does Not Grow on Trees - It has now been over one month since my student loans entered repayment.  One month of numerous letters, emails, and telephone calls.  The letters arrived first to remind me of my upcoming payments.  Then the emails began and finally telephone calls.

     In reply, I have sent mail to all of my lenders and I have called them.  As I have stated in earlier posts, my lenders are unwilling to make different repayment schedules based on my financial situation.  That is, with the exception of my federal loans.
     My federal loans account for approximately $33,000 of my student loan debt.  Therefore, they represent about 25 percent of my total debt.  $33,000 is by no means a small amount and so I applied for Income-based Repayment.  I applied about a month ago through the Department of Education’s website and Nelnet.  It was a simple process that took approximately 15

minutes to complete.  Income-based repayment, or IBR, uses tax information from the IRS to determine how much money is owed per month.  Since I had current IRS information, a lot of work was streamlined.

     The decision has now been made regarding my application.  I found out this past week that I qualify for the IBR plan.  Five loans are under the plan, which amounts to $26,800.  Since I qualify, my monthly payments have been reduced from $304.55 to $0.  Yes, zero dollars.  The reason for that is because of my total debt to income ratio.  Although I wanted to qualify, I was unsure if I would.  Now that I have, it’s a good start to my student loan debt.

     By saving the $304.55 per month, my income almost covers my private loan debt.  However, I am still in the red by about $100 per month.

     Now that I know I qualify for the Federal guidelines of the IBR plan, it reaffirms my commitment in seeing new repayment plans for private loans.  If private lenders adopted a similar plan to IBR, student loan debt would be manageable.

     I am thankful for the Federal repayment plans and am hopeful that they will one day extend to all student loans.  After all, Money Doesn't Grow on Trees.

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How To Applying Online For Apprentice Loans - After admission top school, a lot of of us accept some abashing apropos our added education. It is never an simple decision, accessory Universities. Universities are expensive, although you can yield out a loan, it will yield years to pay aback even if you become acutely acknowledged with the career choices you make.
Today, ample numbers of lenders are accessible in bazaar to action you academy loans. Due to added competition, some lenders are alms adorable apprentice accommodation bales even with assorted liberties in repayments like transaction holidays. That’s why acceptance are brash to accomplish a analysis on their own afore finalizing a deal.

You can use Internet to seek for clandestine apprentice accommodation as able-bodied as government apprentice loan.

WHY administer online for apprentice loans?
1. Online apprentice loans are affordable with actual low amount of interest.
2. They are unsecured, so your home disinterestedness or retirement accounts are never at risk.
3. They are actual simple and fast, crave no government forms and no borderline and quick approval.
4. Online apprentice loans accord you adventitious to acquire on your investments and savings.
5. Crave no paperwork.
HOW to administer online for apprentice loans?
You can administer via lender or can anon login to the website, and can administer for an online apprentice loan.
If you are a graduate, you will be asked to accommodate the afterward information:
1. Information , name and abode of the applicant.
2. Two Personal references.
3. The Balance and amount of absorption of your accepted apprentice loans.
4. Your best of online apprentice loans transaction plan.
As a cessation online apprentice accommodation are easy, beneath time consuming, charge no cardboard plan and action you apprentice accommodation with aggressive absorption rate. However it is recommended that you accomplish a absolute analysis online to accept the best deal. Do not postpone, you can save a lot of money by accepting a apprentice loan.

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Start Save Money to Pay Down Student Loan Debt Tax Act 2013  - How would you like to pay off your student loan debt?
As a mother of seven children who are young adults and college educated, I know what it is like to struggle to pay for school and manage student loan debt.
Be free of student loan debt
I believe that every person can be free from the worry of student loan debt and pay them off by following steps to save money.
The key is to free up funds to put toward retiring those debts. It’s also important to write a check (or make a payment online) toward the loan at the time you save the money.

Otherwise, your hard work at cutting back will only get reabsorbed into the family spending.

Here are some key areas where you can begin to reach that goal.

Save in Your Community

Begin the savings adventure close to home by supporting your local schools and businesses.

