Saturday, 28 February 2009

Limit Your Anxiety: Student Loan Consolidaton

Entering the workforce after graduating from a two or four year program, most students find that it can be difficult to pay back student loans in the 10 years that you are given.

Most students during this first 10 years after graduation will get married, have at least one child, have at least one child, most likely buy a house, and even get married.

With outstanding private school and federal loans, managing all of these expenses may be difficult.

One major option is to consolidate student loans, which means borrowing to combine your student loans, pay them off, by only paying one payment on one larger balance with a longer term loan. The option to consolidate student loans is open to most employed graduates or even, in some cases, to students that are still in school but are in some way working to earn an income.

It is very important to compare how the consolidation and your original loans differ based on various interest rates, and it is equally important to consider all of your options.

Advice can be given to help consider and understand both the advantages and disadvantages of consolidating your student loans. This advice can be given by a variety of people including a financial planner, consultant, or ever your personal banker. Generally the biggest advantage to consolidate student loans is that it takes the multiple payments from different lenders you may have a literally pays off these loans, leaving you with one payment to make to the consolidated loan lender. It is safe to assume that you will pay less per payment by consolidating compared to the original multiple payments.

The logical reasoning behind this is that your “pay back” term is expanded, therefore you pay less per month over a longer period of time. In terms of student loans, the disadvantage lies in the longer term loan which in some circumstances could take up to 30 years to repay. This means that over the life of the consolidated loan you will pay significantly more in interest, which may be a huge dollar amount if you actually make only the required payments.

You can also lower the interest amount by paying more than the minimum monthly payment. However, it is important to distinctly specify that the extra payment is strictly for the loan principal. This will rapidly cut payments off the duration of the loan, especially if you start right when the consolidated student loans are put into place.

About the Author

Struggle to get approved for a Student Loan? Learn Useful Tips on Student Loans. Visit our Student Loan Guide.

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Wednesday, 25 February 2009

Cheap College Loans: For An Uninterrupted Education

Worried about those piling debts that you are unable to pay due to lack of funds? Cheap college loans will take away your burden by providing you adequate funds to meet all the expenses which can’t be just neglected.

Cheap college loans allow you to bear all the expenses that you incur during your college term. Cheap college loans provide you funds for:-

• Accommodation
• Meals
• Library fee
• Tuition fee
• Books and stationery
• Commutating expenses

Students pursuing under graduate, graduate, and professional courses can without any restriction obtain cheap college loans.

Cheap college loans are offered by both private and federal lending institutions. You can borrow an amount maximum of £15000. You can provide collateral to get secured loans or opt for an unsecured loan without any obligation of placing collateral.

Cheap college loans allow repayment break of 6-9 months after the completion of your course. Meanwhile, you can try and search for a suitable job. As soon as you get a job you can start repaying the loan without further delay! The minimum salary required for repayment of loan is £15000 per annum. The repayment term extends up to 10 years depending on the amount borrowed.

To encourage students to study and not give up their dreams just because of financial constraints is what we aim! Therefore, the interest rates of cheap college loans are generally kept low. This is because the aim is to reduce the burden of students and not to increase.

Students can easily apply for cheap college loans online. This saves you from visiting banks and other financial institutions. You can access vast information and different lenders with a click of mouse!

With the help of cheap college loans, students can also scrap off payments accumulated by the use of credit card or other unpaid debts. So, the support of cheap college loans is a benediction to concentrate on their studies without worrying about anything else.

About the Author

Julia Russell works as an executive in financial department for Cheap College Loans. She has a lot of experience in finance field. To gain more information about cheap college loans, college loans, student loans, college student loan visit

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Sunday, 22 February 2009

Student loans: best way to finance your education

Are you unable to study further just because of inadequate funds? Want to join course of your choice and are really looking forward to it? Student loans can easily provide you with adequate funds to join the course that you want to.

