Student Living Expense Loans: Consider a Private Loan for Your Day-to-Day Needs

College tuition is something that just never seems to get any cheaper. For years, people have taken out loans and used federal assistance to pay for the rising cost of tuition for both bachelors and graduate degrees.
But outside the cost of tuition, living expenses can get to be a major cost for students and can often require assistance on their own, making student living expense loans a more popular choice in recent years.
Typically, a full-time student won’t be working at all, or they’ll be working a modest part time job that only brings in enough money to account for extra spending cash. Paying for housing, food and other monthly expenses can really add up and require a more substantial source of income, especially if they are not included in tuition or if you live off campus.
Graduate students in particular will often have to take out a second loan to simply pay for living expenses because they don’t live on campus or don’t have those expenses covered in their tuition.
For any student getting a higher degree, it might not be a bad idea to consider taking out a second loan to account for living expenses. Since federal loans with a low interest rate often have a cap to the amount you can take out, private loans are often a good second option.
Avoiding Credit Card Debt
Loans that are structured for students often have lower interest rates and are far more forgiving than accrued credit card debt. Also, private loan companies will work with you to get you the money you need with a manageable interest rate, and dialogue to make sure the loan fits your needs.
If the choice is between a student living expense loan and racking up a high amount of credit card debt, the loan is almost always going to be your better option.
Being Able to Focus on School
A lot of students opt to get a part-time or even full-time job while they’re still getting their degree. This isn’t a bad idea all the time, but generally, it’ll be much easier if you are able to devote all of your concentration to your schooling, especially since that is what will land you a higher paying job in the end.
A private loan for living expenses will free you up to be a full-time student and avoid the distractions and time demands of a job. You’ll be able to spend more time studying, make better grades and save your energy for the demands of your schooling.
Everything You Need
Another perk of getting a private loan for your expenses is that you get one lump sum that’s everything you need. You’ll be able to roughly calculate your living expenses before you set up the loan, then structure it for that exact amount. This helps you stick to a budget and avoid over or under spending.
Pros and Cons
As you can see, there are some definite upsides to borrowing money to pay for the cost of living during school. Let’s sum it all up:
No credit cards
Enables you to focus on School
One lump sum
There are always extra considerations to take into account when taking out a private loan, of course. These will have different regulations than federal loans you might take out, and can’t be consolidated with those loans, meaning you’ll be making multiple payments to different institutions.

However the amounts are smaller, and the interest rates are usually far more manageable than that of a credit card. You’ll also have the benefit of being able to structure a loan that’s unique to your situation. At Cedar Education Lending, we are here to help!

 

6 Tips On How To Consolidate Private Student Loans

College is supposed to be about gaining the knowledge to succeed in the world and a college diploma that will lead to a great career. Unfortunately, these days the only way for most students to attend college is by taking out student loans.
The average college graduate now holds over $25,000 in student loan debts, a fact made even harsher by a weak job economy. If you’re worried about being able to pay off your student loans, debt consolidation might be the answer. Here are a few tips on how to consolidate private student loans.
Is It Worth It?
The first thing you should do when considering debt consolidation in ask yourself if it’s right for you. Debt consolidation is essentially selling off all of your private student loans to one new loan company. It can make student loan payments easier because instead of paying multiple loan companies with many different interest rates and regulations you can have one low loan payment a month from one company with one set of rules. It makes it easier to pay off your debts.
Research The New Loan
Before immediately signing anything that ties you to student loan consolidation, be sure to read through the terms of the loan. You want to make sure that you are completely comfortable with the rules, especially since they will be different terms than the ones you original signed when taking out your private student loans. Every term will be your responsibilityso it’s important that you go into loan consolidation with as much information as possible.
Low Interest Rates
One of the perks of consolidating private student loans is that you can lock in a lower interest rate. Usually consolidated loans have much lower interest rates, but depending on when you apply, the offered interest rates may be different. Interest rates will likely get higher and higher over time, so it’s important to go through the process of consolidation as soon as you can, as long as it’s the right option for you.
Overall Cost
Another advantage of consolidating your private school loans is that you will likely have a lot more time to pay off the loan. Many loan payment plans last as long as 30 years. Therefore the monthly payment will be lower. Since your loan gathers interest over time, you will likely spend more money overall when repaying your loan, but in smaller payments; it’s important to weigh the benefits of a smaller monthly payment or longer loan repayment plan, and base your decision off which option is better for you.
Check the Requirements
Before consolidating your private student loans, you should find out what the requirements are to qualify the loan. For example, at CedarEdLending, you must have a steady, reliable income of at least $2,000 a month. Most organizations will require you to meet a certain credit requirement as well. If you’re unsure you will meet the requirements, increase your chances of being approved for a loan by getting a creditworthy cosigner on your consolidated loan.
How Much Do You Need?
It’s important to consider how much money you need to cover your loans. If it’s less than $7,500 a year, then you may not qualify for a private loan consolidation. $125,000 is the maximum for undergraduate debt, while graduate school alumni qualify for $175,000.
Deciding to consolidate your private student loans is an important decision that deserves time to consider and research. Who knows, it could be the best decision you can make in your post-college life.

