Consolidating your student loans may help you to manage loan repayment; here are the pros and cons: Why Consolidate?
The Advantages and Disadvantages
Consolidation brings benefits and costs. Consider the following before you decide whether consolidation is right for you.
Some Advantages of Consolidation
– Your loans will have a fixed interest rate based on the rates of the underlying loans (see chart at “Interest Rates”).
– You’ll have 1 convenient payment per month to 1 lender, instead of multiple payments to different lenders.
– Your new maximum repayment term is based on the total loan amount and may be from 10 to 30 years, depending on the repayment plan you choose.
– You may be eligible to benefit from Public Service Loan Forgiveness or additional subsidies available to some active duty military personnel.
Some Disadvantages of Consolidation
– Due to the fixed interest rate, you will not benefit if the variable interest rate goes down.
– You may repay your loans for a longer period of time.
– You may accrue and pay greater interest over the long term. This greater interest may increase the total balance of your loan, potentially by thousands of dollars (see charts at “Interest Rates”).
– If you are looking for a lower monthly payment, you may want to consider other repayment options before consolidation.
– Your weighted interest rate will be rounded up to the nearest ⅛ of a percent (0.125).
– You may lose some existing benefits on your loans, including Perkins loans, that you choose to consolidate.
The best way to understand how consolidation will change your loan is to look at the way interest accumulates and how it impacts your repayment.
Parent PLUS borrowers can also take advantage of federal loan consolidation. In addition to consolidating the PLUS loans you have taken for your children, you can also consolidate your own student loans with your Parent PLUS loans or Grad PLUS loans. However, you may not consolidate your loans with your child’s loans
Sunday, November 15, 2009
Sunday, November 1, 2009
Some Companies Help Pay for College Tuition
Disney- The number 1 spot according to BusinessWeek for the “Best Place to Launch a Career”. Disney’s solid benefits and culture makes it great for any college graduate. Many college students have been hired in here to get promoted throughout the company with tuition assistance.
Ernst + Young – Ernst and Young is a big recruiter when it comes to college campuses and one of the main reasons this financial giant is so big is because of their benefits and atmosphere. At Ernst + Young, they care about your education and are willing to reimburse you for certifications, etc.
Google – Google not only offers a great search engine, they also have one of the best benefit programs in the world. Rated as one of the top 100 companies to work for by Fortune, Google will reimburse their employees up to $8,000 per year as long as you get a “B” or better.
Nike – Home of the world’s most popular shoes and top 100 place to work for and launch a career, Nike does more than just offer tuition assistance. They also offer great health care packages, scholarship potential for your families, adoption assistance, and so much more!
UPS - When you think of UPS, you think of delivery but believe it or not, UPS offers a very nice tuition assistance program for all employees. At UPS, you can potentially earn up to $20,000 with their program. The nice thing about this is that they also offer it to part-time employees.
Wawa – If you haven’t heard of Wawa, it’s probably because they don’t have one in your area. Wawa’s are located mainly on the east coast that are like your typical grocery store. Here, some of the benefits you’re going to receive is getting some of your tuition reimbursed.
College Full-Time – When you’re attending college, see what kind of jobs they have on campus. Most of the time, you’ll find that full-time jobs on campus will help pay for your schooling. Sometimes, you may even get your college paid for 100%. This varies school to school.
These are just a few of the companies that help to pay for college tuition, do your homework it could be well worth it.
Ernst + Young – Ernst and Young is a big recruiter when it comes to college campuses and one of the main reasons this financial giant is so big is because of their benefits and atmosphere. At Ernst + Young, they care about your education and are willing to reimburse you for certifications, etc.
Google – Google not only offers a great search engine, they also have one of the best benefit programs in the world. Rated as one of the top 100 companies to work for by Fortune, Google will reimburse their employees up to $8,000 per year as long as you get a “B” or better.
Nike – Home of the world’s most popular shoes and top 100 place to work for and launch a career, Nike does more than just offer tuition assistance. They also offer great health care packages, scholarship potential for your families, adoption assistance, and so much more!
UPS - When you think of UPS, you think of delivery but believe it or not, UPS offers a very nice tuition assistance program for all employees. At UPS, you can potentially earn up to $20,000 with their program. The nice thing about this is that they also offer it to part-time employees.
Wawa – If you haven’t heard of Wawa, it’s probably because they don’t have one in your area. Wawa’s are located mainly on the east coast that are like your typical grocery store. Here, some of the benefits you’re going to receive is getting some of your tuition reimbursed.
College Full-Time – When you’re attending college, see what kind of jobs they have on campus. Most of the time, you’ll find that full-time jobs on campus will help pay for your schooling. Sometimes, you may even get your college paid for 100%. This varies school to school.
These are just a few of the companies that help to pay for college tuition, do your homework it could be well worth it.
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