Even for students with bad credit, student loans are still a very real option to get the funding needed to attend two and four year college and university programs as well as to attend specific trade school courses. Since credit scores are often used in determining funding levels for students, it is often assumed with a prior money management problem leading to bad credit, student loans are out of the question. Even with thin credit, which is not the same as bad credit, student loans can be a problem if you are going through a private loan agency or company.
The way to handled problems such as bad credit, student loans with a thin credit or no credit history, is to research and investigate student loan options that are not based on credit scores. There are many different federal student loans that are either subsidized or unsubsidized and are offered by the federal government with no ties to your credit score for eligibility. These loan programs include Stafford Loans and Perkins loans but may also include scholarships, Pell grants and other private grants and bursary programs.
Stafford loans are one of the most common bad credit student loans that can actual prevent students from having to pay interest on the loan provide they qualify for a subsidized loan. Students will still have to pay of the principle or total amount of the loan but provided they follow the payment plan the government will not charge any interest. These subsidized loans are granted based on the student's resources and financial ability to pay back the loan. Students must graduate and will have 6 months in which to start earning a living after graduation before payments start. If students drop down to a part time student or drop out of school the payment process is not deferred as long and interest may be charged.
Perkins loans are another option for bad credit student loans that are subsidized and can be applied for each year. With both Stafford and Perkins loans the amount of the loan is capped, and will not typically be more than $5000 per year, even in senior years. The total amount borrowed under the Perkins loan program cannot exceed $20, 000 per student in total over all education years.
For students with bad credit, student loans through private loaners and companies are likely not an option. Be vary cautious in taking on these loans as they often have very high interest rates, poor payment plans and extremely high penalties. If at all possible students with poor credit should work on rebuilding their credit scores through timely repayment of a federal government loan and displaying credit worthiness before trying to apply for private school loans.
Friday, October 3, 2008
Even With Bad Credit Student Loans Are Still Possible
Mortgage Rates: Scoring a Deal
Denver mortgage rates are some of the best in the country, so why haven't you moved yet? Getting a great rate is key no matter where you move. Whether you are selecting your rate with the intent of selling in the next five years, or want to stay awhile, your mortgage rate can equal tens of thousands of dollars in savings.
When shopping for the best rate, the first step is to investigate the different lending opportunities. In the Denver area and around the country, there are many sources by which you can acquire a mortgage. Some examples of these sources are mortgage brokers, mortgage companies, savings and loan associations, commercial banks and credit unions.
A mortgage broker is different from the others, since they try to coordinating financing from several lenders. Due to the wide selection, you'll have a better selection of loans and rates to choose from. However, this does not mean that one broker will solve all of your problems. Just like the lending institutions themselves, different brokers can yield different results. In fact, it is only mandatory for a broker to find the best deal for you once a contract has been setup stating that the broker is your agent. Everybody needs to get paid, and the mortgage broker does this by adding fees or points to the mortgage.
Besides a mortgage broker, the other factor in getting a low interest rate is to discuss with your lender and carefully consider all of the charges involved. Rates vary from bank to bank, but is based on the country wide "prime" rate. It is for this very reason that the term "right time to buy" is tossed around by potential home buyers, as proper planning can capitalize on beneficial prime rate fluctuations, decisions that translate into thousands of dollars in savings.
Another way to lower your interest rate is with points. A percentage of your loan value, points represent the cost of getting a mortgage. The third factor to be aware of are the fees linked to the mortgage. Fees such as underwriting and closing are charged as services associated with the lending process. Usually borrowers are able to negotiate with the lender to adjust fees in exchange for interest rate adjustments. An example of this situation is a "no cost" loan, which lowers fees in exchange for higher interest rates.
Thursday, October 2, 2008
How to get a business loan
The one thing you must remember when trying to get a small business loan is preparation. When people want to know how to get a business loan, especially an unsecured small business loan, they are never prepared for the amount of paperwork and information required.
Five Pieces Of Information You Will Need
When it comes to getting a business loan, how much information you can provide is essential. Here are the five piece of information you will need:
- The business plan – this document will not only show the lender why you want a small business loan, but what the money will be used for.
- The cash flow projection – one of the first answers a lender will want is how the business plans to repay the loan. The cash flow projections give concrete financial data which can be used to assess the risk.
