If you are going to apply for a student loan you'll want to find one with low interest. It makes a big difference particularly with student loans, which tend to be large.

Getting the lowest interest rate you possibly can is really important. It'll save you tons money. For example, if a student gets a 6,000 dollar five-year loan with 10% interest rate, his monthly payment will be £125.22 On the other hand, if a different college student gets the same loan for the same time period (5 years) with 6% interest his monthly payment will be only £116. The difference is more than £10 a month! When 5 years is up, the guy who had the 10% interest rate will have forked out £698.86 more than the guy with the 6% interest rate. That's a lot of money, especially for college students.

Finding a low interest student loan may be a little tricky but well worth it. To help you, here's what you'll need to obtain a low-rate loan:
•Offer Collateral: Generally lenders will approve loans faster if you pledge your house or car as collateral. The problem is that the majority of college students do not have a house and a few don't own cars. If you are one of those students who does not have a house, car, or other form of collateral, think about asking your parents to obtain a loan for you.
•High credit score: Lenders will be more inclined to give you a loan if you have past experience that shows you are a reliable bill-payer.
•Proof of successfully closing loans: If you've successfully paid off a past loan, bring proof of that to your lender.
•Have a job: If a bank is certain that you have a steady income, it increases your odds of acquiring a loan.


UNI college loans provide lower interest rates than private loans, but somewhat higher than Perkins loans. Stafford student loans can be obtained by students who are attending college at least half-time and the loan an interest rate that changes once a year.

UK Student Loans offer an interest rate of merely 5%, and the rate is fixed. However, these are available only to students who are a terrible condition financially. These payments are scheduled over a 10 year period and can be canceled under particular circumstances.

Low rate student loans can be found if you understand where to look and what the requirements are.

 

With summer in full swing, many students are not only awaiting vacation and some relaxation, but also summer jobs. The trend of students getting a job during the summer has steadily grown as several part-time and full-time students, now free from school, can earn money so desperately needed for vacation, shopping, dates, and so on. But the rise of teenage employment also opens the door to another issue, money management.

In a few words, money management is a person’s ability to set aside money for certain wants and needs, often putting these needs ahead of the wants. With first time jobs, money management doesn’t really cross the minds of the adolescent workforce. Let’s face it, we’re irresponsible with money on many levels.

Firstly, you need a job to have money to manage. No need for elaboration on that topic. Secondly, you will need to separate money into certain piles: bills, car, phone, dates, etc. Even if your parents pay for your phone or car, it’s smart (as well as impressive) to set aside money for your phone payments. After all, texting is getting very expensive, so your parents might need you to pay for that. The rest will fall into place. Don’t worry if you can’t make your entire car payment; make a deal with your parents about that. Throw in anything above 25% and most likely your parents will help out with the payment. After all, with most jobs that hire during the summer, paychecks aren’t really that big, so your parents should understand.

Now, for the root of all “lack-of-money” evils: Self-indulgence. Set aside only a little bit of cash for this. Sure, there might be a sale at Sears or that X-Box price might have dropped by £30, but should this idea pop up (and they will), look at your gas tank if you’re driving. What good is a new X-Box if you have to wait on the side of the road for a Good Samaritan (which is a rarity these days) to arrive? And if you spend your £300 paycheck on a shopping spree, yet your car payment that month is the same amount, pay your car! If you fall too far behind on your payments, the bank starts a little process called “Repossession.” And yes, on first dates, as well as follow up dates, the guy should buy the dinner, movie, etc. It’s one of those unwritten rules. However, if you explain that money is tight, that a movie or dinner at a place with a dollar menu is still a date, she should understand. And if not, then find yourself another date. Understanding the money issue is key in relationships. Don’t spend too much, don’t spend too little. If all else fails guys, buy her something from Bath & Body Works for £15. She’ll still love you.

On to credit cards. They are nice, but that little piece of plastic is not worth the trouble. Extravagant spending with a credit card leads to major problems for you or your parents, should they even give you a credit card. If you do receive a credit card, use it only for emergencies that can be paid in full by month’s end to avoid interest. With vacations, save as much cash as possible and don’t even think about using a credit card. The point is, money management is key to surviving the middle class. Learning money management now as a teenager will help you greatly as an adult.

 

 

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