Skip to main content

scoping with students loan 

The credit Industry actively emtices all comers especially the young and inexperienced, with the price of credit. Critics charge their aggressive practice borders on predatory pending, taking unfair advantage of those who shouldn't be borrowing.

With nearly trillions in unpaid consumer debt, a million household filling for bankruptcy each year (more or less, depending on the year) and a very low saving rate, how can one be free of consumer debt and

Sometime you need more than just a payment schedule to get out of debt. If you're constantly juggling payments, robbimg Peter to pay Paul, or using credit cards to fill in the gaps in your budget, more help may be in order.

DEALING WITH BAD DEBT SO YOU CAN START BUILDING GOOD.
If the borrowed money is simply spent on consumption- vacation, jewelry, or shoe's that you charge on credit card-then that is bad debt. The car loan that you write a check for each month is bad debt. Bad debt are debts you pay out  from your own pocket.

Good DEBT are debts someone pays for you. A good business person may borrow money to grow a business. That is good debt if it is paid back out of the positive each flow of business. When you purchase a rental property, you will most likely have a mortgage or loan on the property. If you manage the property. well, the rent from the tenant pays the monthly mortgage payment that is good.
BAD DEBT SUCKS
I had once had a tremendous amount of bad debt. Some was from broke and charging as much as we could on our credit cards just to Survive. More bad debts came from failed business and some from impulse buying livestyle.

It's a horrible feeling to wake up in the middle of the night, worried how you will pay your next house payment or wondering which expenses I may have to give up next. It sucks it caused conflict with me because I kept telling myself "this shouldn't be happening  to me!" It also cause within me a bulk of stress.

STUDENT LOAN. BAD OR GOOD DEBTS
Back in 2013, the U.S News/world report, Reported, "in it's nine annual report on student loan debt, Ticas found nearly 7in10 graduating seniors in 2013-69 percent-left school with the average of $28.400 student loan debt. Increase in 2percent from 2012"

Today, things are only worse. As USA today reports, it was news when outstanding student loan debt surpassed credit card debt and then later exceed $1trillion for the first time. That shocking statistics keep climbing, with no sign of slowing down: America  now have more than $1.5 trillion in unpaid education debt, according to federal reserved. 

And the average student debt burden today? $30,100.
In The U.S the student loan debt crisis is not going away, it's only getting bigger. And that has big implications for our economy.

Perphaps you're slightly shocked by the growth of student debt, but maybe you're also thinking at Least it's going toward a good college education that's a good thing right?

Well, aside from he fact that many graduates don't think their degrees was worth the debt. The reality is that a lot of student loan money doesn't even go towards an education.

According to USA today about half of students blow some of their school loans money on non educational expenses, including 3% who spend it on alcohol and drugs. According to a NOW student loan survey."

You read that right. Nearly 50 percent of college kids take out student loan to spend it on things like.
  *Vacations (3%)
  *Restaurant (13%)
  *Clothes.      (15%)
  *Car expenses (19%)
  *Mounthly expenses like mobile phones (41%)

A TICKING SMALL BUSINESS TIME BOMB?
small business are the heart of the American economy, making 65 percent of the net new jobs over the last fiveteen years according to the SBA office of advocacy, now imagine what will happen to our economy if the rate of new small business creation drop drastically as the rate at which student loan debt has increased.

In this case, the ignorance is regarding debt, the conventional financial wisdom is that college debt is good debt because higher education is important getting ahead. But how's that working out for our nation's graduates' not all well.

FOUR STRATEGIES OF SCOPING WITH STUDENT LOAN DEBT.
(1) DEFERMENT: deferment allows you to temporarily postpone payment on your loan. Whether or not you have to pay interest on the part of your loan that is defered depends on the type of loan. You have eligible reasons for deferment typically include economic hardship or unemployment, military deployment, enrollment in school or an internship program, etc. Since programs change, you'll want to check with your lender or the student loan websites in the resources section to find out if deferment is an option.

