Best School Loan Consolidation Options
School loan consolidation provides you an opportunity to merge all your loans and pay only once for all of them. There are a number of options catering to almost everyone’s needs. These options are divided into the following two major categories:
Federal loan consolidation
Private loan consolidation
1. Federal:This type of school loan consolidation provides financial help to those who are enrolled at schools that participate in federal aid programs. By school we mean a two-year or four-year degree awarding public or private college, university or trade school.Consolidation can help reduce your student loan debt by fixing and reducing the interest rate on your loans. This loan option will also combine your separate loan debts into one package thus managing your debt paying options.Eligibility for federal loan:In order to qualify for federal consolidation, one should check out the following things before applying for it.
The candidate should no longer be enrolled in school (defined as being enrolled less than half-time)
You must be in the ‘grace period’ of the loan or must be actively repaying your loan.
Most consolidation companies require a minimum loan amount i.e. $10,000 is typical.
Types of Federal Loan:
Federal Family Education Loan Program: These are public-private loans aimed to deliver and administer guaranteed educational loans to parents and students. It provides the following types of loan for post-secondary education:
Stafford Loan: Stafford loan consolidation is a fixed-rate refinancing program that combines all your existing federal loans into one new loan.
PLUS Loan: PLUS loan consolidation is another form of federal school loan that allows you to pack all your PLUS loans previously taken to finance your kid’s education, into a single loan with a lower monthly payment.
Graduate Stafford Loan Consolidation: Graduate Stafford loan consolidation is a great financial tool for those who have recently graduated and are trying to pay off their graduate Stafford loans.
Federal Direct Consolidation Loans: Federal direct loan consolidation is a practical repayment tool that enables you to combine all your Federal Direct student loans into a single loan. Federal Direct loan offers the following consolidation options:
· Direct Subsidized Consolidation Loans: Thiscombines federal student loans eligible for interest subsidies, such as subsidized FFELP, Direct Loans and Federal Perkins Loans.· Direct Unsubsidized Consolidation Loans: Thiscombines federal student loans not eligible for interest subsidies. If any one of the loans to be consolidated is unsubsidized, then you are eligible for Unsubsidized Direct Consolidation Loan.· Direct PLUS Consolidation Loans: Thiscombines FFELP PLUS and Direct PLUS loans.Benefits of Federal Loan:Various benefits can be availed if you opt for federal program. Some of them are stated below:
Reduces monthly payments
Provides fixed interest rates
Requires only one payment every month
Improves credit rating
Offers flexible payment options
No pre-payment penalties
Disadvantages of Federal Loan Consolidation:If compared to the benefits, consolidation has lesser disadvantages, which are mentioned below:
Takes long to pay back
Increases the total amount of loan
Locked interest rates i.e. if interest rates go down, your rate will not decrease/change
Lose benefits (if any) from previous loans
2. Private loan :The purpose of private loan consolidation is more or less the same as that of federal loan consolidation but the procedure and features differ. It combines only your outstanding private education loans into one package. Private loans cover educational expenses like tuition, accommodation or any other educational expenses.Eligibility for private loan consolidation:As there are few eligibility rules to qualify for federal loan consolidation, similarly the private loan levies some regulations on every application that it receives for necessary approval. These criteria are mentioned below:
The candidate should be atleast half-time enrolled in a degree or technical/diploma program
Have a minimum of $10,000 in private educational loans
Is in repayment status of private education loans at the time of application
Have good credit standing
Have proof of accommodation and present income
Benefits of private loan:
Improves the payment history and credit score
Gives competitive interest rate against non-government loans
Provides a way to consolidate virtually all private and non-federal educational loans
Allows you to consolidate education-related debt as well as education-related credit card debt
Enable you to write fewer checks and may also lower down the monthly installments
Longer repayment term (up to 30 years in some cases)
Lower monthly payment
Federal loan versus Private – The Difference:Federal loan consolidation is a tool to refinance federal education loan only while Private loan consolidation is a way to refinance private education loan only. The main difference is that a federal loan consolidation comes with a fixed interest rate while private loan consolidation comes with a market rate that may be fixed or variable.If you consolidate both federal and private loans, you should make sure to keep them separate, i.e. refinancing a federal loan with a private loan will most likely result in a much higher interest charge, if compared to the amount you would pay by keeping them separately.Our Advice: Research thoroughly about all consolidation options first and only then choose to consolidate your school loans.