Student loans can be taken to handle various educational expenses like:-
• Paying outstanding bills
• Library fee
• Tuition fee
• Accommodation
• Meal
• Debt consolidation

Student loans are provided as secured or unsecured. For getting secured loans you have to pledge your asset as collateral. As against, unsecured loans can be obtained without meeting such obligations. The loan amount depends on the type of course you are opting for. You can borrow the required amount for pursuing graduate, post graduate, full time, part time or professional courses. You can join your favorite course without worrying about your financial constraints.

The repayment term of these loans are quite flexible as the student has to repay the loan only after the completion of his course. Sometimes they are given a break of 6-9 months which enables them to search for a suitable job and start repaying as early as possible. The flexible conditions just don’t burden the students and they can easily meet the repayment.

Borrowers who are facing credit problems will not be turned down. Those with below average FICO scores or impaired credit like CCJs, IVA, arrears and defaults can easily apply for students loans and can handle all their educational expenses effectively.

The student loans can be applied from banks and other financial institutions. But you can choose to conveniently apply online as well. All you have to do is just fill a simple online form containing few personal details. This doesn’t take much of your time as the online process is hassle free and very simple.

Student loans are the feasible funding option that is provided at lower interest rates. No penalties, no extra charges and hidden cost come with these loans. So just apply and fulfill your dream of higher education quickly before it’s too late.

About the Author

James Strom has done his masters in Finance from Oxford university and is currently assisting Loans Students as a finance advisor. For more information related to student loans, college student loans, student finance, student loans consolidation please visit

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Saturday, 21 February 2009

Bad Credit Student Loans: For Healthier And Safer Education

Loans are the best means for a student to arrange money for his brighter educational career. When no condition is in your favor and you cannot find any better means to approach for financial help, you better leave such futile efforts. In fact, there cannot be anything as good as the student loans. However, when your bad credit record hinders your way from getting other student loans go for the bad credit student loans.

These loans are for all those students who are being obsessed by bad credit histories. Any kind of bad credit record is permitted even though you carry bankruptcy, skipping of installments, arrears, defaults or CCJs in your credit history. The rate of interest in these loans is comparatively much better which will not harass you.

By applying for anything like secured or unsecured, you can fulfill your desire of getting higher education. For the secured loans you would have to provide collateral and the rate of interest in it is much lower. The amount offered is good for affording costly educational programs as it is often bigger and the repayment term too is longer.

For securing the unsecured loans you will not have to take the tension of thinking about any collateral. Thus, the procedure of receiving this loan becomes easier. The rate of interest is the thing that may tend you to be worried but actually there is nothing to do so. Other loans available in the loan market can also prove to be a better substitute if you go for these.

With the bad credit student loans you will be able to afford almost everything those are required. From admission fees, dress and study materials, classroom projects to medical allowances, travel expenses, food, shelter and other expenses, everything will be supported by these. So, you will never feel the lack of finance in your academic career with the help of these loans.

About the Author

Peter Maxwell is an expert loan advisor at Students Loan. He has done MSc Management and Finance from University of Whales.To find student loans, bad credit student loans, federal student loans, consolidating student loans visit

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Thursday, 19 February 2009

Winning Strategies For Tackling Student Loan Debt

If you've recently finished school and are currently in your six-month grace period before you have to make your first student loan payment, you may have questions about the best way to tackle your debt. Yes, you can simply make monthly payments on your various loans, but with a little planning, you can save thousands of dollars, minimize your monthly payments, and improve your credit score in the process.

Currently the average undergraduate finishes school with over $16,000 in student loans. For many students, this hefty amount owed is piled onto existing debt such as car payments and credit card bills. So, if you feel overwhelmed with what you owe, you are not alone. Rest assured, however, you can tackle your debt successfully and effectively by taking a proactive approach.

First, remember that your student loan debt is probably at an interest rate much lower than your credit card debt. The highest interest rate on student loans compares favorably with the exorbitant rates issued by credit card companies. With rates as high as 30 percent, concentrating on paying down credit card debt should be a primary focus.

