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Looking to finish your online degrees, start a new career, or increase your earning potential? College and graduate school are easily within your reach with an online education degree program.

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You must submit a FAFSA to be considered for grants, work-study, and federal student loans, including Federal Stafford and Federal Parent PLUS Loans.

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6 Strategies for Slaying the Student Loan Dragon

For recent college graduates, facing debt from student loans can feel like squaring off against a fire-breathing dragon of ancient myth, armed only with a metal trash can lid for a shield and a toothpick for a lance. In fact, the Class of 2011 is the most indebted ever, with average loan balances close to $27,000, a harsh reality for graduates who are trying to find jobs that earn them enough so they can stay current on student loan payments. But all is not lost. Here are six strategies to help you slay the student loan dragon.

1. New tools can help you understand your repayment options

The first thing you should do is check out a new website called PaybackSmarter.com, which will help you see your student loan options in graphic detail. For example, you can consolidate your loans to get longer terms with a higher total repayment but smaller monthly minimums, or you can pay more each month to pay off your loans earlier and lower your total repayment but increase your monthly minimums.

2. Look into federal student loan repayment programs

If you can afford your monthly payments, stand pat. But if you can’t because you don’t have a job or the job you have doesn’t pay enough, then you should consider enrolling in the federal Income Based Repayment program, which will allow you pay an affordable percentage of your monthly income over a certain number of years, after which any remaining student loan balance is forgiven — and if your income is zero because you’re unemployed, then you pay nothing.

You should also consider federal loan forgiveness programs and state loan forgiveness programs that help pay off your student loan in exchange for working in a particular field in a certain part of the country for a few years.

3. Manage your private student loans

If you have private student loans, you may be able to refinance them at lower interest rates through a local credit union or through a bank or private lender’s private student consolidation loan. Your parents will probably have to co-sign for a refinance, but since they probably had to co-sign your private student loans in the first place, that shouldn’t be a problem.

4. Don’t rush to consolidate

Even though we just suggested you look into private student loan consolidation, don’t rush blindly into the fray. In many cases, consolidation won’t actually save you any money — and may end up costing you even more — so investigate your consolidation options carefully, do your homework, and ask lots of questions.

Avoid mixing in your low-interest student loans with your high-interest loans, because you’ll lose your low interest rate. Instead, aim to consolidate your high-interest loans into lower-interest loans and leave your low-interest loans alone. And watch out for low-interest consolidation loans with variable interest rates. Once interest rates rise, your variable-rate consolidation loan could end up costing you more than your original fixed-rate loan that was 4 or 5 percent higher.

5. Seek help from your family

You can always ask mom, dad, and the grandparents to help if things are looking bleak. If you and your family is good with money and you’re good at paying your bills on time, try to work out a deal for an intra-family loan to help pay off your debt. With interest rates on CDs and savings accounts abysmally low, your parents and grandparents stand to make out even if they loan you money at half the interest rate of your student loan, Just make sure everyone is happy with the terms and signs a contract.

Alternatively, instead of getting financially involved with family — which can be tricky thing to pull off for many people — you can ask that birthday and holiday gifts be given as cash so you can use them to pay off your student loans.

6. Keep careful records

Keep copies of everything. Student loans and the rights to service them get bundled and sold, often more than once, and a lot of chefs can end up in the kitchen. Consolidations can get improperly recorded, siblings can get each other’s bills, and things can get generally out of whack. It’s up to you to keep accurate records, and to get everything in writing, so that you have official documentation when you have to dispute something or argue with the billing department or — and this happens more often than you can imagine — you have to provide some loan servicer with documentation that they should already have.

The student loan dragon is big, menacing, and has an insatiable appetite, even if you can’t afford to feed it. Thankfully, these six strategies for paying off your student loans will help you sooth the savage beast and get out of debt as safely as possible.

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Your Debt-Ridden Kids: 3 Steps to Help Them Kick Their Bad Spending Habits for Good

Maybe you’re one of those parents who’s always bailing your grown children out of a financial hole.

You watch your just-out-of-college kids buy an iPhone, a plasma TV, spend $4.00 a day on their Caramel Frappuccino at Starbucks, even though you know they can’t afford it. Yet when they’re overdrawn on their checking account, maxed out on their student credit cards, late on their rent, or can’t make their student loan payments, you’re quick to swoop in with the money they need.

It’s natural to want to help your kids. Even when they’re old enough to be taking care of themselves, you don’t want to see them make financial mistakes that could affect them for years.

But if you want there to be any hope of putting an end to this cycle, before you bail your 20-something son or daughter out again, keep these three tips in mind:

Be objective. Take into consideration why your kids need the money. If they got laid off, for example, or totaled their car in an accident, assuming the role of the emotionally and financially supportive parent is completely appropriate. But if this is the tenth time in six months that one of your kids is hitting you up for money, this may be a sign of an unhealthy pattern that can’t be fixed by simply writing a check. Your child could be showing signs of compulsive “debting.”