Breakdown of Conventional and Non-Conventional Loans
Qualifying for a loan on an investment property can be difficult for several investors, considering the rules and regulations required to meet, financial concerns for a down payment or credit ratings to qualify for a particular loan, so as you continue on in this article find out the difference and breakdown of conventional and non-conventional loans to give you a better sense of what to expect as you apply for a home loan.Conventional LoansConventional loans are any mortgage loan that is not guaranteed or insured by the federal government however they are considered to be mortgage loans that follow the guidelines of government sponsored enterprises (GSE), such as Fannie Mae or Freddie Mac. The conventional loans are then broken down into conforming or non-conforming loans.Conforming loans follow terms and conditions set by Fannie Mae and Freddie Mac.Non-Conforming loans do not meet the requirements of Fannie Mae or Freddie Mac, but still considered conventional loans.The conventional loan is typically recommended if the investor is unsure of their credit score or not financially stable to make a significant down payment. This loan is ideal for investors who need flexible payment options or looking to receive low closing costs.Requirements of a Conventional Home – The home buyer must invest in at least 5% -20% of the sale price in cash for the down payment and closing costs. For example, if the sale price is $100,000 the home buyer is required to invest in at least $5,000 – $20,000.Eligibility – This loan can be used to finance primary residences, second homes and investment properties, along with capabilities to purchase warrantable condos, planned unit developments, modular homes, family residence of 1-4 and manufactured homes.Conventional Programs Offer the Following Loans – Fixed rate loans – Most often Conventional Mortgages are fixed-rate mortgages and typically your interest rate will remain the same during the entire loan period. Of course in a fixed rate Conventional Mortgage you will always know the exact amount on your monthly payment and how many payments remain.Adjustable rate loans – The initial interest rates and monthly payments for an adjustable rate mortgage (ARM) are relatively low, but can change throughout the life of that loan.Non-Conventional LoansThe non-conventional loans are just the opposite of conventional loans, as there can be several surprises appearing not to mention taking into consideration the adjustable rate mortgage (ARM) on this type of loan. The surprises of non-conventional loans are particularly directed towards those who are under in their mortgage. If you are considered to be one of those homeowners underwater in your mortgage find out if you’re required to any of the following:1. Change in future interest rates2. Loans of interest and principal never go down3. Large payment due at the end of loan4. Lender has authority to change amount you pay if certain instances occur.The adjustable rate mortgage (ARM) begins with a rate that may start off low and could go lower, or higher, depending on several factors. This is the unknown for how much you will pay on the future of this loan. Two other types popular unconventional loans include interest only loans, and loans with a balloon payment (a big payment at the end of the loan period).Requirements of a Non-Conventional Loan – According to Mortgage311, federally backed non-conventional mortgage loans frequently come with low or even no down payments as well as lower credit score requirements. For example, down payment requirements for FHA-insured mortgage loans can be as low as 3.5 percent. Qualifying credit scores for non-conventional mortgages, however, can be as low as 540, though lenders typically require a 640. Depending on the non-conventional mortgage loan product, interest rates may be higher than conventional mortgage rates.Eligibility – Applicants for this loan will need to meet requirements, as not every loan product insured or guaranteed by the federal government is open to every homebuyer. For example, VA mortgages are only eligible to military veterans or family members. Mortgage loan products offered by the USDA typically are available to low-income rural homebuyers. The federal government’s main non-conventional loan product, the FHA loan, is open to almost all first-time homebuyers.Whichever loan you choose or are required to apply for, be sure to do your research and understand the benefits, consequences and requirements before you become a home buyer. This breakdown of Conventional and Non-Conventional Loans should help prepare you for the “surprises” before unexpected interest rates rise or large payments are due at the end of your home loan.
