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It’s crunch time for college students trying to secure the money they need for the fall semester. But with lenders continuing to suspend their student loan programs — the count now stands at 131 federal loan lenders and 30 private loan lenders — students may find themselves challenged to locate lenders that are still offering federal or private student loans.

 

 

 

In an attempt to help lenders be able to continue making new federal student loans, the government included a provision in the Ensuring Continued Access to Student Loans Act, signed into law in May, aimed at providing capital for cash-strapped lenders.

 

 

Under this legislation, the Department of Education can buy federal college loans from lenders, thereby providing these lenders with the liquidity they need to continue funding new parent and student loans. The law specifically targets lenders who, in the current credit crunch, are unable to find investors in the secondary market willing to purchase their student loan portfolios.

 

 

 

Even with this legislation in place, however, lenders continue to find themselves forced to suspend their student loan programs. As recently as July 28, the Brazos Higher Education Service Corp., the 26th-largest originator of federal student loans in 2007, and the Massachusetts Educational Financing Authority, the largest student loan issuer to Massachusetts residents, both announced that they would no longer be able to provide either new or current borrowers with student loans.

 

 

 

As the suspensions of both federal and private student loan programs keep spreading through all types of lenders — large and small; for-profit and nonprofit; banks, non-banks, and credit unions; state loan agencies and schools-as-lenders — students and their families are finding themselves with fewer borrowing options to get the parent and student loans they need to pay the fall tuition bills that are coming due over these next few weeks.

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Two Major Lenders the Latest Casualties of Student Loan Crisis

 

 

 

The Brazos Group, a primarily nonprofit group of higher education lending, servicing, and other financial aid companies, first announced that it would stop offering federal college loans back n March. In May, however, after the government passed the Ensuring Continued Access to Student Loans Act, Brazos once again began offering federal parent and student loans, saying that the government’s short-term liquidity plan had renewed the organization’s confidence in its ability to continue offering student loans.

 

 

 

But Brazos once again suspended its education lending program late last month, citing continued turmoil in the student loan industry.

 

 

 

Brazos Executive Vice President Ellis Tredway said his organization simply “ran out of time to get everything in place” to issue new student loans for the fall.

 

 

 

The Massachusetts Educational Financing Authority, which issued more than 0 million in college loans to 40,000 Massachusetts college students and their families last year, had already suspended its federal student loan program in April. Now, MEFA has also pulled the plug on its non-federal private loan program, which provided Massachusetts students with fixed-rate private student loans.

 

 

 

“While we continue to pursue every possible option, raising the necessary funds to offer fixed–interest rate private education loans is taking longer than originally projected and has become even more challenging,” said Tom Graf, MEFA’s executive director.

 

 

 

Students Face the Uncertainty of Switching Lenders

 

 

With over 8 million students and parents having turned to federal college loans in 2006–07, according to the College Board, the number or families that stand to be affected by the ongoing wave of lender departures this year is not unsubstantial.

 

 

Last week, financial aid officers at Texas A&M University — a school with over 54,000 students — heard from seven different lenders warning that they would no longer be able to offer federal student loans, a situation that has made more than a few borrowers uneasy.

 

 

 

Dyneche Duffield, an incoming college student headed to Houston Baptist University, is uncomfortable with the prospect of having to establish a relationship with a new lender other than her local bank, which used to offer student loans.

“I would have much rather taken out a loan there than somewhere where I didn’t know anyone,” Duffield said.

 

 

 

While students like Duffield may still be able to go directly to the Department of Education for their federal college loans or find those remaining lenders who are still offering private student loans (albeit with more stringent credit criteria that are making it harder for students to qualify), the magnitude of the problem within the student loan credit markets and how deeply it has permeated the college loan industry is alarming to many administrators and officials in higher education.

 

 

 

Kathryn Osmond, executive director of student financial services at Wellesley College in Massachusetts, finds the situation with MEFA to be particularly indicative of a long-lasting and serious problem.

 

 

“An economy that is in such a tailspin that it affects a critical agency like MEFA,” said Osmond, “is an economy that scares me.”

