Education

Every year, student loan interest rates are reconfigured on July 1st. In recent years, this date has come and gone with no cause for alarm, but this year is different. As part of a plan to heal the nation’s $40 billion budget deficit, the Senate passed a plan to cut $12.7 billion from the federal student loan program between 2006 and 2011. The impact on students is a drastic interest rate hike on all federal student loans including the Stafford loan, the PLUS loan, the Consolidation loan, and the Perkins loan.
1. Student loan interest rate hike After July 1st, the interest rate on new Federal Stafford loans will jump from a variable 4.7 percent to a fixed 6.8 percent while PLUS loans will increase from a variable 6.1 percent to a fixed 8.5 percent. The way to avoid these skyrocketing interest rates is to lock into today’s low fixed rate by consolidating your loans.
2. Last chance for “in school” consolidations Under the new legislation, students that are still in school won’t be able to consolidate their loans after July 1st, 2006. It’s more important than ever for current students and those who are in their post-graduation grace period to seize this current window of opportunity to refinance and lock in the current rate before July 1st.
3. The 1st of July means the end of spousal consolidations Another student loan consolidating restriction will be imposed on the spousal consolidation loan. For years, married couples have enjoyed the simplicity and financial benefits of consolidating their student loan payments. Married couples still have the chance to take advantage of this opportunity by applying for a spousal consolidation loan before July 1st.
4. You’re stuck with your lender Starting on July 1st, borrowers will no longer have the opportunity to consolidate existing Consolidation loans with a different lender. Unless the current lender does not offer a consolidation loan with income sensitive repayment terms, borrowers won’t have any options when it comes to shopping around more attractive offers and companies.
Steps to take on or before July 1st If you haven’t already consolidated your student loans, contact a student loan consulting and refinancing lender as soon as possible. Go online and compare various online loan companies, read up on loan terminology, use online calculators to understand your potential savings, and get in touch with a student loan consolidation expert with a list of questions.
Student loan consolidation already offers a wealth of benefits, not to mention the newest benefit as a safe haven from the July 1st interest rate hikes. Because payments are combined and spread out over a longer period of time, monthly payments are reduced, freeing up cash flow for young adults who are just beginning their careers. Additionally, having only one open loan is more beneficial in terms of credit rating as opposed to numerous open loans that can lower an overall FICO score.
Refinancing before July 1st still gives students one last chance to lock in low interest rates and take advantage of other soon-to-be cut money saving opportunities and programs.
ScholarPoint Financial, Inc. is a national online consumer lending company specializing in student loans. We believe in combining state-of-the-art technology with world class service to help students and parents easily gain access to data, become informed, and enjoy the process of obtaining a college loan. Learn more about Student Loan Consolidation at ScholarPoint.

