Four Loan Tips

Four Loan Tips
Times are tough for lenders and borrowers. These tips can ease some of the pain:

Apply early.

A growing number of lenders are mulling over leaving the student loan business, so counselors are advising families to line up a lender by early July. To find one, try the Education Finance Council, or use Web tools such as the one at usnews.com/payingforcollege.

Stick with the federal loans,

if possible. Students who limit their borrowing to Stafford and Perkins loans won't graduate with burdensome debt loads and won't see their bills jump if interest rates rise. These loans might also be forgiven for those who take a public-service job.

Read the fine print.

The Federal Reserve's slashing of interest rates makes many private educational loans seem low. But payments will increase when interest rates rise again, as they inevitably will.

Be realistic.

Before borrowing big bucks to train for fairly low-paid careers such as social work, teaching, or cooking, compare the average salary with your total education loan payments. If what's left isn't enough to live on, try cheaper schools that would require less borrowing.

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Insurance

# Insure yourself against financial ruin. There should be no higher financial priority in your life than health insurance. Without it, if your health takes a turn for the worst, hospital bills could easily bankrupt you and your family. # High deductible is your friend. Keep those monthly premiums as low as you can. # Don't use insurance as an investment vehicle. Liquidity and certainty are not on your side. # Have enough. Have enough life insurance to replace at least five years of your salary, ten years if you have kids or significant debts. # Don't have too much. You need health insurance. If you're single and have no dependents, you don't need life insurance. # Think about insurance before you buy a car. Typically, the more expensive your car, the higher your insurance cost will be. Take this into account when buying a car. # Choose the right car insurance. Don't assume you should get the cheapest auto insurance or the one with the most protection. Find out exactly how much coverage you need. # Consider dropping collision coverage. Especially if you have an older car, there's not much sense in protecting it against getting wrecked if it's already a wreck. # Buy homeowner and auto coverage from the same insurer. You'll usually get a better deal than you would if you bought the two separately. # Write a will. If you have any dependents, you need a will. Write one and protect your loved ones.

www.yourcreditadvisor.com/blog/2006/10/102_personal_fi.html

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Career and Education

1. Get educated. A college education always pays for itself and more. In 2004, bachelor's degree holders earned an average of $51,206 per year, while high school graduates earned only $27,915, according to Census data compiled by HighBeam Research. 2. Your career is your most valuable asset. Manage it with a higher priority than you would with any other investment. Remember that without this asset, you couldn't survive. 3. Save enough. You should try to save enough to cover at least one-third of your kids' total college costs. 4. Consider public schools. Especially for college, state schools can often times be just as prestigious, if not more, than private schools. 5. Consider community college or online college for your first year or two. You can then transfer these credits to a more expensive (and prestigious) school to finish your final two or three years. 6. Invest in a 529 college savings account. It's tax-free. What more needs to be said? 7. Ask for a raise. Use the Salary Wizard Calculator to see if you're making as much as you should. If not, consider asking for a raise, especially if you've been at the company for more than a year. 8. Get a professional certificate. Some professions offer a certificate that, if earned, will generally provide you with a higher salary. 9. Don't major in English. If you love studying English, there's nothing wrong with that. Just be aware that English majors generally don't earn very much. Six of the top ten list of majors with the highest salaries are engineering majors, with chemical engineering topping the list.

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loan tips

1. Avoid unsecured loans if possible Avoid using unsecured personal loans if you can put up some security for your borrowings. This will get you a lower interest rate. A home equity loan, or redraw of extra repayments, allowing you to borrow against the equity built up in your own home or an investment property, is the best option of all, and could get you finance at up to 5 percent less than a car loan. 2. Be clear about leasing Leasing is really just another form of borrowing to finance a car. But unlike loan finance - where you take ownership of the car and offer it or something else as security to the lender – lease finance sees a leasing company take ownership and give you the use of the car under contract for a specified period. TOP 3. Be honest in loan applications Be honest about why you want the loan. Your bank may be able to offer you a loan option that better suits your circumstances. There are an increasing variety of different types of personal credit these days; car loans, commercial loans, leases, home equity loans, are just some of the examples. 4. Can't get a standard loan? There are alternatives If the banks, building societies and credit unions won't lend to you because you're self employed, newly arrived in the country or have a poor credit history, consider the booming non-conforming and "low doc" loan market. A number of non-bank lenders offer loans which especially cater for this type of borrower. The interest rates on non-conforming loans are generally higher but come down after a few years of on-time repayments.

http://www.smh.com.au/business/money/tools/guides/planning/tips_

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STUDENT LOAN CONSOLIDATION

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your feld of study or because you’re having financial difficulty Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years.