 

 

Private Student Loans from NextStudent Can Still be Dispersed Before Fall Semester Begins

With the approaching fall semester, many college-bound students still are in need of essential student loans (http://www.nextstudent.com) for school. Whether students need funds to cover the full cost of their tuition and expenses or funds to supplement the financial aid they received, NextStudent, the premier education funding company, can help students through its Private Student Loan Program.

NextStudent, based in Phoenix, AZ, is dedicated to helping students and their families find affordable ways to pay for college. Along with a host of highly competitive education finance products, the company provides a variety of Private Student Loans (http://www.nextstudent.com/privateloans/privateloans.asp).

Private Student Loan Funds Disbursed Fast

For college students who are concerned that it is too late to receive loan funds for college, Private Student Loans through NextStudent may be disbursed in as little as five business days.

Student borrowers can apply for Private Student Loans through NextStudent at any time throughout the year, as there are no application deadlines. From the beginning of the school term through the end, student borrowers have the ability to secure education funds to help them pay for all their education expenses.

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Free and Easy Application Process

The application process is quick and easy and student borrowers can be preapproved within minutes after speaking with one of NextStudent’s knowledgeable Education Finance Advisors. Private Student Loans are unsecured and credit-based, and there are no application fees. The loans may cover as much as the full cost of a student’s education, less any received financial aid. Expenses can include tuition and fees, supplies, housing costs and computers, according to NextStudent.

Student borrowers can apply for a Private Student Loan with or without a co-signer; however, NextStudent approves more Private Student Loans when there is a qualified co-signer.

The NextStudent Private Student Loan Program requires that student borrowers are enrolled at least half time at college. They must be in a degree or certificate program at a TERI-approved school. The Education Resources Institute, or TERI, is a nonprofit organization. It guarantees all private loans issued from NextStudent. International students and those in distance learning courses also can apply for Private Student Loans.

An annual maximum of ,000, or the calculated cost of attendance (lesser amount), is available to private student loan borrowers. The program maximum available is 0,000.

Private Loans Disbursed Direct to Student

Private Student Loan borrowers can rest easy, as funds are distributed direct to the borrower. Repayment on the private loans (http://www.nextstudent.com/privateloans/privateloans.asp) does not have to begin until six months after graduation, or when the student drops below half-time enrollment status at college.

On private loans of less than ,000, student borrowers have as much as 20 years to repay the loan. The repayment term may be extended for student loans of more than ,000. In addition, the minimum student loan payment is , and interest payments may be tax deductible.

Since NextStudent offers Private Student Loans throughout the year, student borrowers can rest easy knowing that they can receive the funds they need at any time. The fall semester is around the corner, and student borrowers easily can apply now and receive the college funds they need within weeks.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student Loans at http://www.nextstudent.com/.

During these trying economic times, college students across the country are seeking credit cards that offer low interest rates, no annual fees, and valuable rewards that can be earned and used within a short period of time. At a time when everyone’s nerves are frayed because of uncertainty in the stock market, illiquidity in the credit market and the softening real estate market, one thing remains constant – the importance of building and maintaining a strong credit history. Student credit cards are tailored to help students with limited credit histories do just that. Visit www.goodstudentcreditcard.com for a list of some of the best credit cards for student applicants issued by Discover, Chase and Capital One.

 

Student applicants should understand that responsible credit card use can lead to a lifetime of low-interest rate loan opportunities. The operative word is “responsible” — if you can’t afford to buy it, you should consider saving up until you can. Stated bluntly, unless you have cash in your wallet to cover your credit card charges, you should do your best to exercise restraint. Credit cards are most beneficial to students who can afford to pay their balance in full every month. It is important to understand that credit card companies profit from compounding interest on unpaid credit card balances. If students use their credit cards and pay only the minimum balance every month, the probability is extremely high that they will quickly fall into the debt trap presently affecting so many Americans. It is a hole that is very hard to dig out of.