If you have no other liabilities other than student loans, congratulations! But, you'll still need to be strategic about how you will pay back what you owe. Most standard student loans have a ten-year payback period and a monthly payment schedule, but there are many more cost-effective options that are worth exploring.

Before you make that first payment, call your lenders and verify what the monthly amounts will be. If you simply cannot afford to make the payments, ask about alternative payment options. Most lenders offer graduated payment plans where monthly payments start about 50 percent below the standard amount and gradually increase over time. As well, you can frequently extend your repayment period up to 30 years. However, you will need to be careful about paying so little per month that you are only paying interest and no principal.

Another very effective way to decrease what you are paying each month is to is to consolidate your loans by doing a student loan consolidation. This is a great option for borrowers who have several loans at different interest rates. By consolidating these loans, you can lock in a fixed interest rate, lower your payments, and extend your repayment period. Also, consolidation can be quite beneficial for improving your credit because existing loans will be paid off before a new loan is issued. You can ask your current lenders if they offer consolidation plans. If not, there are many lenders who can help you with your loans, and you are able to consolidate during your grace period. Make sure to ask about interest rate discounts that are usually offered for signing up for auto-pay and for having extended on-time payments. Most borrowers who consolidate their loans will save a substantial amount on their monthly payments, up to 60 percent each billing cycle. However, remember that the interest rate on consolidated student loans changes every year on July 1st. Thus, if you are considering consolidation, make sure to submit your application well before this date. Interest rates will be going up more than 2 percent this year, so don't delay.

If you are approaching the end of your grace period, and you are currently unemployed, disabled, or planning to return to school, you can defer payment on your loans for up to three years. The government will pay the interest on your subsidized loans during this time.

Like deferment, forbearance is another option to delay repayment for as long as three years. You can apply for forbearance by proving financial hardship to your lender. However unlike deferment, you will be responsible for accrued interest during the forbearance period.

No matter how you go about repaying student loan debt, by all means, do not default on these loans. There are serious consequences for not paying back what you have borrowed. Defaulted loans will appear negatively on your credit report, and this may prevent you from qualifying for other types of credit such as mortgages and car loans. As well, defaulted loans will be turned over to a collection agency, and you could possibly be sued. You may even have your wages garnished or your income tax refunds intercepted. And, of course, you will not be able to apply for additional student loans until you either repay the loans in full or make payment arrangements with the lender.

Yes, paying your loan payments is the best way to prevent defaulting on your student loans. Also, make sure to notify your lender with any changes that affect your loans such as name changes or new addresses and phone numbers. If you do experience financial difficulty, don't delay in asking for forbearance, deferment, or an alternative payment plan. Once you have defaulted, you won't be able to qualify for these options. And, don't forget to keep careful records of your loans. Save promissory notes, cancelled checks, and letters that you send to your lender.

Tackling your student loans is possible, and with a little financial know-how and advanced planning, you can customize a payment plan that will work with your financial status. So, go ahead and get started! The sooner you take control of your debt, the sooner you will pay it off.

About the Author

Mike O'Brien offers advice and information about student loan consolidation. This is a quality web site with a choice of student loan consolidation advice and information at your fingertips!

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Tuesday, 17 February 2009

8 Types of Student Loans That Guarantee More Money for Education

Last year at this time, we were frantically looking for information on the different types of student loans. Unfortunately we could find bits and pieces on various websites, but nothing as complete as we needed. This gave me the motivation to provide for others what we couldn't find. You will after reading this article know exactly what the 8 different types of student loans are and if you should pursue them or not. Now, let's start reading.

Take a quick look at the 8 different types of student loans that are available to you and your student right now. I'll share with you the positives and any negatives of each type of loan.

The 8 Types of Student Loans:

* Unsubsidezed Stafford Loans and Subsidized Stafford Loans
* PLUS Federal Loans (Parent Loan for Undergraduate Students)
* Federal Perkins Loans
* Bank Loans
* State Loans
* Other unsubsidized Loans (Stafford)
* Loans from other sources
* College Board Extra Credit Loan

You can start looking for the various types of student loans that fit your needs but you can't apply for them until you have successfully submitted your application to FAFSA. You will receive a Student Aid Report and that is what your lenders will base your loan on. Once FAFSA sends you your Student Aid Report (SAR) then you can start looking for the best student loans available for you and your child..