    School Discount Cards – Help your favorite student by purchasing their schools discount card, almost every school offers these as part of their fundraisers.Each card costs around $10 and is good at dozens of local businesses for savings on things like oil changes, dry cleaning, haircuts, pizza and more, depending on the card. We saved loads at a local coffee shop’s “buy one/get one free” offer. My friends kept wondering why I chose the same location each time we met for java but I saved $350 over the course of a year!

    Entertainment.com offers a coupon book and costs between $25 and $45. Preview the coupon booklet for your area first. You’ll save on movie theaters, theme parks, sporting events, and at local shops. The average advertised total book savings is $17,000. If you redeem 25% there would be an annual savings of $4250. Even a mere10% redemption is a savings of $1700 per year to put toward student loan debt

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Is Student Loan Consolidation The Right Option? - As we know that educations is never decreased instead it's increasing from time to time, therefore the students force to deal with debt. Thus, applying for a student loan consolidation become an imperative to manage the debts.

If you are a new student, surely you are enjoying an independence and study, however things are often not as good as you expected, responsibilities attached to this condition. You worry about the things that you should think about before, such as payments. There are still other payments such as peripheral to think about like room, books and supplies, transportation, food, and tuition fees.


It will not be surprising if students encounter difficulties, particularly in the financial sector. As most of the time and effort students mostly centers on their studies, not to mention the fact of limited revenue streams, bills will be more difficult to pay. What can a student do when this unavoidable fact finds them and will be around for an indefinite period?

Student loan has become a popular option today. Apart from conventional loans, there are also direct loans from the government.

These direct loans works like the 'study now, pay later "program that will allow the student to borrow a certain amount it does not have to pay until graduation and getting a good job . They are called as such because they do not require a monetary deposit or guarantee.

Now, if it already has a lot of outstanding loans? That would really put a lot of difficulties in the future.

Imagine the interest in summarizing the unmanageable proportions! This is a good thing, a student could consolidate all his loans in existence to one single payment each month to a single lender.

There are many benefits associated with the consolidation loan student. Not only did he get a warrant more lenient to pay his debts, but it may pay an amount much less than what he originally bargained for.

Because it also has a grace period of six months before you actually start to repay its loans, the loan appears too possible for the student. With a smaller monthly payment, it can also manage other costs that will be taking care of the future, such as food, utensils, car expenses, mortgages, and education related fees for their children among other things.

Potentially, interest rates could be minimized, as there would be a pillar that would be used to determine the applicable interest and above.

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How To Consolidate Cheap Student Loans? - Today, the cost of higher education is becoming increasingly expensive. Some families may not be able to afford to send their son or daughter for further education. Therefore get a student loan help. There are two main types of student loans available. Government student loans and private student loans. Student loans or federal government funded and administered by the U.S. Department of Education. It is classified under the student aid federal loans. They have very few requirements other than you are a student in an American college or university. International students may also apply if the approval is on a case by case basis.


Each year, the program through student loans pay nearly $ 60 billion making it a good choice for a government student loan. Thus, interest rates are very low. Private student loans are funded and administered by banks and other financial institutions. These lenders offer student loans at an interest rate higher compared to federal student loans. Some common student loans available are from Citibank and Sallie Mae

You are allowed to ask for private student loans and federal education needs your although I would not recommend it. For some students who have a few student loans to repay at the same time, it can be a financial burden on their family finances. This is where student loan consolidation comes in.

Student Loan Consolidation essentially consolidates all your student loans into one loan so that it is easier to manage and make payments. When you find a student loan consolidation whether from the government or the private market, your existing student loans are paid for and cleared by the lender to consolidate student loans. Balances are transferred to the new student loan consolidation. So you start a new loan and only needs to make a single payment each month.

There are several advantages to using student loan consolidation. Interest rates will be lower because it takes the average interest rates of your previous student loans. Thus, due to government legislation, the maximum interest rate can not exceed 8.25 percent.

It becomes much easier to manage a single student loan and payment are easier. Repayment options are quite flexible. To consolidate federal student loans, you can opt to start repaying after you have graduated from school. There are also several other options.

