Student Loan Secrets: Improve Your Credit Score and Pay Off

By: National Association of Responsible Lending and Investment
The single biggest factor that impacts the amount of interest you pay is your credit score. People with credit scores over 750 pay a lot less interest than people with scores of lower than 650. If you can increase your credit score by 100 points, you can pay less interest, pay more principle and get out of debt more quickly. Credit score is a huge factor in who gets richer and who gets poorer in this country.

The little known secret about credit scores.

Those student loans you needed to get through college can have a huge impact on your score. That small monthly payment could be crippling your entire financial health through increased interest payments on all your other bills.

When you have any type of loan, it shows the maximum credit, the outstanding balance and your payment history. The credit score takes into consideration the total amount of outstanding balances. The more you owe, the lower the score.

You’re thinking simple, right? Newsflash, it isn’t.

Student loans almost always report to your credit report in triplicate. So, for your credit score, even though you may owe only $15,000, it computes your score as if you owed $45,000! This can have a huge impact on the amount of interest you pay.

Even worse, yet in Sallie Mae’s eyes, your loan could look like 7 loans. Then multiply those 7 by 3 and you could have “21 Student Loans” on your credit report. This can destroy your credit score and most people never realize it. They do their best to work hard and pay their bills on time. However, they don’t get the credit score they deserve because the computers foul up their student loan balances.

Only a few professionals understand how this works.

And most don’t care to understand. They just buy your credit score, slap the interest rate on your loan and move on to the next person. You have to work with a professional who understands the inner workings of credit score computers. Only they can help you pay off those student loans and get you the interest rates you truly deserve.

Individuals everywhere, looking to get out of debt and begin investing can turn to the debt aide organization National Association of Responsible Lending and Investment at http://www.NARCLI.org
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Student Loans 101

By: Bernard Pruett
Student loans have become a common form of financial aid, giving prospective college students the opportunity to further their education. What's even better is that college student loans now come in a variety of shapes and forms to appeal to more college candidates that have different needs and qualifications.

The United States Government works hard to provide eligible students with an equal chance to gain access to federal student loans regardless of bad credit or past financial hardships. Private student loans are also offered to students through banks and other financial institutions based on specific criteria, such as financial need and grade point average. Student borrowers also have the option of student loan consolidation as these loans mature. Although there are distinct differences between federal student loans and private student loans, some pros and cons common to all college student loans are covered below.

A student loan is similar to any other type of loan in that it is money borrowed from a lender that has to be repaid in installments over a specified period of time. Like other standard loans, there is a cost associated with borrowing money. An interest expense is charged on the student loan by the lender that has to be paid in addition to the principal loan amount. Although student loans and conventional loans have various similarities, there are some features that make college loans exceptionally more appealing to borrowers (i.e. students and parents) compared to standard loans.

One key benefit associated with student loans is that interest rates are significantly lower than interest rates charged on standard loans. This helps to alleviate the financial burden on students who are typically at an age where income is limited. Other than competitive interest rates, lenders generally offer flexible student loan repayment terms that help delay the financial pressure on students, by allowing them to wait until after graduation to start repaying the loan. Both federal student loans and private student loans generally give students a 6-month grace period, meaning that students don't have to start repaying their loan until 6 months after graduation. The grace period gives students adequate time to get settled into a new job and start earning a salary that is sufficient enough to meet monthly student loan payments.

Another advantage associated with both federal student loans and private student loans is the tax savings provided to students and parents. Students and parents who pay tuition fees for higher education are subject to tax benefits that (1) decrease their income subject to tax and; (2) provide tax credits. Tax credits basically result in a decrease in the amount of tax you are required to pay by the Internal Revenue Service (IRS) at the end of your tax period. Thus, tax benefits are another feature that helps ease the monetary demands of student loans.

