How School Loan Consolidation Will Save You Money

School loans are a necessary evil for most people. They begin paying them six months after graduation and don't stop until 10, 20, or even 30 years later. By the time they're finished, they've paid double what they originally borrowed. It's unfortunate but for many peopel it's the only way.

Luckily, there is a way you can reduce the total amount of money you pay for your student loans. You won't be able to lower the amount you owe, but by consolidating your loans you can benefit from some cost saving incentives.

For instance, when you graduate you usually have many small loans from a few different lenders, each of them at their own interest rate. By consolidating you combine all those loans into one large loan through one lender. When you do this, your interest rate is averaged out, and fixed at a rate lower than some of your previous loans. It might not seem like a big deal, but over the life of your loan, you'll save thousands.

When you consolidate your debt with a single lender they stand to make more from your loan, which means they have the room to offer you discounts and incentives. They do this mostly to set themselves apart from competing lenders, but in the meantime you benefit with reduced interest rates, flexible payment plans, and good standing incentives that will lower your interest even further.

Consolidated loans usually allow you to have some flexibility in your payment structure, meaning you can adjust the loan term to be shorter or longer. Adjusting the term will also adjust your monthly payment adversely. For instance, if you make the length of the loan longer, your monthly payments will shrink. This may seem like you're saving money, however you are paying more interest on a longer term which means in the end it will end up costing you more.

On the flip side of that, if you restructure your payments so you're paying more each month, you'll pay off your loan sooner and pay less in long-term interest. Nearly all consolidated loans have no prepayment penalties either, so you should make sure your lender won't penalize you for paying your loans back early.

An indirect way that consolidating your loans can save you money has to do with where you apply your funds. If you've consolidated and restructured your loans to the point where you have a very low interest rate, along with low monthly payments, you can potentially invest the extra money and earn a percentage point or two or three above your loan's interest rate. It may only start off as a few extra dollars a month, but again, over time those pennies add up.

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The Truth About Scholarships For Moms

Mothers who want to continue their education but fall short of funds can either apply for scholarship or a loan. Almost everyone else say that getting a scholarship is a much more convenient way in earning a college degree. Now let us try to see if such is really true.

So what is a scholarship?

Let us define it in simple terms. Well it is simply an educational award given for free. And it does not require the recipient to pay the same back. It partakes many forms such as:

1. That which is awarded by an institution or university which can only be utilized in said institution or university.

2. Federal educational grants recognized by different colleges and universities. Applicants may have a hard time getting this since they have stricter qualification compared to other scholarships.

3. The general scholarships which are granted in the form of money. Said grant can be utilized in any college in accordance to certain terms set forth by the grantor.

Having a birds eye view of what a scholarship is, let us determine some of the advantages one might get through these scholarships.

One of which is that scholarships serves as your personal fund to pay all the expenses you'll have in pursuing a college degree such as tuition fees and books. Another is, in going back to school and finishing a degree through a scholarship you become a model to your children and serves as an example and instill to them how important education is. And, the scholarship will serve as a vehicle for success which would help you realize all your dreams and ambitions in life. The list goes on and on, and it would probably take me hours to state each and every single one of them. So what more can you ask for? Apply for a scholarship today to secure a better future.

by Walter Sigmore

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Facts About Student Loan Rates

Many people who want to pursue their education further will not afford college expenses and will need a student loan. And finding the best student loan rate of interest is an important factor that needs to be taken into consideration when searching for a student loan.

Usually a student loan won’t have to be repaid until the student graduates and has finished his or her schooling. This will allow the student to concentrate on studying and not be concerned about any kind of repayment plan.

After the graduate finishes his or her studies, the student loan rates will be an important factor since the graduate will be starting a new job, possibly finding new accommodation, and have travel and living costs to cover as well. Every cent will count in the beginning and even a difference of one percent in the repayment plan will have an effect on one’s living standards.
Some lending institutions charge fees to set up a student loan, and this is one factor that can increase the cost of the loan. Often a lender will offer a low interest rate that seems very competitive, but these low rates are often offset or can actually cost more due to the fees that are charged. On the other hand lenders that don't charge the fees will roll over the costs into the student loan interest rate. As a general rule of thumb, three to four percent in fees is about the same as a one percent higher interest rate.

Be sure to check to see if the student loan interest rate is fixed or variable, because a fixed loan may be more expensive than a variable rate at the time of application but if the variable rates are to rise in the future then the fixed loan would have been the best option.

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Special Scholarships for Moms Returning to School

You don't let a challenge stand in the way of advancing your education. You've made the decision to go back to school even though you are a mother with all the responsibilities that entails. The question remains how to find the money necessary to pay for your tuition. One option to consider is a scholarship especially for moms returning for further education.

If you have already applied for some scholarships you may have discovered some that have been developed especially for determined moms like you. These scholarships are tailored specifically for your needs as a mother and will be more likely to meet your individual needs.

Your next step is to decide your course of study at college. As you are deciding, consider these hints:

1. Where Are You Going?

There are lots of interesting courses to study, but not all of them will take you to the same place. What do you see yourself doing at the end of your course work? Plan to take the courses and major that will get you to that goal.

2. Where Have You Been?

Does your chosen course or major require prerequisites which must be met in order to be accepted? Have you accomplished those prerequisites? Find out what you need for admission before applying for the program. In most cases prerequisites can be completed after admission but you save yourself from an unpleasant surprise by doing your homework ahead of time?

3. Where Is Your Balance?

In a perfect world you would be able to make all the money you need by doing only what you love. In OUR world, we usually need to find balance among what we love and what we need to do to earn a living. Make an effort to find something you find fulfilling that also meets your income needs. You're making a big investment of time and money in your education - make it work for you!

Your goal to advanced education, rewarding occupation and earning and income can be greatly enhanced with Scholarships for moms. You have plenty to do without worrying about paying tuition. With a little help you'll be on your way to reaching your goal of a well-paying career.

Learn more about your financial options for a degree today. Get scholarships up to $10000. Hurry limited availability.

by Greg Prather

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