1. Federal Stafford Loan - Subsidized: these guaranteed government loans are by far the most popular and cost effective of all student loans you will find. They are available for both undergraduate and graduate students. It's really hard to beat these interest rates.

***Student Loans Secrets***
These rates are for subsidized loans to undergraduate students.

* 6.0% for the 2008-09 school year
* 5.6% for the 2009-10 school year
* 4.5% for the 2010-11 school year
* 3.4% for the 2011-12 school year
* returns back to 6.8% for the 2012-13 school year.

My wife recieved this loan, but they didn't give her enough so she had to find another loan from Discovery Student Loans. Our son was not granted permission for a subsizided loan and he had to get the unsubsidized loan.

January 1st of each year you must re-apply through FAFSA to received your student loan for the following year.

2. Unsubsidized Federal Stafford Loan - is a low interest rate and long term loan. At this time the rate is 6.8%. Students like my son who cannot receive a subsidized loan almost always can get one of these types of student loans. With these types of loans the interest must be paid as you go, unless you can negotiate interest payments at the end of the loan. Currently we are paying $10 monthly of which $7.92 is interest payments and the rest is applied towards the principal.

***Student Loans Secrets***

Students who are working while attending college, negotiate with your lender to make monthly payments and round up to the nearest tens. If your interest is 8 dollars a month pay 10 dollars which shouldn't be that hard. Any time you can pay on the principal the better.

3. Federal PLUS Loans for Parents - this loan allows the parent to take out the full amount for college and expenses. Parents who take on the debt of their student and make the payments will receive a low interest rate and a very nice tax break. Don't worry about how much money you do make, there is no ceiling on taxabel income for these types of loans.

***Student Loans Secrets***
You can negiotate repayment of your PLUS loan. Chose from graduation date repayments or start 60-90 days after the loan money.

4. Perkins Loans - students will find out quickly that these loans are limited, but if you are having financial difficulties this is the type of loan you should look for. You can expect competitive interest rates that are low.

***Student Loans Secrets***

Federal Perkins Loans are reported to your credit bureau. Do it right and you will have an excellent credit rating. Default or late on payments will spell trouble. Be very careful.

5. Bank Loans - if you are turned away by the federal government then turn towards a bank loan. These loans are usually a little higher and each bank has different regulations. I'd shop hard before signing on the dotted line. Some banks do offer Stafford Loans, but they are more strict on their policies.

***Student Loans Secrets***

Banks might limit their loans to full time students and repayment options will be limited. However you might find some incentives on re-payments of your student loans.

6. State Student Loans - you will need to visit your local bank to pick up an application. Most states offer a guaranteed student loan but the banks will adminsterd your funds.

***Student Loans Secrets***

These types of student loans are usually more expensive to borrow from when you compare them to federal loans.

7. Additional Unsubsidized Stafford Loan - These types of student loans are determined
by the federal guidelines and are reserved for borrowers who fall into the "independent

8. Other types of student loans - look at all your options and discuss these with your fiancial aid advisors at school. Military dependents, corporations and businesses will offer student assistance. Don't be araid to ask.

Additional Website Bonus

There is one place that will pay your tuition fees if you can repay them within a year. Affiliated with around 2000 universities, Academic Management Services offer student asstance, but be ready for some expensive rates. These funds should only be used in dire emergencies.

As you have read, each of the top 8 types of student loans offers a variety of options for those of you who need help and support. The federal government is your best option but if you don't quality you now have several options available.

Please make sure and submit your application to FAFSA early in January of each year. Once your receive your SAR then you can get down to business.

About the Author

Why are all college age parents telling their friends of college aged students to read this page? Student Loans Secrets Why are you still reading, go find out now. Need more information on which types of student loans you need?