Student Loans – Not Such a Bother to Eccentrics
===============================================
“Do you really see yourself as eccentric?” asked my boss incredulously. “Yes.” I replied – “Eccentric means away from the centre, which means that I don’t follow all the other sheep.”
How it Began
————
Probably it all began when I was in my teens and found a book that showed me the easy way to write essays. “Always think what everyone else will write and make your essay as outrageously different as you can.” You can get a free eBook now on the subject from studying-techniques.com
It was such fun being outrageous that it spread to my everyday life. Often the outrageous ideas I thought of made more sense than the conventional thinking.
Soon people started to accept me as an eccentric.
Immediate advantages of being a known eccentric
———————————————–
* You don’t offend people. Everyone shrugs and says “It’s just Ian!” * You can say “no” whenever you like. * You no longer have to keep up with the Joneses. You set your own targets.
How being eccentric saves on student loans
——————————————
I had a pushbike instead of a car like all the other students. I didn’t need student loans. I set my own standards. The Joneses didn’t drive me to student loans.
When I needed textbooks I bought them second-hand, but decided for myself if the book was really necessary. After all, if I read the book in the library I wouldn’t have to pay for it, and student loans would be kept at bay.
I’m eccentric – remember? So I don’t have to follow your expensive pastimes. I chose free pastimes. No need for student loans if I keep to free. What’s that? Didn’t I get bored with nothing to do? Far from it! Four times in my life I’ve had so many pastimes that I’ve had to prune the list drastically.
Each Saturday I joined other young folk cycling round the countryside. I usually repaired their punctures, because I had the tools and it cost me next to nothing. I toured England, Scotland and Wales during my holidays with no fuel costs at all for my pushbike, so no student loans were needed.
Sports: Of course I needed some eccentric sports to keep fit, so I took up croquet, fives, table-tennis, 7-mile cross-country running, hill-walking. No need for student loans because it was all free, and so were the games that I played such as chess.
Each evening I had to make time to go out with my date, so had to push through my one-hour harmonium rehearsal, and one-hour violin rehearsal, and do my homework, and play some table-tennis, and read library books, and eat . . .
Fortunately none of that needed a student loan – even my date. Remember, I am eccentric, so my date had to go along with me, or find someone else.
I didn’t need student loans for my furniture. My boss said later that I’d furnished my entire house for less that he paid for his bed. Auction prices were so low that the main cost was in carting the stuff home.
Student union? No I’m eccentric. Horse-racing pool? No I’m eccentric. Join a student protest rally? No I’m eccentric.
Each time students were browbeaten into something expensive because “everyone else is doing it” they didn’t even bother to ask me because I was eccentric. Far from needing student loans, I saved money from my government scholarship. Then I took holiday jobs for extra money.
One day the unemployment officer showed me a job which “nobody will want”. I grabbed it immediately because it sounded different. I was working alone on a farm, 6 miles from my boss and was snowed-up most of the winter so that my boss couldn’t get through to me. It was there that I learned to trap rabbits, skin them, cure them, train dogs, cook, hand-milk cows, make cheese – well what else is there to do when you’re snowed up?
I bumped into the employment officer a couple of months later and he said “You’re not still on that terrible job are you?” I hastened to reassure him that it was great. He must have thought that I was eccentric or something.
Why does being eccentric avoid student loans? ———————————————
* I don’t mind buying seconds or second-hand from the op-shop or Salvation Army. * Anything free is great. * I’m not proud. People give me lifts in cars because I’m too eccentric to have one of my own. I used to hitch-hike before it got dangerous. People give me cast-off clothing – well only an eccentric would wear it! * Naturally I hunted for a scholarship until I found one. Everyone else may have student loans, but I’m eccentric. * “Everyone else has one” so out comes the credit card. Not me. I’m eccentric. Credit cards can charge more than one fifth of your loan per year, making them the most expensive of student loans. * Giving gifts needs more student loans. I’m eccentric. Something for 50cents from the Salvation army can make a great gift. Keep buying through the year then wrap up your treasure trove at Christmas and hand deliver to avoid paying postage. Yes – they’ll all know what you’re doing, but “it’s just Ian” and you’re eccentric, remember?

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If you are an eccentric like Ian McAllister then you’ll just love to read more about student loans and finances at http://study-loans.swag4u.com

