Going to College
Short-term student loans are a wealth of resources for independent-minded college students who want to finish their studies. It spares them of the headache of having to figure out how to fit their budget for the rent, groceries, and educational needs.
Qualified students may apply for financial aid in their respective school offices. The waiting time is short, and approval comes in just a matter of a few days or a week. It comes in the form of a student loan which is of a moderate amount and is payable in a short period of time. Students can only apply for one student loan at a time. Their current and outstanding short-term loans have to be fully paid before they can apply for and avail of another loan to continue their course or enroll in a different line of study.
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Most colleges and universities only charge minimal fees and a very low interest rate for these short-term loans during the period of repayment. Some even have interest free loans where students do not have to earn and pay back more money than they actually borrowed.
Coping with the Times
College students everywhere are feeling the effects of the global economic crisis. Due to the recession, economics has been altered such that there are fewer jobs and opportunities for hiring. Repayment of existing student loans becomes more difficult, and the repercussions will be on the penalties they will garner from their non-payment of loans.
At this point, it would be wiser for them to find ways of starting to repay their student loans rather than waiting for a better time. There is no possibility that the loan will be canceled except for the bleak prospect that the school were to close or that a student were to be disabled and unfit to work and earn. This is a worst-case scenario.
It is more like saying that it seems they will be spending more time working to support their studies and paying their loans than actually studying their lessons in school.
Repayment Schemes for Student Loans
Three of the most feasible repayment schemes for repaying student loans would be suspension or deferment, reduction or cancellation, and consolidation.
Students may request their sponsor-schools to defer or suspend their loans temporarily while they are unemployed and income-less. Interest will not be charged during the deferment period within which the principal balance is postponed. If a student loan has been deferred and becomes subsidized, it is the government who pays for the interest charged.
Another option would be to request for the repayment to be canceled or reduced in interest and an extension in the time frame stipulated for the repayment of their loans. Students who are requesting for a cancellation or reduction may file a student loan cancellation and adjustment form.
A third would be to lock in the student loan with a fixed interest rate for the rest of one's life while are earning and repaying the set amount. This saves a student nearly fifty percent in savings.
What Makes It Feasible
The important thing is to plan ahead and apply for any of the above repayment schemes at the soonest possible time. When prospects for repayment turn bleak, turn to repayment schemes which are feasible for both student and college. There will be no reason for students to repay short-term loans at great lengths of time and at higher rates of interest if they start applying now and make it within the grace period.
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