(2) FOBEARANCE: if you are temporarily unable to meet your repayment schedule but not eligible for a deferment, you may receive forbearance for a limited and specified period-ussually for up to twelve month at a time for the total of thirty six months. During FOBEARANCE, your payments are postpone or reduced. Whether your loans are subsided or reduced. Whether your loan are subsided or unsubsidized, you will be charged interest. It is very important that you contact your lender. About deferment or forbearance before you fall behind on your payments. If you wait until you are behind, you may not be eligible. Continue making your payments until your deferment is approved.

If you are approved for student loan forbearance or deferment, it Should not be reported negatively on your credit reports, and should not hunt your credit scores.

(3) GRADUATED PAYMENT PLAN: with one of these plans, your payment start out low and will rise overtime. This plan is often good for a student who is just staring out and expect their salary to increase, as they gain more experience. Cautious: one of these plans can stretch your loan out as long as thirty days.

(4)EXTENDED REPAYMENT PLAN. and extended repayment plan allows you to pay your student loan over 12-30 years instead of the standard ten years plan. It is more expensive, but if the lower payments keep you out of default it may be worth it.
Labels:

Comments

Post a Comment

Popular posts from this blog

5 things you should never discuss with coworkers

Many people spend more time with co-worker than they spend with actual friends and families so it makes senses that they'd want to talk about something other than once in a while,            And it's and easy way to land yourself in hot water, talking about certain subjects in most office environment could alienate your colleagues and even cost your promotion.                      HOW MUCH YOU HATED YOUR LAST JOB "Even if someone had a truly horrifying experience in their previous industry or job, they should still be able to talk about their past employers in a positive way, if they rant about how much they hate their last job, it show a sign of immaturity when they can't at least share what the learn from their formal work experience instead of placing blame on others.          INTIMATE DETAILS ABOUT YOUR PERSONAL RELATIONSHIP "while is perfectly acceptable to share your anniversary, family birthday or your child accolades for team sports, be sure
Post a Comment
Read more

DAVID IBIYEOMIE, HOUSE, PRIVATE JET, CARS, THE MAN GOD SO BLESSED IN MINISTRY

DAVID IBIYEOMIE  is the presiding pastor of salvation ministries -home of success, one of the fastest growing and spreading church in the world, he pastors million of worshippers spread across the globe with headquartered presently located at plot 17 Birabil street, GRA phrase 1, port Harcourt in the Rivers state of Nigeria. BIRTH: born in bonny island, Rivers state Nigeria on the 21th of October, 1961 to the family of chief and Mrs Apollos iganibo of bolo town, ogu/bolo local government area rivers state of Nigeria. EDUCATION: David ibiyeomie attended banham primary school, portharcourt from 1969 to 1974 for his primary education, he went to government comprehensive secondary school bolo-kiri, Rivers state between 1974 to 1979 for is secondary education after then, he was admitted to the Rivers state university of science and technology, Port Harcourt for a degree course in micro biology in 1980                In recognition of his diligence and result oriented ministry Bradley
Post a Comment
Read more

How to get out of debt faster than you ever think possible

I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding, is but swinding futurity on a large scale"..... Thomas Jefferson The average American househood with credit card carries more than $15,000 in credit card debt, according to Debt.org. Latest post:  what to do if behind with rent Add to that &1.2 trillion (and growing) in student loan debt, sprinkled in car loans, and medical debt, and we've got ourselves an issues. But in most cases those 15.000 thousand dollars was borrowed simply for consumption. A vacation, jewelry,or be shoes, and even for emergency funds for things you simply don't have the cash to cover. And all these are bad debts because it doesn't make you richer instead poorer. But on the other hand is good debt, debt that puts money in your pocket each month. It makes you richer. It is used to purchase things like investing in
Post a Comment
Read more

The greatest lesson you can pass to your children (teach your child the value of money?