2013 Degrees That Earn the Best Starting Salaries

Research from the National Association of Colleges and Employers (NACE) reported the 10 highest-paid majors for recent college grads.
Without much further ado, they are:
Chemical Engineering: $66,400
Computer Science: $64,400
Aerospace/Aeronautical/Astronautical Engineering: $64,000
Mechanical Engineering: $62,900
Electrical/Electronics and Communications Engineering: $62,300
Civil Engineering: $57,600
Finance: $57,300
Construction Science/Management: $56,600
Information Sciences and Systems: $56,100
Overall, the study found that the average starting salary of all new college grads is $44,455, up 3.4% from a 2011.

When thinking about taking on student loan debt, it might be helpful to also take into account your potential starting salary and what industry is currently hiring.

Law School Rankings

Here’s a fresh way to look at Law School Rankings. Graduateprograms.com just announced the top law school rankings:

The Top 25 law schools in the United States, according to graduateprograms.com ratings and reviews are:
1.) Stanford University (Stanford Law School) (8.8 stars)
2.) Northwestern University (Northwestern University School of Law) (8.7 stars)
3.) University of California, Berkeley (University of California, Berkeley, School of Law) (8.417 stars)
4.) Arizona State University (Sandra Day O’Connor College of Law) (8.415 stars)
5.) University of North Carolina at Chapel Hill (University of North Carolina, Chapel Hill School of Law) (8.29 stars)
6.) University of Colorado at Boulder (University of Colorado School of Law) (8.26 stars)
7.) University of Virginia (University of Virginia School of Law) (8.2 stars)
8.) Georgetown University (Georgetown University Law Center) (8.17 stars)
9.) Harvard University (Harvard Law School) (8.12 stars)
10.) University of Michigan, Ann Arbor (University of Michigan Law School) (8.07 stars)
11.) Vanderbilt University (Vanderbilt University Law School) (8.067 stars)
12.) Brigham Young University (Ruben J. Clark Law School) (8.037 stars)
13.) New York University (New York University School of Law) (7.99 stars)
14.) University of Pennsylvania (University of Pennsylvania Law School) (7.97 stars)
15.) Yale University (Yale Law School) (7.96 stars)
16.) University of Texas at Austin (University of Texas Law School) (7.88 stars)
17.) Indiana University, Bloomington (Maurer School of Law) (7.87 stars)
18.) University of Minnesota, Twin Cities (University of Minnesota Law School) (7.868 stars)
19.) Washington and Lee University (Washington and Lee University School of Law) (7.867 stars)
20.) Washington University, St. Louis (Washington University School of Law) (7.81 stars)
21.) Duke University (Duke University School of Law) (7.72 stars)
22.) Cornell University (Cornell Law School) (7.7 stars)
23.) Boston University (Boston University School of Law) (7.68 stars)
24.) Baylor University (Baylor University) (7.62 stars)
25.) University of California, Davis (University of California, Davis, School of Law (7.61 stars)
While law school is undeniably a significant investment, it doesn’t have to be prohibitively expensive. To that end, next week Graduateprograms.com will release the Top Law Schools for best overall value, financial aid and affordability of living.

Obama’s Student Loan Reform in Full Effect in 2014: What Does This Mean for You?

Every student in the United States has benefitted or will benefit from a piece of legislation passed by President Barack Obama in 2010 called the Student Aid and Fiscal Responsibility Act. Yet, there are many students who do not know about this bill or its implications for their student loan future. It is essential to understand what this bill does and aims to do for students just like you.
First, banks (or, third-party lenders) can no longer lend federal student loans. These lenders served as middlemen who derived a profit on a deal that really only required the federal government and the student. Now, the Department of Education distributes loans through the federal Direct Loan Program directly to students.
Next, all graduated students will be required to pay only 10% of their income in loan repayment. This cap is a great benefit to students. President Obama said he did not want the burden of student loan repayment to discourage students from pursuing degrees in career fields that are essential such as nursing or teaching but perhaps not as lucrative as law or medicine. Before, your monthly bill was determined by 15% of your income.
In fact, to further encourage careers in public service, those who work in these fields will see their loans forgiven after 10 years of on-time payments. Obama also reduced the forgiveness period for all other student loans to 20 years. That means if a 22-year-old college graduate pays their loans on time, they don’t have to worry about paying their loans while also having to worry about their child’s college tuition.
Finally, President Obama increased the amount of Pell Grant money a student can receive. A Pell Grant is money given by the federal government to students in financial need and does not need to be repaid. For many low-income students, these grants can be what allow them to attend college.
So, remember this information, students and graduates. It may help you make career moves and plan wisely for the future.