Don’t enable. Consider the pattern you’re setting and the behavior you’re encouraging by not putting your foot down. If you’re always there to bail them out, your kids will never change their spend-happy ways because you haven’t given them a reason to. In their world, there aren’t any consequences to making poor financial decisions because you’re quick to pull out your checkbook, no matter what their financial slip-up.

Set boundaries. Make it clear that your help is temporary. Next time, before you hand over any money, set some conditions: Require that your kids enroll in a continuing education class on financial management, watch them cut up one of their credit cards, or let them know that you expect them to sell off their nonessentials (iPod, TV, stereo) to pay you back. Be clear about how long you’ll help, and set a non-negotiable cutoff date — the day you stop handing over money, period.

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6 Strategies for Slaying the Student Loan Dragon

For recent college graduates, facing debt from consolidate private student loan can feel like squaring off against a fire-breathing dragon of ancient myth, armed only with a metal trash can lid for a shield and a toothpick for a lance. In fact, the Class of 2011 is the most indebted ever, with average loan balances close to $27,000, a harsh reality for graduates who are trying to find jobs that earn them enough so they can stay current on student loan payments. But all is not lost. Here are six strategies to help you slay the student loan dragon.1. New tools can help you understand your repayment optionsThe first thing you should do is check out a new website called PaybackSmarter.com, which will help you see your student loan options in graphic detail. For example, you can consolidate your loans to get longer terms with a higher total repayment but smaller monthly minimums, or you can pay more each month to pay off your loans earlier and lower your total repayment but increase your monthly minimums.2. Look into federal student loan repayment programsIf you can afford your monthly payments, stand pat. But if you can’t because you don’t have a job or the job you have doesn’t pay enough, then you should consider enrolling in the federal Income Based Repayment program, which will allow you pay an affordable percentage of your monthly income over a certain number of years, after which any remaining student loan balance is forgiven — and if your income is zero because you’re unemployed, then you pay nothing.You should also consider federal loan forgiveness programs and state loan forgiveness programs that help pay off your student loan in exchange for working in a particular field in a certain part of the country for a few years.3. Manage your private student loansIf you have private student loans, you may be able to refinance them at lower interest rates through a local credit union or through a bank or private lender’s private student consolidation loan. Your parents will probably have to co-sign for a refinance, but since they probably had to co-sign your private student loans in the first place, that shouldn’t be a problem.4. Don’t rush to consolidateEven though we just suggested you look into private student loan consolidation, don’t rush blindly into the fray. In many cases, consolidation won’t actually save you any money — and may end up costing you even more — so investigate your consolidation options carefully, do your homework, and ask lots of questions.Avoid mixing in your low-interest student loans with your high-interest loans, because you’ll lose your low interest rate. Instead, aim to consolidate your high-interest loans into lower-interest loans and leave your low-interest loans alone. And watch out for low-interest consolidation loans with variable interest rates. Once interest rates rise, your variable-rate consolidation loan could end up costing you more than your original fixed-rate loan that was 4 or 5 percent higher.5. Seek help from your familyYou can always ask mom, dad, and the grandparents to help if things are looking bleak. If you and your family is good with money and you’re good at paying your bills on time, try to work out a deal for an intra-family loan to help pay off your debt. With interest rates on CDs and savings accounts abysmally low, your parents and grandparents stand to make out even if they loan you money at half the interest rate of your student loan, Just make sure everyone is happy with the terms and signs a contract.Alternatively, instead of getting financially involved with family — which can be tricky thing to pull off for many people — you can ask that birthday and holiday gifts be given as cash so you can use them to pay off your student loans.6. Keep careful recordsKeep copies of everything. Student loans and the rights to service them get bundled and sold, often more than once, and a lot of chefs can end up in the kitchen. Consolidations can get improperly recorded, siblings can get each other’s bills, and things can get generally out of whack. It’s up to you to keep

accurate records, and to get everything in writing, so that you have official documentation when you have to dispute something or argue with the billing department or — and this happens more often than you can imagine — you have to provide some loan servicer with documentation that they should already have.The student loan dragon is big, menacing, and has an insatiable appetite, even if you can’t afford to feed it. Thankfully, these six strategies for paying off your student loans will help you sooth the savage beast and get out of debt as safely as possible.

visit Us:https://studentloandaddy.com/

This article has written by Miss Money Belle

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Surviving the Economy: 8 Tips for Living on a Grad Budget

Graduating from college and getting your first job is a huge accomplishment, but it also starts you on a path toward financial independence, whether you’re prepared for it or not. Student loan consolidation Cashing in that first paycheck can be exciting but scary once you see how quickly it gets eaten up by rent, food, gas, utilities, and student loan payments. You might be making more money than you were in college, but you’re probably having to spend more money too.

