College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

America's Top Student Loan Provider




Tips on Repaying Student Loans
For most UK students in order to make it through university they'll need to apply for student loans, the loans provided by the Student Loans Company are served after determining course fees, the level of support you'll receive from your parents and take in to consideration that you'll need to pay for accommodation and books.

Normally the amount given will not cover every expense that higher education incurs but will help cover most administrative costs, leaving you to get a small part time job possibly working at a bar (a popular student workplace/recreational location) and that money can be used to fuel the endless nights out but also for those all-important books!

With average university loans per year being around ?3,000-4,000 and a course normally lasting three to four years by the end of your four years you could have a student debt of ?16,000 to repay. As daunting as this seems student loans are fortunately different from conventional loans and have a lower interest rate and more flexible repayment strategies.

One of these strategies means you will not have to repay your loan until you are in full time employment earning above ?15,000 per year. It isn't uncommon for former students to still have student loans going well into their thirties but that doesn't mean you can't get rid of them quicker, if you want to be debt-free as soon as possible then there are a few tips that some insurance companies have offered to students who want to get out of the red and start putting that university degree to good use!

The first thing to check is if you can repay the loan earlier than the set out dates that they give you upon completing your course, this normally comes into effect six months after graduating by which time you should be in a job and earning the big time salaries your qualification dictates.

You should check that paying off the loan early is OK because sometimes you will incur an extra charge for paying off too much too soon. It sounds silly but as with all loans banks count on you being in debt to them for a long time so they earn money through interest.

It's not a bad thing to pay off loans early; after all it should help keep any possible negative marks on your credit report. Speaking of which, you should keep an eye on your credit status after university, debts can often have a nasty effect on getting credit or other big purchases such as houses and mortgages. You can apply to see the information the three credit companies (Experian, Equifax and TransUnion) and is worthwhile keeping an eye on in your years after university.

Keeping an eye on your repayments with regards to other debts is important too, in the grand scheme of things if you have large credit card debts as well as student loans you are better off prioritising your repayments and dealing with the credit card debts first, again the student loan will have a lower interest rate and will not result in you losing more money which would happen if you left credit card debts unchecked.

In general, student loans are not to be taken lightly, but they understand students who have recently left higher education and entered the working world. The six month grace period is long enough for graduates to find some form of income and start repaying their loans. When repaying loans take care to make sure the ones with the most interest are dealt with first and don't be afraid to seek out advice and help from financial advisors and other sources.



 


Article Title : Tips on Repaying Student Loans
Comment not found for this article.
 
Comment

Related articles
• Consolidate Student Loans, The Advantages
• Student Loans With No Co Signer Or Credit History
• Student Loans And The Price Of An Education
• Student Loans, Building Equity and Good Debt
• Student Loans - Looking at the Different Types

Share this story:
  • BlinkList
  • blogmarks
  • del.icio.us
  • Digg
  • Facebook
  • Google
  • Sphinn
  • MySpace
  • NewsVine
  • Simpy
  • StumbleUpon
  • Technorati
  • E-mail this story to a friend!
  • Print this article!
  • Faves
  • Furl
  • Netvouz
  • Slashdot
  • Spurl
  • Yahoo! Buzz
 



EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!

How EdFed Helped others!
I had been interested in consolidating my student loans for a while when I was contacted by a loan representative from EdFed. She was able to tell me what my interest rate would be and how much I would save. She explained everything in detail and I recommend calling to see what they can do for you.
- Sean R.  Colorado Springs, CO
* Your Name: * Your E-mail Address:

We respect your privacy.
* Your Friend's name: * Your Friend's E-mail address:
Include a Message:
+ Privacy Policy

Student Loan Consolidation Info - How to Choose the Right Loan Company

This column is sponsored by Granted, America's top job search engine. The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.

Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
CONSOLIDATION NEWS
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

news desk
CALCULATORS
Stafford Loan Payment Calculator
PLUS Loan Payment Calculator
Loan Consolidation Payment Calculator
Articles
Calculators
FAQs
Glossary of Terms
Loan Comparison Chart
Scholarship Search
It is never too early to establish good financial habits. While you are in school, plan for your future by monitoring your education loans, budgeting, and saving.
US School Directory
Comprehensive List of Schools at which EdFed Assists Students.
EdFed is a FFELP lender with lender identification number 834241.
© Copyright 2020 EdFed. All Rights Reserved.

Home · About Us · Contact Us · News · Sitemap
Career Advice · Tell a Friend · Privacy Policy · Resume Service
Resume Distribution Service · Post Resume · Job Search Course
EDFED NEWSLETTERS
Sign up for the latest news on student loans.
Email Address:
+ Most Recent Newsletter
+ Newsletter Archives