Study of medical science is one of the most expensive study. So study loans should be very helpful to bear the increased expenses of a medical student. If u study in MBBS, Dentistry, Pharmacy, Physiotherapy or veterinary medicine, you are eligible for the need-based Health Professions Student Loan (HPSL), which provides financial assistance in the form of long-term loans. HPSL is a federal loan program powered by the government and administered by the University as the lender. The maximum amount of money you may borrow in HPSL loans is limited to cover the cost of tuition and fees, and by the funds available and the 5 percent annual interest is subsidized by the federal government during the time you are in school and the one-year grace period. You begin repayment at the end of the grace period. Your payments are calculated for full repayment within 10 years. To apply for the HSPL loan, you must report parental data on the FAFSA, even if you have independent student status. Each and every time you accept an HPSL loan, you will be mailed a paper promissory note and loan disclosure form that you are required to complete and return to SFC before loan funds can be disbursed to you. There are some restrictions on these study loans. ; Funds are given only to maintain your study costs including your tuition fees, hostel rents, living expenses and related study materials. Third and fourth year medical and osteopathic medicine students may be eligible for additional funding to repay earlier educational loans. Students of allopathic medicine and osteopathy must meet financial need criteria. And should also agree to enter and complete a residency training program in primary health care within four years after completion of graduation and to practice primary health care through the date on which the loan is repaid in full. So if you are really want to maintain your medical study costs with a loan, you should prepare from now to meet these criteria.
These days, applying for loans to meet major expenses is becoming the rule It has become hard to not go to a loan provider to avail of good deals. With price rises and the growth of consumerism, it has become common practice to avail of a cheap loan or two. The idea of going in for a loan no longer fills people with the sense of dread that Antonio must have felt in taking a loan from Shylock in Shakespeare's The Merchant of Venice. There has been immense growth in the markets for personal finance. As a consequence of this growth, lenders have relaxed many of their earlier terms and conditions. The path to securing a loan in the world of today is no longer one that is full of all kinds of obstacles.
People from all kinds of backgrounds are now turning to the world of loans to take care of bills that appear to be adding to existing monetary woes. Of course, one's attitude towards a loan will be very important. When applying for a loan, one must seriously think about whether one will definitely be able to afford to pay the installments. Being unable to repay the loan on time will add unnecessarily to your monthly expenditure. This is something that can and should not be allowed to happen. So, when you finally make a list of the cheapest loans, make sure that you go over your repayment plans with a fine tooth comb. Do your homework and learn all the possible cons while you are at it.
A common mistake that people who are applying for loans for the fist time make is that they go with the advice that they get from the first lender that they meet. There is nothing wrong with signing the papers for the first loan that comes your way. It may as well be one of the best loans available. However, before making a decision, you should ensure that you have studied and examined a number of other loans. It is always a good idea to find out about the loans that are on offer. You might just come across an incentive that scores many more brownie points than the first deal that you had liked so much. Not being objective can be dangerous when it comes to making comparisons between loans and selecting the best ones. It would not be advisable for you to take everything that the lender says at face value. Bear in mind the fact that your loan provider is in effect interested in getting your business. Be objective and neutral when you listen to the sales pitch.
More and more students these days have bad credit. This is why student loans for people with poor credit are essential to getting the needed funding for education. If you are seeking to find a student loan for people with poor credit, you have a couple basic options. You can seek out a Federal student loan like the Stafford loan, or you can opt for a private loans for students with poor credit. The difference is that getting a Stafford loan with bad credit is much easier than getting a private loan with poor credit. The Stafford loan is a federal loan and as such, much easier to secure if you have a bad credit score. The problem with Stafford loans is that they often don't give enough funding to cover the full loan amount needed. The federal Stafford loan requirements state that parents must give contributions for their children's education. This can often mean that the government will only give some of the funding needed, relying on the parents to kick in the rest - which may not happen. If this is the case, you will need to seek out private student loan financing for bad credit. There are bad credit student loan lenders that may give you the funding you need. You can look online for these institutions. It also may be possible to get a bank loan to cover your student loan costs. You will need to give details about what you are studying etc. The bottom line: it is possible to get student loans with poor credit history if you look around enough. Getting student loans with poor credit are possible if you are applying for a Federal Stafford loan. But if you are looking for private loans with not so good credit to your name, you will need to seek out lenders with poor credit to qualify.