Private Student Loans from NextStudent Can Still be Dispersed Before Fall Semester Begins
With the approaching fall semester, many college-bound students still are in need of essential student loans (http://www.nextstudent.com) for school. Whether students need funds to cover the full cost of their tuition and expenses or funds to supplement the financial aid they received, NextStudent, the premier education funding company, can help students through its Private Student Loan Program.
NextStudent, based in Phoenix, AZ, is dedicated to helping students and their families find affordable ways to pay for college. Along with a host of highly competitive education finance products, the company provides a variety of Private Student Loans (http://www.nextstudent.com/private_loans/private_loans.asp).
Private Student Loan Funds Disbursed Fast
For college students who are concerned that it is too late to receive loan funds for college, Private Student Loans through NextStudent may be disbursed in as little as five business days.
Student borrowers can apply for Private Student Loans through NextStudent at any time throughout the year, as there are no application deadlines. From the beginning of the school term through the end, student borrowers have the ability to secure education funds to help them pay for all their education expenses.
Free and Easy Application Process
The application process is quick and easy and student borrowers can be preapproved within minutes after speaking with one of NextStudent’s knowledgeable Education Finance Advisors. Private Student Loans are unsecured and credit-based, and there are no application fees. The loans may cover as much as the full cost of a student’s education, less any received financial aid. Expenses can include tuition and fees, supplies, housing costs and computers, according to NextStudent.
Student borrowers can apply for a Private Student Loan with or without a co-signer; however, NextStudent approves more Private Student Loans when there is a qualified co-signer.
The NextStudent Private Student Loan Program requires that student borrowers are enrolled at least half time at college. They must be in a degree or certificate program at a TERI-approved school. The Education Resources Institute, or TERI, is a nonprofit organization. It guarantees all private loans issued from NextStudent. International students and those in distance learning courses also can apply for Private Student Loans.
An annual maximum of $40,000, or the calculated cost of attendance (lesser amount), is available to private student loan borrowers. The program maximum available is $130,000.
Private Loans Disbursed Direct to Student
Private Student Loan borrowers can rest easy, as funds are distributed direct to the borrower. Repayment on the private loans (http://www.nextstudent.com/private_loans/private_loans.asp) does not have to begin until six months after graduation, or when the student drops below half-time enrollment status at college.
On private loans of less than $40,000, student borrowers have as much as 20 years to repay the loan. The repayment term may be extended for student loans of more than $40,000. In addition, the minimum student loan payment is $25, and interest payments may be tax deductible.
Since NextStudent offers Private Student Loans throughout the year, student borrowers can rest easy knowing that they can receive the funds they need at any time. The fall semester is around the corner, and student borrowers easily can apply now and receive the college funds they need within weeks.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student Loans at http://www.nextstudent.com/.

PHOENIX – March 28, 2006 – NextStudent, one of the nation’s premier education funding companies offering both consolidation and reconsolidation programs, offers students their last chance to reconsolidate student loans. There only are two days left to reconsolidate, as the option no longer will be available anywhere after March 31. Borrowers now must take advantage to reduce their monthly payments and save thousands before reconsolidation is a thing of the past.
The Deficit Reduction Act was signed into law in February by President Bush and included major cuts and changes to the federal student loan program, including reconsolidation, set to take effect on July 1. However, the effective date for reconsolidation recently was changed to March 31 by the Department of Education so that all completed paperwork is in by June 30. Borrowers must reconsolidate now so their applications are in by March 30, as the Department of Education will not accept applications after March 31.
The student loan reconsolidation program offered through NextStudent only is available until March 31. Borrowers with a balance of $10,500 or more are eligible. The program offers borrowers the ability to keep the interest rate on their original consolidation. In addition, borrower benefits include interest discounts offered from lenders that previously were not available when consolidation was first offered.
With only two days left to reconsolidate, borrowers can receive incentives and save thousands, easing their monthly payments. NextStudent’s program offers borrowers availability when there is one or more lender, and re-extension of the monthly payment term, which lowers the monthly payment and is dependent upon a borrower’s balance. Borrowers who reconsolidate before March 31 receive a 1 percent rate reduction after 36 consecutive on-time payments and receive a 0.25 percent rate reduction when they set up automatic withdrawal. It is important for borrowers to sign up now, as they only have two days left.
About NextStudent
NextStudent, http://www.nextstudent.com/, listed at No. 15 on the Top 100 Consolidating Lenders for fiscal year 2004, is dedicated to helping students and their families find affordable ways to pay for college. NextStudent offers one-on-one education finance counseling and has a portfolio of highly competitive education lending products and services including an online scholarship search engine, low and no-cost federal student loans, parent loans, private loans, student loan consolidation programs, student loan reconsolidation programs and college savings plans.
The NextStudent Scholarship Search Engine, one of the nation’s oldest and largest scholarship search engines, is updated daily, available free of charge, completely private, can help subsidize college loans – and represents more than 800,000 scholarships worth $2.8 billion.

