October 05, 2014

6 Killer Way’s to Handle Student Loans

This is a guest post compiled by Tanya Schenck for DelsuBlog

It is very important that students act like mature adults in the context of student loan matters, or financing for college studies. If this is not done, it is quite possible that students themselves may be to blame for the fiscal perils, economic jeopardy and financial mess which they may later on find themselves in, and no matter how well they try, they may also not be able to extricate themselves from it. It is therefore necessary that the amount, currency of debt, repayment and interest burden are fully thought into, determined and deliberated before a final decision is taken, and that to say, this must be discussed with elders, professionals and others who could provide timely, appropriate and useful guidance and advice to lest students not to create more problems for themselves and for others.

Follow the below guide to help you handle student loans:
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1. Only take up that much of loan quantum that you can comfortably pay off: It often happens that due to over exuberance, enthusiasm and youthful excitement, students bite off more than they can possibly chew, thus creating problems for themselves and for others, like guarantors, parents and so on. Thus a careful assessment and investigation of the needs must be made before the quantum of loan is decided and negotiated.

2. Loan repayment and interest servicing must be carefully planned, organized and executed- month after month, year after year. It is necessary that the loan repayment and interest servicing should be punctually and regularly paid off to avoid future costs, penalties and even future forfeitures and cancellation of future loans. This would cause all round embarrassment and things which should not occur, happen. Planning and perfection of the different facets of loans and its ramifications must be forecasted, fore planned and well executed. Besides, there is also need for better fiscal management.

3. Education financing is indeed a tricky, yet interesting matter and needs to consider a host of factors like quantum of loan needed, repayment duration and currency, interest factor and servicing charges load and other factors. There are risks involved too- in case of too many defaults; it is quite possible that loan could be cancelled, paid installments forfeited and even legal action initiated by the company on default students. This could even put a full stop to your academic studies and jeopardize your career prospects. So do things carefully, properly and wisely with help from others.

4. Seek professional help if and when needed. All students may not be adept in money matters, to say the least. Help of banker, financier or even a Chartered Accountant may be helpful in gaining the most convenient and soft deal. These professionals are experts who know the loan business inside out and they are best people to guide you in your loan proposals and how to get the most by paying out the least.

5. There are many schemes by the US Government to reward diligent and needy students with federally funded education loans. Unlike other kinds of loans which are passed on only to the institution, the Federal Family Educational Loans are paid directly to the student by the Government, mainly through private lenders. On the other hand, state-based guaranty agencies act as middlemen between Federal Government, private FFEL lenders and student borrowers. These guaranty agencies are neither federal nor state government entities, and are essentially not-for-profit agencies.

6. The main role of these agencies, from which student can acquire loans with soft terms is fundamentally meant for High School and college students. They also act as insurance if the student fails to pay loan dues.

It must be remembered that student loan demands and needs is indeed a private affair of the student who needs to take full care and responsibility of the loan, its repayment, servicing and other factors. Due caution and circumspection needs to be exercised in beginning itself to avoid later financial embarrassment and also the risks of having to lose on education in case of loan defaults, missed payments or another other abnormalities with regard to loans.

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This post was written by Tanya Schenck. She specializes in content writing and works for application essay writing service, a writing service with a passion of helping out the students with their writing excellence and ability. In her spare time she read novels and writes for different blogs. She is the first Guest Post Author on this blog.

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