To help you out now that you’re living on your own, here are eight tips for managing your expenses, so you can cover your bills, stay within your grad budget, and still have some spending money left over to enjoy.

How to Make It on Your Own

1) Know what you need. If you’re still interviewing for jobs, get a rough estimate of what your cost of living is going to be. Use a budget calculator that goes beyond just the basics and allows you to punch in detailed income and obligations like salary, savings, taxes, insurance, living expenses, and monthly payments for your car, credit cards, and student loans. This way, you’ll know what salary range you’ll need to look for in order to be able to cover all your monthly expenditures. *In-Case-of-Emergency Rule: Don’t forget to factor in a monthly allowance that you can put toward an emergency fund to cover unexpected expenses like car repairs or doctor’s visits.

2) Lower your student loan payments. Student loans can take a big piece of your paycheck each month. By consolidating your federal student loans, you could get up to 20 more years to repay and cut your monthly payments in half. You can also call your lender and ask about alternative repayment options: Extended, income-sensitive, and graduated repayment plans could lower your monthly payments. *Pay Later Tip: If you’re in a jam and having trouble making your student loan payments, even on a reduced-payment plan, call your lender ASAP. Ask about your deferment and forbearance benefits, which may allow you to temporarily postpone your payments altogether — without your credit taking a hit.

3) Make sure you’re covered. Once you’ve graduated, you’ll most likely have only a limited amount of coverage time left under your parents’ insurance plans. You want to make sure you’ve got health insurance, car insurance, and renters insurance; you can use sites like Insurance.com, eRenterPlan, and eHealthInsurance to compare policies. A couple hundred bucks a month is a small price to pay to make sure that if you end up in the hospital, in a car accident, or having your apartment broken into, you won’t be left without wheels, belongings, or with tens of thousands of dollars in medical bills. *Keeping-It-in-the-Family Tip: When you start insurance shopping, call your parents’ providers first to see if they can offer you a simple and affordable transition into your own plan, along with a family or referral discount.

4) Monitor your minutes. If you’re transitioning from your parents’ cell phone plan to your own, you may actually have more coverage than you really need. Check with your provider to see if you can drop down to a less expensive plan with fewer minutes. *Texting Tip: If you text a lot, it may be more cost-effective to sign up for an unlimited text messaging plan to avoid paying overage charges.

5) Make your own meals. You may not like to cook, but add up how much you spend each week when you eat out, and you may realize where all your money’s going. The $15.00 you spend on two large sandwiches at Quizno’s, for instance, could buy you enough ingredients to make your own subs at home for a week. Bringing your lunch to work will save you time and money, and you’ll probably end up eating healthier too. *Splurge Rule: Allow yourself one dinner or lunch out a week, whether it’s with friends or your significant other.

6) Make your own cleaning products. Save money on pricey household cleaners by making your own from common pantry items like baking soda, vinegar, lemon juice, and hydrogen peroxide. *Go Green Tip: Besides being a lot less expensive than commercial cleaners, natural homemade cleaning products are more eco-friendly, free of harsh and toxic chemicals.

7) Buddy-buy in bulk. What worked in college will still work now: Team up with friends or family who have a Costco or Sam’s Club membership, and make monthly trips to buy groceries and household necessities in bulk. Split the cost, split the goods, and save big. *Two-for-One Tip: Your trip to a warehouse chain can double as a free meal if you take advantage of all the food samples.

8) Shop discount. Thrift shops, outlets, and stores like Big Lots, Ross, and TJ Maxx are great places to get clothes and household and personal items at discounted prices. You can also find deals on used furniture and electronics online at sites like Craigslist and Overstock.com.

*Library Rule: If you chuck it, check it out. Instead of paying to buy or rent movies, video games, books, or magazines that you’ll end up reselling, returning, or recycling, check them out at your local library for free.

How to Make It on a Budget — Without Hating It

When you start keeping track of every single thing you buy in a week — your daily coffee, the soft drinks you get from the vending machine at lunch — you’ll be surprised at how easy it is to spend a lot of money on little things. The trick to living on a budget is to find a balance and cut back on the extras without giving up everything.

Use your newfound savings to treat yourself to little joys every once in a while: In addition to your weekly meal out, allow yourself one small monthly reward for sticking to your spending plan — a night out at the movies, a new outfit, a baseball game, anything that feels like a present to yourself.

