Best Finance Personal

As of 2005, the average cost of attending private college for one year was $29,026, including tuition, room and board. This is in contrast to the $12,127 average price tag of a year of tuition, room and board at a public college. This begs the question: what makes private schools worth the extra expense?

Here’s what you’re getting in return for that hefty price tag.

Intellectual Challenge

Private colleges offer a lot of academically challenging, intellectually stimulating coursework that tends to be designed more for developing a student’s critical thinking skills than for funneling them straight into a specific career path.

High Graduation Rates

Students who attend private colleges graduate at much higher rates than their public school counterparts. Nationwide, students who attend private colleges are about 20% more likely to graduate within five years than public school students are. Students who attend private colleges are also about 10% less likely to drop out of college altogether. These higher graduation rates are due in great part to the excellent on-campus academic and social support found at many private colleges.

Continue reading ‘Private College – Is the Larger Loan Worth the Investment?’ »

If you’re like most adults you have some type of debt on your credit report or history. Like an excellent number of people you might also have a loan or a number of loans that you might be paying off like a mortgage, automobile loan, student loan or personal loans. In addition to these, most people have a minimum of one credit card that they use and are paying off. Most folks who have a poor credit history but have some type of reliable income commonly have an unsecured credit card.

Obviously, you and most people with credit cards as well as other types of debt, want to have the ability to claim that they live debt-free or at least have a manageable level of debt. If one of your personal goals is to get rid of your debt, here is a straightforward checklist to help you get started. Continue reading ‘Minimizing Your Debt’ »

If you have heard of student loan forgiveness but don’t quite understand what it is, you will want to read this. We are going to discuss the most frequently asked questions about student loan forgiveness. When you are done reading, you should have a good idea how student loan forgiveness works and if it is a good choice for you.

What is Student Loan Forgiveness?

Loan forgiveness began in October of 2007 with the passage of the College Cost Reduction and Access Act. It allows for the remaining balance of student loans to be forgiven after 120 payments are made on time provided certain conditions are met.

Are all student loans eligible for forgiveness?

No! Only loans that are under the Direct Loan Program qualify. If your loan was not made under the direct loan program, you will need to consolidate your existing loans into the program. Continue reading ‘Understanding Student Loan Forgiveness’ »

The Perkins Loan is administered through the Department of Education and is distributed to students that are in need of additional financial aid. There are around 1,500 post-secondary institutions that participate in the this Loan Program with many more to follow thanks to the Student Aid and Responsibility Act of 2009.

Students that would like to become eligible for this type of student loan should complete the FAFSA or Free Application for Federal Student Aid. This form will take into consideration a family’s Adjusted Gross Income, total assets, and other financial factors to determine if a student is eligible to receive federal student aid. Once the FAFSA is submitted, the Department of Education will complete a calculation to determine if a student is in-need of financial assistance to attend a qualified post-secondary institution.

Students that are eligible to receive the Perkins Federal Student Loan can receive up to $5,500 a school year if they are enrolled at least half time in an undergraduate program. The most an undergraduate student can receive is up to $27,500. If a graduate student is eligible for a Perkins Federal Loan then they can receive up to $8,000 a school year. The most a graduate student can borrow is $60,000, which includes undergraduate and graduate student loans. Continue reading ‘Perkins Loan’ »

Deferred student loans are a common method for students to obtain financing for schooling that will be paid back after a deferred period of time. Student loan deferrals usually will allow the student to get on their feet after graduating. The period of time is usually six months.

The Stafford loan is a common deferred educational loan that the majority of colleges offer. It does not require any payment until six months after graduation or after you leave school. Another such loan is the Perkins deferred loan which is government backed. In many cases, private institutions will offer deferred payment student loans but you need to make sure you understand the terms for these. Many of them require repayment as soon as you get out of school with little to no grace period. Some require that you pay them back while you are still in school. Continue reading ‘Get Deferred Student Loans’ »

There’s a strange paradox in this Labour Government’s education policy. On the one hand you have David Lammy, Higher Education Minister for England, stating he wants 50% of young people to go to University; and on the other you have policy-influencers The Confederation of British Industry stating that students should pay more for their loans.

In a world where decisions are made on the basis of money, how can increasing the cost a degree help achieve Mr Lammy’s objective? Okay, so the question is a rhetorical one. But what about students who’ll actually have to take the financial strain necessary to bridge the shortfall in English University funding. What steps can they take to reduce this financial burden? The answer, according to more and more of the current crop of under and post graduates, lies at the end of an internet connection.

Over the past few years, there’s been an awakening in the collective consciousness of students when it comes to bargain hunting online. No, not the daytime TV show but the interactive world of internet deals, money-off vouchers and free stuff. Savvy students are finding new ways to avoid paying full price on all manner of life’s essentials such as food, drink, mobile phones and textbooks. Continue reading ‘Beating the Rise in Student Loan Interest Rates’ »