Last Update: Wednesday, July 16, 2014

Paying Off Student Loans PDF Print E-mail
Written by CARRIE SCHWABPOMERANTZ, Creators Syndicate   
Thursday, 28 April 2011 05:50

As recent graduates pursue their professional goals, they'll also have to dedicate energy to paying off loans. It's extremely important to be consistent and on time with payments. So, it's smart to create a plan right away.

First, all loan documents must be gathered to make a chart that includes the following for each loan: amount owed, interest rate, whether that rate is fixed or variable, term of the loan, minimum monthly payment, and the date needed to start repaying.

Pay off higher interest loans first, but be sure to pay at least the minimum every month on every loan. Defaulting on a student loan has serious consequences. Not only are there hefty penalties and fees, but a default could damage credit rating for many years.

Start by adding up monthly minimums. If the figure is out of reach, don't despair. There are options, including consolidation.

For federal loans, the government offers a Direct Consolidation Loan as well as several repayment alternatives designed to lower payments and possibly even forgive debt. Many private banks offer their own consolidation or alternate repayment programs.

Looking at the positives, consolidating can make life simpler.

Private and federal loans must be kept separate, but consolidating each group of loans would give just two payments, making it easier to manage debt. Even more significant, it is possible to lower payments by extending the life of loans. Plus, if there are several variable interest loans, consolidating into a fixed interest loan may reduce overall interest rate.

That all sounds great, but there are a couple of minuses to consider. If the loan term is extended, while monthly payments may go down, the amount of interest paid in the long run will go up. So decide how much you're willing to pay over the long term. For instance, if a 10-year loan is increased to 25 years, monthly payments could go down about 40 percent, but it results in paying almost twice as much interest over the life of the loan. Also, if some of your loans still have a grace period before repayment is due, when you consolidate that grace period is lost.

There are other various repayment options available for federal loans, including:

• Graduated Repayment: Payments start low and gradually increase every two years. The term of the loan can be up to 30 years, depending on how much is borrowed.

• Income-Based Repayment (IBR): Monthly payments are based on a percentage of discretionary income, not the amount owed. Discretionary income is your adjusted gross income (AGI) minus 150 percent of the poverty guideline for your family and state of residence. If you make less than 150 percent of the poverty line, your payment is $0. Otherwise, it's capped at 15 percent of your discretionary income. Any remaining debt and interest is forgiven after 25 years of repayment.

Recent legislation has changed the way certain student loans are handled, so I suggest digging before making a decision. Two good resources are www.ed.gov and Finaid.org.



Contact: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Share
 






Team members care for thousands of the region's sickest children with heart conditions, including fetuses, newborns, infants, children, adolescents, and adult, long-term patients with pediatric cardiovascular conditions. At Children's families experience coordinated, next-generation care, delivered by a compassionate, multidisciplinary team of leaders in the pediatric cardiology field. One of the largest pediatric cardiovascular programs in the region. Studies have shown that high volumes are associated with high quality and better outcomes, because experience is a major factor in quality of care. Wort was traditionally prescribed in parts of Europe for depression (in addition to use as a general-purpose tea), and Chinese medicine developed elaborate lists of herbs and preparations. With the scientific revolution in Europe and the United States, the use of traditional herbal remedies fell out of favor with the mainstream medical establishment, although a few people continued to use and maintain knowledge of traditional European herblore. In the early 20th century, scientists began reassessing this rejection of traditional herbs in medicine. Vorzüge eines intakten und lebendigen Gemeinschaftslebens bewahren. Dafür sorgen nicht zuletzt gut 120 lokale Vereine. Als wichtiger Faktor im Kulturleben haben sich die zahlreichen Museen und einige Kunstgalerien erwiesen. Descriptive and quantitative transcriptome analyses are important for interpreting the functional elements of the genome and revealing the molecular constituents of cells and tissues. It is known that sperm function can be affected by ASG proteins, including the processes of capacitation and the acrosome reaction, as well as canadian pharmacy accutane sperm motility, DNA integrity and interaction with the oocyte. BSPs (bovine seminal plasma protein, unigene 64,588 and unigene 69,768), fertilin (unigene 17,270 and unigene 27,136), ACE (Angiotensin converting enzyme, unigene 7,164 and unigene 21,069), GPX5 (glutathione peroxidase, epididymal secretory glutathione peroxidase, unigene15860), Spermadhesin-1 (Acidic seminal fluid protein, aSFP). The reproduction-related transcripts identified in the ASG and testis transcritptomes in E. This interaction of PDC-109 with the sperm cell membrane results in an efflux of cholesterol and choline phospholipids, that appears to be important for capacitation. The main changes in spermatozoa that occur during epididymal maturation are the ability to move, recognize and bind to the ZP, and to fuse with the plasma membrane of the oocyte.. Oct 2004, Adelaide, Australia. Ziaian T, Augostinos, M. Relationship Between Acculturation and Mental Well-being Among Young Persian Women Living in Australia. Paper presented at the Educational Research conference, 18th November 2004, Adelaide, Australia. Ziaian T, Stress Management: an introduction of holistic coping strategies. A Four day Course for the higher degree students. Targeted molecular therapy for advanced epithelial ovarian cancer. Minimally invasive surgery for gynecological cancer. Pharmaceutical Sciences from Shizuoka College of Pharmacy (1976, Japan). He has completed his B. Prophylactic removal of nevi without clinically worrisome characteristics is not recommended. The reasons for this are practical: many individuals in these families have a large number of nevi, and complete removal of them all is not feasible, since new atypical nevi continue to develop. In addition, individuals with increased susceptibility to melanoma may have cancer arise de novo, without a precursor lesion such as a nevus. The disadvantages of screening include the limitations of available noninvasive testing methods and the risks associated with invasive screening procedures. ERCP is the gold standard for http://www.jerseycanada.com/jerseyatlantic/fnt/ultramer.php identifying early cancers and precancerous lesions in the pancreas..