Another beneficial side-effect of student loan consolidation is that it can also improve your credit score. Since you are effectively clearing all your old student loans and taking a new one, your credit score will increase and it is important if plan to take other types of loans in the future ....

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Consolidation student loans is a program that allows students to consolidate loans outstanding education in a new single loan. This is not limited to a single lender. Even if lenders hold these loans, you can always opt for the consolidated loan. Consolidating student loans is beneficial because it will reduce your monthly payments since the payment will be extended.

Consolidating student loans is convenient for students and parents because it simplifies the loan. The monthly amortization will also be lower due to the repayment can be spread over a longer period. The interest rate will also be reduced since the borrower will have many options benefit plan. The best time to consolidate loans is right after graduation before the grace period ends. This will allow the borrower to secure the lowest possible rates on the loans.


Government consolidation loans have lower monthly payments and have flexible terms and conditions of repayment. Rates may be as low as 3.5% and are calculated at a fixed rate. This will also benefit you if you want to get rid of the release of many controls. With student loans, the government consolidated, you will get a refund and unique easy since you only have to sign one check each month. Students over $ 10,000 in outstanding student loans are eligible for this program.

The borrower must also not be in school half-time or more. There are many types of loans that can be consolidated with this program. They are Stafford loans, Federal Consolidation Loans, Perkins Loans, Parent Loans Plus, HEAL / HPSL Student Loans, Federal Direct Consolidation Loans and many more.

Private student loans can also be consolidated. However, you should not consolidate federal and private student loans. This is because you are not able to defer payments on the loan consolidation private, but you can with the consolidation of federal loans if you want to return to school.

With the consolidation of private loans, you can not stop payment if you have economic difficulties. Private loans are not eligible to claim tax deductions. In addition, if the borrower has died, federal loans are forgiven as private loans, loans have gone to the nearest relative.

It is important to consolidate student loans from the federal government because it reduces the number of credit loans that you may have. This will also create a good credit score will allow you to better conditions for the consolidation of private loans.

Credit check is not required also the consolidation of government student loans from the government of the United States guarantees federal student loans. Application consolidation of student loans is very easy. Advisors ready on your school will be able to advise you on the procedures. You may apply online, by mail or by phone. It will only take 1-3 months to build.

If, however, you will not be eligible, you may consider refinancing your home or investment property to repay your loans. You may also consider a personal line of credit from the bank or consider consolidating private loans. Reimbursement has different terms.

For borrowers with loan balances of $ 10,000 to 19,999 dollars, have a repayment period of 15 years. Twenty years is allocated for those with loan balances $ 20,000 to $ 39,999. There is 24 repayment for one year for those loan balances $ 40,000 to $ 59,999. If your loan balance is $ 60,000 or more, the 30-year program will cover.

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Every mother or father understands of the fact that they have to invest lot cash for their child's schooling. Many anticipate these expenses and try to invest less towards college tuition and higher knowledge fees. Not all the mother and father are able to preserve enough cash. It becomes difficult for them to strategy on pension benefits. As a result they send their children to an average or a average higher knowledge, that too after spending lots of money. But there are some brilliant mother and father who gather all the necessary details and invest less accordingly and invest get make their children be a part of in their desire higher knowledge. If you are the mother or father of a college-bound student, you may be thinking and concerned how you could afford for your child's knowledge. To get the children be a part of their desire higher knowledge may impacts the pension plans of some mother and father. In such a situation, grants and sports grants performs vital role in every past or present student's life.

There are ways to cut price on schooling and invest less towards the pension strategy. There are several economical helps available for almost all the mother and father. It is noticeable that many middle and upper-class family members were able to reduce the price of their child's knowledge by planning in enhance. Thus they don't choose any other means for their child's knowledge.

Many mother and father thoughtlessly believe that they will get a solution for economical aid from their child's assistance advisor or from the economical aid night. Unfortunately those mother and father end up in paying large amount than needed. It is said that secondary university assistance therapists are not trained to advice mother and father on economical helps. They are just intended to assist in submitting the types. It is same in the case of economical aid night time. In most cases these ability may not be conscious of the techniques and describing those to aid the mother and father.

