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Federal student loans are by far the most cost effective way of borrowing the funds needed for school. Although there are a variety of different loan options for paying for a college education, federal student loans offer unique advantages, flexible repayments terms, and are the most cost effective loan options for students on an already tight budget.

Understanding the basics of federal student loans and how they work can assist student borrowers in their loan application process. Federal student loans are loans that are offered directly from the government with no intermediary financial institution. Federal student loans are also called Direct Loans and usually have much lower interest rates than private loans issued from a bank or other financial institutions. Since federal loans are government issued, their interest rates and terms are set by Congress and are issued at a fixed rate.

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Tags: Federal Student Loan, Loan, Student Loan

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Credit card purchase is a trend of consumerism in today’s world. The instrument of credit card is a tool of indulgence in the hands of consumers.

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Tags: Card, Credit Card

The beautiful Farnoosh Torabi is at it again. This time, she stopped by the CBS Early show to share some tips for managing through your own personal cash crisis. Here are the highlights:

• The average American spends 6-12% of their annual income on gas & electricity. She talks about ways to lower that, especially for seniors and low-income households. If someone in your family has lost their job during the recession, you may now qualify.
• Cut back on cable or ask for freebies. I did this, and saved $40 a month. Its not that difficult, and really only takes some time so why not try it?
• Medical bills. Medical bills are often times negotiable and you may not have to go to the extreme that Farnoosh did when she saved $400 off her dental bill!
• College tuition lost income can mean big discounts, but you need to use the special term mentioned in the video when dealing with the financial aid office.
• Refinancing interest rates keep hitting record lows, if you have the equity you could save $200 per month.

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Tags: Cash, Cash Back

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In case you are considering going bankrupt, understand that you’re not alone. Given the economic downturn that has affected everyone, lots of Families are embracing the bankruptcy system to get out from under credit cards, health related balances, auto loans, and far more. Lots of these people were depending on their property or home equity to bail them out, but soon realized that they owed more on their mortgage loan than what their property was worth. Other people happen to be inconvenienced because of some of the significant life changes could mean economic ruin:

job loss

health issues (and the resulting hospital bills)

divorce, and

business flops.

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Collin Eaton said it best in an article in The Chronicle of Higher Education: As students leave college with more debt and venture into the recession-beaten job market, its no surprise that more are defaulting on their student loans.

According to the U.S.

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Tags: Student, Student Loans