Although student loans relieve college students of financial burden in the short-term, the long-term financial burden that emerges after graduation can be extremely overwhelming for those who do not prepare themselves. The average student debt is estimated to be around $17,000 and the typical loan repayment period can last anywhere from 10 years to 30 years. These figures are no exaggeration and can be very daunting for someone just entering the career world. Some college graduates simply do not know how to fathom the fact that they owe such a large amount of money and end up overlooking their obligation to pay off their student debts. Other college graduates with newly found jobs simply do not know how to budget their income in a way that allocates sufficient funds to meet their monthly student loan payments. The result of these scenarios, where college graduates are irresponsible about paying off their debt obligations, is a severe burn to one's credit rating.

Along with other major consequences, college graduates that have a series of missed payments and/or late payments on their student loan plans can cause severe damage to their credit score. Your credit score is an important aspect of your financial identity, especially as you get older and start earning an income sufficient enough to rent or invest in real estate and other long term assets. Having bad credit can seriously hinder you from financial endeavors in the future, such as getting approved for direct loans and mortgage loans. Financial responsibility is extremely beneficial for all individuals to learn and practice at a reasonably young age to prevent problems in the future.

Budgeting wisely is an important step one can take to achieve financial responsibility. As soon as you enter into the career world, you should immediately write out a budget that allocates sufficient funds to pay for all your monthly expenses, such as your rent or mortgage, car loan payment, student loan debt, food, gas, and insurance. After you have assigned money to cover your immediate monthly expenses, you should then create a savings fund and allocate approximately $50 to $200 per month to the fund. A savings fund is very useful in unexpected emergencies, such as hospital bills and car repairs, and helps ensure that money is available when needed in urgent situations. Students, student graduates, parents, and other borrowers need to understand the importance of financial responsibility and keeping up with monthly payments, in order to build a healthy credit report for the future.
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The Time To Consolidate Your Student Loans Is Now

By: Tim Knox
I don't know if you're a fan of financial guru and radio show host Dave Ramsey, but I certainly am.

I listen to Ramsey every day and find his advice to be based on common sense principles for getting out of debt and building wealth.

One thing that Ramsey recommends is that if you have high interest student loans, you should refinance and consolidate them now to lock in a reduced interest rate and lower your monthly
payments.

Other financial pundits agree. Most agree with Ramsey that the sooner you consolidate and refinance old high interest student loans, the better off you will be.

I don't have student loans (no college would have me :o), but many of my friends do.

I live in a very high tech area with lots of degreed engineers and programmers and scientists, many of whom owe tens of thousands of dollars in old school loan debt.

If you have student loans the time to think about refinancing is now.

Federal student loan interest rates are at an all time low, but that can't last forever.

By refinancing your student loans now, you lock in the interest rate for the duration of the consolidation loan.

The first thing you need to do is find out if you are eligible for student loan consolidation.

On a referral from a friend, I found one online organization that offers a free survey that will tell if you are eligible for a federal student loan consolidation.

This organization says their average customer saves $150 a month or $1,800 annually. That can add up to one heck of a savings over the life of a 5 to 10 year loan.

Simply complete the online survey found at the link below to see if you are eligible to consolidate your student loans.
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Finding Alternatives To Payday Loans

by Thomas Vargo
Many consumers today are taking out payday loans for emergency cash because they may have bad or no credit to get approved for a more traditional credit card or personal loan. Unfortunately, due to the high outrages interest rates these payday lenders charge, it becomes hard for a consumer to get out of the cash advance lending trap. Payday lenders charge a weekly interest rate of up to 15% and they require the borrower to write a post dated personal check of the entire amount due on their next payday. A payday lender will give a consumer a loan on most of their future paycheck. When the borrower repays the loan, it leaves them with little choice but to take another one out the next day. I call this the cash advance lending trap. If you repeat this on a weekly basis, your giving up over 60% of one week's paycheck to them a month. These companies knowingly encourage these loans and they make it a point to tell the borrower that he or she is eligible to return the next day to take out a new loan. Some borrowers get so discouraged from getting farther into debt each month, because of the high amount of interest they are paying these payday lenders each month, they get forced into taking out additional payday loans with other lenders. This pushes them into a more severe cash advance trap, by taking out payday loans to pay back payday loans.