The way children view Money will often carry through into adulthood, so it's important to give kids a good financial grounding from young age. latest post from faithnews Although schools are now required to teach children financial literacy as part of National curriculum; this only takes place after the age of eleven, by this stage children may have already picked up good and bad habits from anyone closer to them. Five-and 6-years-olds are starting to develop the cognitive skills necessary to understand basic monetary concepts, such as indentifying coins, knowing that liability are those things that takes money out of there pocket. When asset are those things that bring money into there pocket. It is also Noble and good to teach them enough about the value of money to empower them succeed at whatever they choose to do in life. Here are some tips to helps you teach your children the Value of money. latest post: ultimate Budgeting guide Let them buy there own Xbox:  you will likely s
Post a Comment
Read more

debt, and is effect on our mental health

The likelihood of having a mental health issue is Three times higher among those who are in debt. A 2017 study published by the journal of consumer research took an in-depth look at how financial health can effects your overall health and well-being, the study found that "perceived" financial well-being is a great predictor of overall well-being. Not having money restricts our choices and wreaks conditions havoc on our psyche borrowing money to pay those bills leads to debt, which can lead to all sorts of problems that has nothing to do with accounting but has everything to do with psychology. How can debt effect your mental health. A 2010 study from the royal college of psychiatrists found that half of UK adults in problem debt are also living with mental ill-health. These ranged from a consistent feeling of anxiety to low moods, to diagnosed mental health disorder. Much of debt-related anxiety can be due to a lack of support from creditor's and from the indi
Post a Comment
Read more

47 years after: hope rises on BODO-BONNY BRIDE PROJECT

inaugured more than 47 years ago. The multimillion -naira bodo-bonny bride project in rivers has suffered series of setbacks due to funding challenge, concern citizens observe.             The project, targeted at razing transportation problems of bonny community and it environs, would be the first link road to the island.             The island, hosting the NIGERIA LIQUEFIED NATURAL GAS (NLNG) and other oil companies has boats and helicopters as the only means of transportation.               Angered by the heaps of yams and toiletries seen awaiting transportation to bonny island through boats, the minister of power, works and housing, Mr babatunde fashola pledged that the long abandoned project would be undertaken by president muhammadu bahari administration.             Fashola said that the federal government had made provision to finance the project in partnership with NLNG in the 2017 budget proposal.            It was on this backdrop that the federal government signed a
Post a Comment
Read more

Pastor Enenche Visits Collapse Benue Church.

  Pastor Enenche Visits Collapse Benue Church. Senior Pastor of Dunamis International Gospel Centre (DIGC), Paul Enenche, on Tuesday visited the collapsed branch of his church in Makurdi, Benue State. Eneche, who however arrived in company of his wife, Becky, at few minutes after 6pm went around the collapsed structure to see things for himself. He offered prayers afterward and cheered the crowd of sympathisers while urging them to take solace over the sad incident. “In all things we appreciate God. We want you all to be encouraged because the situation would have been worse if it happened during night vigil or on Sunday when we had the 7-hour in His presence liberty service just two days ago,” he said. Eneche also in a brief interview with journalists at the scene of the incident, disclosed that the church usually do due diligence in all of its buildings. “As a ministry we employ due diligence in our buildings and this we have done in several things we have done. We believe that going
Post a Comment
Read more

Some security officer in togo assaulted nigerians traveling via an airline in the country

 A video of some security officers in Togo assaulting Nigerians traveling via an airport in the country has gone viral. According to unconfirmed reports making the rounds on social media, a group of Nigerians coming from the US with Ethiopian Airlines had a connecting flight that would take them through Eyadema Airport,  Togo on Saturday, December 18 to Nigeria. However, after getting confirmed flights from the USA, the airline officers allegedly told them the plane was full and could not take them to Nigeria. This got them angry and an argument ensued which later resulted in a scuffle between them and the security agents.  The video showed some Togolese security agents holding a man and a woman on the floor in an attempt to arrest them. 
Post a Comment
Read more

The ultimate tool for financial success.

When you reach for the Stars you may not quite get one, but you won't come up with a handful of mud  either.....leo burneth goals We have the power to control our destiny,  the key is having goals and tracking them diligently enough to see them come to fruition. Has long as you are moving in the direction of your goals, you are a success in my view. If you are moving in the right direction then you will do well in life. Our latest  change your money mindset change you networth Ask a manager of a top-producing Salesforce "of a salesperson that have a clearly defined goals and Know exactly what they want out of life? He will tell you that the most successful and productive people in business and in life, practice goal-setting as a regular part of living. Helen Keller was onced asked, "is there anything worse than being blind? "She replied, "yes" the pathetic person in the world is someone who has sight, but know vision." Ms Keller was very perceptive. Ma
Post a Comment
Read more