- Personal financial statement – this is a list of personal assets and debts, what you own and owe, which gives the lender a financial picture of the owner of the business.
- Past business tax returns – if your business is established, and has filed tax returns, you should take these with you. This helps the lender get a good idea of how financially stable the business is.
- A credit rating report – while it is not essential to have this report for the lender since they can look this up themselves, it is important that you know what this report says about you and your business.
To get copies of all of this information you simply need to go through your personal records or check with your accountant. The credit report can be obtained from one of the three major credit reporting agencies. To get a free copy of your business credit report you would simply mail or fax a request to them along with two forms of identification.
The Know-How To Get A Business Loan
Knowing how to get a business loan means knowing the information you are providing the lender. When you meet the lender in person you will need to be able to discuss the following with them.
- What collateral do you have – collateral will be the tangible assets that you are willing to put up to guaranty the loan. This could be equipment, a house or car, or inventory.
- How much money are you personally putting into the business – being willing to risk the money you have will show the lender that you are willing to work to achieve success at the business.
- What expertise or experience do you have – be prepared to talk about yourself with the lender. They will want to know about your background, expertise and experience in the field you want to enter and what your aspirations are for the business and yourself.
- Can you elaborate more on the business plan – be prepared to fully discuss the details of your business plan with the lender. Any questions they have should be answered confidently and quickly.
The chances of getting an unsecured small business loan will greatly improve if you are able to provide all the information the lender wants to have. If the lenders concerns can be properly addressed, you will have a greater chance. This is the most important sale in the life of your business.
Scope of Online Future Trading
It is better to learn and then jump into Online Future Trading instead of finding yourself in bare body and torn hair! In other words, future trading can cause loss if you are not prepared. Stepping over to the other side of the fence, a little bit of preparation can give you monetary gain from Online Future Trading! There is a plethora of websites giving online tutorial on future trading and you have a chance to educate yourself.
Online Future Trading requires a good deal of market analysis which may be fundamental or technical. Both are different in nature and each one of them has their own implication and importance. Act smart and do not ignore any one of them if you want positive gains. In the purview of the fundamental analysis lies the study of economic principles and their relation with the present and future market. Study of the behavior of the price falls under technical analysis. At the core of indicator identification lies the responsiveness of price and its pattern. The online software available are capable of providing a precise analysis of the past and present price movements and then help you in the speculation about the future price. In other words, you can make use of the software for Online Future Trading. Since future trading is associated with risk, it is better that you test the online software before actual investment. It is possible to make almost correct predictions with the help of the high class technical analysis done by the software which are available online. To conclude, it is essential to have a concrete planning and pre-defined entry and exit points.
Looking for a right trading course to get started with Online Future Trading? Read reviews for various trading course including a Future Trading Secrets.
The Debt Consolidation Story;
The credit counselling Fantasy;
financial counselling in Canada has become a trendy solution for dealing with debt but might not be the appropriate methode for individuals to control their debt. In a growing number of cases people will seek out debt consolidation loans to pay off their credit card debt and begin with a clean slate. even though this takes care of the momentary problem it oftentimes creates bigger circumstances down the road. The reasons why this happens are;.
First off, people are creatures of habit. By a consolidation loan you are only masking the essential issue, your habits. Although a debt consolidation loan will clear your original debt it wont deal with your spending habits. Commonly Canadian's getting debt consolidation loans to pay back their debt end up in twice the debt they started with.
This is the second reason debt consolidation loans will not work. After individuals pay back their revolving credit it gives them freedom to unsecured debt, causing the process to repeat itself again. Often times individuals end up with their credit at the limits again, as well as, the consolidation loan that they borrowed in the first place. The most generic comment I hear as a debt manager is "I want to attain a consolidation loan to pay off my debt", "I don't want to use revolving credit again". In theory this is terrific but often times doesn’t happen
Unless an individual is prepared to tackle their overall problem (i.e. their spending habits) they will not succeed with a debt consolidation loan. In actual fact this is one of the main reasons that the banks have stopped issuing debt consolidation loans. They have, for the most part, stopped this because they recognise that this is only feeding the problem and not solving the problem. If you truly want to deal with your debt, cut up your credit cards, stop access to any revolving credit, make your monthly payments to pay the debt down and track your spending. It is only through the tracking of your spending habits that you will truly understand the fundamental issues of your debt. In order to deal with your debt problems, you must first understand how you got there in the first place.
