Student Loans

Go to this web address to understand the steps needed for special student loan consolidation and other loan consolidation processes: http://studentaid.ed.gov/PORTALSWebApp/students/english/specialconsolidation.jsp

“To begin the online application process, you will be required to log on to www.studentloans.gov with your student aid credentials (including name, social security number, date of birth and your Federal Student Aid PIN). After logging on to the website, you will click on the word “here” in an Alert message located on the top right side of the page to begin the online application process.”

I had to go to NSLDS http://www.nslds.ed.gov/nslds_SA/and get every loan I had ever taken out and supply that information on a pre-printed printout of names of loan servicers, who holds the loans, so to speak, and amounts. You will need your PIN #, so if you have misplaced your PIN, ask for you your PIN Number to be sent directly to you. http://www.pin.ed.gov/PINWebApp/pinindex.jsp

Here is the PDF you can print and fill out for your student loan consolidation: http://loanconsolidation.ed.gov/forms/lvc.pdf

Here is another PDF for student loan consolidation within 180 days after your initial student loan consolidation; say for instance you took more classes after you had consolidated your student loans originally: http://loanconsolidation.ed.gov/forms/rqstadd.pdf

Now, I just sent out another application (yesterday) to have 4 classes added into my original consolidation loan (I just finished my last classes May 6, 2012, yesterday) and it will take a little while for the paper work to be processed. After that, I will apply for an Income Repayment Plan (IBR).

What is Income-Based Repayment? “Income-Based Repayment (IBR) is a repayment plan for the major types of federal student loans that caps your required monthly payment at an amount intended to be affordable based on your income and family size.” http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp

What Loans can be consolidated, “All Stafford, PLUS and Consolidation Loans made under either the Direct Loan or FFEL Program are eligible for repayment under IBR, EXCEPT loans that are currently in default, parent PLUS Loans (PLUS Loans that were made to parent borrowers), or Consolidation Loans that repaid parent PLUS Loans. The loans can be new or old, and for any type of education (undergraduate, graduate, professional, job training).”

Now, I have not applied for (IBR) as of yet, but I will keep you apprised of the outcome.

H.R. 4170 Needs Your Support The Student Loan Forgiveness Act 2012

Support Hansen Clarke H.R. 4170 The Student Loan Forgiveness Act of 2012

Detroit, MI - Rep. Hansen Clarke introduced The Student Loan Forgiveness Act of 2012 (H.R. 4170) on Thursday, March 8. This bill would forgive outstanding student loan debt for Americans who have made payments equal to 10 percent of their discretionary income for 10 years.

The Student Loan Forgiveness Act of 2012 | Rep. Hansen Clarke
Key Objectives:

http://hansenclarke.house.gov/sites/hansenclarke.house.gov/files/documents/1-pager%20SLFA.pdf

Bill Text:

http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.4170

(http://www.youtube.com/watch?v=1QEj-vIOIXk)

(http://www.youtube.com/watch?v=SpSkG9wr5CA)

http://hansenclarke.house.gov/press-release/rep-hansen-clarke-introduces-student-loan-forgiveness-act-2012-hr-4170

This may assist Seniors in Student Loan Forgiveness

Click here:
http://www.change.org/petitions/support-the-student-loan-forgiveness-act-of-2012-h-r-4170

This measure may assist in aiding Seniors from having their Social Security Checks garnished for Student Loan Debt!

This is a petition from Change.org you will need to sign up for an account.

Monday, April 2, 2012

Save the Earth, Save Your Wallet....

OK – so this article seems to be a little off from my usual topic, but bear with me and hear me out. On Sunday, April 22 we will once again celebrate Earth Day. This began way back when I was a junior in High School, but we are still here, still trying to save the planet and, in this case, save some money too. Guess how I am going to suggest you use this “found” money? By making additional payments on your student loans, of course! Yes, you can help the planet and yourself too! You may be surprised by the amount you can save by simply switching to CFL (Compact Florescent Lights) or LED.