Visit Us:https://studentloandaddy.com/

This article has written by Miss Money Belle

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Financial Aid Questions

Just about everyone qualifies for some type of financial aid. In fact, over 8 million consolidate private student loan receive financial aid every year. Even if you’re not a straight-A student or a star athlete, you may be eligible for more aid than you think. To see if you meet basic eligibility requirements, take our Financial Aid Eligibility Quiz. Then, complete the Free Application for Federal Student Aid to see how much aid you can get. When do I start the process? What is FAFSA and where do I find it? How can I increase my chances of getting more aid? How do I get the money? How do I know if I’m a dependent student? Which loans require credit checks? When do I start repayment of my loans?

Student Loan Consolidation FAQs and Responses

Why should I consolidate my student loans? Consolidating student loans offers many benefits-even if you’re currently making your monthly student loan payments without any difficulty. You can make monthly bill paying easier with one student loan payment to one lender. The rate on a federal loan is fixed for the life of the loan. Federal student loans and parent loans issued prior to July 1 2006, carry variable interest rates that are adjusted annually. Consolidating can help ease the pressure on your monthly budget by reducing your monthly student loan payment by 10% – 60%. You can save money by using your student loan payment savings to pay off high-rate debt, such as credit cards. Consolidation will help your credit scores and debt-to-income ratio, both key factors if you’re looking to qualify for a credit card, buy a car, rent an apartment, or purchase or refinance a home. Won’t my total cost increase if I extend repayment to 30 years? Can my parents consolidate their federal parent loans with my student loans? How is the interest rate determined? Is the interest tax deductible? How do I know what my payment will be? How do I apply?

Stafford Loan FAQs and Responses

What’s the difference between subsidized and unsubsidized Stafford loans? It’s all about financial need.Subsidized Stafford student loans are awarded to students with demonstrated financial need. While students are in school, Uncle Sam pays the interest on subsidized Stafford loans, and payment is deferred (delayed) until after graduation. Once out of school, though, the student assumes responsibility for the loan, including interest.With unsubsidized Stafford student loans, you’re responsible for the interest from the time funds are disbursed. Unsubsidized federal college loans are not based on financial need; in fact, virtually every student is eligible for an unsubsidized Stafford loan. Although interest starts to accrue immediately, you can delay repayment until after graduation. How much money can I get with a federal Stafford student loan? What if it isn’t enough? How are loan funds disbursed? What is the interest rate? How do I apply for a Stafford loan?

Private Student Loan FAQs and Responses

What’s the difference between federal and private student loans? Federal student loans are guaranteed by the federal government, and offer attractive terms such as low fixed interest rates, deferred repayment, subsidized interest payments (for student who demonstrate financial need), and flexible repayment terms. Neither Stafford student loans nor Perkins student loans require a credit check or co-signer. The credit checks for PLUS parent loans and Grad PLUS graduate student loans are modest, much less stringent than for private student loans and other types of consumer loans. You must complete the FAFSA (the Free Application for Federal Student Aid) in order to be eligible for federal education loans.Private student loans are non-government loans offered by banks, credit unions, and other private lenders. These loans are not based on financial need but rather on your creditworthiness and ability to repay. Private student loans are designed to supplement federal loan programs and can be used for a wide range of education purposes, including tuition, books, living expenses, and a computer. The rates and terms for private student loans vary by lender and borrower creditworthiness. If you don’t qualify for a private student loan on your own, you may need to get a co-signer. Do I need a co-signer for a private student loan? What are the rates for private student loans? What is TERI? How do I apply for a private student loan?

Parents’ FrequentlyAsked Questions and Responses

How much should I save for my child’s education? How much you need to save depends on the school your child attends. Tuition and fees at public colleges are generally lower than those at private schools. Regardless of the school, though, education costs have been rising, and are expected to continue increasing over the next decade.Here’s how much college funding you’ll need to save to send one child to an average four-year private or public college. Don’t let these numbers frighten you. Start implementing your college savings plans today.

This article has written by Miss Money Belle

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Student Loan Daddy Private Student Loans

Unfortunately, student loan refinancing Daddy is not currently offering any direct private student loans.

Fortunately, you can apply for a private student loan from one of our trusted partners.

Click here for more information.

Fees  There are no application fees or origination fees for a Student Loan Daddy Private Student Loans. There may be a repayment finance charge depending on your (or your co-signer’s) creditworthiness, as determined by the Lender. This repayment fee would be assessed at the time that your Private Loan goes into repayment. Applying with a creditworthy co-signer may help you qualify for a lower repayment fee, if any.

Interest Rates  The interest rates on Private Student Loans are variable rates based on the one-month LIBOR index, as published in The Wall Street Journal. Your variable rate will be calculated by adding the current one-month LIBOR index to a margin and then rounding up to the nearest 0.125%.