Federal Student Loan Interest Rate and Consolidation Fact Sheet.
Click here to download interest rates table.
If you consolidate your loans you “lock in” the interest rate on the loans being consolidated. For Direct Consolidation Loans, if the application is postmarked or received electronically by midnight June 30, 2006, the Direct Consolidation Loan will be made using the current interest rates. For FFEL Consolidation Loans, lenders are authorized to use this same guidance. If you are interested in consolidating with a FFEL Program lender, contact the lending agency to find out about their deadlines.
What are the different kinds of loans?
The Direct Loan Program provides loans directly from the U.S. Department of Education to students and their families. FFEL Program loans are subsidized by the U.S. Department of Education and are provided by private lenders to students and their families. Stafford Loans are student loans made through the Direct Loan and FFEL programs. PLUS Loans are loans that parents can take out for the educational expenses of their dependent undergraduate children. PLUS Loans are made through both the Direct Loan and FFEL programs. Graduate/Professional PLUS Loans will be available for loans certified on or after July 1, 2006; the terms and conditions that apply to parent PLUS borrowers also apply to these students borrowers.
Why should I consolidate?
A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment, which can be lower than the payment required under the standard 10-year repayment option. The consolidation loan interest rate is set as the weighted average of the interest rates of the loans being consolidated (rounded up to the next 1/8%) and is fixed for the life of the loan.
Although loan consolidation can simplify and lower your monthly payments, you should keep in mind that it also can increase the total cost of repaying your loans. By paying back your loans over a longer period of time (up to 30 years), you are charged more interest and end up paying more. Also keep in mind that consolidation may affect your grace period and deferment and cancellation options. Be an informed consumer!
How do I consolidate?
To find out more about a Direct Consolidation Loan program, go to www.loanconsolidation.ed.gov. For information about the FFEL Consolidation Loan program, contact a participating FFEL lender directly. Check your loan documents for your lender’s toll-free customer assistance contact number. Get all the information before making your decision.
Where do I go to find out more?
If you are uncertain of your current lender(s) or loan servicer(s), you can get information about your student loans by going to www.nslds.ed.gov or by calling the Federal Student Aid Information Center (FSAIC): 1-800-4-FED-AID (1-800-433-3243).

There are a multitude of school loan programs available for the consolidation of student loans. Choosing the option best suited for you and your financial situation isn’t as complicated as all the hype may lead you to believe. With a little effort and a point in the right direction you’ll be choosing a low cost program for the consolidation of your student loans in no time. The first place to start is becoming familiar with the type of loans you currently have. Who the lender is, what the rates are for each loan, and what the grace periods are. Then you need to determine if they are Private Student Loans or Federal Student Loans. And, you need to know which ones are eligible for consolidation and which ones aren’t.
Once you’ve determined which school loans qualify, the next step is deciding what type of consolidation student loan programs will be best for you. Even if your current student loans have varying terms and re-payment schedules with more than one lending company, the chances of being eligible for the consolidation of student loans is very high. This is due in part to the fact that even with poor credit, the worst that does is cause one to pay a bit more for the interest rate, but usually doesn’t effect ones qualifying for consolidation of student loans.
This will take a bit of research on your part as the options can be quite diverse. Below is just a brief list of some of the types of student loans programs currently available for consolidation. Doing your homework in this department will help you choose the lowest cost consolidation & student loan solution for your needs. Some you will already be familiar with from your current school loans
Government backed student loan programs available for consolidation:
Federal Student Loans Direct Stafford & Ford Loans (subsidized and unsubsidized) FFEL Stafford Loans (subsidized and unsubsidized) Direct and Federal PLUS Loans Guaranteed Student Loans (GSL) Federal Insured Student Loans (FISL) Federal Perkins Loans Federal Supplemental Loans For Students (SLS) Loans For Disadvantaged Students (LDS) Nursing Student Loans
There are several others, but these are the most common to help you get acquainted with the terms. By far, in my humble opinion of course, Government backed Federal loan programs offer the highest level of benefits for the lowest cost. The only time this isn’t the case is when your present loans are close to being paid off. In that case, consolidating student loans now would only increase the time of repayment as well as the amount you’d end up paying for the loans in the end. So be sure you understand the loans you have and if need be, call your lenders and ask them questions until you do understand. It’s the only way to make good decisions before you sign on the dotted line.
Another set of terms you will no doubt want to understand if you don’t already, are the option terms:
Subsidized and Unsubsidized Federal loan programs offer these options and you need to be aware of what they can do for you if you qualify. Unsubsidized loans however, are offered to everyone and no special requirements are necessary.
Subsidized loans on the other hand were created by the Government for those who need extra financial aid or assistance but you must qualify to be granted this type of loan. This is undoubtedly the lowest cost alternative and one to look into further. Ask the lender you chose to explain the benefits if you need more information. Always ask questions if you don’t understand, once you sign the new consolidation student loan, there is no backing out. When it’s done, it’s done so you need to be sure you comprehend everything you are being asked to sign and what exactly the new terms are before proceeding.
Dorene Patterson is the author is many articles on Consolidation & Student Loans that can help save you time and money. To Read my other articles related to consolidation & student loans visit: http://how2consolidate-student-loans.com/Consolidation-Student_Loan_Truths_Revealed.php