When you visit the lighting department of your favorite store, if you are like me, the first thing you will notice will be the price difference. These bulbs are more expensive than the incandescent bulb. They can range in price from slightly more expensive to outrageously more pricey. The good news is that the average CFL will pay for itself in energy savings within 6 months of use. Over the lifetime of a CFL bulb, you can save about $40, even more if you use the bulb in your high usage light fixtures. To see exactly how much you can save visit:

http://www.energystar.gov/index.cfm?c=cfls.pr_cfls_savings, click on the “calculate your savings “ link.

Newer and Better! CFL bulbs have been improved over the past few years and are now available in dimmable versions, both for use with special “dimming” light fixtures, as well as bulbs that will “dim” in a standard light fixture (no expensive fixture replacements needed!).

Regardless of whether you switch to CFL or LED bulbs, our savings can really add up – up to $262 over 50,000 hour life span. (http://eartheasy.com/live_led_bulbs_comparison.html ).

Final thoughts: I am going to give you a break and I am not going to repeat how making additional payments to your student loan can help you save money and clear your debt faster (you can look at previous Blogs on this page). However, I would like to ask you to do one more thing.

Show Your Commitment: You can show your commitment to Earth Day and join a billion other people around the world. Click on the link below and select Change-Out My Light Bulbs.

http://act.earthday.org/ You may even find a few more Earth Saving ideas you’d like to join!

Wednesday, March 14, 2012

Eating Healthy Doesn't Have to Bust the Budget!

YIKES - Summer’s just around the corner and, hey, here in Florida, swim suit season is almost year round. If you have added a few pounds this winter, you can control your weight and stay within your budget, while eating healthier & less expensively - even with a hectic college class schedule. Try these suggestions to avoid expensive vending machines to save money and calories too!

Drink water. Carry a refillable water bottle with you. Water is a healthy choice that increases stamina at work and play, fills you up, and costs less than sodas and coffee drinks. Now there are even bottles with water filters, so you can save money & the planet – what a deal!
Substitute and save. What are your favorite high-calorie foods? A chocolate donut for breakfast? Sugary sodas? Look for lower-calorie substitutes such as cereal bars, brewed coffee or tea, and fruit. Cut calories and costs. (see the three really easy, quick breakfast ideas below).
Try different stress busters. Many people turn to food-especially gooey, fatty kinds-when stress levels go up. Develop other stress busters that can work for you with minimal calories and cost, such as a brisk walk, a workout, or tea with a friend.
Plan ahead. Does your resolve to eat better weaken when your schedule is hectic? Take healthy snacks such as fruit and nuts with you on busy days. This helps you avoid vending machine and snack bar purchases.
Cut back on pre-packaged, pre-prepared food. Single-serve packages are more expensive(not to mention filled with lots of sodium and fats), so buy them sparingly. Flavored oatmeal in individual packets costs more than $3 per pound, while bulk oatmeal costs under $1. Loose popcorn, ready in seconds in an air popper, costs a fraction of microwave popcorn packages. Frozen dinners cost more than meals made from scratch

Healthy, Tasty Snack Choices

When hunger strikes and you've only got a few minutes between classes or you are rushing from work to class, often your options consist of expensive and usually high-fat, high-calorie snacks from vending machines or fast food outlets. As an alternative, keep a supply of healthier options in your fridge or cabinet and stash some in your backpack before heading to class. These are great to stuff in your family’s backpacks too, if you have a group to get out the door in the morning.