The margin used to calculate your variable rate will depend on your (or your co-signer’s) creditworthiness, as determined by the Lender. The current margin ranges from 2% to 8%. Applying with a creditworthy co-signer may help you qualify for a lower margin and thus a lower interest rate.

Your interest rate will fluctuate as the one-month LIBOR index changes, resetting on the first day of every month, based on the one-month LIBOR index in place on the 25th day of the previous month. A change in your interest rate may result in a change in your monthly payments. Any increase in the one-month LIBOR index will result in an increase in your interest rate, which, in turn, will result in higher monthly payments and/or an increase in your number of scheduled payments.

Any accrued interest will be added to your principal balance and capitalized only once, at the time that your Private Loan enters repayment.

Please note that the actual rates and fees on a Private Loan will vary depending upon the borrower’s (or co-signer’s) credit history and other underwriting criteria. Your promissory note and Truth-in-Lending disclosure statement will contain the actual terms and conditions of your Private Loan. Upon receipt of your Truth-in-Lending disclosure statement, it will be up to you to decide whether or not to accept the Private Loan you applied for. If you don’t accept the proceeds of the loan, you’ll owe nothing. If you do accept the proceeds of the loan, you’ll be responsible for repaying the full amount of all disbursements, principal, fees, and applicable interest in accordance with the terms of your promissory note.

Some of our borrowers may have obtained their Private Student Loan under a previous Private Loan program different than the one described above. To view repayment examples and the rates, fees, and terms for Private Student Loans offered previously, please click here.

Important Information:  Since federal student loans generally offer more attractive terms than private student loans, you should always use your federal financing options first. You should only consider taking out a private student loan if you find that, even after your federal loans and grants, your school costs still exceed your available scholarships and financial aid. In that case, a private student loan could provide the remaining money you need.

In order to provide you with a student loan, it will be necessary for us to share the information you’re providing here with certain third parties, such as a lender or servicer. Any personal information you provide to us on this form may be shared with a third party as outlined in our privacy policy, for the purposes of providing you either with a student loan or with other products or services.

Student Loan Daddy is a marketer of student loans and is not the lender for the Private Loan. All loans are subject to credit approval. Private Loans may not be available in all states. Borrower benefits, terms, and conditions are subject to change without notice

Visit Us:https://studentloandaddy.com/

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Student Loan Daddy Private Student Loans

Unfortunately, student loan refinancing Daddy is not currently offering any direct private student loans.

Fortunately, you can apply for a private student loan from one of our trusted partners.

Click here for more information.

Fees  There are no application fees or origination fees for a Student Loan Daddy Private Student Loans. There may be a repayment finance charge depending on your (or your co-signer’s) creditworthiness, as determined by the Lender. This repayment fee would be assessed at the time that your Private Loan goes into repayment. Applying with a creditworthy co-signer may help you qualify for a lower repayment fee, if any.

Interest Rates  The interest rates on Private Student Loans are variable rates based on the one-month LIBOR index, as published in The Wall Street Journal. Your variable rate will be calculated by adding the current one-month LIBOR index to a margin and then rounding up to the nearest 0.125%.

The margin used to calculate your variable rate will depend on your (or your co-signer’s) creditworthiness, as determined by the Lender. The current margin ranges from 2% to 8%. Applying with a creditworthy co-signer may help you qualify for a lower margin and thus a lower interest rate.

Your interest rate will fluctuate as the one-month LIBOR index changes, resetting on the first day of every month, based on the one-month LIBOR index in place on the 25th day of the previous month. A change in your interest rate may result in a change in your monthly payments. Any increase in the one-month LIBOR index will result in an increase in your interest rate, which, in turn, will result in higher monthly payments and/or an increase in your number of scheduled payments.

Any accrued interest will be added to your principal balance and capitalized only once, at the time that your Private Loan enters repayment.

Please note that the actual rates and fees on a Private Loan will vary depending upon the borrower’s (or co-signer’s) credit history and other underwriting criteria. Your promissory note and Truth-in-Lending disclosure statement will contain the actual terms and conditions of your Private Loan. Upon receipt of your Truth-in-Lending disclosure statement, it will be up to you to decide whether or not to accept the Private Loan you applied for. If you don’t accept the proceeds of the loan, you’ll owe nothing. If you do accept the proceeds of the loan, you’ll be responsible for repaying the full amount of all disbursements, principal, fees, and applicable interest in accordance with the terms of your promissory note.

Some of our borrowers may have obtained their Private Student Loan under a previous Private Loan program different than the one described above. To view repayment examples and the rates, fees, and terms for Private Student Loans offered previously, please click here.