Student Loan Debt for Grandparents?

Through March 2012, the number of borrowers of student loans age 60 and older was 2.2 million, a figure that has tripled since 2005. That makes them the fastest-growing age group for college debt. All told, those borrowers owed $43 billion, up from $8 billion seven years ago, according to the Federal Reserve Bank of New York.

Almost 10 percent of the borrowers over 60 were at least 90 days delinquent on their payments during the first quarter of 2012, compared with 6 percent in 2005. And more and more of those with unpaid federal student debt are losing a portion of their Social Security benefits to the government, nearly 119,000 through September, compared with 60,000 for all of 2007 and 23,996 in 2001, according to the Treasury Department’s Financial Management Service.

New Graduate Program Search Site

Not sure if you recently say the news, but there is a new Graduate Program search site, www.graduateprograms.com.The website will provide a space for current students to share their thoughts about their graduate program through a Rate and Review system. Students will choose the number of stars that accurately correspond with their opinion about aspects of the program’s athletics, campus housing, etc. and then leave a short comment. Graduate Programs will list student comments and starred reviews so students can read them when they’re making their decisions about their graduate program choices. Think of it as a forward-thinking marriage between the Princeton Review and Yelp.
Students who Rate and Review their program will be entered to win a $1,000 Graduate School Scholarshipaward toward their graduate school tuition. These $1,000 scholarships will be awarded once per semester (four times per year). Understanding that recent graduates have much to contribute to the conversation, Graduate Programs also allows those who graduated in the last five years to participate in the Rate and Review system and use the scholarship toward loan repayment.

5 College items you probably did not think of bringing to school

In no particular order….

Humidifier and air purifier: I know I just told you to minimize your belongings and these two items may seem unnecessary, but they’re not. Dorm room air can be very drying, especially during the cooler months when hot, dry air is pumped into your closet-sized abode. And considering you’re left to do your own cleaning, dorm rooms can get very dusty and wreak havoc on allergy sufferers. In addition to providing clean, refreshing air, a humidifier and air purifier will offer a bit of white noise to combat the noisy halls.
Noise-canceling headphones: I am sure you’ve already packed at least one pair of headphones, but are they noise-canceling? Yes, these can be rather pricey but you’ll soon realize they are worth it when you’re trying to study and your roommate decides it’s time to have a Skype session.
Wardrobe: Every list tells you to bring clothing, but you need to bring a sampling of your wardrobe. You never know when you may need a dress for a formal, a costume for a party or a suit for an internship, so it’s best to keep a few of these items on hand. Also keep a few off-season pieces in your closet so you’ll be prepared even when the weather is unpredictable.
Sleeping bag: This is something that doesn’t typically come to mind. From high school friend visits, to camping out on the quad, a sleeping bag is nice to have around. You may even join a campus organization that goes on retreats and a sleeping bag will be a must-have.
Bed rail: I thought I passed the bed-rail stage when I was three, but I found out differently my freshman year. Considering a few bunk-related incidents happen yearly and the severity of head and spinal injuries, a bed rail really isn’t a bad idea for anyone sleeping on a top bunk. If you do decide you want a bed rail, ask your school if they will provide one and if not, be sure to look for a bed rail that supports your weight requirement.

The Top 25 Happiest Schools

The Top 25 Happiest Schools1. Yale University
2. Harvard University
3. Rice University
4. Stanford University
5. Bowdoin College
6. Pitzer College
7. Occidental College
8. Colby College
9. Emory University
10. University of California-Davis
11. Southern Methodist University
12. Rollins College
13. Hamilton College
14. University of California-Los Angeles
15. University of Southern California
16. Cornell University
17. Wellesley College
18. Colorado College
19. Smith College
20. James Madison University
21. Purdue University
22. Vanderbilt University
23. Bucknell University
24. Santa Clara University
25. University of California-San Diego
Source: Newsweek

Best & worst private college graduation rates by state

The 10 Best & worst private college graduation rates by state

States with the highest six-year grad rates among private schools
1. Massachusetts, 75.7 percent
2. Connecticut, 75.2 percent
3. Maryland, 73.5 percent
4. California, 72.9 percent
4. Rhode Island, 72.9 percent (tie)
6. Pennsylvania, 72.6 percent
7. Washington, 71.4 percent
8. Indiana, 69.3 percent
9. New York, 68.5 percent
10. Vermont, 67.3 percent

States with the lowest six-year grad rates among private schools
1. Alaska, 26.5 percent
2. Nevada, 33.8 percent
3. Delaware, 36.3 percent
4. Hawaii, 43.0 percent
5. Kansas, 44.1 percent
6. North Dakota, 44.8 percent
7. Alabama, 45.0 percent
8. Mississippi, 48.2 percent
9. South Carolina, 50.4 percent
10. Oklahoma, 50.7 percent