Protein-rich snacks such as peanut butter and low-fat yogurt or cheese, combined with meals that contain complex carbohydrates such as whole-grain breads and cereals, can help you keep your energy level up and your weight down. Try out a new snack food now and again. You may be surprised to find how many good-tasting, good-for-you options there are, including:

 Fresh fruits: grapes (try them frozen!), bananas, oranges, pears, apples
 Dried fruit: apricots, raisins, mangoes, cranberries
 Yogurt
 Yogurt fruit smoothies (great way to use the fruit that is getting past prime!)
 Trail mix
 Nuts and seeds: almonds, peanuts, walnuts, soy, pumpkin
 Sesame sticks
 Low-fat granola bars
 Low-fat string cheese
 Graham crackers
 Whole grain crackers
 Rice cakes
 Peanut butter
 Low-fat hummus: try all the flavors!
 Plain popcorn: try spray butter or soy sauce
 Pretzels or Baked chips
 Licorice bits

Three Quick Tasty, Healthy Breakfast Ideas to save you Time & Money: Courtesy of SWFC CashCourse and "Good Eats: Quick & Easy Food for Busy College Students", by Suzanne Sonneborn, R.D., L.D. and Cynthia W. Harriman.

BLUEBERRY-BANANA SMOOTHIE
1 serving, prep time: 3 minutes

• 1 large banana (the riper, the better)
• 1/2 cup frozen blueberries, or any other frozen fruit
• 1 cup milk (low-fat cow's milk or soy milk)

1. Put everything in a tall container (a really large empty jar is great!)
2. Blend with blender wand until smooth.
3. Drink!

Variations:
Use strawberries, raspberries, or any fresh fruit. Of course you can use a regular blender. (Remember that fruit that is getting a little ripe?)

THERMOS OATMEAL
1 serving, prep time: 5 minutes
cook time: overnight, but with no effort on your part!

• 1/2 cup fruit (frozen, fresh or dried)
• 1/4 cup steel-cut oatmeal
• 1 cup boiling water

Before you go to bed at night:
1. Put fruit and water in a saucepan and bring to a boil.
2. Put the oatmeal in a large wide-mouth thermos.
3. Add the boiling water & fruit, swish to mix, then cap the thermos.

In the morning the oatmeal is ready when you are!
1. Eat from the thermos, or dump it in a bowl.
2. Add maple syrup or brown sugar if desired.
3. Add a little milk (soy or dairy) if desired.
4. Enjoy!

Variations:
Blueberries, dried apples, peaches... actually, just about any kind of fruit tastes good.You could substitute rolled oats. But once you've tried the nutty, chewy flavor of steel-cut oats, you'll wonder why anyone eats rolled oats.

You can cook steel-cut oats on the spot. Just bring water and oats to a boil, turn down to just bubbling and cook uncovered (stirring occasionally) until all liquid is absorbed - about 20 minutes. You can actually cut the cooking time in half by toasting the oats before cooking, but I personally recommend the overnight method - great for grab & go breakfasts, when you don' have time to think, let alone cook!

BREAKFAST BULGUR
While You Shower !
2 servings, prep time: 2 minutes
cook time: 25 minutes, while you do other things

• 2/3 cup bulgur (dried cracked wheat)
• 1 1/3 cups water
• some dried fruits (cranberries, apricots, etc. – any amount will do)
• some nuts (pecans are yummy; again, any amount will do)
• some favorite spices (like cinnamon & nutmeg, vanilla)
• some seeds (sunflower, pumpkin; you can use in place of nuts)

1. Put the bulgur and water in a saucepan and bring to a boil. Cover tightly, turn it off, and leave for 25 minutes while you shower and get dressed. If you like your fruit a little less chewy, you can add the dried fruit at this point & it will “plump” up nicely!
2. Add "mix-ins" - fruits, nuts, seeds, any spice or flavoring - whatever you want.
3. Dump everything into a bowl. Add sweetener (sugar, honey, syrup) and/or milk if desired.

Variations:

Bulgur takes about 12 minutes to cook (instead of 25) if you leave the heat on low and simmer it. But then you couldn't shower and get dressed while it cooks! Make a double batch and stick some in the fridge before you add syrup or milk. It's good later hot or cold!