Important Information:  Since federal student loans generally offer more attractive terms than private student loans, you should always use your federal financing options first. You should only consider taking out a private student loan if you find that, even after your federal loans and grants, your school costs still exceed your available scholarships and financial aid. In that case, a private student loan could provide the remaining money you need.

In order to provide you with a student loan, it will be necessary for us to share the information you’re providing here with certain third parties, such as a lender or servicer. Any personal information you provide to us on this form may be shared with a third party as outlined in our privacy policy, for the purposes of providing you either with a student loan or with other products or services.

Student Loan Daddy is a marketer of student loans and is not the lender for the Private Loan. All loans are subject to credit approval. Private Loans may not be available in all states. Borrower benefits, terms, and conditions are subject to change without notice

Visit Us:https://studentloandaddy.com/

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Financial Aid Glossary

Academic Year

September through May, when most schools are in session.

Accrual Date

The date when a loan’s interest charges begin to accrue.

ACT

Standardized multiple-choice test administered to high school education loan consolidation. Colleges may use ACT scores to determine admission eligibility. The ACT is administered five times a year and is designed to measure academic proficiency in English, math, reading, and science.

Adjusted Available Income

The income remaining after taxes and basic living allowances have been subtracted.

Advanced Placement (AP)

College Board program that offers students the opportunity to take college-level courses while they are enrolled in high school. Students may gain advanced standing and/or earn college credit through their performance on the Advanced Placement examinations given each year in May.

Amortization

Payments made over a period of time on a loan’s principal and interest.

Assets

When calculating the expected family contribution (EFC), all assets are considered, including: bonds, checking and savings accounts, stocks, trusts, other securities, real estate (this does not include a person’s home), income, business equipment, and inventory.

Asset Protection Allowance

The formula used by the U.S. Department of Education and a financial aid office to determine which parental assets to exclude when calculating a parent’s financial contribution to a student’s education (expected family contribution).

Assistantship

Student employment, usually referring to departmental research assistance or student teaching.

Associate’s Degree

A two-year college degree.

Auto Debit

Loan payments deducted automatically from checking or savings account on a monthly basis.

Award Letter

Separate, official notices sent to each student from the financial aid office at (each) college(s) where the student has applied for admission. They detail the student’s financial need and the financial aid package awarded (amounts awarded and sources of the awards).

Bachelor’s Degree

A four-year college degree.

Bursar’s Office

The college or university office responsible for billing and collections.

Campus-Based Aid

Financial aid funds provided to a college from the government. Each college determines financial aid applicants’ eligibility to receive the funding. Programs included in campus-based aid include federal work-study, Pell grants, and Federal Supplemental Education Opportunity Grants (FSEOG).

Central Processing System (CPS)

The U.S. Department of Education’s computer system; matches and calculates the expected family contribution (EFC), and delivers the Student Aid Report (SAR).

Citizen (and Eligible Non-Citizen)

To receive federal aid, an applicant must be a U.S. citizen, a U.S. national, or a permanent resident who has an I-151, I-551 or I-94.

Commercial Lender

Commercial institutions that loan money, including banks, credit unions, mutual savings banks, savings and loan associations, stock savings banks, or trust companies.

Commuting Student

A student who lives at home or off campus.

Compound Interest (Capitalization)

Interest paid on a loan’s principal and on any unpaid interest. Compound interest (or capitalization) increases the amount of money the borrower must repay and increases monthly payments.

Cooperative Education (Co-Op)

Colleges and universities pay students to work in a professional setting while attending school.

Co-signer (Co-applicant)

An individual who co-signs on a loan; if the first borrower on a loan defaults, the co-signer (in most cases) is responsible for repayment on that loan.

Cost of Attendance (COA)

A student’s total cost of attending college. This figure includes books, fees, room and board, supplies, transportation, tuition, and other miscellaneous personal expenses. The COA also depends on marital and residency status.

Credit Rating

A numerical score based on credit limits, balances, and personal information assigned by credit bureaus and credit reporting agencies to measure individual’s creditworthiness. Federal Stafford loans do not require a credit score but credit checks are required for Federal PLUS loans and most private student loans.

CSS Profile

College Scholarship Service (CSS) is an application required by some private colleges and universities to determine eligibility for non-federal financial aid.

Custodial Parent

The parent that the student lived with the prior 12 months, in situations of divorce or separation.

Default

Non-payment or late payment of loan installments or failure to meet the terms and conditions of a loan. Typically, payments are considered in default after 270 days without payment. Lenders are entitled to all legal means necessary for debt recovery. This can include wage withholding (garnishing wages), withholding tax refunds, and even confiscation of collateral if any is attached to the loan. Defaulting on a government loan can eliminate future federal financial aid and will negatively affect credit rating.

Deferment

When a lender allows a borrower to postpone loan payments. A borrower must usually satisfy specific eligibility requirements for a loan deferment. If a loan is in default, the lender will not allow deferments.

