Tuesday, August 21, 2007

Getting A Student Hardship Loan

Student loans are sometimes not enough to sustain you during
university, especially during the tougher times. Even if you
have a part-time job as well, there are times when some students
need more than they have at the moment. If you are one of these
students, then you should look at applying for a student
hardship loan. If you want to know more, here are some tips
about how to get a student hardship loan.

What is a hardship loan?

A student hardship loan is a loan to help students who are in
real financial difficulty due to unforeseen circumstances. These
loans were introduced in 1998, and you are eligible if you have
applied for the maximum student loan available to you. You can
apply to borrow between £100 and £500, which of course you need
to pay back. You can only make one application for a hardship
loan in an academic year, and it must be one month before the
end of that year. You can apply for the loan through the student
services department at your university.

Who is eligible?

Eligibility depends on how bad your financial situation is.
Usually hardship loans are only given to those who have
exhausted other means of finance, and without the loan they will
be unable to carry on. You will need to show that there is no
other option open to you, and that you are really in need of the
loan. Your university or college make the decision on whether or
not you can have the loan. If you are successful you can use the
loan for books, travel or general living costs.

Repayment terms

Repayment of a hardship loan is the same as the way you repay
your student loan. The Student Loans Company will pay the sum
directly into your bank account, and you will repay the amount
along with your student loan.

Hardship funds

There is an alternative to hardship loans, in the form of a
hardship fund. These hardship funds are also for students who
are in real financial trouble, but they are usually given as
grants and therefore do not need to be paid back. Eligibility
depends on both your financial circumstances as well as if your
course qualifies or not for a hardship fund. If it does, you can
apply for between £500 and £3500, which can be given as a lump
sum or as instalments over time. Hardship funds are usually
harder to get hold of, and are reserved only for the most needy


If you are refused a hardship loan or fund, then you might want
to look at banking alternatives to get yourself out of trouble.
If you can work more without letting your studies suffer, then
this might be one answer. You could also get a credit card to
help you in the short-term, or ask your bank for an overdraft
extension. If none of these things work, then you might have to
borrow off friends or family and save as much as you can until
the situation gets better. However, if you are in genuine need
of money, you are likely to be accepted for a hardship loan or
fund by your university.

About The Author: Peter Kenny is a writer for creditcards-gb
Please visit us at
http://www.thriftyscot.co.uk/student-finance-guide/ and

John V

John C. Vincent/CEO/The Opt-In Marketing System

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Friday, July 27, 2007

Avoid The Problem Of Student Loan Bankruptcy

College is supposed to be an exciting time for young adults,
but is can also be a very stressful time too for many reasons.
Of course there are academic and social pressure, but an
important part of attending college is being able to pay for
it, thus college students often face the problem of student
loan bankruptcy.

About Student Loan Bankruptcy

While many young adults try to get college scholarships to
lessen the chances of student loan bankruptcy, the reality is
that scholarships often only cover a small percentage of the
costs. The costs not only include the courses, but also living
expenses, whether they live on or off campus. This is, of
course, unless it is a full-tuition scholarship.

However, student loan bankruptcy is becoming more common,
because more and more people are trying to get into selective,
expensive schools. Their reasoning is that if they get into
these expensive colleges, they will be able to get more
prestigious jobs, and thus be able to pay off their loans.

This might work well for those who are going into popular
career fields, but the reality is that one can never be too
certain, and as a result student loan bankruptcy occurs.
However, young adults can avoid student loan bankruptcy in a
variety of ways.

First of all, parents should start a college fund for their
children from a very young age. Adding just a little bit of
money per week or month can really add up and lower costs.
Also, when the child comes of age to begin working, while money
can go towards buying things it can also be saved towards

Student loan bankruptcy can also occur if the person who took
the loan out in the first place did not thoroughly read all of
the stipulations behind that loan. It can also occur if they
were unable to pay the loan payments on the required basis.

Thus, the best way to avoid student loan bankruptcy is to
choose a college that is more within reach budget-wise. If a
person really wants to attend a college, another option is to
attend only as a part-time student, as that will lower costs
considerably. However, it will take longer to complete the
degree. While the college might not be as expensive, it can
still provide a valuable education, and one that can be

About The Author: Simon Peters is the owner of
http://on-bankruptcy.com, it is THE best source for advice on
the subject on bankruptcy, nothing to sell, just information . . .

John V

John C. Vincent/CEO/The Opt-In Marketing System

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Friday, June 29, 2007

Learning the A's, B's & C's of Student Loans

Today, student loans allow many who would otherwise be
unable to afford the costs of higher learning the ability
to obtain a college education. College loans are ideal in
that they do not require the student to begin repayment
until after graduation, which means there is more time to
focus on studying and less time worrying about paying for
an education. The best way to learn about student loans is
to speak with the admissions office at your college of
choice and/or request an application.

After years of studying and working toward a degree that
will push students toward a bright future, graduation time
finally arrives. Along with it, the start of repayment on
college loans. Many young adults graduate with the desire
to relocate, find employment or get married and, often, the
student loan debt facing them seems overwhelming. Luckily,
student loan consolidation plans are available to help if
payments should ever fall behind or become impossible to

Speaking of falling behind, one of the most common reasons
that individuals request a consolidation for their college
loans is because they are in default. Student loans cannot
be discharged in bankruptcy and, when in default, the only
way to regain control of this type of debt is often through
a student loan consolidation. If college loans remain in
default, or go unpaid, for a long period of time, a wage
garnishment may be pursued to ensure collection of the debt.