Small Business Project Management: Six Pros and Cons
Growth hungry small businesses today in the UK and indeed throughout the world face the challenge of balancing two competing objectives. Firstly, businesses must maintain and standardise current business processes in order to give your business the chance to get really good at what it does through experience curve effects. Greater business efficiency normally translates into a better customer experience and higher profits. Secondly, businesses must transform business operations in order to survive and compete in the future. How well we are able to achieve the right balance for our business will ultimately determine if we survive and go on to thrive or go the way of so many small businesses into market irrelevancy and insolvency.You may well be thinking right now what has this got to do with project management? To understand that we first need to understand the fundamental differences between projects and day to day business operations. Whilst many of the skills required to manage your “business as usual” activities are the same as those needed to manage projects, there are some crucial differences. Amongst the most significant differences are that project work tends to be at least cross functional and often cross organisational and every project will be unique in some way rather than following the predictable pattern of business as usual. These characteristics of projects introduce opportunities and risks over and above those encountered in business as usual. In short, projects are riskier than day to day business, and therefore need a different management approach.Projects are the means by which we introduce change in organisations. All businesses that are making any attempt to adapt to face future challenges have projects. Common examples of projects in small businesses may include setting up a company website, establishing the office in a new location, or implementing a new product but it can be any temporary activity or set of activities that have a specific output associated with it. Businesses increase their productive capacity one project at a time. Indeed, for ambitious small companies looking to grow and expand, the need to initiate the right projects and achieve the desired results is even more vital l than it is for huge national and multi-national businessesDespite the obvious need for a project management (PM) approach, most small businesses don’t bother. This constitutes a huge missed opportunity as effective project management impacts the bottom line. For example, research by the CBP shows that project management improvement initiatives improve project performance by up to 50% for the first project and can continue for each new project if the business offers ongoing project management tools and support. We could emphasise this point further by citing the Standish Group, who in their CHAOS Report conservatively estimates that 20% of money spent on projects is wasted because companies don’t have a consistent approach to project management.Let’s take a look at six reasons I often hear from small business owners that choose not to bother with project management and then critically address the misconceptions behind these reasons.1. Project management practices take more timeHaving a process to follow may add time to the duration of an activity. Doing something properly will almost always take a little bit more time than adopting a slapdash approach. However, if you where building a house, would you rather have a quality end result that took a little longer, or would you prefer to have it done quickly but with lots of problems? Given that poorly executed projects can be completely de-rail a small business if they go badly, doing it well is essential, and PM processes help ensure things are done well.2. Project management eats into the cash that I need to grow my businessA common misconception is that it is hugely expensive to implement PM process. The reality is that there are many free or low-cost sources of advice, techniques, tools, templates and project management services readily available and accessible through the Internet. If done correctly, any small business can implement PM processes, techniques and tools with very little cost. The likelihood is that small business owners are already using software and other tools that can be used for project management. For example, certain email software, spreadsheets, and other common software applications offer good templates for project management, especially if used in collaboration with some of the low cost project management services available for small businesses3. Project management requires skills that I don’t have and cannot afford to hireAlthough it does require specialised skills and experience to be an accomplished project manager, these are skills that can be learned over time. To move further up the learning curve faster, it is possible to take a PM course in as little as four or five days. Most small business owners tend to possess the knowledge needed for project management, and courses such as the Prince 2 Practitioner course would build on these skills while introducing the specific theories, tools, and processes essential for project management. Whilst business owners might not emerge from a course as a project expert, they would certainly learn valuable skills to apply to their small business.4. I don’t need the hassle or paperwork of project management.Every entrepreneur that starts their own business will, at some point, need to do a risk assessment, a marketing campaign or apply for finance. Being knowledgeable in project management and applying associated tools such as stakeholder analysis, communication planning and risk management will not only assist in many of these tasks, but will provide your small business with a competitive edge over competitors who do not approach.5. Project management will slow me down and I need to stay agile.Modern PM methodologies all acknowledge the importance of a tailored approach to project management. If your project requires speed, the right methodology can enable you to move quickly. Just as important, however, it will provide you with techniques to understand whether some proposed projects are worth pursuing at all. Rushing into situations without thoroughly understanding your environment is hazardous to the health of any project and potentially to the health of the business as a whole6. I am an expert in my industry, I don’t need project management.Most small businesses are started by a person who already has some expertise in their industry. This is unquestionably an advantage; however, project management should still be used to convert plans into reality. The main reasons for project failure tends to be poor planning, lack of capital, and lack of management. Project management, while not a cast-iron guarantee of success, will assist the small business in mitigating some of the common risks that so often cause project failure amongst small businesses.Even a brief look at the reasons often posited by small business owners for failing to approach projects in a systematic and different way that recognises their inherent riskiness and addresses some of the more challenging aspects of project work shows them to be of dubious merit. Without question, the quality of project outputs would be greatly enhanced and the cost of and time taken in delivering project benefits using a project methodology appropriate to the scale of the project.
