A student loan is a credit creation provision that aids students with adequate finances to pay tuition fees of universities or other educational institutes. These loans are often aided by grants, availed by government departments. In some cases, students also receive scholarships on the basis of his or her academic achievement, that can be used to dilute the financial pressure of the students loan.
In some other cases however, the whole burden of the loan remains on the student themselves. When a student loan is sanctioned by a lender, a contract is created, to which the lender and student are a party. According to the contract, student has to repay the loan and interest in a specified time period.
Some lenders start the repayment period immediately after the loan has been sanctioned, while others prefer to wait, till the student’s education is complete. If the student fails to repay the loan within the prescribed time period, then the student is considered to have defaulted the loan. In some countries, separate laws concerning default of a loan have been enforced. According to most of these laws, if a borrower (in this case the
Parents wish to empower their children, so that the latter can take life head-on when the time comes. Providing them with the knowledge and the skills to deal with challenging situations responsibly is a crucial part of any upbringing process. Most schools and activity groups do not teach your child important management skills, as their interest in your child can never match up to yours. Learning the importance of money and having the ability to manage it, are skills that are acquired at a very young age. Teaching your child how to value money and to manage within the means, can help your child in a lot of ways in the years to come.
Money Management Tips for Kids
Today, the teen years begin at 10, making it the new 13. Over exposure to the fast changing world has changed demands of the kids as well. With expensive demands as such as gadgets and other fancy items, making them earn it is an excellent way of making them value money. Giving your child a fixed allowance every month and paying them incentives for doing a few household chores, will help them
Not everyone can afford to go to college, with the huge fees that are required. However, a lot of students do receive different kinds of financial aid or scholarships based on different factors. There are certain requirements that need to be fulfilled to obtain financial aid for college. For one, you have to be a citizen of the United States of America. Next, you will have to document proof that you indeed need the money. Not only your need but your abilities as a student play an important role. Your grades in school, along with participation in extracurricular activities will help in determining your chances of receiving financial aid. There is no limit to the number of times you can apply. It is awarded to deserving candidates each year, and depending on your circumstances, you may be able to receive financial aid upon reapplying. With this information, it is important to understand how you can apply for it.
Applying for Financial Aid for College
All students who wish to apply for federal financial aid must fill out the Free Application for Federal Student Aid (FAFSA). It is a general application that will
Economic cycles, such as depression and economic recession, create many fluctuations in the macro aggregates of the economy, such as employment levels, flow of cash, distribution of income, national income, and credit levels. When an economy plunges into recessionary or depression cycles, the rate of credit created in the economy drastically drops, which consequently affects the economic growth, thereby bringing down the levels of employment. In such a scenario, banking systems and lending and finance organizations sanction instant loans for jobless people.
- Instant loans for unemployed are so named, because these type of loans are usually fast track loans and are approved within a short period of time.
- Most of these loans are approved within a time period that ranges from 8 hours to 48 hours.
- The time period varies on the basis of several factors, such as credit rating and credit history of the applicant, as well as the principal amount of the loan.
- Ordinary, these loans are treated as personal loans and are approved by the lenders without any kind of down payment.
- In some cases, such loans are also lent for specific purposes. For example, an unemployed person may apply for the loan in
If you are young and buying your first home, it can be a very scary time in your life. However, it’s also very exciting to think that you are going to own your property for the first time ever. This is truly the American Dream at work! Chances are, your mortgage payment will be more expensive than whatever rent you were paying before you were a homeowner. You may be worried about how to budget after you close on the house, but you will catch on quicker than you think. If you couldn’t afford the house, the bank wouldn’t have given you the loan, so get ready to crunch some numbers and enjoy the first year living in your new abode.
Pay Attention to Your Lending Officer
Before your loan is even approved, your lending officer should sit down with you at the bank and give you a quick run down of the numbers. If they don’t, you should ask them to do so, or find a lending officer that will; it’s totally OK to shop around for lenders, especially in this economy. When you meet with your lending officer, don’t be afraid to ask questions and/or
Money may be required for reasons such as wanting to get out of debt or simply for the sake of tiding over hard times. Considering that people who are financially constrained find it increasingly difficult to repay loans, it’s only natural that the demand for personal grants for individuals has caught on in a big way.
Grants from the government are available to people desirous of pursuing higher education. These grants are wonderful alternative to student loans. The Federal govt. provides aid to State governments and non-profits who in turn use the money to provide financial assistance to women, single mothers, and other eligible participants. However, Federal grants for personal financial assistance is a myth.
Assistance for Individuals and Families
Grants are available to people desirous of pursuing higher education. In addition to college grants, the Federal government provides assistance to low income families, so that they can pay their energy bills on time. It also assists single mothers so that they can provide for the well-being of their children despite being single parents.
College Grants: There are programs available for individuals desirous of pursuing higher education. These grants, viz. Federal Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG), are both
As higher education gets expensive with each passing year, loans have definitely proved as a convenient source for the people who are not so financially strong. Consolidation is an effective way to merge one’s repayments in order to reduce the stress of multiple payments. It also lowers down the interest rate as compared to those applicable for individual borrowings.
With advancements in the field of science, technology, and business, higher education is now one of the most important factors which employers look for. The cost of education has increased sharply in the past few decades because of the involvement of private players. To bear these expenses, many people opt to borrow capital, which is paid back in certain period of time and with due interest. If a person takes multiple loans in order to finance his studies, there is always a problem in paying multiple monthly installments. To assist him, there is the provision of consolidation, with the help of which he can combine all his borrowings from a single lender and make a single monthly payment. It also sorts the inconvenience of going to different places and dealing with different authorities in order to make all the defrayals.