If you want to participate in computer asset management, you will need to proactively manage both the desktop and notebook computing assets.  You can do this by establishing the hardware and software standards and then implement the inventory requirements to improve large ordering procedures.

With computer asset management, both hardware and software computing standards should be established.  All workstations purchases should go with the desktop management specification.  This allows the workstations to be inventoried and managed by another computer user and will allow computers to be updated and maintained with programs that will work.  Once you have an accurate inventory, the computing assets can be upgraded, sent out or redone.  This will maximize how long they work.  Improving the management of the workstation assets will help reduce the total cost of owning a computer. 

Important Steps to Take

Another important feature in computer asset management is the savings you can gain by training the individuals who are using the computer.  If the computer or hardware can be updated to have technical support then the training would not be as important.  In this case, you would save more money not training the employees.  With computer asset management you will be able to upgrade and understand how to use the new versions of software which will make processes more quick and cost effective for any business with many computer systems.

It may be very likely that people will not be happy with changes that must be made with computer asset management.  Most have not been held to the institutional standards and requirements for workstation purchases.  Therefore, they may meet the idea with resistance.  However, these changes must be made if you are to use good computer asset management.

Using computer asset management will save you money if you are a company with many computer systems.  This is a system that is easily upgradeable.  This creates an area where systems don’t have to be replaced so quickly. The computer asset management system will also make it easier to communicate with other users on other computer systems.  The system is so easy to use, little training will be necessary once the system is implemented.  This will keep all information flowing smoothly.

This will help the business or the campus to run more smoothly and save them a lot of money in the process.  A computer asset management program helps everyone to be on the same page in the business.  Not everyone will like the change but it is necessary to be most efficient.  Once people become adjusted, everyone will be a lot happier.

Asset Management; Does you like to control your efficiency?

If you want to participate in computer asset management, you will need to pro actively manage both the desktop and notebook computing assets. You can do this by establishing the hardware and software standards and then implement the inventory requirements to improve large ordering procedures.

With computer asset management, both hardware and software computing standards should be established. All workstations purchases should go with the desktop management specification. This allows the workstations to be inventoried and managed by another computer user and will allow computers to be updated and maintained with programs that will work. Once you have an accurate inventory, the computing assets can be upgraded, sent out or redone. This will maximize how long they work. Improving the management of the workstation assets will help reduce the total cost of owning a computer.

Important Steps to take

Another important feature in computer asset management is the savings you can gain by training the individuals who are using the computer. If the computer or hardware can be updated to have technical support then the training would not be as important. In this case, you would save more money not training the employees. With computer asset management you will be able to upgrade and understand how to use the new versions of software which will make processes more quick and cost effective for any business with many computer systems.

It may be very likely that people will not be happy with changes that must be made with computer asset management. Most have not been held to the institutional standards and requirements for workstation purchases. Therefore, they may meet the idea with resistance. However, these changes must be made if you are to use good computer asset management.

Using computer asset management will save you money if you are a company with many computer systems. This is a system that is easily upgradeable. This creates an area where systems don’t have to be replaced so quickly. The computer asset management system will also make it easier to communicate with other users on other computer systems. The system is so easy to use, little training will be necessary once the system is implemented. This will keep all information flowing smoothly.

