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Posts Tagged ‘Sallie Mae’

Surprise! Most Families Are Paying For College Just Fine.

August 25th, 2009 by Matthew C. Keegan | 13 Comments | Filed in Student Loans

By the sound of it, most Americans cannot afford to keep up with increasingly higher tuition costs, right? Well, not according to the results of a recent Sallie Mae-Gallup poll which revealed that 58% of American families are able to pay for college without borrowing money. True, many students must borrow money to pay for their education but thanks to college scholarship money and grants, most families are managing just fine.

Gallup Conducted Survey

Think you cant afford college? Think again! A recent Sallie Mae survey reveals that most Americans are coping just fine.

Think you can't afford college? Think again! A recent Sallie Mae survey reveals that most Americans are coping just fine.

Sallie Mae’s How America Pays for College survey, which was conducted by Gallup on behalf of the student lending company, reveals some important finds including: 51% of families receive grants or scholarship funds to help cover college costs. In addition, 25% funded their education via federal loans, 12% through private education loans, while 5% used credit cards to pay for expenses.

The study was conducted this past March/April, as Gallup contacted 1604 college students and parents of undergraduates. 91% of those surveyed indicated that they deeply valued higher education, agreeing with the statement that college leads to a higher quality of life. This positive response comes despite difficulties paying for college during a stiff economic downturn when many people might reevaluate the importance of higher education.

Prioritizing College Funding

“Clearly there is no single way to pay for a college education, however, we are encouraged that the data confirms families follow the ‘1-2-3 approach’ that Sallie Mae has recommended for years: first, savings, scholarship and grants; second, federal student loans; and third, private education loans,” said Albert L. Lord, vice chairman & CEO. “Experience has taught us that when we counsel people to borrow wisely, students benefit from lower defaults.”

SayStudent.com offers a number of tools which can help families get a better grasp on how much college will cost and how to pay for it including the following:

Budgeting Worksheet – To help families to establish a college spending plan.

Cost Comparison – Compare costs between different colleges.

Spending Sheet – Determine where your college money goes.

Student Aid Worksheet – Helps you to keep track of your aid while in school.

In addition, SayStudent.com offers a number of student loan calculators to find the best loan deal available, if needed.

Adv. — Are you considering a career training or continuing education loan? If so, visit your Sallie Mae lender for more information or call them directly at 866-530-9523.


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Off To College? These Resources Offer Help!

August 3rd, 2009 by Matthew C. Keegan | 2 Comments | Filed in Personal Advice

Now that it is August, colleges and universities across the country are gearing up for the upcoming academic year. As early as next week, freshmen students will begin showing up on some campuses, followed almost immediately by upperclassmen. Come Labor Day or a few days later, most colleges will be in session with students settled into dorms or off campus housing.

Getting from here (home) to there (college) can seem a bit daunting especially with students needing lug college planningmuch of their earthly goods with them. In times past, students brought just enough stuff with them for the semester, but 21st century college students now bring all of that and so much more.

To help you get ready for leaving home, we’ve compiled a list of resources you may want to tap in order to expedite the process. Please click on the appropriate list for more information and download sheets and charts that will help you stay organized.

Sallie Mae – The largest student loan lender may be able to help you out if you’re still needing to close the financial gap. Federal and private student loan opportunities available.

Moving Checklist – Keeping track of everything is much easier to do thanks to this handy and free off to college moving checklist.

Income Ideas – When you get to college, will you have enough money to live on? If not, then you’ll need to produce income; this web page gives you some ideas.

College Spending Sheets – Do you need to track your money flow? If so, college spending sheets can help you manage your money, enabling you to have enough funds on hand for the entire semester.

SayCampusLife will be offering additional tips and advice over the next few weeks as you get prepared to head off to college. In the meantime, please peruse these resources to help make this coming academic year the best one yet!