There are other alternatives to payday loans for emergency cash. Consider the possibilities before choosing a payday loan. First, ask your creditors for more time to pay your bills. Find out what they will charge for that service as a late charge and if additional finance charges or a higher interest rate will apply. Second, develop a budget, and figure your monthly and daily expenses. Avoid unnecessary purchases. These additional costs add up. Third, build some savings because even small deposits will add up over time that can help you to avoid borrowing for emergencies and unexpected expenses in the future. Finally, find out if you have or can get overdraft protection on your checking account. If you are regularly using most or all of the funds in your account and if you make a mistake in your checking account records, overdraft protection can help protect you from making further credit problems.

If you need help working out a debt repayment plan with creditors or developing a budget, contact a non-profit consumer credit counseling service. These non-profit groups are available in every state and offer credit guidance to consumers.

If you decide you must use a payday loan lender, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday so you do not caught in the cash advance lending trap.
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Facilitate the Facility Forever with Payday Loans

by renitavaughan@gmail.com
It becomes very difficult to a salaried individual to manage his budget aptly. As limited earner as monthly income, sometimes the money runs short of the urgent unexpected need of the salaried individual. No nearby who can assist at the time. Thanks to the payday loans. These loans are specially designed out for those salaried employee who come across with any sort of cash crunch.

Salary day is some days away, but requirement is right there. The payday loans appears as instant monetary service providers. With the help of the fund, one can pay his expenses accrued due to miss balance of budget. Whether it may be the repayment of credit card bill, pending phone bills, or children's tuition fees, the payday loans are stand in good stead of an individual always.

For quick accessibility to the payday loans, individuals are always advised to deal through online method. Thereby, candidates not only help lenders making deal instantly, but also the method gives a first hand knowledge about the payday loans. It is always better in the interest of the borrowers, if they may just take a glance of the financial market.

As the Payday loans are instantly monetary providers, it is offered for a period of a week or two. But seeing the borrowers' inconvenience into consideration, the lending authority has extended the time up to four weeks. And, the amount sanctioned to the candidates is ? 1, 000. Interestingly, the interest rates incurred upon the payday loans are varied from person to person. A good borrower is he who settles the loan deal after the consultation with any financial expert. For the purpose, scores of expert present online round the clock.

Only the need of the hour is to access online payday loans. Have knowledge about the loan. Go through the terms and conditions, and the policies inhibited into the payday loans. Compulsorily, study the loan market analysis of the loans, if lender may be charging you fancy price. There are many lenders available online for the payday loans. But some common preconditions required to all. These prerequisites are as follows:
* Individuals must be citizen of the UK.
* He should have18 years and above.
* Be employed in regular employment.
* Importantly, having a current bank account.
Above mentioned preconditions help processing online payday loans very simple and quick. Individuals get their money in their respective banks by electronically transmitting process. Within 24 hours of after applying the loan online, the payday loans shorten the waiting of the urgent of borrowers. The loans give instant monetary assistance.
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Quick Payday Advance Loan

By: Mandeep Raj Mishra
To decide whether a quick payday advance loan is just what you need, you need to consider a few pros and cons.

The primary consideration for finding the suitability of a quick advance payday loan is to judge your financial position. Do you really need a quick advance payday loan? Can you pay back the amount and the interest that you will incur?

First, however, know what a quick advance payday loan can do for you. A quick advance payday loan puts into your account the required amount of money within hours or at times minutes of your filing a request.

The upper limit of these loans is usually $1500. These loans can be easily qualified for and thus are becoming a rage in America. There can always be unforeseen cash emergencies that arise, and quick payday advance loans fetch you that money without bothering you with too many questions.

The process to obtain a quick payday advance loan can be as simple as calling up a credit lending organization that offers such a loan and verifying your employment with them. you then receive cash in your checking account almost instantly. The basic needs for obtaining such a loan are a proof of your salary and employment. After this process is over the lender asks for a post-dated check, which is including the fee, that he charges which ranges from 15 to 30%.

The quick payday advance loan should not be abused because constantly borrowing against your future paychecks could land you in a deep financial trouble.

After the completion of the term of payment, the amount is automatically deducted from the checking account of the borrower.

