Monthly Archives: June 2014

How Can Consumers Avoid a Lifetime of Debt and Still Obtain a College Degree

Attending and graduating from college has a tremendous price tag attached to it. While some have the money saved for them, others find themselves taking out significant loans to cover the tuition. Once commencement is finished, they have gigantic bills waiting for them, and these bills can take decades to pay off. Saving as much money as possible to attend college is smart even if the total amounts to just a few thousand dollars from part-time jobs. However, saving the entire amount of tuition for a college education is impractical to most, so they will need to explore other avenues.

Consider Your Scholarship Options
Academic and athletic scholarships are excellent ways to fund a college education. Whether you are exceedingly intelligent or perform a sport better than others on the field, work to sharpen that ability even more. To receive a full scholarship, you’ll need to be at the top of the class or the team. Applying for some smaller scholarships helps to supplement a partial scholarship or to increase your chances of a scholarship if your grades or athletic abilities are not exactly where you would like them to be.

Choose Less Expensive Schools
Prospective college students should also be flexible with what universities they want to attend. Some only want to go to the most expensive school because they believe a big name will land them a better job. While some exceptions absolutely do exist, employers are looking more at the internship experience you’ve had and your knowledge of the field than the name of the institution you attended. Selecting a state school, for example, is generally more affordable. Even if you still have to take out loans, the sums will be significant smaller.

Pay Your Loans As You Go
Once you take out that first student loan, you may very well be tempted to let it lie dormant until you have finished college. Speak with the loan service provider to find out if you are allowed to make smaller payments throughout the life of the loan. By doing so, you can have less to pay off after you graduate. Furthermore, interest is a major reason why loans get so high in the first place. You aren’t just paying back your principal loan amount; you are also dealing with interest. Paying money to the loan as you proceed through school can help you to deal with some of those interest charges.

Avoiding perpetual debt is important. Once you have graduated college, you likely want to purchase a new car and eventually buy your own home. Having tons of debt attached to your name can stifle any of these endeavors, but working early to fund your college education will help you to decrease the troubles.

Brought to you by the editorial team from Installment Loans Network, whose mission is to help consumers navigate the consumer finance industry.

Where Can Borrowers Learn About Improving Their Credit Scores

Your credit score will affect myriad of life aspects and not only acquiring credit facilities. Learning ways to improve your credit score is essential, as it will allow you to enjoy lower interest rates by repairing the damaged score. Get a mortgage, credit card, overdraft, equity loan, contract mobile phone, or just monthly auto insurance, and a credit check will be done to predict your ability to repay those credit facilities.

If you do not have stellar credit, you have to start repairing your score before you are hit hard by the high interest rates. Luckily, there are many resources, which can help you in repairing your score ranging from state government sources or the federal to financial institutions and credit advisors. If you are planning to start repairing your score or you are already repairing it, you should understand that it is somehow like losing weight.

You will have many hurdles to cross before you finally restore your credit score to stellar levels. The process takes time and there might be no quick way that you can use to fix it. At times, out off of the various options offered to help improve your score, adopting a quick fix effort could most likely fire back. You need to beware of advises that will claim to improve your score quickly.

One good advice that will help you rebuild the score is by managing it responsibly over time. There are credit counseling companies that can help you begin repairing your score. Some of these may charge some fee for the services but there are also free of charge dedicated organizations that can offer tips and ways to restore your score to higher levels.

Before you opt for any service that require up front or other forms of fees to offer credit counseling advice, you should explore some of the free options available. The National Foundation for Credit Counseling is a nonprofit organization, which offers low cost or free individual and confidential credit counseling to consumers.

Consumers are also advised to be aware of organizations that brand themselves as ‘non-profit’ as this status does not necessarily guarantee that the services offered by these organizations are free, affordable, or legitimate. Some could even charge higher fees while others may lure their clients to make voluntary contributions that could eventually lead them to more debt.

GreenPath debt solutions also offers free credit and debt counseling to consumers. It is a non-for-profit organization that offers financial services to consumers. Most reputable debit and credit counselors are non-for profit organizations and offers their services at local offices, on phone, or online. It is recommended that when you seek for an organization to offer you debt or credit counselor, consider those, which offer in-person counseling. Many credit unions, universities, military bases, branches of the Cooperative Extension Service in the US, housing authorities, and others operate nonprofit debt and credit counseling programs. Other organizations which can provide you will debt and credit counseling information include your financial institution and the local consumer protection agency.

The three major credit reporting agencies, which are Experian, Equifax, and TransUnion, also offer educational tips on how consumers can protect themselves from subprime score. You can make use of these credit counseling information to help repair the damaged score. Online credit education as well as financial services companies such as credit.com help consumers in making educated decision regarding their financial decisions.