College is a big step and it will take a lot to prepare, especially if you plan to move away from your parent’s pad for the school year. Before you simply assume that you will receive enough aid for your tuition, you should plan out your higher education funding. By doing this, you will know how much money you have, how much you will receive, and how much you need. Let’s go ahead and take a look at the steps to take.
Free Money is the Best Money
Free money is the best money. Who wouldn’t want to receive money to go to school and not have to pay it back? If you are getting excited, you will be happy to know that you can receive free money too!
Grants and scholarships are what is called gift aid and it is available to everyone as long as you qualify. Grants typically require you to have a financial need, but scholarships usually do not.
If you are awarded a grant or scholarship, you do NOT have to pay this money back and you can use it for your books, tuition, or other education-related expenses.
Scholarships are awarded all year long, but you must pay attention to the deadlines and requirements to apply. You do not want to apply for something you do not meet the minimum criteria for. You can apply for scholarships as early as your senior year in high school. Most scholarships can be found online, but do make sure to investigate the company to avoid a scam.
Grants usually require a financial need and to see if you qualify for one, you will need to fill out the FAFSA. Always fill it out by the deadline date to ensure you do receive funds, if you qualify.
Ask for Money from Friends and Family
Before you consider any other methods of funding, make sure you take a moment to ask your family and friends if they have any money to put toward your schooling. You may find that there is a college fund setup for you somewhere or you may not. It is important to ask though because you can use everything you receive to pay for school.
If you find out that there is not extra money for you to head off to college, considering asking everyone to provide you with aid for college when it comes to your gifts. For example, instead of new headphones for your birthday, ask for money to apply to school. You may even be able to setup a special account for the money to go into.
Although it is not recommended to get your education fully funded by using private loans, this solution can be so much useful when combined with your saving.There are plenty of loan services that have gone online these days. With just a few clicks, and you shall get your education plan funded.
Apply for Federal Financial Aid
The next step in the funding process is to check out your available options when it comes to loans. There are two types of loans – subsidized and unsubsidized. Subsidized loans have a financial need and are only available to students who demonstrate this need. Unsubsidized loans are available to all students and are not linked to a financial need for the money.
If you do not qualify for the subsidized version, you will likely still qualify for unsubsidized loans. Once you have filled out the FAFSA, you will have a better idea of the amount of loan money you can expect to receive. Many times, this amount is in excess of what you need, but other times it may not be enough.
Unfortunately, you cannot negotiate and the maximum loan amount is what you receive. Of course, if you do not need all of the money being offered to you, then you can reject some of it.
Private Student Loans
Your last funding option is through private student loans. It is difficult to obtain these loans and most students needs to have a co-signer. You will find that private student loans do not provide you with many benefits and you will have to pay back the loan starting right away.
If you are trying to fund your higher education, make sure you explore all free money options first and wait to apply for a loan until you know you absolutely need it.…
An installment loan can be described as a loan that can be paid back over a couple of months or years. In most cases, individuals take out installment loans when they need large sums of money and wish to have the flexibility of paying it back gradually and without emptying their pockets. Installment loans are quite popular today, but it is important to understand them fully before borrowing any money. Without proper information, one could end up repaying this kind of loan for years.
So, in addition to getting the right information, it is important to make a loan comparison first and to have financial discipline as well.
Guidelines on how to make an installment loan comparison
Review your financial situation
Before beginning the processes of applying for an installment loan, review your financial situation and determine what you can comfortably afford. To find out how much you would have to part with every month for a particular amount, take advantage of the many online calculators all over the internet. Just input the amount you wish to borrow and your ideal time frame and you will find out what you would be required to pay on a monthly basis.
Also, take your credit score into consideration and how much debt you are currently in.
Shop around for installment loan interest rates
With so many loans available today, financial institutions are competing against each other to offer the best interest rates. This means that with some research and comparison, you will be able to identify the best deal on the market today. Consult with your bank first and compare their rates against several other lenders to identify the lender with the lowest rates possible. This can be a tiring task but looking into the website of a bank or lender will make everything easier.
Read between the lines
After identifying a potential lender, make sure you understand their terms and condition well before signing an agreement. If possible, consult a financial expert to explain everything in layman terms. Some lenders offer attractive interest rates but fail to disclose some troublesome clause, such as dramatic interest rate changes after a while. If there is a clause you don’t understand, ask questions because once you sign the documents, there is not turning back – you will be required to pay back your installment loan as signed and agreed.
With these tips and guidelines on how to make an installment loan comparison, you can be assured of making an educated decision. Once you get your loan, don’t forget to make your payments on time as this will give you a great reputation among bank institutions and other lenders.…
Many homeowners find that after some years they require modifications or additions to their house. Many factors can lead to such a need, and they include wear and tear to the house or the family growing and require more space. In such situation homeowners may be in need of some financial assistance. There is a form of financing that can be taken for such situations and this is the FHA 203k loan.
What is the FHA 203 loan?
This is a special provision in the financial industry that gives homeowners a loan based on certain guidelines and the changes or repairs that ned to be made to the house. You can get more information and assistance from the best 203k lender if you are considering this option.
The loan as mentioned above is divided into two categories, let us take a look at them separately.
The Standard 203k loan
The standard 203k loan is an option provided by the Federal Housing Administration (FHA) for more complex renovations or changes that need to be carried out on a house. The FHA keeps a list of the renovations that fall into this category, and they are given below.
- Relocating and moving load bearing walls
- Addition of rooms
- Repairing structural damage to a house
- Property landscaping
It is meant for repairs that exceed $35,000 that need to be carried out on a house.
The Streamlined 203k loan
The repairs that come under this category are minor and for those that are below $35,000. The documentation and paperwork requirements for this loan is easier and loans are dispersed faster.
Here is the list of changes or repairs that come under this category.
- Repairs and replacement of heating and cooling systems
- Repair or replacement of electrical or plumbing
- Replacement and repairs to the roof and associated systems
- Repair to flooring
- Purchasing of kitchen equipment such as ovens, refrigerators washers, etc.
- Interior and Exterior painting
- Window and door replacement and many more minor repairs or upgrades
Where to get these loans?
There are many lending institutions that will help borrowers in getting these loans fast and quick. The contractor who gives the quotation for the repairs or upgrades will have to fund all the changes, and once they are complete, a representative from the lending institution will visit the house and inspect everything to ensure all the changes are done according to the estimates and will then release the funds directly to the contractor.…