In addition, care should be taken that the repayment should be made within the original term only; otherwise, the fee might even get doubled and could exceed the amount of money that you had originally borrowed. Quick payday advance loans are a method of borrowing in emergencies and should be limited to that only.
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Payday Quick Loans

By: Mandeep Raj Mishra
There are some important things that you should know before you take up a payday quick loan. You might be tempted to jump at the opportunity that is provided to you if you are in a financial crisis and need the money badly.

The approval process for all loan companies that offer payday quick loans online is pretty simple; and once you provide them, the required details-for instance your job proof, previous salary stub, and checking account details-your approval will not take much time.

This makes it necessary for you to know what the fees and terms of repayment are. You should also do a thorough research of all the companies offering payday quick loans if you wish to apply for one online only. You can in no time get to know which will be the most economical offer for you.

The upper limit of these payday quick loans is usually $1500, and the money is electronically deposited in your checking account instead of your having to wait for money orders to arrive in the mail. The fee for, say $100, is about 15-30 %. Although of late, owing to the competition in the market among the companies offering these loans, the rates have come down to 12% in some cases.

It is advisable to ask for the loan with the shortest term, for as if you keep it for a longer time, the fee will also increase automatically. That is why it is advisable to seek these loans only when you are in dire need of cash and borrow the minimum possible requirement and not borrow any extra money for “just-in-case” times. Obviously, you wouldn’t like paying interest for money that was lying idly in your account. Payday quick loans are meant for a purpose and should be handled likewise.

Payday quick loans solve the financial problems of a vast majority of people today and therefore they should not be abused lest, you founder in the waters of debts for ages. The benefits of these loans that most attract people are that there are no questions asked about why you want to borrow the money and there is no credit check involved. So for people with poor credit scores, these loans are a boon.
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Payday Loans : For and Against

By: Nicholas Hunt
While payday loans have long been popular in the USA, they are a relatively new service for UK customers, and many people aren't sure exactly what they are. With all the controversy over whether they're a worthwhile service or simply a form of legalised sharking, it's a good idea for any UK resident thinking of applying to know exactly what they're getting into.

Most of us struggle for money towards the end of the month to some extent, and have to tighten our belts a little by cutting down on socialising or other forms of non-essential spending. This is a perfectly normal (if annoying!) fact of financial life for most of us who are employed and get paid once a month. Sometimes however, running out of money can be more serious than this if there are essential expenses to be paid such as an unexpected bill or repair cost.

Many people use the overdraft facility of their bank accounts to give them a bit of leeway when funds are short, but in today's world many people are permanently overdrawn and near their limits, so this may not be an option.

An alternative way of tiding you over until your next salary is to use a credit card, both for purchases and cash withdrawals. There are several problems with this, including the fact that credit cards are an expensive form of borrowing, and it's tempting to build up a large balance which can have a disastrous effect on your long term financial health.

If neither of the previous two options are right for you, then a payday loan may be worth considering. Briefly, these loans are available to nearly everyone with a bank account and a debit card, and who is in regular employment. When you take one out, the lender will transfer the amount you ask for directly into your bank account, usually within 24 hours of your application being approved. During your application you will have supplied your debit card details, and the loan company will use these to automatically repay your loan on your next pay day, along with their fees.

And therein lies one of the main problems with payday loans - the fees.

This kind of credit is notorious for being expensive, and eye-watering APRs of 1000% or even much higher are the norm. These APR figures are perhaps a little misleading, as the APR system is designed for credit with a longer repayment period than payday loans where the term is measured in days rather than years. Nonetheless, these loans are pretty expensive, with a fee of 25% of your loan amount generally the going rate.

The second major problem is that repaying your loan and fee is likely to leave you skint again at the end of next month, and it's easy to get into an expensive vicious circle of taking out a loan every month - which is when those high APR rates will really bite.

So, is there any point to a payday loan? Yes, but only really for a genuine emergency where there isn't an alternative. If you're using these loans to finance your day to day life, then it would be better to examine your finances and see where you can economise, or to restructure your debt using a consolidation loan or similar to free up some extra cash every month.
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