Types of Loans:

Federal Perkins Loans are:

• Made through participating schools to undergraduate, graduate and professional students.
• Offered by participating schools to students who demonstrate the greatest financial need (Federal Pell Grant recipients get top priority).
• Made to students enrolled full-time or part-time.
• Repaid by you to your school.

• Stafford Loans are for undergraduate, graduate and
professional students. You must be enrolled as at least
a half-time student to be eligible for a Stafford Loan.

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What Is Life Insurance?

Life insurance offers a way to replace the loss of income that occurs when someone dies (usually the person who produces the majority of income in a family situation). It is a contract between you as the insured person and the company or "carrier" that is providing the insurance. If you die while the contract is in force, the insurance company pays a specified sum of money free of income tax — "cash benefits" — to the person or persons you name as beneficiaries.

A good life insurance program does more than just replace the loss of income that occurs if you die. It should also provide money to cover the new costs that arise after your death — funeral expenses, taxes, probate costs, the need for housekeepers and child care, and so on. And these cash benefits should provide for your family's future needs as well, including college education for your children and part or all of your spouse's retirement needs. In almost all cases, your beneficiary can use the cash benefits in the way he or she sees fit, without restriction.

Some types of life insurance — permanent life insurance policies — have a cash value that you can obtain by cashing out the policy or by borrowing against it. Though it can seem attractive, most financial experts agree that this feature should be seen as a secondary purpose of life insurance. Another type of insurance is term life insurance policies are available as well. To learn more click the respected link.

Do You Really Need Life Insurance?

If there is someone who would suffer economic hardship if you died, then the answer is yes... you need life insurance! Families with young children have a clear need for life insurance. If both spouses work, the loss of one income will cause the family immediate economic hardship and make it harder for them to realize future goals, such as paying for the children's' education. But even if one spouse works "inside the home" and doesn't bring in a formal income, his or her death will require the surviving spouse to hire child care, housekeepers and other professionals to help run the household - and that can be a significant new expense.

If you are married without children or single, then you may need life insurance to protect your partner or surviving family members against the costs associated with your death. Funeral expenses, probate and administrative fees, outstanding debts, special obligations to charities, and federal and state taxes are costs that all of us must consider. And, they can add up quickly. Unless you already have sufficient financial resources, your survivors will probably need life insurance to cover these expenses.

What Happens To Your Family If You Don't Have Enough Coverage?

Under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. Depending upon their current financial resources and ability to "get back on their feet" emotionally and financially, your family might be forced to move to a less desirable home or community, abandon education and career plans, reorder family priorities (such as the amount of time spent with the children) and, in general, cut back on the quality of life you have worked hard to achieve.

Your family might even be forced to go into debt simply to pay the expenses, like funeral costs, taxes, and medical bills, that result from your death. A moment's reflection will tell you that the lack of sufficient life insurance coverage when a loved one dies can have devastating consequences for a family...consequences that can last for years.
Posted by thinley at 1:54 AM 0 comments
Senior Life Insurance - Life Insurance for Elders
No one wants to be a burden to their spouse and children — in life or even in death. This is the main reason why seniors often take a second look at life insurance.

Most seniors already have life insurance of some kind, but the death benefit often is too small to take care of funeral expenses and medical bills. In most states, a life insurance death benefit is exempt from creditors. It is also exempt from inheritance taxes. This makes it an excellent vehicle to transfer wealth to survivors.

Seniors often assume that they will not qualify for life insurance, but many states have laws requiring insurance companies to provide coverage to seniors. Since the senior population is growing fast, many insurance companies have found it profitable to offer life insurance to seniors.

Guaranteed Acceptance Life Insurance.