For more great recipes, visit SWFC’s CashCourse: http://www.cashcourse.org/swfc/articles/id/1793/categoryid/110

BON APPETITE & SEE YOU ON THE BEACH!

Monday, February 6, 2012

TAX REFUND? Be Sure to "Pay Yourself" First!

By popular demand, we are repeating an article from March 2011.

So you received a tax refund check – Lucky You! Getting a lump sum of money is fun. Sometimes I think that dreaming of all the ways you could spend it are the biggest part of the fun – a well deserved vacation, a shopping spree, down payment toward a car……you can spend days dreaming and planning. However, before you make your final decision, think about “paying” yourself first! Seriously, would you like to would you like to make 47% on an investment? Sounds like a ponzi scheme or something but the savings are real and you can turn part of your tax refund into some serious money for yourself.

If you follow this Blog, then you know that I am a huge proponent of making small additional payments to “chip” away you student loan debt. However, paying larger sums toward your student loan will also help, significantly – even if it is only a one-time payment! Let’s look at two scenarios, to see how making a lump sum payment can benefit you. Each of these will be based on a $20, 000 loan debt, at 6.8% interest, with standard 10 year repayment plan.

Scenario 1: Payment of $1,000
No Extra Payments                                             With Extra Payments
Monthly Payment $230.16                                   Monthly Payment $1,230.16
10 years Pay-off time                                           7 years 8 months Pay-off time
$7,619.28 Interest Paid                                       $6,149.15 Interest Paid

Advantages of Additional Payments:
2 years 4 months Time Saved $1,470.13 Total Interest Savings

Balance Schedule for Scenario 1:
Year ---No Extra Pymt                        With Extra Pymt
2012 ---$18,553.54                             $18,553.54
2013 =-$17,005.60                              $17,005.60
2014 -=$15,349.06                              $15,349.06
2015 --.$13,576.29                              $12,524.12
2016 =-$11,679.15                              $ 9,489.03
2017 =-$ 9,648.90                              $ 6,240.99
2018 =-$ 7,476.21                              $ 2,765.07
2019 = $ 5,151.09                             $        0.00
2020 = .$ 2,662.83                             $         0.00
2021 =. $         0.00                             $        0.00

Scenario 2: Making $500 additional Payment
No Extra Payments                                                 With Extra Payments
$230.16 Monthly Payment                                       $730.16 Monthly Payment
Pay-off time 10 years                                               Pay-off time 8.75 years
$7,619.28 Interest Paid                                           $6,733.53 Interest Paid

Advantages of Additional Payments:
1 year 4 months Time Saved $885.75 Total Interest Savings

Balance Schedule for Scenario 2:
Year =-No Extra Pymnt                          With Extra Payments
2012 =-$18,553.54                                 $18,553.54
2013 =-$17,005.60                                 $17,005.60
2014 =-$15,349.06                                 $15,349.06
2015 =-$13,576.29                                 $13,050.21
2016 =-$11,679.15                                 $10,584.09
2017 =-$ 9,648.90                                 $ 7,944.95
2018 =-$ 7,476.21                                 $ 5,120.64
2019 =-$ 5,151.09                                 $ 2,098.19
2020 =-$ 2,662.83                                 $        0.00
2021 =-$         0.00                                 $        0.00

If you would like to see how different amounts of “lump” sum payments can help you clear those loans faster, visit http://www.mortgagecalculatorsplus.com/calc-additionalpayment.php .

PAY YOURSELF FIRST – You Deserve It! It is tempting to splurge and spend your tax refund check on something fun or frivolous – I am not talking about using your whole refund to pay toward your student loans. I am a believer in having your cake and eating it too. However, if you will take just a small amount and pay toward your student loan debt, you can significantly shorten your repayment period. Think of all of the ways you could spend the money you currently have to pay on your student loan monthly payments once they are GONE! Now that’s something fun to dream about!