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Monday, 16 February 2009

One Day You Will Need to Repay Your Student Loans

If you must repay student loans, there are some things that you should keep in mind. First, it is vital that you make your payments when owed. When you finalize sign the papers to get your student loans, you are binding yourself in a legal contract to repay the student loans you have been granted. If you neglect pay your bills every period, a few problems occur.

The first thing that happens is the damage to your credit score. When you neglect to pay your bills, it is registered in your credit score, where it will stay for a period ranging between five to seven years. This means that any time you go to get credit, be it you are working to obtain a loan for a house, or you want to apply for a credit card, the lender will note that you have a refusal to pay on your credit score. They can then tell that it was a failure to repay student loans, which puts you in a very bad light and will make it very challenging to gain credit until the credit score has been cleared.

If you are considering on taking out a student loan to assist with paying college, there are some things that you will want to keep in mind. First, you will want keep in mind that while you can request more money than you require, it is not necessarily a wise idea to do so. If you do this, when you go to repay student loans, you will have a higher monthly payment than if you had only taken what you needed. Greater installments means that you have to get a better job the instant you get out of college, which can be extremely challenging. While having a diploma will aid you get employment, great jobs usually need experience to go along with the certification. This can make finding the first job a little challenging.

If you have utilized a parent with your loan, it is particularly important that you repay student loans on time. This is due to the fact that your parent is sharing the same responsibility with you in regards to the loan. If you cannot issue a payment, you need to tell your parent, as this will directly impact their credit score. In many cases, your parent may be willing to aid you in turning in owed finances payments to guard their credit score.

About the Author

Learn more about how to Repay student loans and get more information about student loans.

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Thursday, 12 February 2009

College Student Loans: Offers You Better Opportunities Of Life

For college going students the college student loans have brought good news. You will no more have to think about dropping your studies for financial scarcities. However, if you are a student seeking higher studies but the financial situations are not favorable, then also there is nothing to worry. These loans will show you the best way to be adopted and also provide you the best guidance. So, do not worry for anything and just go for it.

These are available in two forms and these are known as the secured and unsecured loans. The secured loans are for those students only who are homeowners or can place their valuable assets as collateral. The offered amount in it is too big and therefore, these loans will be helpful in affording long term and expensive courses. The greatest advantage that one can enjoy by opting for these loans is that these charge a very low interest rate on the borrowers.

The unsecured loans may not provide you a big amount but whatever it is, is quite good for the short term and less costly courses. These loans are very easily available to the students because collateral is not being asked in it. So, it is not required for you to be a homeowner. But the only difficulty is that there are high interest rates in it. You will have to pay higher interest rates if you do not choose to go for other loans.

The same facilities are available for the poor credit holders. All kind of bad credit records are allowed and hence, the students with adverse credit records can also build their career. The allowed records include defaults, bankruptcy, late payment, skipping of installments, arrears or CCJs. Thus, the college student loans have opened the door to opportunity and success to all.

About the Author

Peter Maxwell is an expert loan advisor at Students Loan. He has done MSc Management and Finance from University of Whales.To find college student loans ,student loans, federal student loans, consolidating student loans, bad credit student loans visit

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Tuesday, 10 February 2009

Bad Credit Student Loans: Best Assistance In Your Studies

Having a bad credit record can never be a hurdle in your way to get student loans. Though earlier on the bad credit records used to create problems, but that do not happens now. Nowadays, all gets the right to get education loans and pursue the course of their choice. There is no bar left for a student to get education even though he is financially weak. To help you out when your credit scores are poor the bad credit student loans are being implemented.

The poor credit records that are allowed in these loans include:

* Defaults
* Bankruptcy
* County Court Judgments
* Arrears
* Late payment
* Skipping of installments

students will get the freedom to choose and take up anyone from the secured ands unsecured loans. The benefits of adopting the secured loans is that the rate of interest is low, offered amount is large and the repayment term is longer. But to avail these it is necessary for you to place security.