 

In these tough economic times, where credit is getting more difficult to come by, it is important to create a strong credit profile by establishing credit early and maintaining a consistent payment history. Student credit card applications can be completed online in a few short minutes. Just visit www.studentreditcardoffersonline.com to apply.

 

 

 

 

 

 

 

 

The best student credit cards can be compared at www.goodstudentcreditcard.com.  Responsible credit card use can lead to a lifetime of low-interest rate loan opportunities.  Notwithstanding their limited credit history and minimal income, good students enrolled in colleges and universities throughout the country are often given the valuable opportunity to receive credit and to start building a credit history.  This is an opportunity that should not be taken lightly, particularly in light of the widening credit crisis which has made it difficult for many working Americans with good credit records to receive new credit cards, auto loans and mortgages.  

Student credit cards issued by Discover, Chase and Capital One are tailored for student applicants.  Some of the features offered by these credit card issuers include:

•           No Annual Fee

•           0% Interest for a fixed period of time

•           Cashback Bonuses

•           Fraud Liability Guarantee

During this period of economic instability, uncertainty in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – students should be given an opportunity to build a credit history.  Responsibility is key.  If you can’t afford to buy it, you should consider saving until you can.  Credit cards are most beneficial when you can afford to pay your balance in full every month.  In these tough economic times, where credit is getting more difficult to come by, it is important to create a strong credit profile by establishing credit early and maintaining a consistent payment history.  Student credit cards issued by Discover, Chase and Capital One are tailored for student applicants. 

Visit www.goodstudentcreditcard.com to apply online in a few short minutes.

http://www.collegecreditbuilder.com/student.htm

Due to recent increases in college tuition, the rising costs of textbooks and other general expenses, accurately planning how much money is needed for the school year can prove to be a challenge. The second semester or term is usually the time of year when many college students and their parents review the remaining funds available for the current school year.

According to NextStudent, the Phoenix-based premier education funding company, oftentimes, if expenses are greater than original projections borrowers can meet the shortfall with a private student loan.

Qualifying For Private Student Loans Is Simple

Whether a student needs more funds right away, wants money for summer school, or if the student is involved in a distance learning program or enrolled in a private or state institution, NextStudent can help.

Since there is no application deadline as with federal student loans, no fees are involved, the funds are unsecured, and many times may not require a co-signer, there are many benefits of retaining a private student loan from NextStudent. Another advantage is that students receive their student loan directly. This allows borrowers to retain control of their money and avoid the long wait times often associated with channeling the funds through the institution.

To be eligible for private student loans, borrowers may be either an undergraduate or graduate student enrolled at least half-time in a TERI-approved program, pursuing a degree or certificate-based coursework. Students may borrow the cost of their annual attendance or up to ,000, whichever is less.

It is easy for borrowers to apply for NextStudent private student loans, either online at www.nextstudent.com or by calling 877.690.9879. Approvals can be generated in as few as 15 minutes with a personally-assigned Education Finance Advisor.

Generous Repayment Terms For Private Student Loans

Students are not required to start repaying their private student loans unless they become enrolled less than half-time or until six months after graduation. Borrowers can start paying with as little as , have many repayment options, up to 20 years to repay and may qualify for tax-deductible interest payments. Those with accumulated total student loan balances that exceed ,000 may opt to extend the repayment term to 25 years.

In order to optimize their college educational experience, many students are taking advantage of NextStudent’s private student loans. These funds often stand in the gap, enabling borrowers to achieve their dreams of a higher education and cover where federal student loans leave off.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student loans at NextStudent.com.

After almost two years of reporting on the latest in student loan legislation, federal financial aid policy changes that affect college students or those that are college-bound, and a myriad of other topics that make life easier for students, the NextStudent Student Loan Blog will celebrate it’s two-year anniversary at the end of this year. During that time, the blog has delivered relevant content and news updated daily that keeps college students and their parents informed on current issues and such changes as student loan interest rates that affect the college experience and the planning process.