This will help the business or the campus to run more smoothly and save them a lot of money in the process. A computer asset management program helps everyone to be on the same page in the business. Not everyone will like the change but it is necessary to be most efficient. Once people become adjusted, everyone will be a lot happier PAN lang="EN-US" style="Arial">.

Asset-Management–Service-Online,

PO Box 364, Buerglen  TG 8575
+41 716300687 phone    |   ++41 716300688 fax

http://www.asset-managements.info  

Students can file their Free Application for Federal Student Aid (FAFSA) before their parents file their 2006 taxes by estimating the amount they believe they’ll be claiming. According to NextStudent, the Phoenix-based premier education funding company, many people wait until after tax day to file their FAFSA because they do not realize they can complete the application earlier by using their estimated income. If you do not file the FAFSA as close as possible to Jan. 2, you may limit or risk losing the amount of federal financial aid you can receive because it is distributed on a first-come, first-served basis. File Your FAFSA Online It is very simple to complete the FAFSA online. The whole process can be summarized in three simple steps: organize, file, follow-up.

1. Organize: Begin the process by
   gathering all of the relevant paperwork. Other than your estimated tax
   information, you will need your driver’s license number and Social
   Security number, among other things. Check out the pre-application work sheet, available at www.fafsa.ed.gov/fafsaws78bw.pdf (Spanish version: www.fafsa.ed.gov/sfafsaws78bw.pdf).
   After you get all of the relevant information, you will need to apply for
   a personalized pin number to access your application, www.pin.ed.gov. 

2. File: Fill out the FAFSA online and get the application
   here, www.fafsa.ed.gov/FOTWWebApp/complete013.jsp (Spanish version: www.fafsa.ed.gov/FOTWWebApp/scomplete013.jsp).

3. Follow-up: Three to five days
   after you file the application, you will receive a confirmation receipt.
   If not, check here www.fafsa.ed.gov/FOTWWebApp/follow003.jsp for confirmation. Within another four weeks, you will receive a Student
   Aid Report (SAR). If you don’t, call: (800) 433-3243. If you find out that
   your income is significantly more or less than the amount you estimated,
   correct it by going here, www.fafsa.ed.gov/.

Federal Financial Aid After federal financial aid is awarded, NextStudent makes it easy to actually obtain that financial aid in the form of Stafford student loans and PLUS loans. All NextStudent borrowers are assigned a personal Education Finance Advisor to walk them through the student loan process. Remember to file your FAFSA as close to Jan. 2 as possible, even if your state’s deadline is in July. Federal financial aid is awarded on a first-come, first-served basis, and if you file early, you’ll increase your chances of getting an award. NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about student loans and student loan consolidation at NextStudent.com.

