AUGUST 29TH, 2009
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Student Loan Payoff Keyword Research for Mark
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AUGUST 29TH, 2009
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Overture Student Loan Marketplace (SLMP)
Overture Technologies presents the Student Loan Marketplace
AUGUST 29TH, 2009
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What can I do about my student loan?
I have a student loan from Wells Fargo Bank that I have to start paying in March from my graduation last September. I know that I have to pay it and I will but are there any loopholes around that can consolidate or programs that can help me pay a 20,000 balance. What should I do? Can someone please help me?
AUGUST 29TH, 2009
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Student loan consolidation tips 800-440-8664
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AUGUST 29TH, 2009
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Can I still get a student loan with bad credit?
I know Sallie Mae does credit checks, however are their other programs that will not do credit checks that can loan me a student loan for a private nursing school.
AUGUST 29TH, 2009
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Saving for College: a Parent’s Guide to 529 College Savings Plans
If you’re like most parents, saving for your children’s college education is a priority and a big challenge. Tuition and related costs at both public and private universities have been rising at 5% per year or more, far exceeding the rate of inflation. To put that into perspective, a child born in 2006 should plan on $110,000 in total expenses for four years at the average in-state public college; $300,000 for four years at a private university.
Financing these costs for one or more children is going to take planning and, most importantly, disciplined savings. Tax-advantaged “529″ College Savings plans are the savings vehicle of choice and offer important advantages over other options. A $3,000 annual contribution, beginning at birth, to a growth-oriented 529 plan should pay for one child’s in-state public education, and a $7,500 annual contribution for a four-year private education. A later start means higher annual contribution amounts.
529 Plan Advantages
- Large Tax-Free Contributions: Parents, grandparents, other relatives and even friends can contribute up to $12,000 per year per child, tax-free, to a 529 plan.
- Tax-Free Earnings and Distributions: All earnings in a 529 plan are tax-free. Distributions are free from all federal income and most state income taxes when used for tuition or other qualified college expenses. This makes 529 plans as powerful as Roth IRAs for long-term savings.
- Donors (parents, grandparents, etc.) “own” the 529 assets: Unlike a custodial account that typically becomes the minor’s property at age 18, 529 plan assets are always under the control of the donor.
- 529 plan assets are more advantageous for financial aid considerations: Plan assets are counted at a 5.5% rate by college financial aid offices, compared to the 35% rate used for custodial account assets.
- Unused funds in a 529 can be rolled over to another child’s benefit.
Have I caught your attention? Now the question is which 529 Plan is best for you and your children?
Choosing a 529 Plan
All plans are sponsored by individual states, but are typically available to residents of other states. Some states offer residents a state income tax deduction for contributions to their own plan. So, for residents of these states, that is the way to go. For those without that tax incentive or residents of states without an income tax, you can choose from just about any of the available plans.
Be aware that many 529 plans are heavily promoted by brokerages and other financial institutions and can carry large and completely unnecessary sales charges. Go with a plan with no sales or other load charges. Typical annual fees for asset and account management combined should be 1% or less.
Recommended 529 Plans
There are at least a dozen excellent options to choose from. Among these, we like the TIAA CREF-managed plans (California and others) and the Vanguard-managed plans in Iowa, Nevada, New York and Utah. The Vanguard plans, with their index investment strategies, have operating costs of less than 0.75%. A new entry is the Alaska plan managed by T Rowe Price. It offers a choice of first-rate actively-managed funds and at relatively low cost.
No matter which plan you choose, we strongly recommend an “age-based” investment strategy. These strategies range from Conservative to Aggressive. Age-based programs are dynamic asset allocation programs, similar to Target Retirement date funds. They are heavily invested in stocks when your child is young, gradually converting to more fixed-income and cash as college age approaches. This approach protects against the risk of a major stock market downturn just as the funds are needed.
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AUGUST 29TH, 2009
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AUGUST 28TH, 2009
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5 Tips For Financing College
Current trends predict college tuition will continue to increasing at a rate twice that of inflation. A 2006 College Board report announced that tuition has risen 35% in the last five years. As a result, parents continue to worry about higher education expenses. How can future college students and their parents prepare for this imminent expense?
1. Calculate. Many tools are available to help parents plan for future costs. The College Cost Projector that is available from FinAid.org allows one to project future college tuition costs based on inflation rates and years of matriculation.
Other calculators, like the Tuition Savings Calculator from MSN Money.com, take into consideration variables like such as current funds, rate of returns, taxes, and college costs and help one to deduce the annual savings payment required.