Students who need money for their academic progress and can also prove their scholarship ability can get government student grants and scholarships. Plenty of paperwork is needed for government funds and loans for students. Many students apply for it, so it is essential that you have enough time before the last date for the application.
You will have to start filling the paperwork once you are sure that you qualify for the government student funding or scholarship and guaranteed money. It will take time to get all the required items, especially if you need to send mails and wait for answer.
It is a good idea to do it early as it helps in getting things such as: • Teacher recommendations • Job recommendations • Proper documentation of your academic achievements
It is very important to include documents things like: • Your scholarship ability • Your academic progress • Requirement of the loan, grant, scholarships or government student grant for school
This will help you in going through the process much faster and you will be able to do the paperwork quickly, when you begin applying for things like: • Loans • Grants • Scholarships • Guaranteed student aid
Several documents like, letter of recommendations, academic progress and your ability will be required. There are many students who want money and apply for government scholarships so it will help to get your requests for documentation fast. This will give your source of information enough time to make recommendation. You must have enough time in your hand before the deadline date for application.
It is not easy to get rid from debt loan. But it is possible. You have to follow following instructions very carefully to get rid from debt loans
1. Allocate more money toward your debt
If you just pay the minimum payment on your credit card balances, you will find your debt seems to never reducing as most of the money you pay is paying toward the interest.
So, if you want to effectively reduce your debt and get rid of it as fast as possible, then paying the minimum is not a way to go. If paying in full amount every time you receive your credit card statement is not possible for you, you should try to allocate as much money as possible for your debt payment .
2. Stop creating more debt into existing balance
While you are working your way out of debt, don't create more into it, else you will find no way to be debt free. Credit cards make spending easy because it makes shipping painless with cashless purchase and you tend to spend on impulse buying. Every time you swipe your credit card, you are adding new debt into your existing balance. On the other hand, if you need to buy things with cash only, it makes your life a little more inconvenient, but you have a better control on your money and it makes you think twice before you pay with hard cash..
3. Debt consolidation to lower interest-rate loan
In order to effectively get out of debt, you need to manage it properly and find ways to save as much interest as possible. Consolidate the multiple debts into one will help you to manage them effectively because you will only need to focus on one monthly payment instead of multiple payments that may cause miss or delay payment. Most often, you will find a lower interest-rate loan for debt consolidation which will help you to reduce the total interest. By reducing the interest rate, it means more money will be paid toward the balance and get you out of debt faster.
There is no easy way to get out of debt, but there are effectively ways that can help you to reduce it significantly and get rid of it faster. The above methods are among the three ways that you can implement to work your way out of debt effectively.
Consolidation Loans are a special type of loan which combine several student or parent loans into one bigger loan from a single lender. Then it is used to pay off the balances on the other loans. It is very similar to refinancing a mortgage.
Consolidation loans are available for most federal loans, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.
The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%
Both student and their parents are able to consolidate their education loans.
Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.
Types of loans to consolidate
Consolidation programmes are available for both federal and private loan holder.
Normally, private loan programs interest rates charged by loans providers are higher as opposed to the federal ones.
A private student loan consolidation that many would go for is therefore that which guarantee reduced interest rates to allow them to make some monthly savings.
Most lenders for these will ask you to bring a co-signer who should stay until you show that you can be trusted with your monthly payment obligation.
Federal loan consolidation programs have advantages such as low interest rates, monthly payments and longer payment periods.
This means that every month, one can get to save money they were not able to when they paid the loans separately.
How to make applications
If you want a private student loan consolidation program, you can do so with a brand new private lender or stick with the one who helped you pay your education costs.
For federal loans, there is a designated procedure based on type or simply if it a direct federal loan or any other.
Nothing lacks its critics but before you decide on solving your loan payment problem using this method, ensure that you do thorough research to end up making a wiser decision.
World economic recession affects almost all sectors. Study loans sector is also affected. But getting a study loan is still possible. To get a study loan, you have to follow the instructions given bellow very carefully.
Federal student loans are an even better deal than before. Rates are fixed now, rather than variable, and students with the most need will see rates as low as 3.4% in the future. Although some lenders have exited the federal student loan market, the U.S. government stepped in to make sure the remaining lenders had access to cash to make loans.