You took out the student loan, are going to college and then life changes. So what do you need to know about repaying your student loans? Here is a little information everyone should understand when it comes to federal student loans.
To start, repayment for student loans only occurs after you graduate, leave school, or drop below half-time enrollment. You will then have a short grace period that will be:
* six months for a Federal (FFEL) or Direct Stafford Loan.
* nine months for Federal Perkins Loans
If you have a FFEL or Direct PLUS Loan, you don’t have a grace period and repayment generally must begin within 60 days after the loan is fully disbursed.
The upside of FFEL or Direct Loans is that you have a choice of repayment plans. Federal Perkins Loans don’t offer this, you generally have up to 10 years to repay, however, your monthly payment will depend on the size of your debt and the length of your repayment period.
If you don’t repay your student loans on time or according to the terms of your promissory note, you might go into default, which will affect your credit rating. There is assistance for borrowers having difficulty repaying their education loans, including deferment and forbearance. In certain circumstances, your loan can be discharged/canceled.
One example is if you’re a teacher serving in a low-income or subject matter shortage area, it may be possible for you to cancel or defer your student loans.
Just because you go to college and get a degree, doesn’t always mean you’ll have an overabundance of money right away. If you find yourself in financial trouble and have difficulty making your education loan payments, contact the organization that services your loan immediately. Find out if you qualify for a deferment, forbearance, or other form of payment relief. It’s important to take action before you are charged late fees. For Federal Perkins Loans, contact your loan servicer or the school that made you the loan. For FFEL Loans, contact the lender or agency that holds your loan.
What is deferment? You can receive a deferment for certain defined periods. A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school, unemployment, or economic hardship. You don’t have to pay interest on the loan during deferment if you have a subsidized FFEL or Direct Stafford Loan or a Federal Perkins Loan. If you have an unsubsidized FFEL or Direct Stafford Loan, you’re responsible for the interest during deferment. If you don’t pay the interest as it accrues (accumulates), it will be capitalized (added to the loan principal), and the amount you have to pay in the future will be higher.
You have to apply for a deferment to your loan servicer (the organization that handles your loan), and you must continue to make payments until you’ve been notified your deferment has been granted. Otherwise, you could become delinquent or go into default.
For those who are called to active duty during a war or other military operation or national emergency, the new College Cost Reduction and Access Act (CCRAA), enacted on September 27, 2007, modifies the military service deferment for borrowers in the FFEL, Direct Loan and Federal Perkins Loan programs.
This deferment was originally added to the HEA by the Higher Education Reconciliation Act of 2005 (HERA). Under the HERA, the military service deferment had a maximum time limit of three years and was available for loans first disbursed on or after July 1, 2007.
Effective October 1, 2007, the CCRAA eliminated the three-year limit for this deferment and removed the provision that limited the availability of the deferment to loans first disbursed on or after July 1, 2001. Eligible borrowers may now receive the deferment on all outstanding FFEL, Direct Loan and Federal Perkins Loan programs in repayment on October 1, 2007, for all periods of active duty service that include that date or begin on or after that date. A borrower whose deferment eligibility had expired due to the prior three-year limitation and who was still serving on eligible active duty on or after October 1, 2007, may receive the deferment retroactively from the date the prior deferment expired until the end of the borrower’s active duty service.
There are options. If you are concerned about applying for a federal loan due to the need to pay it back, remember there is help out there and people to talk to. Using a student loan for college has more benefits than downfalls, so be sure to do your homework first and then make your decisions.
Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation.

Despite its sketchy-sounding name, which suggests a site that’s itching to dump masses of spyware on you, FastWeb is actually a legitimate, spyware-free and very useful site. It is by far the most complete source of scholarships on the web – scholarships of all sorts – national, local and college-specific. All you have to do is sign up for the site, which is free, and fill out a personal profile. FastWeb then does the work in matching you up with potential scholarships you might consider applying for. They present quick summaries of what the scholarship is for, requirements, and a link to the homepage so you can get more specific information on how to apply.
The stats on FastWeb: -1 out of every 3 college-bound seniors in 2006 used FastWeb -over 16,000 high schools and 3,600 colleges recommend FastWeb -there are 1.3 million scholarships worth over $3 billion that FastWeb provides information on
There are a few things to remember about scholarships. First, although many college-bound high school students apply for them, once students are at college, they often are less likely to apply. This means less competition for you if you’re in college and applying for a scholarship. This also means that if you’re an incoming student, you should be thinking about applying for scholarships for the next school year pretty much at all times. Scholarship application deadlines are scattered throughout the year. They don’t really bunch up in the winter or summer when most students are on break. Knowing this can help you, as fewer students tend to apply to the scholarships that have deadlines in the middle of semester because they’re busy and often overlook it. FastWeb is a good website to visit and re-visit to check on new scholarships, as they update the site often.
FastWeb also has a jobs/internship section and college profiles, which will try to match you up with recruiters and schools. Though FastWeb is a great tool for scholarship searching, we would recommend you looking to other resources for job hunting, internship finding and career building (see our Career and Future section). Online companies like Monster and Careerbuilder are focused and specialize in helping you with job searching or career building, and thus will have more features and benefits for you in those areas. FastWeb’s specialty is scholarships, which they do very very well, so we would recommend you go there for your scholarship search needs.
Though scholarship applications are very competitive and it’s rare to be chosen for a scholarship, you definitely won’t be awarded one if you don’t apply. It can’t hurt to apply, especially since it’s free, so we highly encourage you to.
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