Delinquent

A loan becomes delinquent when payments are not made on time. When delinquency occurs, the lender can add late fees to the loan payments.

Dependency Status

Whether or not the student is financially Dependent on his or her parents based on federal guidelines. All students are considered Dependents unless they are 24 years of age as of January 1, married, graduate or professional students, responsible for a legal Dependent other than a spouse, Veterans of the U.S. Armed Forces, or orphans or wards of the court (currently or formerly).

Dependent

Someone who depends on another for more than half of his or her financial support.

Direct Loans

Federal government funds loaned to students through institutions. This is referred to as the Direct Loan Program. If a student attends a school that participates in the Direct Loan Program, the student may not apply for federal loans through private lenders.

Disbursement

When a student’s federal loan funds are sent to the student. Loan payments are co-paid to both the student and the school. These funds cover educational costs (tuition, fees, etc.) and related living expenses. Any excess funds are released to the student or applied to the student’s account.

Eligible Program

A course of study that leads to a degree or certificate and meets the U.S. Department of Education’s requirements for an eligible program.

Enrollment Status

A student’s enrollment status indicates whether the student attends school full-, half-, or part-time. Full-time refers to a minimum of 12 credit hours. Half time usually refers to at least six credit hours. In most cases, a student must be enrolled at least half-time to qualify for financial aid.

Exit Counseling (or Exit Interview)

Prior to graduating withdrawing, or dropping below half-time enrollment, borrowers are required to complete exit counseling to help prepare them for repayment. Exit counseling provides valuable information about borrower’s rights and responsibilities, as well as helpful money-saving ideas.

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This article has written by Miss Money Belle

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Federal Student Loans

Student Loans

When free aid isn’t enough to pay for college, it’s time to take advantage of the Federal parent plus loan Program.

Student loans are low-interest, federally guaranteed loans, most of which don’t have to be repaid until after graduation. The amount and type of student loans for which you’re eligible will be outlined in your Student Aid Report — the form that’s generated by the Department of Education in response to your Free Application for Federal Student Aid (FAFSA) — and could include:

Federal Stafford Student Loans

Federal Stafford student loan are taken out in the student’s name with no collateral, no credit checks, and no co-signers required.

Federal PLUS Parent Loans

If student loan aid doesn’t fill the gap, your parents could be eligible for a Federal Parent Loan for Undergraduate Students (PLUS). Under this program, creditworthy parents can borrow up to 100% of the total cost of a college education for dependent children, less other financial aid awarded.

Private Student Loans

When Federal student loans are not enough, unsecured, credit-based private student loans may be available to undergraduate, graduate, and continuing education students. If you don’t qualify for a private student loan on your own, your parent or guardian may be able to co-sign for you.

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6 Strategies for Slaying the Student Loan Dragon

For recent college graduates, facing debt from consolidate federal student loans loans can feel like squaring off against a fire-breathing dragon of ancient myth, armed only with a metal trash can lid for a shield and a toothpick for a lance. In fact, the Class of 2011 is the most indebted ever, with average loan balances close to $27,000, a harsh reality for graduates who are trying to find jobs that earn them enough so they can stay current on student loan payments. But all is not lost. Here are six strategies to help you slay the student loan dragon.

1. New tools can help you understand your repayment options

The first thing you should do is check out a new website called PaybackSmarter.com, which will help you see your student loan options in graphic detail. For example, you can consolidate your loans to get longer terms with a higher total repayment but smaller monthly minimums, or you can pay more each month to pay off your loans earlier and lower your total repayment but increase your monthly minimums.

2. Look into federal student loan repayment programs

If you can afford your monthly payments, stand pat. But if you can’t because you don’t have a job or the job you have doesn’t pay enough, then you should consider enrolling in the federal Income Based Repayment program, which will allow you pay an affordable percentage of your monthly income over a certain number of years, after which any remaining student loan balance is forgiven — and if your income is zero because you’re unemployed, then you pay nothing.

You should also consider federal loan forgiveness programs and state loan forgiveness programs that help pay off your student loan in exchange for working in a particular field in a certain part of the country for a few years.

3. Manage your private student loans

If you have private student loans, you may be able to refinance them at lower interest rates through a local credit union or through a bank or private lender’s private student consolidation loan. Your parents will probably have to co-sign for a refinance, but since they probably had to co-sign your private student loans in the first place, that shouldn’t be a problem.

4. Don’t rush to consolidate

Even though we just suggested you look into private student loan consolidation, don’t rush blindly into the fray. In many cases, consolidation won’t actually save you any money — and may end up costing you even more — so investigate your consolidation options carefully, do your homework, and ask lots of questions.