Don't ask your lender for a consolidation loan. Consolidation allows you to make one payment instead of many, and you may be able to lower your payments by stretching out the repayment term from the usual 10 years to as many as 30. You still can consolidate your federal student loans, but you'll need to do so through the federal government. Lenders that used to make these loans have fled the market, saying they aren't profitable anymore. If you want to borrow more than the federal student loan limits, you typically would turn to private student loans. These come with variable rates that currently average 11% to 12%. But lenders are demanding higher credit scores plus a co-signer these days.
Even if you qualify, you need to be extremely cautious about how much private student loan money you borrow. Because : Those variable rates are only going to shoot higher when the economy recovers and interest rates rise, Kantrowitz cautioned. Typically, private student loan rates aren't capped, so the sky's the limit. Private loans don't come with the forgiveness and income-based repayment options now available for federal loans. Private lenders will still loan you far more money than you can comfortably repay. They know you can't escape this debt, so they're comfortable piling it on. Student loan debt typically can't be erased in bankruptcy court, and there is no limit on how long private lenders can pursue you for collection.
So its your decision, that you borrow how much money, and use which way.
In this time of globalization a lot of students wandering through the world for getting quality education. Quality education is not a very well found thing all over the world. Only few countries and few universities can give high quality higher degrees. For this purpose USA considered as the top place of higher study. A lot of students from all over the world enter in USA just for higher study. But nowadays funding of study is become quite difficult to both US and international students. A lot of scholarships and rewards available, but most of the students can not able to get this kinds of funding. But study loans are available in USA. US students get guarunteed study loans from government. But international students cannot get this kind of loan by government. Private study loan companies allow the students of non US. So that in this hard time international students can complete their study easily. They give loans on same conditions offered by the government. There are some basic criteria to maintain for an international student before receiving this loan. The student must be over 18 years old and become enrolled in a US college or universities on fulltime or at least part time basis. The last requirement states that the borrower and the co-signer (if the student needs one) must meet the credit worthy criteria of the program. This study loan can be used to pay tuition fees, living expenses or maintain travel costs. Depending on the fields of study a student can loan $1500-$50000, for general undergraduates mostly. But the students of law, medicine or dentistry can get up to $70,000 each.
These loans should start paying after 6 months of completing graduation. Some institutions which offer study loans are given bellow. This information provided by the fullbright commission, an educational advisory service of USA.
LOANS FROM SOURCES IN THE UNITED STATES
The availability of US-based loans for non-US citizens is limited. In almost all cases, US-based loan programmes require non-US citizens to have a creditworthy US citizen or permanent resident to act as a co-borrower. The Access Group Offers loans for international students attending one of the following schools: Columbia, Yale, or Carnegie Mellon School. For more information, contact Access Group, Inc., P.O. Box 7430, Wilmington, DE 19803-0403,
AcademicEdge loans are available to international students enrolled in an undergraduate or graduate degree program at a US college or university with a US resident co-signer. For more information please contact Chela Financial at P.O. Box 64768, St. Paul, MN 55164-0768, USA, or apply online at http://www.academicedge.chelafinancial.com. Although their website statesthat you must be a US citizen to apply for an AcademicEdge loan, we have confirmed that they dooffer loans to international students on the basis stated above. Wachovia Education Finance’s International Student Loan Program (ISLP™) Developed and administered by the International Education Finance Corporation (IEFC). Applicants must have a satisfactory credit history. Applicants may request up to $45,000 on their own signatures. Applicants may use a US citizen or permanent resident coborrower to reduce the origination fee. Co-borrowers must have an established satisfactory credit history, be employed with sufficient income to meet current liabilities. For more information about ISLP, visit
TERI loans are available to students pursuing postgraduate or professional study. Loans are available through the TERI Professional Education Plan (PEP). You must have a creditworthy US citizen as a co-borrower. Loans are made through participatory banks, which include Citibank, Bank of Boston (P.O. Box 312, Boston, MA 02117-0312) Baybank (P.O. Box 510, Dedham, MA 02026, USA, Tel: 001 617 320 2422) and Nellie Mae (see next page). You can borrow up to the cost of your education (maximum $80,000 over four years).
