2006 Heralds No Increase to Federal Aid, Prompting Alternative Student Loans
Quincy, MA (ContentDesk) December 20, 2005 -- Despite long sessions in Congress debating the Higher Education Act Reauthorization, 2006 looms large with no significant changes in
federal financial aid for students. Natural disasters and intense political debate delayed the Congressional re-authorization of the Higher Education Act, which means that students who were hoping for an increase in federal financial aid will have to wait until the next academic year for any changes by Congress. As a result, students, parents, and families who need financial aid to cover education expenses are increasingly turning to alternative student loans to bridge the gap between unchanging federal financial aid and increasing tuition bills. Christopher S. Penn, director of ActEducationLoans.com commented, "Federal financial aid to students, parents, and families remains unchanged for the new year despite the efforts of advocates for increased aid.
As many hardworking families know, tuition bills are arriving around the holiday season when disposable income is at its tightest." Act Education Loans from the Student Loan Network offer competitive interest rates and borrowers can receive loan proceeds in as little as five business days. ActEducationLoans.com loan proceeds are sent straight to the borrower, which helps borrowers to pay tuition bills quickly, avoiding delays and frustration at registration time.
Additionally, since Act Education Loans are credit-based, more families can qualify for them, compared to need-based financial aid. "One important fact that cannot be emphasized enough is that students generally don't have enough of a credit history - good or bad - to obtain a private student loan on their own. Students who want to apply for a private student loan should do so with a co-signer, who can be any parent, relative, employer, friend, or associate with two years of full time employment, two years of good credit history, and two years of citizenship or permanent residency in the United States.
Even people on fixed incomes like retired citizens can be excellent co-signers, and help the next generation achieve their full education potential," said Mr. Penn. Mr. Penn noted that the Federal Subsidized Stafford Loan remains capped at $2,625 per year for freshmen undergraduates, while Act Education Loans for freshmen, with approved cosigners, can provide up to the lesser of $30,000 or cost of attendance at their school in additional funds for the rest of the school year. Undergraduate, graduate, and continuing education students can apply for alternative student loans at www.ActEducationLoans.com at any time; students are strongly encouraged to have a co-signer.
Parents of K-12 students can also apply for private school loans at www.AlternativeStudentLoan.com as well. Students and families can also apply by phone by calling toll-free (866) 229-8900. ActEducationLoans.com is a division of the Edvisors Network, a multi- national education services company offering students options for managing the entire education lifecycle, from getting into their college of choice to financing their education and beyond. The Edvisors Network is based in Quincy, Massachusetts, with offices in Quincy and London, England. Visit them on the web at http://www.EdvisorsNetwork.com for more information.
Act Education Loans are funded by PNC Bank, N.A..
A Guide To Federal Student Loan Consolidation
Federal Student Loan Consolidation is a financing facility that allows a borrower to merge his several federal student loans into a single new loan, and thereby bring them under one repayment plan. Federal student loans are generally issued or guaranteed by the United States government and comprise loans from the US Department of Education as well as the Department of Health and Human Services. These do not require any collateral security, and in contrast to private student loans, have low rates of interest. The Stafford loan is one of the most popular federal student loans.
When a borrower consolidates federal student loans, the original federal student loans are paid off by a loan consolidation company or by the Department of Education.
Then, a new loan is created with one monthly payment. One of the prime advantages of federal student loan consolidation is that it lowers one's monthly payment by up to 60%. Low fixed interest rates, reduced monthly payments, and...
A Guide To Federal Student Loan Consolidation
Student loans > A Guide To Federal Student Loan Consolidation
An Introduction To Student Loans
Student Loans are often part of student financial aid packages, which assist with paying for their education. These loans are low interest rate loans. Either the government or other authorized banks or financial providers issue them. Loans are different from grants and scholarships, as they need to be paid back.
The loans are generally classified into three types: Federal Student Loans for students, Federal Student Loans for parents and Private Student Loans for students or parents.
Each loan has different terms and conditions.
Federal student loans, also known as Stafford or direct student loans, are given to the students directly. They are sub-classified into subsidized or unsubsidized, according to the financial needs of the student. The government provides the loan either directly or through agencies. The repayment starts only after graduation.
In subsidized loans, the student need not pay the interest, and in unsubsidized the interest...
An Introduction To Student Loans
Student loans > An Introduction To Student Loans
A Look at Common Types of Loans
People sometimes wonder about common types of loans, especially with all of the different types of loans available. There are many common types of loans that may fall into the same categories, as well as some common types of loans that are only different in one or two small ways. Below are the descriptions for several common types of loans, including some of the factors that may restrict who is eligible for the loan and how much interest different individuals might have to pay for the loan.Of course, this doesn't cover all of the loans that are offered? only the loans that you are most likely to encounter. Secured and Unsecured Loans Most if not all common types of loans fall into one of two categories? secured loans and unsecured loans.Secured loans are those loans that use some object of value, which is referred to as collateral, as a guarantee of repayment and a method of offering lower interest rates.Unsecured loans, on the other hand, require no collateral but almost always have...
A Look at Common Types of Loans
Student loans > A Look at Common Types of Loans
Private Student Loan Refinancing
Private student loan consolidation is one of the debt repayment tools that saves the time and money of borrowers. Private student loans, also known as alternative student loans and personal student loans are credit-based loans offered by private lenders to meet student educational expenses. Private student loans are generally issued according to the student's level of study and are offered by non-federal organizations such as The Education Resources Institute (TERI) and private banks. Usually, private student loans have a higher rate of interest compared to federal student loans. Above all, the federal government does not guarantee private student loans, and their interest cannot be subsidized.
A private student loan is consolidated in the same way as any private loan is consolidated. Private student loan consolidation services are available on the Internet. Private student loan consolidation brings all private student loans under one repayment plan. As a result,...
Student loans > Private Student Loan Refinancing