Avoid mixing in your low-interest student loans with your high-interest loans, because you’ll lose your low interest rate. Instead, aim to consolidate your high-interest loans into lower-interest loans and leave your low-interest loans alone. And watch out for low-interest consolidation loans with variable interest rates. Once interest rates rise, your variable-rate consolidation loan could end up costing you more than your original fixed-rate loan that was 4 or 5 percent higher.

5. Seek help from your family

You can always ask mom, dad, and the grandparents to help if things are looking bleak. If you and your family is good with money and you’re good at paying your bills on time, try to work out a deal for an intra-family loan to help pay off your debt. With interest rates on CDs and savings accounts abysmally low, your parents and grandparents stand to make out even if they loan you money at half the interest rate of your student loan, Just make sure everyone is happy with the terms and signs a contract.

Alternatively, instead of getting financially involved with family — which can be tricky thing to pull off for many people — you can ask that birthday and holiday gifts be given as cash so you can use them to pay off your student loans.

6. Keep careful records

Keep copies of everything. Student loans and the rights to service them get bundled and sold, often more than once, and a lot of chefs can end up in the kitchen. Consolidations can get improperly recorded, siblings can get each other’s bills, and things can get generally out of whack. It’s up to you to keep accurate records, and to get everything in writing, so that you have official documentation when you have to dispute something or argue with the billing department or — and this happens more often than you can imagine — you have to provide some loan servicer with documentation that they should already have.

The student loan dragon is big, menacing, and has an insatiable appetite, even if you can’t afford to feed it. Thankfully, these six strategies for paying off your student loans will help you sooth the savage beast and get out of debt as safely as possible.

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Financial Aid Glossary

Academic Year

September through May, when most schools are in session.

Accrual Date

The date when a loan’s interest charges begin to accrue.

ACT

Standardized multiple-choice test administered to high school students. Colleges may use ACT scores to determine admission eligibility. The ACT is administered five times a year and is designed to measure academic proficiency in English, math, reading, and science.

Adjusted Available Income

The income remaining after taxes and basic living allowances have been subtracted.

Advanced Placement (AP)

College Board program that offers students the opportunity to take college-level courses while they are enrolled in high school. Students may gain advanced standing and/or earn college credit through their performance on the Advanced Placement examinations given each year in May.

Amortization

Payments made over a period of time on a loan’s principal and interest.

Assets

When calculating the expected family contribution (EFC), all assets are considered, including: bonds, checking and savings accounts, stocks, trusts, other securities, real estate (this does not include a person’s home), income, business equipment, and inventory.

Asset Protection Allowance

The formula used by the U.S. Department of Education and a financial aid office to determine which parental assets to exclude when calculating a parent’s financial contribution to a student’s education (expected family contribution).

Assistantship

Student employment, usually referring to departmental research assistance or student teaching.

Associate’s Degree

A two-year college degree.

Auto Debit

Loan payments deducted automatically from checking or savings account on a monthly basis.

Award Letter

Separate, official notices sent to each student from the financial aid office at (each) college(s) where the student has applied for admission. They detail the student’s financial need and the financial aid package awarded (amounts awarded and sources of the awards).

Bachelor’s Degree

A four-year college degree.

Bursar’s Office

The college or university office responsible for billing and collections.

Campus-Based Aid

Financial aid funds provided to a college from the government. Each college determines financial aid applicants’ eligibility to receive the funding. Programs included in campus-based aid include federal work-study, Pell grants, and Federal Supplemental Education Opportunity Grants (FSEOG).

Central Processing System (CPS)

The U.S. Department of Education’s computer system; matches and calculates the expected family contribution (EFC), and delivers the Student Aid Report (SAR).

Citizen (and Eligible Non-Citizen)

To receive federal aid, an applicant must be a U.S. citizen, a U.S. national, or a permanent resident who has an I-151, I-551 or I-94.

Commercial Lender

Commercial institutions that loan money, including banks, credit unions, mutual savings banks, savings and loan associations, stock savings banks, or trust companies.

Commuting Student

A student who lives at home or off campus.

Compound Interest (Capitalization)

Interest paid on a loan’s principal and on any unpaid interest. Compound interest (or capitalization) increases the amount of money the borrower must repay and increases monthly payments.

Cooperative Education (Co-Op)

Colleges and universities pay students to work in a professional setting while attending school.

Co-signer (Co-applicant)

An individual who co-signs on a loan; if the first borrower on a loan defaults, the co-signer (in most cases) is responsible for repayment on that loan.

Cost of Attendance (COA)

A student’s total cost of attending college. This figure includes books, fees, room and board, supplies, transportation, tuition, and other miscellaneous personal expenses. The COA also depends on marital and residency status.

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This article has written by Miss Money Belle