One of the significant things to keep in mind before applying is to check whether those educational institutions have the ability to prize grants to their learners, because, most of the educational institutions have very little to provide away. Choosing the right educational institutions in enhance which can provide its best economical aid to the learners can reduce your visit to the university thereby saving your cash.

According to the report from the Division of Education, 90% of the economical aid types are posted with any errors. Every simple and reckless error can end up in rejecting the types. To reprocess your form, it will take another 4 to 6 weeks. As many economical helps are granted on first-come, first-served basis, and publish the types promptly, such errors are likely to happen. Due attention and care while posting such types can help you to helps you to save lots of money. You can even get tax benefits when discussed with a good advisor who understands of techniques and techniques.

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School grounds around the planet are loaded with group bing lovers. Remaining uni isn't easy. Of course, you need to create a research plan, motivate yourself, tests are more complicated and examinations are challenging. They say the first 7 days is the challenging and for many individuals, that's true. To accept all that life as an excellent pupil has to offer, there are many traditions you need to join in and notice. Here, we hand you your success information for getting through your first 7 days of university.

One: Making friends

Its definitely one of the challenging things to do, but there are many ways to make new friends. If you're living in an excellent style of housing, try to spend in the public places of the house like the living room, kitchen or dinner area.

Take to be able to socialize with individuals either at uni bar events, higher education pub crawls, meals or be a part of a wearing group. You could indication up to be aspect of a group like a studying group, a movie group or a bottles group. It's also important to really know the people and some women in your course. They help with preparation, present you to other individuals and you're learning the same level so possibilities are that your passions will be quite similar.

Two: Going out

Uni is all about adopting everything new and different about being in a new place with new individuals. Sure, we anticipate and motivate you to hit the guides once in a while, but allowing your hair down is also a huge aspect of being an excellent pupil. Don't just think the surge of pub crawls, uni cafes, events and game night time are only in the first 7 days. Let me tell you, they are on through the entire term. Remember to consume loads of water between beverages and just before you head to bed. Take some natural vitamins like Berocca and have a significant food before going out on the alcoholic beverages.

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Rep. Bill Cassidy of Louisiana calls for repeal of health-care law

NEW YORK (MarketWatch) — President Barack Obama is urging Congress to reach agreement on a bill to fund transportation projects and move to stop student-loan rates from doubling.

“We are seven days away from thousands of American workers having to walk off the job because Congress hasn’t passed a transportation bill. We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn’t acted to stop it,” Obama said in his weekly radio and internet address. See full video and/or transcript.

“Let’s make it easier for students to stay in college. Let’s keep construction workers rebuilding our roads and bridges,” Obama said.

Democratic and Republican lawmakers are still at odds over how to pay for a $6 billion plan that would keep student loans from spiking from the current 3.4% rate on subsidized loans on July 1.

Senate aides from both sides on Friday said congressional negotiators appeared to be near a compromise that would extend the 3.4% rate for another year, the Associated Press reported.

The Federal Reserve Bank of New York in May said student loan debt increased this year to $904 billion, even as other types of consumer debt declined. See Fed release on quarterly report showing student-debt growth.

In the Republican reply to Obama’s weekly address, Louisiana Rep. Bill Cassidy said if the U.S. Supreme Court does not repeal the whole health-care law, then Congress should.

“Unless the court throws out the entire law, we should repeal what is left and implement common-sense, step-by-step reforms,” Cassidy said. Read transcript/watch video on this site.

The high court is expected to rule on the law, the Affordable Health Care Act, by the end of the month, which would mean to the week ahead.

The court’s options include upholding it or repealing all or portions of the legislation, including its mandate that most individuals carry health insurance.

Most of the estimated 50 million currently without insurance would be able to get it through taxpayer-subsidized coverage. Some people, such as illegal immigrants, would be exempt from the mandate.

Source : dumboanddonkey.blogspot.com/2012/06/obama-urges-congress-to-act-on-student

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