In the unsecured loans the offered amount may be small but is ideal for the short term and less costly courses. Moreover, you will not have to place any security for getting these. The rate of interest is a bit high and you can avoid it by getting other suitable loans.

So, all your tensions of getting financial help will be solved in an instant by these loans. These loans will provide you assistance in each and every thing during your academic session. Right from buying study materials, uniforms, taking admissions, paying class fees, making classroom projects, going on excursions to room rent, food, travel expenses, medial treatments are being sponsored by these loans.

So, whenever you are not in a condition to go for other loans for your bad credit records, get the bad credit student loans to finance your educational costs.

About the Author

Peter Maxwell is an expert loan advisor at Students Loan. He has done MSc Management and Finance from University of Whales.To find student loans, bad credit student loans, federal student loans, consolidating student loans visit

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Consolidating your student loan and unsecured debt.

Loan consolidation is a simple method by which any consumer can group together all of their unsecured loans and debts in an attempt to acquire a reduced payments through lower rates of interest, longer terms and eliminated late fees. Student loan consolidation services can give an instant relief to anyone who wants to consolidate their loan amount. Today it is possible that anyone could conveniently consolidate all of their college loans and also unsecured debts. Certain consolidation loam programs would also merge all of the student loan amount and debt into one single lower monthly payment that would simply eliminate or even lower interest rates and late fee charges.

There are a number of benefits that are added to student loan consolidation program and debt relief programs. The repayment plan can be set up on the bases where one can easily afford to make the repayment. In doing so one would simply receive just one monthly statement instead of many thus assuring effective debt management and also proper handling of the account. Even if the college loans are default there are possibilities that one may qualify for the student loan consolidation programs. Eligibility for the consolidation loan program is also possible even if one is still in school. One may also benefit from consolidating a number of student loans like private, medical, direct or even federal type into a single account. One can also enroll in such programs even if there is no loan to consolidate or could even become a member of such programs to have no unsecured debts.

Consolidation services would help to save money by lowering the accumulated loan amount and debts by as much as 60 to 70 percent and the consolidation loan counselors would also educate on how to properly manage finance in order to avoid future incidences of debt from occurring. There are many such programs that are free to enroll. Such services and products offer an invaluable financial sound future. By simply enrolling in such programs one could easily save hundreds of dollars monthly by lowering the monthly payments and also by including all undergraduate loans or previously consolidated loans to make one low monthly payment thus reducing the over burden of higher monthly payments. With high cost of graduate school, one could easily make use of consolidation loan programs to manage educational debt and repayment with graduate school loans private loan consolidation programs.

Such services work endlessly to ensure that the paperwork is administered under strict compliance with both federal and state legislation by making the information and procedures more transparent to the consumers. Such consolidation programs are designed to let you informed about consolidation programs to make a sound financial future that is debt free.

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You can learn more about student loans consolidation programs at

Wednesday, 4 February 2009

Having Trouble With your Student Loan Payments? Look Into your Deferment and Forbearance Options

If you just graduated in May with federal Stafford student loans, you may be having to adjust your monthly budget to accommodate new student loan payments as your Stafford six-month grace periods end sometime this month. If you’re still looking for a job, or if you’re at an entry-level salary right now, you may not have the money you’re going to need to meet a new monthly student loan expense.

Whether you’re a recent graduate or any parent or student loan borrower, if you’re having trouble meeting your student loan payments each month, NextStudent, a leading Phoenix-based education funding company, urges you to contact your lenders about your deferment and forbearance options. Deferment and forbearance periods can allow you to temporarily reduce or postpone the monthly payments on your student loans without putting yourself at risk for damaging your credit score or defaulting on you student loans.

What are deferment and forbearance benefits?

Deferment allows you to temporarily stop making payments on your student loans. If you’re unemployed or experiencing financial hardship, you may be able to request a deferment, for up to a year at a time, up to a total of three years over the life of the student loan. You must contact your lender to request an unemployment or hardship deferment, and you may need to fill out a deferment request form.
Forbearance allows you to temporarily reduce or postpone payments on your student loans. You may be able to request a forbearance if you’re unemployed or experiencing financial hardship. You must contact your lender to request a hardship forbearance, and you’ll typically need to complete a forbearance request form. You may also need to submit supporting documentation.