5 Empowering Tracks From Female Icons To Make You Feel Inspired
Sometimes we all need a little lift. Whether you’ve had a recent knock to your confidence, have been going through stress in your personal or professional life, or have always struggled with your self-esteem, music is an essential tool for lifting your spirits and making you feel better about yourself.
According to a study by Heriot-Watt University, the type of music you listen to not only influences your mood, but also your personality, with indie and rock/heavy metal fans reporting the lowest levels of self-esteem, while fans of jazz, blues, opera, classical, pop, rap and soul all reported high levels of self-confidence.
So if you’re having a ‘down day’, why not boost your spirits by listening to some powerful, uplifting tracks? Here are five perfect confidence boosters.
Britney Spears – Toxic
Britney’s own struggles with her mental health and conservatorship have made her an inspiration for many people across the world.
This classic song is timelessly sensual, and the heavy beats throughout make it impossible not to dance to. A welcome blast of nostalgia, this tune has filled dance floors across the globe with fans old and new.
The video features Britney as a female spy playing the sexy flight attendant, seducing her passenger before she makes her escape on a motorbike and breaks into a high-security facility guarded by a laser security system.
This track and video is a guaranteed way to feel invincible, and deserves a place on your playlist no matter your mood.
Kelis – Milkshake
A cheesy classic that is guaranteed to make you feel all warm and gooey inside, Kelis pumps up the heat in this 00’s RnB track. Underpinned by intricate drum beats and electric elements, Kelis’ self-confidence is infectious, and it’s hard not to find yourself smiling at the lyrics.
This track is a great way to get into a flirtatious mindset, making it a great choice before going on a date or heading out for the evening.
And if you’re staying in? It’s a great mood lift. But beware! You may find yourself craving a sweet treat.
Eve (ft. Gwen Stefani) – Let Me Blow Your Mind
This RnB classic will capture your attention with its assertive rhythm and powerful vocals from 00’s icons Eve and Gwen Stefani. Featuring a laid-back – yet self-assured – beat, and catchy guitar riff, this is a great track for driving, and its empowering feel is sure to help you feel motivated.
Got a job interview lined up, or thinking of asking for a raise? This anthemic number is a quick way to feel positive and more assertive.
The video features Eve and Gwen Stefani crashing an exclusive event on quad bikes, causing a stir among the privileged attendants, and shoving the performer off stage to perform their own music, before finally being arrested and taken to the station in a police van.
This ‘baddie’ track helps you to tap into the hidden ‘bold’ side of your personality, and lifts your mood while keeping you feeling calm and cool.
Fergie – MILF$
If you have kids, it can be difficult to feel sexy. When you’re running around cleaning the house, changing nappies, or up to your elbows in dishwater, you can easily forget your sensual side – leaving you feeling frumpy and lacking in confidence and motivation.
Thankfully, Fergie’s comeback track is a quick remedy to your low mood and lethargy.
Featuring attractive mothers dressed in curve-hugging latex and silky lingerie going about their daily life in a dreamy, colourful suburbia, this track is a quick way to transform your self-esteem and transport you to a world where you are not just a mother, but a goddess too.
Why not shake off the day and tap into your feminine energy with Fergie, your sexiest PJs, and a bottle of your favourite wine?
Marina And The Diamonds – How To Be A Heartbreaker
Low confidence after a breakup? You’re not alone. Having your heart broken can leave you feeling depressed, undesirable, and unmotivated. So flip the tables on your ex and become a heartbreaker with Marina’s catchy club classic.
This empowering dance track will make you want to move your body and get in touch with your bad girl side, with its heavy beat and pounding rhythms.
Plus, if your libido has suffered as a result of your low mood, take a sneaky peek at the video – it will get your blood pumping with its steamy shower shots and smoking hot male models.