If you want to live debt free you must recognise your unnecessary spending habits and make changes to eliminate them from your life. If you were to ask me what lesson I teach my clients the most, it’s how to track their spending and identify unnecessary spending.
Greg Martin
Debt Consolidator
Phoenix Credit and Debt Counsellors
Loans For College - What You Need To Know About Them
The only possible way a student with a bad credit profile can emerge clean so as to be worthy of a college loan is to set his or her credit record straight. This may be difficult to do, but until you do this you will always be shown the way out at most lending institutions.
If you want a loan through the department of education then you will have to prove that you need such assistance from the department. The program usually demands that borrowers must be certified citizens of America. You will also have to prove that you will be capable of making good academic progress. More so, it should be that you are pursing a course that is relevant to what the loan allows.
When you inquire from most people who took loans or graduates who successfully finished their education through the facility of a loan, they will tell you that the moment you leave school you are will be hit with the burden of making sure you pay back the money you have taken. This is actually a problem because it overstretches the meager resources you have. This demands a lot of care and effort to ensure you repay such loans fast, after graduation.
Before you can be qualified for a government financial aid, there are certain conditions you will need to meet. First, you will have to be less privileged when it comes to financing your education, you must be an eligible person who is a citizen of the country either by birth or by registration, and other requirements that you will be told once you approach them for financial aid.
You need to be aware that in order to guarantee some loans, you need to take in consideration some elements like interest rate of the loan and fees that come with it. These are what you should watch out for not just brazing up yourself to think of how you hope to make the payments. This is very important because if you secure an affordable rate then you can make repayments without hassles.
There are varieties of college loans to choose from, in case you don't know. A private loan for instance, is a type of college loan which do not require the borrower to have security. Therefore, it is the kind of loan that attracts most of the students.
The majority of students get into agreee for a loan without having a clue of how much it will take to pay back thoses loans. This should not be so. You should have a real knowledge of how much money you need to have in order to take a loan and the more specific expenses you'll make on other buys you might make.
You will concur with me that educational loans institutions have helped lots of students, in particular in the USA. Think of the thousand of youths that would have been on the streets if such college loans didn't exist. If you don't have money for college, don't worry about it. Start thinking of getting a college loan to see you through college.
To learn resourceful tips regarding articles about college loans see Jon Ferriss site.
A Guide to Debt Elimination
Effective Debt Elimination Help
Do you know how debt elimination works? Simply put, debt elimination is a process designed to help eliminate your debt and help you stay debt free in the future. If you are in debt right now then you should know that it is really destroying your future in several ways.
For one, your credit rating will be ruined and it is very difficult and time consuming to get your credit back to a decent score. The best way to handle your finances would be to not get into debt however; this is not realistic in today’s society, so the focus should be on getting your finances back into the positive.
Budget Helps
Creating a budget is one of the first and most important things to do in order to help alleviate some of your debt. Otherwise you are simply bringing money in and sending it out, without any idea where your money is going and clueless to how much better it could be spent.
In many cases people don’t realize they are spending more money then they are making because they use credit cards unnecessarily, which can quickly be detrimental to your total debt status.
The statistics show that nearly everyone has at least one credit card and most of them can have anywhere from hundreds of dollars to thousands of dollars in debt.
Pay Off Your Bills
This is just a given, and not a choice. In order to eliminate your debt you will need to start working to pay off your bills and you can begin to prioritize which one to pay off first. Credit cards should be first, because they can affect your credit rating negatively and since they have high interest rates you are going to have to pay off that as well.
You want to make sure that your housing bills are under control next, including your rent, telephone and cable bills.
To help eliminate your debt, there are many organizations that can provide expert advice and assistance in getting out of debt.
No matter how deep in the debt hole you are right now, complete debt elimination is possible, although it is going to take a lot of time, effort and patience on your part. Becoming debt free is not only possible, it is something you can begin to work on today and by following the advice of your debt counselor you will also be able to avoid any unnecessary future debt.