The best premium rates are offered to seniors who pass a health exam, but many companies offer insurance with no exam required. Typically these policies, known as Guaranteed Acceptance Life Insurance (usually a type of whole life insurance or universal life insurance) will pay a full death benefit in the case of accidental death as soon as the policy goes into effect. However, the policy will pay a limited death benefit if the policyholder dies of natural causes during the first two years of the policy. The insurance companies place these limits on the policies to avoid writing “deathbed” policies. The limited death benefit normally consists of the premiums paid plus interest. Once the two-year waiting period is over, the policy holder is fully insured.

Term Life Insurance for Seniors.

Many seniors, especially those on fixed incomes, do not look at life insurance as an investment opportunity. They are more interested in easing the burden of their death on their survivors. In these cases, term life insurance may be the best option.

Whole Life Insurance for Seniors.

Thanks to improvements in diet and healthcare, seniors are living longer than ever. As a result, there is a risk of outliving your term life insurance policy. Whole life insurance will cover you for your whole life, no matter how long that may be. The premium is fixed for the life of the policy. It cannot go up. The policy will build cash value. You can borrow that money or passed it on tax-free to your heirs. Whole life premiums can be much higher than term life premiums.
Posted by thinley at 1:51 AM 0 comments
Mortgage Protection Life Insurance - A Home Saver
Life Insurance to cover your mortgage can save your home.

Mortgage protection life insurance can be a lifesaver—not for the mortgage protection life insurance policyholder, of course, but for the mortgage protection life insurance policyholder’s family. Mortgage protection life insurance eliminates the risk of your family losing its home in the event that you die before your home mortgage is paid off.

Financial health during a terminal illness

Mortgage protection life insurance can also protect your home in the event that you are diagnosed with a terminal illness. Mortgage protection life insurance policies can be written to include a terminal illness benefit. The terminal illness benefit will pay off the mortgage while the mortgage protection life insurance policyholder is still alive.
The terminal illness benefit eliminates the burden of making monthly mortgage payments when the mortgage protection life insurance policyholder is no longer able to work or earn money due to the terminal illness. The peace of mind provided by mortgage protection life insurance can be a great comfort to a terminally ill patient. It allows the mortgage protection life insurance policyholder to rest easy, knowing that he or she has left the family a home that they own free and clear. It is a final gift to loved ones—a legacy of love and financial foresight that the mortgage protection life insurance policyholder can take great comfort in as his or her end approaches.
A mortgage protection life insurance terminal illness benefit also relieves stress on the terminally ill person’s family at a time when they have a great deal on their mind. Caring for a terminally ill family member and preparing for a future without him or her is one of the most stressful situations a family can face and doing so while struggling to save the family home can be overwhelming. A mortgage protection life insurance policy eliminates the worry of where the money will come from to make mortgage payments.

A financial control

Some people question that wisdom of mortgage protection life insurance because it limits a family’s options after the death of the mortgage protection life insurance policyholder. It is true that options are limited, but this is a major benefit of mortgage protection life insurance. A mortgage protection life insurance policy serves as a kind of financial control.

A standard life insurance benefit could be used to pay off a mortgage, but it also could be used for other purposes. Beneficiaries might choose to invest the death benefit, believing the return on the investment would be greater than the interest paid on home loan. The return on the types of investments that would outperform, say, a 5-7 percent mortgage interest rate cannot be guaranteed. In addition, grieving family members often do not make the best investment decisions. Add to the mix the fact that unscrupulous financial advisors may attempt to take advantage of grieving family members, and you have a recipe for financial disaster. The family may lose the life insurance death benefit and have nothing left to repay the mortgage.

Mortgage protection life insurance guarantees that the family will have a roof over its head no matter what financial decisions grieving family members make. Mortgage protection life insurance allows the policyholder to extend his or her decision-making power after death. He or she will enjoy the peace of mind of knowing for years—and even decades—prior to death that his or her death benefit will be used to secure a home for the family. The family’s largest asset will not fall prey to bad judgment or financial predators.
Posted by thinley at 1:46 AM 0 comments
Universal Life Insurance
Universal life insurance offers many features of whole life insurance, but allows greater flexibility once the policy is in force. Like whole life insurance, universal life insurance is a permanent policy. It protects the policyholder until death—however long that may be. Also like whole life insurance, universal life insurance accrues cash value over time.