For more information on TERI Loans, contact The Education Resources Institute (TERI), 330 StuartStreet, Suite 500, Boston, MA 02116-5237, USA, or visit www.teri.org.
GATE Student Loan Program (Guaranteed Access to Education)
Loans are available to full-time undergraduate students with a creditworthy US citizen as a coborrower.The loans are offered through participating schools in conjunction with Bank of America,Bank of Boston and the National Collegiate Trust (NCT). For more information, contact GATE, 7 Tucker's Wharf, Marblehead, MA 01945, USA.
Tel: 001 617 639 4583 or email nctgate@aol.com or nctgate@gate.com.
Loans are available to foreign students pursuing study in one of more than 80 participatory colleges and universities in Massachusetts. You must have a creditworthy US citizen as a coborrower and may borrow up to the entire cost of your education. For more information, contact MEFA, 125 Summer Street, Suite1450, Boston, MA 02110, USA.
Tel: 001 617 261 9760, or visit www.mefa.org.
Nellie Mae
Nellie Mae has three private loans that are available to international students: Student EXCEL Loan, EXCEL Grad Loan and EXCEL Grad Extension Loan. All Nellie Mae Loans require that the borrower or co-borrower is a US citizen or eligible permanent resident and that the borrower andco-borrower have US social security numbers. Contact Nellie Mae and the international studentoffice at your university to find out about applying for a social security number as a non-US citizen. Student EXCEL Loan: For students pursuing an undergraduate degree. EXCEL Grad Loan: For students pursuing a postgraduate degree. EXCEL Grad Extension Loan: For current Nellie Mae borrowers in their final year of postgraduatemedical, dental or law school. For more information about the loan schemes, write to 50 Braintree Hill Park, Braintree, MA 02184,USA, or visit www.nelliemae.com.
Sallie Mae
Offers private loans under the Signature Student Loan programme. Borrowers must be in good academic standing and enrolled in or admitted to a Sallie Mae approved four-year non-profit college or university. Borrowers must have a creditworthy US citizen as a co-borrower. Loan amounts vary, but can be up to the cost of your education minus other financial aid received. Applications can be submitted online. Check with your college/university to find out if it administersloans in co-operation with Sallie Mae. Contact Sallie Mae to enquire about specific eligibility requirements: Corporate Borrower Services,11600 Sallie Mae Drive, Reston, VA 20193, USA, Tel: 001 850 767 7471 or visit
www.salliemae.com.
LOANS FOR MBA AND LAW STUDY
A small number of business schools are now offering loans to international students. In some
cases the school will act as co-borrower for the loan. Check with the institution(s) to which you areapplying to find out if this option is available to you.
Sallie Mae - MBA LOANS - Tuition Loan Program
Offers loans for business students enrolled in or admitted to an approved postgraduate business school programme (e.g. business administration, marketing, accounting, economics, taxation, Executive MBA, etc.). Borrowers must have a creditworthy US citizen or permanent resident as aco-borrower. The annual minimum loan is $500 and you can borrow up to the cost of your entireeducation minus other financial aid received.
Contact Sallie Mae to enquire about specific eligibility requirements (see above for contact details).
Sallie Mae - LAWLOANS PROGRAM - Law Student Loan
Provides loans to cover the cost of your entire law education. Borrowers must also apply for a Federal Stafford loan, which can be done on the same application as the LAWLOAN (Note: this is usually waived for international students as they are ineligible for Federal Stafford loans, but confirm this with Sallie Mae and your college/university). Borrowers must have a creditworthy UScitizen or permanent resident as a co-borrower and be enrolled in an ABA (American Bar
Association) accredited law school programme. Check with your college/university to find out if itadministers loans in co-operation with Sallie Mae. The annual minimum loan is $500 and you canborrow up to the cost of your entire education minus other financial aid received. Sallie Mae alsooffers a private Bar Study Loan.
Student Loans for US Citizens Enrolled in Foreign Schools
Those US Students who are planning to enroll directly in a foreign school, their funding options are a lot more limited than for those studying in the USA. Exchange rates continue to eat away at the value of a dollar, making it even more expensive to study overseas. However, International Student Loan provides you with a complete funding source to cover your education costs in a foreign country. For more info you can visit www.internationalstudent.com
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