Showing posts with label should. Show all posts
Showing posts with label should. Show all posts

Friday, October 12, 2012

Student Loan Limits: What You Should Know

When looking for student loans, there are a number of things to compare, and loan limits is just one example. Because of low loan limits, students often have to get multiple loans to cover all of their expenses. We suggest getting a federal loan first, if eligible, because they offer better borrower benefits, such as deferment and income based repayment plans. However, if you’ve hit your federal limit and still come up short on funds, private loans can be a good way to fill the gap.

Federal loan limits change depending on year of school, as well as whether a student is dependent or independent. Check out the table below for the complete loan limit information.

Loan TypeAnnual Loan LimitLifetime Limit$5,500 Undergrad.
$8,000 Grad.$27,500 Undergrad.
$60,000 Undergrad. & Grad.Year 1: $3,500
Year 2: $4,500
Year 3+: $5,500Year 1: $3,500
Year 2: $4,500
Year 3+: $5,500
Grad: $6,500Year 1: $6,000
Year 2: $6,000
Year 3+: $7,000
Grad: $12,000

While federal loans have some stricter limits, most private loans allow students to take out up to the cost of attendance, minus whatever other aid the student receives (though this can be flexible). Private loans can be used for just about any school-related expense, such as housing, computers, tuition, and even food. If your federal aid did not cover all school expenses, then private loans can be a great way to pick up the slack.

Compare your private loan options today!

ScholarshipPoints members, login to ScholarshipPoints now to redeem the code LIMITS for 15 scholarship points. Code expires on Wednesday, June 22nd, 2011.


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Thursday, April 28, 2011

Why Should I take Philosophy?

by Marcia Y. Cantarella, PhD,
Author: I CAN Finish College: The Overcome Any Obstacle and Get Your Degree Guide

Over the course of my career as a dean and senior administrator in a variety of schools I have heard the same question—usually in a plaintive voice and you can substitute any number of courses into that question—anthropology, history, art, literature. The assumption is that these are not practical courses. Having made the decision to go to college, presumably to become job-ready and more employable, then students look for the practical. Certainly if one is pursuing an online degree then time is precious. You don’t want to waste it with frivolity like philosophy.

But it may not be a waste at all. The question reveals the lack of understanding of the connection between what you get in an education and your future work life. Learning data entry is a good skill for the short term in a particular job. But critical thinking (such as what you would learn in a philosophy class) is a life-long skill that could actually get you out of the data entry pool.

So what does college prepare you for? College gives you skills that you can use in many career paths. Graduate school is where you most likely will specialize in the arena where most of your work life will be. Interestingly more leaders have liberal arts degrees as undergraduates than specialized degrees including undergraduate business degrees. The liberal arts are a strong preparation for the varied careers you may have along life's path. But what about preparing for a career? What you need for a career are skills. You also need evidence that you are intelligent and teachable. Your grades provide both.

We are in a fast-changing, information and service based environment. The field that is hot today may be gone tomorrow and replaced by something completely new. Think of social media’s impact on the advertising industry or ipods on the record industry. You need to show that you are smart in several areas. That would mean good grades in a variety of subjects and excellence in the majority of your courses. You need to show that you can find, absorb and integrate lots of information. Sometimes you may need to process it in different ways-"thinking out of the box." If you are engaged in a subject that you love then you will enjoy studying it. You will play with it. You will be more creative than if you are struggling to just understand the concepts of a subject area that you don’t really care about. And you just might find you love philosophy.

Employers also tell us that they seek, in addition to basic quantitative skills, really solid communications skills. You have to be able to write-presentations, memos, reports, speeches. They have to be clear, logical, literate (good grammar and spelling) and persuasive. Courses (like philosophy) that require you to read lots and to write many pages of papers are good practice for an executive career path. Firms want people who can come in and be good team players and can quickly learn how things are done. Translation: they seek people with good people skills and who are eager to learn and learn easily. If you majored in people centered subjects like Sociology, Psychology or Anthropology, to name a few, then you will know more about human behavior. But History and literature and Economics and Political Science are also studies in human behavior. All can help build skills useful in understanding situations and colleagues in the workplace.

Employers also seek people who have critical thinking skills and can solve problems even before they happen. Any major will enable you to develop those skills. All learning is about finding new knowledge and solutions to hard questions. Discovering how things work and why they work and how they have worked in the past is the essence of the work done in college. Engaging in research whether in the library or the lab is where the critical thinking skills are developed. The questions that professors ask to get you to think are designed to build this capacity. You must have some degree of quantitative aptitude. That means working with numbers. People come with varying degrees of skill in this area. Some is natural. You were born with it and would rather deal with numbers, spatial relations, or abstract quantitative concepts than read a novel or historical text. For others these are developed in school with varying degrees of success. Interestingly the field of logic which is highly mathematical is found in the philosophy department. However, whether you are managing a budget or developing a media plan based on data or designing a house you will need math in some form. Your future is in your skills—the ones that stretch your brain and can carry you for the long haul. Don’t stop with what looks purely practical. The people who get ahead don’t. Why Philosophy? It may be your path to the CEO’s chair that’s why. It’s all good.

For more go to www.icanfinishcollege.com (Chapter 4 of the book goes into this issue in detail)

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Tuesday, April 26, 2011

Parent PLUS or a Private Student Loan? What should I pick?

Posted in Parent PLUS Loans, Private Loans tagged parent plus loan, private student loan at 1:38 pm by plusloans
If your child received their financial aid award letter and there weren’t enough digits on the page to cover tuition, you are definitely not alone. The cost of college continues to steadily grow every year, but financial aid has not kept the same pace. As a result, the gap between aid and cost continues to grow.
Once your child has exhausted the annual maximum for Stafford loans, the next step is to look at credit-based options to bridge the financial aid gap. Fortunately for you, there are quite a few lenders that all must compete with each other to make money and therefore give you an opportunity to minimize the interest rate on a new loan.
If you’ve read a few posts on this blog, you know the score on Parent PLUS loans, but what about private student loans? There are a few notable differences… and in some cases they can become more attractive than their federal counterpart.
Major Differences:
Private student loans have variable interest rates (meaning they change with the index they are associated with… most commonly LIBOR or the Prime)They come from banks instead of the Department of EducationMany banks offer special incentives to make a private student loan more worthwhile
At the moment, interest rates are quite low due to the Fed attempting to put the economy back on a growth track out of the recession. This means that the indices are at historical lows and with a creditworthy borrower, you can secure a great interest rate that can be as much as 5% lower than a Parent PLUS loan.
If you want to learn more about some of the incentives that private lenders offer, check out this blog on the Student Loan Network.
The bottom line is just do some research before you take out a loan. In many cases, you can save thousands of dollars in interest if you shop around.
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