Unlike whole life insurance, universal life insurance breaks the death benefit and cash value accumulation into separate components. This allows the policy holder to make changes in the policy. For example, if the policyholder wants to increase the death benefit, he or she puts more of the premium money into the insurance account and less into the cash value account. The reverse is also true. The policyholder can decrease the death benefit and increase the cash value contribution. To reduce premiums, the policyholder can pay only the insurance portion.

Once the cash value has accumulated, the policyholder can withdraw the money. The money must be paid back, or else the death benefit will be decreased. Some people use the universal life insurance policy as a savings account to draw on as they get older. Others use the accumulating cash value to increase the death benefit so they have more to leave their loved ones. Universal life allows these choices and decisions to be made throughout your lifetime.

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Student loan

student loan
Getting a student loan is a serious matter. Here are top ten tips you can consider before applying for a student loan: 1) Educate yourself about different student loans available. Student loans are classified as Federal and Private. There are hundreds of providers of student loans so you’ll want to do your research in advance before making the final decision. 2) Prepare documents in advance. It’s better to understand the procedures and requirements involved for different loans so you can prepare them ahead of time. Submitting all your requirements on time will speed-up the approval of your student loan application. 3) Check your chances for scholarships or grants. Applying for a scholarship program or a government grant will enable you to save significantly on your education. Check your chances to qualify. 4) Check out Federal Student Loans. Federal Loans are student loans sponsored by the government so they have lower rates than Private Loans. See if you’re eligible to apply for a subsidized or unsubsidized Federal Stafford Loan or if your parent qualifies to apply for a PLUS loan. 5) Fill up your FAFSA application carefully. The Free Application for Federal Student Aid (FAFSA) is the standard form used for Federal student loans. Make sure that you’ll be providing the complete and correct information as any errors can delay the processing of your approval. 6) Shop around for Private Student Loans. Private Student Loans come with different rates and terms so you’ll want to make sure that your provider requires reasonable charges. More importantly, you’ll want to make sure that your Private Student Loan company is legitimate and reliable. (Check out Tuition Wise , a private student loan lender) 7) Carefully consider your school. Take the time in choosing your college as well. Although prestigious schools are often preferred, don’t forget to consider you options for less-known schools that offer outstanding education with affordable tuition. Consolidate your student loans. If you applied for both Federal and Private loans or more than one student loan, consider consolidating them into one. Student loan consolidation will allow you to manage your loans more easily and focus on your payments. 9) Be aware of your tax privileges. Check your opportunities to file for tax exemptions. If you’re qualified for a write-off, make sure that you’ll include it on your filing. 10) Stick to a fixed-rate loan. A fixed rate protects you from sudden changes on the interest of your student loan. Some variable student loans may start very low only to balloon in the middle of your loan’s term. You’re better off with a loan that you’ll know exactly how much you’ll be paying for regardless of the Index Rate in the market. *More tip: Be realistic on how much you really need. Don’t borrow more than what you need or what you can afford to pay. Don’t use your student loan for expenses outside your education. Your student loan should support your studies, not your personal whims. Keep all your student loan records in a safe place. A complete file of records (correspondence, loan notices, etc) will surely come in handy when you need references. Organize your prepayment plan. Make it a point to start paying off your student loan early. Save your cash and pay the interest on your student loan faithfully.


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Student Loan Debt Consolidation Will Keep You Afloat

For students having to bear the burden of debt on top of their academic burden they have something to rejoice. You would have accumulated multiple debts as you progress from class to class and then when you move on to a college. You would be naturally worried about your mounting debits on various loans and you would not be in a position to pay the monthly dues properly. There are now opportunities available to steer clear of your debt situation, by opting for a student loan debt consolidation. This scheme has its own privileges as it is designed exclusively for the students. This loan would merge all the loans that the student has taken through the years by merging them all and paying them off in one go. Naturally, the interest outgo every month would have been higher as you would have defaulted in your monthly payments. As those old loans corrode they would cause concern with their alarmingly rising interest. By opting for a student loan consolidation the fresh loan would have an attractive rate of interest and the monthly payment would be much easier now. The interest rate is also much lesser now and the monthly payment towards the consolidation loan is significantly lesser now. The amount saved in this manner can be put too much better use by the students.

