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Students most worried by finances and loans

Not having enough money and outstanding loans are students’ biggest worries, a new survey has revealed. A study by MORI on behalf of the Unite Group found the average student debt rose £525 in the last 12 months to £5,285. As well as Government backed student loans, over a third of students have an overdraft and 17 per cent have credit card debts.But the survey found students are generally confident about their finances and are working to pay off their debts.79 per cent of the students polled said they were meeting credit commitments and 42 per cent were combining university work with jobs.Moreover 89 per cent of students think the debts incurred at university are a worthwhile investment for their future, with les than a third of the student population seriously worried about loans.Nicholas Porter, chief executive of Unite, commented: “This generation of students is perhaps the first to accept and feel at ease with the fact that they will need to borrow to study and possibly work during term time to fund basic essentials. “Interestingly, while a significant proportion of students are worried about debt, they are also confident of a graduate earnings premium which will pay off their debts following graduation,” he added.

Posted in finance loan, loan rate, loan calculator, loan, student loan | Comments(0) August 2007



Student Loan Financial Group Announces Interest Rates on Variable-rate Loans Increasing July 1st

Federal Student Loan Consolidation , today announced that interest rates on existing variable-rate student loans will climb eight basis points, or .08 percentage points July 1, 2007. While interest rates on new Federal Stafford and PLUS loans are fixed under federal law, students, graduates and parents who have older, variable-rate student loans can take advantage of the lower rate if they apply for student loan consolidation by June 30.Most federal Stafford and PLUS loans first disbursed before July 1, 2006 charge variable interest rates that are set by federal formula and based on the last auction of 91-day U.S. Treasury bills in May.

Interest rates on loans disbursed after that date are fixed at 6.8 percent (Stafford) and 8.5 percent (PLUS)”This Spring 2007, college grad’s who still have variable rate loans may consider applying to consolidate before their six month, post grad grace period ends,” said John Wrinn, President, Student Loan Financial Group. “Students can lock in a lower rate if they lock the rate prior to June 30th. Also, parents with PLUS loans will save an eight of a percent by consolidating before July 1st, instead of waiting.When a student decides to consolidate their student loans, the loan consolidation lender pays off the student’s current federal student loans in full and creates a new loan, with a new interest rate and a longer repayment term. Federal student loan consolidation has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, rounded up to the nearest 0.125 percent or 8.25 percent, whichever is less.

For existing Federal Stafford and PLUS loans that still carry a variable interest rate, the interest rates as of July 1, 2007 will be:Stafford Loans (in school, grace and deferment periods): 6.62 percent Stafford Loans (repayment): 7.22 percent — PLUS Loans: 8.02 percentIn addition, there is no credit checks, no fees, no prepayment penalties as well as student loan consolidation can reduce the monthly payment amount by nearly 50 percent. That is because student loan consolidation stretches the repayment period from the standard 10 years to up to 30 years, depending on the amount of the education debt.Student and parent customers who consolidate their Stafford, PLUS and other eligible federal student loans using a Student Loan Financial Group Consolidation Loan can also reduce their interest rate by an additional 1.25 percentage points by making scheduled loan payments on time, and by using automatic debit to make payments electronically. Combined, these benefits can provide the average customer with $4,300 in savings on a $20,000 loan.

Posted in federal student loan, consolidate loan, federal student loan consolidation, finance loan, loan rate, federal loan consolidation, loan, student loan consolidation, consolidate loan student, consolidation loan, student loan | Comments(0) June 2007