| 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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| Online College Degrees & Distance Learning |
| By: Catherine Olivia |
Online and distance degrees are gaining in popularity. Many people find the flexibility offered with distance learning is a huge benefit while trying to juggle the demands of everyday life. Many traditional college institutions are now offering their traditional college couses online as well as some graduate and undergraduate degree programs. Some online colleges have programs that allow you to focus entirely on your field of study making it quicker for you to earn your degree.
Most of these online colleges are accredited. This will be important if you want to get a scholarship or if you will want to apply for any type of financial aid and an online college must be accredited if you are going to transfer your credits. Be sure to check. Also, some degrees such as education and nursing require licensing. Make sure that your state accepts the degree obtained from an online college.
Some distance education programs require that you visit the campus a few times each semester. Some online colleges have orientation at the beginning of each semester which allows for the students to meet with the instructors. It is always good to attend these orientations. Some allow the program to be completed entirely at home. Some online colleges offer shorter semesters and give a choice of six, eight and ten week semesters.
Some colleges offer telecourses which are taped lectures and lessons which you watch at home. Completed ssignments are then mailed to the course instructor. Some assignments can be completed on the computer and the exams e mailed to your instructor. Most schools offer students online help as needed. Some schools allow students use of their online library. Your instructor will be available to you while you complete your course. Instructors generally can be reached by phone during scheduled office hours and can also be reached via e mail. Some colleges offer students interaction with other distance learning students through chats, online message boards and study groups.
As with traditional college courses, these online courses involve a lot of studying. It is important to make a schedule for your study time and to follow it. Most people suggest at least nine hours of study per week of each class you are taking. You won't want to fall behind in your class. A student must be very organized and dedicated to their studies to be able to successfully learn online.
The University of Phoenix is a large and respected online university offering a variety of advanced online degrees such as Associate's, Bachelor's Master's and Doctural. Some of the degrees they offer are Business & MBA, Criminal Justice, Education & Teaching, Healthcare & Nursing and Human Services. You can read more about the University of Phoenix online degree programs by visiting
http://www.schoolguideusa.com/university-of-phoenix-online.html
About the Author: This article provided courtesy of http://www.degrees-online.net
Source: www.isnare.com |
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