There is another important issue that a student should consider. Consolidating the accumulated loans and paying them off is absolutely essential as such long unpaid loans with huge interest component will spoil their chances for applying for a car loan or housing loan in the future.

The options available are plenty, if you decide to go in for a student loan consolidation. You can stay with your original lender and use his plan for consolidating all your earlier debts or go to entirely different lender who offers a still better option. Some of these lenders really do offer great concessions to students opting for student loan consolidation. Interest rate cuts are available in future if you make prompt monthly payments. Now it is for you to take stock of the situation carefully and go in for the best offer from the best lender for student loan consolidation.

There is another interesting feature in a student consolidation loan. You can opt for a shorter tenure if you feel confident enough to pay it off on the near future or you may opt for a longer duration the ideal choice would be to go in for a shorter duration because the total interest outgo on the loan would be much less in such a scheme even if the monthly installment is a bit higher than you would be paying in a longer tenure loan. If you look around there are also student debt consolidation loans that offer a fixed interest plan if you are afraid that the rate of interest would go up every year. Go for it now and improve your credit ratings for the future.

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Cheap loans – provide money at lower rates

During urgencies every person opts for loans and with the developing technology, availing resources to overcome financial issues is no more a complicated job. But the lenders providing small amounts charge higher interest rates. If the borrower is paying higher interest continuously, then it becomes a trouble for him. Therefore, you must go for proper planning, and should make a good decision by choosing cheap loans. This loan will not force you to pay higher interest on the loan amount.

The lender providing this loan provides you the amount within the range of £100 to £1,500. This financial help is unsecured in nature; this means you are not required to place any security against the loan. This loan is also short term in nature; therefore, you are bound to pay back the borrowed amount within a short duration ranging from 14-31 days. There is no limited area where the borrower can use this money. In fact you are free to use this money in any way you want, like: paying off bills, home repairs, some medical expenses, etc.

You can adjust the repayment date according to your next payday. The repayment is very easy, as the amount to be repaid is deducted from the borrower’s bank account on the repayment date. If the borrower feels like extending the repayment tenure, then he can easily do that by simply paying a small fee.

The borrowers with adverse credit history can also obtain this facility and fulfill their requirements. You can obtain these loans if you are adult citizens of UK who is permanently employed and have a permanent residence since a few months. If you fulfill all these requirements, then your loan application will get approved very soon.

With the help of cheap loans, the borrowers who require immediate funds can easily borrow that amount that too without paying higher interest rates. The lenders provide you loans with lower interest rates because of the tough competition in the financial market present on internet. Therefore, the borrowers can search online market and can enjoy the lower rate deals.

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9 Tips to organizing your finances

1. Put your bills in one place:

Separate your bills from your mail and keep your bills in a drawer. Getting all your mail mixed up makes you unorganized and you may forget when something is due. This can lead to unwanted late fees

2. Pay your bills on time:

I suggest keeping a calender and notebook to keep track of what is due. Instead of paying your bills as you receive them, call the creditor to find out when they need to receive payment before the bill is considered late.

3. Read your credit card statements:

Although most people take advantage of low interest credit card offers, beware of them using it as bait for new customers then switching to higher rates later on. Make sure you check over your statements to see if the interest rate is the same and if there are transaction fees added. Calling your credit card company can resolve the matter if you see your rate changed or if there are added fees. If that doesn't work, switch your money to the rate you want.


4. Do use the option of automatic payments:

In addition to banks offering to automatically deducting money from your account, lower interest rates may be offered for signing up to this payment option. The reason they do this is because they get their money faster and on time. Just make sure to keep records of the deductions in your checkbook so you don't bounce checks.

5. Computerize your checkbook:

Using a software program is a handy way to organize your finances. Whether it's Quicken, Microsoft Money or another package, these easy-to-use programs make bill paying and bank reconciliation easy. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. It also helps when tax time comes around.


6. Get rid of unused accounts:

Whether it's a credit card or bank account, make sure that it's closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.

7. Consolidate your accounts:

If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Don't scatter your money around or you could lose track of it. Keeping track of everything and staying organized reduces errors.

8. Establish automatic savings:

Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.

9. Clean up your files:

Organize your files in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records keeping procedures for your state or region.

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