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Monthly Archives: March 2017

Tips to Pick The Right Lender

Reputation Above All

As stated before in this article, the payday loan industry has grow rapidly. This has both advantages and disadvantages, meaning that you will find very honest lending institutions, and also dishonest, wannabe-lenders who are just looking for money and ready to rip you off. I do not mean to scare you, my intention is for you to open your eyes to the fact that there are many fraudulent companies in this market.

When you begin searching for cash advance lenders, you will come across an immense amount of companies offering their services and you might find it hard to decide which one to go with, specially if you are in a hurry to receive finance. The key is to conduct a thorough research on them, take a look at what they have to offer, call them if necessary, focus on their attitude towards you, are they desperate for you to become an applicant with their company? Do they answer all of your questions, even those which are not easy to answer? These are very important factors and will help you to discover that some offers are simply unrealistic and thus not a good deal. I know that you simply cannot wait long for your money, but better safe than sorry, right?

Beware Of Scammers

Check online for reviews on payday loan sites and cash advance lending companies, if you find as much as one bad review on a company, cross it out of your list and move on. As a general rule, anyone charging up-front costs before granting the loan is probably trying to scam you.

When you finally come to a decision on which company to go with, try and have a one-on-one meeting with the lender. Internet applications are much faster and hassle-free, I will give you that, but first impressions can top that. There is nothing as a good, old-fashioned face-to-face talk with the lender, it will tell you many things you could not have perceived during a telephone conversation or an email exchange. If anything raises your attention as suspicious, or you feel like something is shady, walk away and do not look back. Trust your instincts.

 

Qualification of Federal Student Loan

To qualify for a federal student loan, the student has to be enrolled at least half time in college. The unsubsidized federal loans are in fact, regular student loans issued by a private vendor who finds it appealing because it is guaranteed by the government and involves low risk, lest the borrower repays.

Again, due to this factor, the federal student loans have a slightly lower interest rate. Another attractive feature is that the repayment along with the interest can be paid after completing the graduation. If it is paid while at still in school or college, the final payment on the loan will naturally get reduced.

To avail of students loan a free application form for federal student aid has to be filled up. Along with this from, an income tax return information has to be submitted. The loans will be granted based on the academic performance of the students.

There are many federal loans that are offered to the students namely, Stafford loans which are of two types, federal family education loans and direct loans. The first type is made by banks and private lending institutions. Direct loans enable students to borrow funds directly from the U.S department of Education, which is again classified into direct Stafford loans, direct plus loans and direct consolation loans.

In all the types of Stafford loans, the students should necessary enroll themselves as at least half time in college. Federal Perkins loan is based on financial needs of the student loans and the loan is offered at a fixed interest rate of five percent and does not compel a Stafford o be enrolled half time in college.

Apart from the loans, there are many grants and scholarships available that are offered by the Department of Education of the U.S. The federal student loans are offered either as subsidized or unsubsidized student loans. Subsidized loans help a student to repay the loan along with the interest after they start repaying on accomplishing a career, whereas the unsubsidized loans require that the student has to pay the interest while still in school or college.

The other prerequisites for a federal student loan are that the student must be a U.S citizen with a social security number and must not have defaulted on pervious government student loans. Federal student loans are handled by a financial institution called Sallie Mea. Generally, federal student loans have fixed interest rates and low interest and students have the option of utilizing any one of the programs to complete their college degree.

 

Know Private Student Loans Advantages

The greatest advantage of private student loans is that they are quite uncomplicated and are finalized in a matter of few days, say within a week, unlike the other student loans. Private student loans are offered to students with bad credit history or no credit history. There is neither application filling procedure nor any closing dates. The upper limit to avail a private student loan is also much higher than the federal loans.

If the loan amount is small, it needs no co- signer but if it is sufficiently high, a co- signer, usually the parent’s is essential. Generally, the private student loans are availed when the student is not able to meet the educational expenses through federal student loans. Since the private student loan lenders do not get any subsidy from the government like the federal student loans do, the interest rates are a little higher.

Private student loans are also used to refinance the federal student loans at a lower interest rate. More than one private student loan can be applied and consolidated and along with other educational expenses, laptop and the like accessories can be purchased.

There are some conditions to apply for a private student loan. The student has to be enrolled at a half- time in a certificate, degree or technical program. He or she must be a US resident and a permanent resident at that and the credit score should be high and must have already utilized a federal student loan.

Some private student loan companies state that the repayment scheme depends upon the school year during which the financial aid is applied for. The academic performance of the student and the financial situation of the family are also taken into consideration. However, it is better to search the internet for a thorough knowledge of the various companies offering private student loans and their terms and interest rates and their repayment schemes. It is better if the company is a reputed one which would place the student in a comfortable position.

So, finance need not be a hurdle for those who wish to complete a degree from a college or university and private student loans guarantee that the student becomes successful in accomplishing the dream of his or her life. The private student loans ward off the sleepless nights considering the educational expenses and concentrate more on the academics.