There are many benefits to requesting a student loan
consolidation, including the ability to sometimes reduce
payments by as much as 50% or receive a fixed rate for the
life of the loan. Most student loan consolidation programs
require no application fee and, in some cases, no credit
check. Lenders may have different policies and/or fees
relating to student loan consolidation, so be sure to ask
any questions that you may have prior to signing any
documents or submitting an application.

If you are considering college or have a child who is
approaching their senior year in high school, now may be
the time to start thinking about applying for student
loans. Some students work full time and attempt to study
just to afford an education. While this approach shows
great resolve, it often results in a student who has little
time to learn and feels as though he/she is being stretched
too thin. Student loans are designed to help degree
seekers take the time to experience the wonderful journey
of college without the stress of worrying about how to pay
for it.

The information contained in this article is designed to be
used for reference purposes only. It should not be used
as, in place of or in conjunction with professional
financial advice relating to college loans, student
consolidation loan programs or any similar type of loan
program. For additional information on student loans,
check with the admissions office at your college of choice
or request information on consolidation loans from a lender
specializing in student loan debt.

About the Author:
Andrew Daigle is an author and creator of many
informational websites including
http://www.personal-payday-student-loans.com for different
types of loans and ForexBoost at http://www.ForexBoost.com
Free Forex Training Resource

John V

John C. Vincent/CEO/The Opt-In Marketing System

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Tuesday, June 12, 2007

Defaulted Student Loans

Once you have left school and your federal student loans are in repayment it is important to make your payments on time. Some students and parents get behind on their Stafford loan, PLUS loan or Graduate PLUS loan payments, feel overwhelmed, and before you know it you haven’t made a payment in 270 days and your loans have gone into default. Your lender must make an aggressive effort to collect but if that fails your loan is turned over to the guarantor.

Now it starts getting expensive.

The guarantor has several options at their disposal for collecting your loan payments

• US treasury offset – your federal and state income tax refunds may be garnished.

• Turn the loan over top a professional collection agency – fees and penalties may be up to 25% of the total principal and interest due.

• Wage garnishment – your paycheck may be garnished for up to 15% of your disposable income.

• Legal action – you can be sued for the balance of the loan plus court costs and lawyers fees.

• Credit agencies notified – a defaulted loan stays on your credit report for a minimum of 7 years.

Other penalties when your Stafford, PLUS or Graduate PLUS loans enter default:

• You lose any deferral and forbearance rights

• You cannot receive any further federal aid

• Generally your loan is due in full upon defaulting

Even if you pay your federal loan off it will still be noted as defaulted, paid in full on your credit report and counted as a black mark.

Defaulting on your federal loan must be avoided if at all possible. If you are having trouble making your payments contact your lender, they may be able to help you work out a payment plan you can afford. Consolidation may be your best option in the long run, it lengthens the term of your loan which lowers the payments and has several repayment plans to fit anyone’s budget. Contact Federal Education Services about a Stafford, PLUS or Graduate PLUS loan consolidation before you slip into the default abyss.

Federal Education Services is a company that specializes in federal student loan consolidation, Stafford loan origination, PLUS and Graduate PLUS loan origination and as a resource for students with questions regarding educational financing. For any questions regarding this article please contact Federal Education Services. A friendly loan specialist can be reached at (877) 222-4727 or you can find us on the web at www.feded.net.

John V

John C. Vincent/CEO/The Opt-In Magic System

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Saturday, May 26, 2007

Simplify Your Federal Government Student Loan Application

Simplify your federal government student loan application by
having all the necessary information with you at the time you
fill it out. There are many documents that you need when
filling out your federal government student loan application.
To make the process simple take time to gather all the forms
and information that you will need.

Information Needed

Organization is a very important key when you begin to fill out
you federal government student loan application. You will need
your social security number, driver's license number, W2 forms
and any other financial earnings statements that you many have.
You will also need your income tax information from the previous
year, most recent bank statements. Gathering all of this
information before you fill out your federal government student
loan application will assist you in making the process very

Application Tips

Be sure you plan ahead and allow plenty of time to fill out
your federal government student loan application; it is
possible it may take up to one hour to complete. You may see a
preview of the entire application at the FAFSA website. Looking
over the federal government student loan application will help
you determine what you will need and how long the process may

Take baby steps and focus on each line in the application, and
fill out everything correctly the first time to avoid having to
retrace steps and possibly delay the loan process. The website
also has a great option that allows you to save your
application and return later when you have more time or needed
information. This is a great tool to assist you in filling out
you federal government student loan application.

Be sure to also read all questions and instructions completely,
some questions go into great detail and need to be read very
carefully. Your federal government student loan application is
very important and it is just as important to understand each
question and answer is true and that you feel comfortable with

One of the best tips for you when filling out your federal
government student loan application is to get started early.
Many schools and colleges have different deadlines imposed on
you federal government student loan application. Applying as
soon as possible and checking with your schools financial aid
office will ensure your application is received on time. To
simplify you federal government student loan application you
may also read over the FAFSA website or contact you school
counselor for assistance or any questions that you may have.

About The Author: John Mailer latest articles look at students
finacial problems when they go to college and the best student
loan consolidation ideas. These articles are at
http://www.privatestudent-loan.com His other article sites
include http://www.whitewaterrafting-trip.com

John V

John C. Vincent/CEO/The Opt-In Magic System

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