| A School Loan Consolidation Primer |
| By: Jay B Stockman |
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Hey Dad!, my son screamed from our front door, "I did it, I was accepted to Boston University.". My momentary exhilaration was overshadowed by the financial realities of college, especially private college. A quick calculation of my costs for 4 years of tuition, and expenses came to roughly $250,000, a very intimidating figure. Overwhelmed I thought, how could I possibly afford to send him to college? Fortunately, there are various options available to finance this academic endeavor.
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Federal programs are the single, largest source of school loan consolidation. The first step in applying for this type of aid is going on the Free Application for Federal Student Aid (FAFSA) website, at http://www.fafsa.ed.gov/, and fill out a comprehensive questionnaire. It generally takes around 7 days to process, at which point you will receive a Data Release Number, and Estimated Financial Contribution. It is important to find out if the school you will be attending participates in the federal student aid programs, most do.
There are several federal programs available for student aid, assuming school participation. The Federal Stafford Loans, are available to both undergraduate and graduate students. First-year undergraduates are eligible for loans up to $2,625. Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rate is variable, but never exceeds 8.25 percent. The Federal PLUS Loans are unsubsidized loans made to parents; the interest rate is variable,
but never exceeds 9 percent. Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses. These are the major federal sources of loan money for college.
Private education loans are also available from a variety of sources to provide supplemental funding when other financial aid does not cover costs. These loans are not sponsored by government agencies, and are offered by banks or other financial institutions. Sallie Mae is a unique loan that consists of a comprehensive package of both private and federal loans.
After accumulating 4 years of undergraduate education loans, it is best to consider a School Loan Consolidation Program.
Very simply, you can elect to combine all your outstanding loans into one student consolidated loan, which may create more favorable terms and simplify repayment, benefiting both the borrower, and the lending agency. Major benefits include the convenience of lower monthly payments, a single fixed rate, and one payment per month. There is a minor downside, however, students who do not consolidate their Stafford loans will have a 6-month grace period after graduation to begin making payments. Students who consolidate must begin making payments within 60 days of their consolidation. Both parents and students are eligible to consolidate student loans. The school loan consolidation program streamlines repayment by eliminating different terms, repayment schedules, and lenders.
Will I be able to afford my son’s college education? Careful financial planning, and research should make this endeavor a reality. While it is true that college tuitions continue to rise, there is more financial aid available to compensate for the increases. Ultimately, a good education is your best investment.
Jay B Stockman is a contributing editor for Online College Loan Refinance Resource Visit http://www.online-college-usa.com/ for more information.
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| Researching the Pros and Cons of Getting Your Degree Online |
| By: Dan Allen |
Are you considering getting your bachelor's or master's or other degree online? It's a growing field that is receiving acceptance and approval for all types of career and education goals.
The biggest advantage to online degree education is that it is a complete college degree program that is delivered via the Internet. All classes, materials, tests and lectures are delivered online. This process allows the student to "attend" class from anywhere at any time that is convenient to them.
According to educators from Cornell University, “the web provides significant new functionality in transmitting information to the student and providing forums for exchange. The web is revolutionizing some areas of study through increased opportunities for learning and alternative formats for information.” (Dwyer, Barbieri, and Doerr, 1995).
One of the ways it has done this is through enhanced student-to-student and faculty-to-student communication. Students and faculty can both benefit from using the communication and assessment tools that are made available via online learning.
The technology also enables students to exercise more flexibility in their approach to education, depending on what best suits their personal learning styles and busy schedules.
In addition, the class material and program is continuously updated for up to the minute, real world application. This allows the student to immediately begin applying their new knowledge to their existing work environment.
There are many different types of programs available. Students can receive a bachelor's or master's degree in many areas such as accounting, marketing, human resources, e-business, information technology, nursing and even elementary education.
The typical online program takes three years to complete. A master's degree program may take up to four years depending on the type of degree sought and the prior education of the student.
Most programs are accredited and they usually accept the transfer of prior credits from other accredited universities. Some of them are also well-known off-line schools such as Duke, Stanford, Jones International, and Capella.
While enrolled, a student typically takes just one class at a time for a five to six week period. This allows the student to concentrate solely on that material before moving on to the next module of information.
The price of an online degree education program is comparable to that of a regular college degree. Plus, many students are eligible for financing in the way of a student loan. Sometimes employer education programs can even reimburse a student's tuition fees.
Keep in mind though, that you may have to be a little more organized and self-motivated for this type of education and you will have to manage time demands in other areas of your life. Because you won't have set class times, it will be up to you to the time into your schedule.
Another potential disadvantage is that some employers still prefer that their employees have degrees from traditional colleges. However, these views are rapidly changing.
A recent survey of 1,300 graduates and 80 employers asked supervisors to rate the value of the degree earned by their employee compared to a resident school degree in the same field. Sixty-nine percent of the supervisors rated the online degree "just as valuable" or "more valuable" than traditional degrees. This means that one out of three supervisors need to be convinced that an online degree offers the same quality and content as a traditional degree.
Plus, traditional brick and mortar universities who offer online courses often make no separation between their programs and the type of degree awarded. And transcripts do not indicate whether a course was done at a distance or on campus.
Dan Allen
http://www.aboutonlinedegrees.info
Dan is the founder of www.aboutonlinedegrees.info, a site dedicated to providing a wide array of information and resources for those thinking of getting their degree online. |
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| Keywords: degree, or masters, degree online, online degree education, 'student loan', bachelors or masters, online degree, allows the student, education, online |
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