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Career Training Loans Can Close The Financing Gap

July 30th, 2009 by Matthew C. Keegan | 3 Comments | Filed in Student Loans

Career changers will sometimes need to return to school in order to get the training they need to take on a new job. With this recession putting millions of people out of work and decimating entire industries, some people have decided that now is an excellent time to return to school in a bid to switch careers.

Unlike college programs which can take years to complete, training school classes can last as little as a few months while providing students with the training and certification needed to branch out to a new area. This means if someone wants to go to beauty school, they’ll need to eventually meet state licensing requirements in order to practice their trade.

The Cost Of Attending Training Schools

college studentDifferent from colleges and universities, most student loan programs do not apply to schools which emphasize career training or continuing education. While costs per class may be lower than what State U. charges, retraining can set students back by hundreds if not thousands of dollars. Unless students have the funds on hand, then they’ll be forced to look elsewhere for assistance – enter career training or continuing education loans.

So-called “career training” or “continuing education loans” aren’t part of the traditional government and private student loan plan. Instead, both types of loans are treated as “consumer loans” the same types of loans that you would get if you wanted to borrow money to finance a new car, pay for your kid’s braces, or purchase new lawn equipment. This also means that it is up to the lender to establish the parameters of the loan which will typically require that borrowers be US citizens and have good credit.

How Much Can You Borrow?

But what if you don’t have good credit or if you don’t have any credit? In these cases, the lender may require a co-signer for your loan and/or charge a higher interest rate for monies borrowed. In addition, you may only be able to borrow the amount of money you owe for tuition less financial aid. This means that books, supplies and related expenses may or may not be covered. Most lenders will require at least interest only payments while you’re in school, making standard repayments when your education has concluded.

So should you take out a career training loan? That’s hard to say – if it brings you to a new career in the shortest amount of time, then this type of loan might be worthwhile for you. If this type of loan causes you to take on a deep amount of debt with little prospect for a new job, then you already know what that answer is.

Adv. — Are you considering a career training or continuing education loan? If so, visit your Sallie Mae lender for more information or call them directly at 866-530-9523.


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Understanding Federal Stafford Loans

July 29th, 2009 by Matthew C. Keegan | 1 Comment | Filed in Student Loans

Students who will be needing additional funding to pay for their college have a number of options available to them including applying for private and federal student loans. Federal Stafford loans are are fixed-rate federal student loans available to undergraduate and graduate students provided that they are enrolled in school at least half time. Stafford loans are the most common and one of the most cost effective ways that students can pay for college.

college studentThere are two types of Federal Stafford Loans – subsidized and unsubsidized. Subsidized loans are needs based and interest does not accrue while students are still in school or during the sixth month deferment period after completing their education. In addition, if an authorized deferment is taken, interest is not accrued during that period either.

For unsubsidized student loans, interest accrues while the student is still in school, although payments do not begin until six months after they finish their education.

In order to qualify for a Federal Stafford Loan applicants must do the following as per the federal government:

  • You must have submitted a FAFSA to be eligible for a Stafford loan. FAFSA is the “Federal Application For Student Aid” form.
  • For subsidized Stafford loans, you must have financial need as determined by your school.
  • You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
  • You must be enrolled or plan to enroll at least half time. If you receive a Stafford loan and don’t maintain your halftime status or if you quit your studies, then you’ll need to begin making payments on your loan six months later.
  • You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program. Not all schools participate; check with your Bursar office to learn if they do.
  • You must not be in default on any education loan or owe a refund on an education grant.

With a Federal Stafford Loan there is no set deadline for applying however students should note that their school could have deadlines imposed of their own. If you are approved for a loan, money will be sent directly to your school in two installments covering the fall and spring semesters. Funds can be used to pay for tuition, books, room and board, and other education related expenses.

Of course, there are other things you need to learn about a Federal Stafford Loan before you apply. Visit the Federal Stafford Loan site or Sallie Mae for information about these types of loans.

College is expensive, but you can find competitive loans to help pay for your education by comparing federal and private lending options.

Adv. — Are you considering a federal parent PLUS loan? If so, visit your Sallie Mae lender for more information or call them directly at 866-530-9523.


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