With so much confusion abounding regarding the issues, NextStudent’s Student Loan Blog is a clear voice that cuts through the chaos and explains what is happening in a succinct manner, even in the midst of hot issues that generate heated debate. In fact, the blog is a key resource for college students and their parents, helping them keep track of crucial student loan deadlines, new developments within the Department of Education, student loan consolidation information, and serves as an educational tool for the industry.

Weekly Format Explores Pertinent Issues

Each day, the focal point is a slightly different angle on student loans as follows:

Monday: “Student Loan News”

Tuesday: “This Week in Student Loans”

Wednesday: “Student Loan Legislation”

Thursday: “Student Loan Advice”

Friday: “Campus Life”

Helpful Topics Educate Students

While not just about financial aid and student loans, many postings center on helpful campus life topics such as conducting job searches, getting an ideal internship, and other savvy subjects like online social media. Some of the recent postings:

“From Classes to Cash: Landing the Gig that Pays the Bills after College”

“Student Internships: Pay to Get Paid What You’re Worth?

“Give Yourself the Best Shot at Federal Student Aid: Submit FAFSA Soon After Jan. 1”

“Failure Is for Freshmen, Success Is for Seniors: What I Learned at College”

“Should Undocumented U.S. Residents be Eligible for In-State Tuition Rates?”

“‘MyNews’ for MySpace Coming Soon”

“Starbuck’s New Record Label?”

Commitment to Education Extends to Customer Service

NextStudent believes in educating parents and students with online communication tools such as with the Student Loan Blog. This commitment to education extends to its dedication to excellent customer service as exhibited by personally assigned Education Finance Advisors who take clients through the entire financial aid and student loan consolidation process from start to finish. Whenever new clients contact NextStudent, they receive their own personal representative who will address their questions and assist them in getting the funding they need for school.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about student loans, private student loans, and student loan consolidation at NextStudent.com.

Student Loan Services Nationwide a unique directory of various financial services for education. A complete user friendly site, just select the location you prefer or just entering the zip code you can choose the educational financing just near your area. Visit http://www.studentloan1.net and explore the Student Loan Services around you.

Educational Financers are also invited to join the growing list of Nationwide Student Loan Services at www.studentloan1.net. The phrase “Loan Services” is being searched more than 200,000 times a day on the web; the search requests are captured and directed to the registered members. This will help you expand your business. The goal is to create a large network of Nationwide Educational Financing Services with a portal and attract clients for you through the web. Register at http://www.studentloan1.net/Register.aspx.

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There is hot news for the ones aiming for a college career; but could not do it because of economical hazards. Government grants will provide the opportunity. Students can obtain college grants which provide money to compensate for tuition and other expenses during college career. In the economic climate of today, a college degree is worth shooting for and the college grant gives you the right chance if you cannot afford it on your own.

Federal College Grants are offered up to those who are needy. Yet it is different based upon the area of study and level of academic excellence. Deprived scholars who can never aspire of going after academic classes are benefitted by the college grants. These are given on a semester or annual basis. In some instances, the scholarship extended to the pupils is not needed to be returned back like the Pell Grant Program which is a federal college grant. There are some terms to be satisfied before this grant is accredited. Each applier must be a US citizen, have a GED or high school diploma and must be able to win over their need for financial help.

The federal government has evolved a measure to estimate the eligibility of a student to draw the profits of a college grant. The financial condition is looked at. These factors are- properties and income of the pupil if individual, similar data for parents for dependent educatee – family size and number of members of the family entered for post-secondary institutions. These elements being widely various, the amount of grant varies depending on the actual need in personal cases. To get an idea of the scale of college grant, it may be stated that in the 2009-2010 school academic year, the maximum scholarship to be granted is ,350.

The federal government has evolved a new grant called ACG or Academic Competitiveness Grant in 2006. It is awarded to the primary 2 years of post secondary study. It is awarded to such students who have adopted an difficult work load of studies in their final year at the school. This college grant is of the order of 0 for the first study year and ,300 for the second year.

Minorities grant is granted to the students in USA. Among the other grants are the Los Padres Foundation, United Negro College fund.etc. College scholarships are also available for women.