2. Save! Once you have projected future tuition costs, begin saving small amounts along the way. One easy way is to take advantage of credit card offers such as the one described by College Money Guru Joseph Hurley from Bankrate.com.
Some credit card companies may offer the opportunity to start a 529 plan, a plan in which rebates are incurred for each purchase made on the card. These rebates will be put into the 529 fund to pay for future college education. However, this strategy only works if the credit card bill is paid every month, otherwise interest will out shine rebates.
3. Apply for scholarships. Thousands of scholarships are available and found easily through schools, service organizations and online. Fastweb.com remains one of the most popular scholarships sites, offering ways to narrow down searches to only the scholarships each specific college student needs. Scholarships can be given on a semester, year, two-year or four-year basis and vary in amounts.
Students should start searching for scholarships early and apply for as many as possible. The more scholarships the student applies for, the higher chance there is to receive a scholarship.
4. Apply for grants. Grants may also be used to fund education, although in smaller amounts than most scholarships. However, grants do not require as rigorous an application process as scholarships and are given out more freely. Many different types of grants exist including federal, state, minority, gender and low income.
One great way to search out grants is online through sites such as CollegeScholarships.org or by searching your state’s website for college grants.
5. Loans. Even with utilizing all the factors for financing a college education, there may still be a small gap that needs to be filled by loans. Just as scholarships and grants vary, so do too the types of loans. Federal student loans allow for the student to eventually pay off the loan after graduation.
The College Board (collegeboard.com) offers such a loan and allows for payment to be deferred until six months after graduation. A cosigner is required for this loan, but the cosigner may be dropped after a certain number of on-time payments from the student.
Parent loans, such as the federal PLUS loan (as described by finaid.org), have fixed interest rates and are not subsidized while the child is still in school. Loans such as the PLUS are fairly easy to acquire as only a modest credit check is required.
Finally, private loans may be taken out by the student and are often used to supplement federal loans. If students do not meet the credit requirements to obtain private loans, they may still be able to do so if their cosigner meets such requirements.
Even with the rising cost of tuition, college education is still possible through the utilization of these 5 easy tips. When used together, calculating, saving, scholarships, grants and loans will make your college student’s dreams happen.
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AUGUST 28TH, 2009
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The Ugly Truth About College Financial Aid
Many parents assume their child would never meet the criteria for financial aid. Financial aid comes in many forms and failing to at least try to qualify for it is a huge mistake made by numerous parents of college bound students.
One of the many myths we hear is that parents believe their income is too high. Granted, a high level of income will not help you qualify for a large sum of free financial aid, but you need to understand that income is only part of the equation. The overall formula used by the Department of Education is complex and confusing. Do not let a high level of income deter you from attempting to qualify.
Another often heard excuse is “my student’s grades are too low”. Unless your child is failing, aid has nothing to do with grades. The intricate government formula simply does not include grades. If your child is failing, would college be a wise pursuit anyway?
Sixty-five percent of American families own their own home. One of the myths is that this eliminates families from aid consideration. Again, this is baloney. On the federal aid form (FAFSA) you will not find a space to insert information about your home.
“Aid is only for special groups” is another popular argument. Again, the formula for qualifying does not ask about where you are in relation to society – the criteria are strictly based on certain financial numbers the Department of Education requires.
Probably the biggest misconception we hear is that guidance counselors and financial aid officers (or your accountant) can do all of this for you because it is an easy process. First of all, it is not an easy process. Secondly, if you think doing your taxes every year is complex and time consuming let me introduce you to another phase of government you will love to hate. The colleges pray that you will go through this entire process unarmed and will take advantage of your ignorance. Going to them for help is analogous to going to the IRS to complete your taxes. Yes, they will do them - but in whose interest are they working?
Those who know and understand the process win the financial aid game. To master this game you’ll have to maneuver the complex formulas, rules, and regulations the Department of Education has devised. This information is not readily accessible and provides no guidance as to the best way to ultimately pay for what is referred to as the “expected family contribution”.
Professional college planners offer parents the opportunity to tap into their expertise at a nominal cost. You’ll benefit by sending your student to college for a reasonable amount of money while fully complying with all forms and procedures. And, you can accomplish this without going broke. By employing professionals, you’ll achieve peace of mind knowing that everything that could possibly be done for your child is covered.
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AUGUST 28TH, 2009
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does having a job decrease the chances of getting a private student loan?
In the past i ahve been approved with young credit and no job for a student loan private, in six month i am going to need another private student loan, and till then i plan on having two jobs that will provide me with close to 2000 dollars after deductions, when i apply for a student loan in six month are my chanes less likely to get apporved becoause of the income?