Generally, a lender can grant a forbearance for up to a year at a time. Unlike unemployment or hardship deferments, there is no three-year cumulative limit on discretionary forbearance periods granted due to financial hardship.

Which student loans are eligible for deferment and forbearance?

Most federal student loans Student Loan Consolidation, Stafford loans, PLUS loans, and Grad PLUS loans) are eligible for deferment and forbearance benefits.

Some private student loans may also offer deferment or forbearance benefits—you should contact your private student loan lender.

Keep in mind that if you’re considering an economic hardship deferment or forbearance, you need to contact your lender, even for your federal student loans. Hardship deferments and discretionary forbearances are generally not automatic.

Am I being charged interest while my student loans are in deferment or forbearance?

Yes. Interest charges continue to accrue on your student loans even if they’re in deferment or forbearance. You’ll be responsible for the interest on your unsubsidized student loans (such as unsubsidized Stafford loans) that are in deferment and on any of your student loans, whether subsidized or unsubsidized, that are in forbearance. The government will pay the interest on any of your subsidized student loans (such as Perkins or subsidized Stafford loans) that you have in deferment.

Any unpaid interest that accrues during a deferment or forbearance period will be capitalized and added to your principal student loan balance for you to repay once you go back into repayment. Even if your payments are postponed during a deferment or forbearance period, you can always choose to make interest payments to avoid having accrued interest added to your principal student loan balance and capitalized.

NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at

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Monday, 2 February 2009

Medical Student Loans: What Are Your Options?

So, you and your wife were enjoying a nice afternoon together, watching television on the couch, when Junior walks in and ecstatically announces that he has been accepted to Harvard Medical School. After the initial whoops and hollers and the pride that swells in your chest, your son leaves to announce the great news to his friends. You and your wife turn to each other and smiles fade and eyes widen when suddenly, thoughts of the cost hits you. Stunned, you slump onto the couch in silent dismay.

There's no need to panic when this happens. Attending medical school is a very respectable goal, and money should not stand in the way. However, very few parents or other family members can afford to put someone through medical school, and that's where medical school loans come in handy.

Where do you obtain a medical school loan? Start with your own local bank branch and see what kinds of loans or offers they can suggest. Your next step should be to get on the Internet or ask your bank loan officer if he or she can suggest other alternatives. One of the next best ways to obtain a medical school loan is through a private student loan offered to those entering medical professions. For example, there are a number of Federal Student loans, like Stafford or other types of medical type loans offered by various health field providers and sponsors.

However, keep in mind when looking for medical school loans, that the interest rate of that loan may keep you, or your son and daughter, in debt for years to come. Studies released have shown that the average medical student loan debt for those attending United States universities is roughly $100,000. That's a big weight on such young shoulders, and compounded with the cost of living and lower than realized pay of many medical entry level pay scales, can take the wind out of anyone. Being so much in debt may cause students, and parents, a lot of stress, so consider carefully when searching for options that may help take some of the pressure. Encourage your student to apply for as many scholarships and grants as possible.

While medical schools around the country and the world recognize the problems of student loans for their students, they don't provide any answers to address this issue. Nearly 50% of students who take out student loans of any kind, of various amounts, take years to repay those loans. Young men and women entering the physician field today are facing some tough times. Gone are the days when medical careers were the highest paid in the job market. Balancing their pay scale with the cost of medical insurance and loan payments, and most doctors today are struggling to make ends meet just like any other white collar professional. Times are hard, and are not likely to improve any time soon. When searching for a medical student loan of any amount, just make sure you shop around and try to find one with the lowest interest rate possible. Also, try to encourage your student, or yourself for that matter, to start repaying or saving up for that debt repayment instead of allowing it to drag out for years.

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