There are several sources through which students can obtain loans quickly. These include private lenders, financial institutions, public lenders, banks, and even some government agencies. The federal and state loans include Federal Family Education Loan Program (FFELP), Stafford Loans, Perkins Loans, and Free Application for Federal Student Aid (FAFSA). The advantage of such loans is that they are the best source of funding for college students, but they are often considered to be bad credit. Federal loans come with a low interest rate (between 4.5% – 6%), are provided without a credit check, and after reviewing academic performance. These loans are not available to all, which forces students to hunt for private funding.
Requisites to Obtain a Loan
Requisites are the terms and conditions that have to be fulfilled when applying for a loan. Now, we can divide the fast loans for students into two categories, namely the ones that are granted at the start of the course and those that are granted in the middle of the year for some crisis or unforeseen expenditure.
The loan which is granted at the start of the year is used to pay for the tuition fees, teachers’ and universities’ fees. These loans are
Federal government helps students to pursue higher education by providing a number of loans under the Federal Student Aid Program. The loans that are sanctioned under this program can be obtained directly from the Federal Government, or one may be required to obtain one from institutions participating in the FFEL (Federal Family Education Loans) program. Federal Stafford and Federal Perkins Loans are administered by the government under the Direct and FFEL programs. Repaying the student loans that are sanctioned under the Federal Student Aid Program begins usually 6 to 9 months after a person graduates or drops out of school. The rate of interest is generally reasonable; more so, on Perkins and subsidized Stafford loans. Defaulting on the loan can backfire since the government has devised a number of ways of ensuring that defaulters make their promise to pay. Wage garnishment, wherein the government takes away or garnishes 15% of a student’s disposable income as penalty, is one of the ways of recovering the amount.
Comprehending Student Loan Garnishment
The Debt Collection Improvement Act of 1996 (DCIA) authorizes Federal agencies to garnish the disposable income of an individual, without a court order, in order to collect delinquent non-tax debt that
A great majority of us apply for loans at some point in our lives. They could be for buying a house, car, property, education, or some sort of investment. The first and foremost thing one does while applying for a loan is to go to a bank. While some of us take this option, there are people who prefer going through a mortgage broker. This is preferred by many for certain reasons. There are many factors to be considered while wanting to select either one of these two institutions, for which a bank vs. mortgage broker comparison chart needs to be drafted for a better understanding. A brief of the same is given in the paragraphs below, which tells you how to choose between a mortgage broker and bank, and the reasons for the same.
In layman’s language, a mortgage broker is a go-between or an agent between borrowers and lenders. He is the one who will lead you to the lenders. He will listen to your loan requirement and get the necessary paperwork and documentation done from you. Then, he will negotiate with the people who will lend you money and pass on all your details to
Money doesn’t come easy, and we’re all aware of that. Especially in the current financial crisis, it is important that you value the money you get, and save it for tough times and situations. So this time, when you decide you are going to make a budget and save some money, make sure you stick to your resolution. Don’t think you will have to give up on all the good things in life. Start by accepting that you are required to make some alterations to your lifestyle, but not to the point where you cannot enjoy your life.
Prepare Your Budget
The first step towards budgeting is to make a note of your income and expenses. Account for monthly expenses, and include a column under miscellaneous (variable/unforeseen) expenses. Also, take into account your quarterly, half-yearly, and annual expenses, so that you can budget for that month accordingly. Demarcate an amount for fixed and variable expenses, and plan your savings accordingly. Make use of this monthly budget template, so that you can clearly chart out your income and expenses. Even if you are walking into a grocery store, make a list and a budget to go with it, so that
Financial management means putting together the economic resources at hand to make efficient use of them and taking decisions that can successfully culminate in acquiring more assets for the family or business. With effective utilization of funds, you can even attract finance to meet the short-term and long-term requirements of the family or firm. The whole process is intense and deals with the selection of specific or a combination of assets to deal with the monetary issue, if any. The overall aim is to reduce the size of the problem and ensure fiscal growth of the enterprise or family funds.
Financial Management Analysis
This analysis deals with the calculated and predicted cash inflow and outgoings. The analysis is directed towards the study of the effect of existent funds on managerial objectives. It handles everything, right from procuring the funds to effective utilization of the same. Dedicated analysis handles procurement of funds from multiple sources, and since the funds are from different sources, they naturally need to be addressed, considering the difference with regards to the potential risk and control.
This management practice involves the optimum use of funds issued via equity, especially in the case of a business. This source is
When you are a teenager, you often have a limited amount of money at your disposal. So, it is very important that you spend that money judiciously. It is likely that, you are unable to figure out as to where all your money has gone. It is an indication that, it is high time you develop the habit to monitor your expenses and spend more carefully. Some of the tips given below can help you in this task.
The money that you get every week or month is fixed. So plan your expenses in advance. Make a list of those expenses that are essential and allot a certain amount to each of them. It should include major expenses like cell phone plans, restaurant bills, gas for car, etc. Additionally, a small amount has to be kept aside for some minor unplanned expenses, which are bound to happen.
Monitor your Purchases
Planning your budget is not very tough. But sticking to the budget is a difficult task. Keep a close watch on your expenditure. It can happen that you make several small unnecessary purchases in a day, and that may sum up to a really big figure. In order to avoid
Medical professionals, in general, prefer leasing medical equipment or borrowing money from the bank in order to finance the purchase of their equipment. The decision regarding whether to buy or lease depends on the nature of the equipment. Generally, ownership is desired when the object under consideration is expected to appreciate in value. A purchase is justified in case of objects that depreciate, provided the buyer can recover the amount of money invested. Generally, any office equipment has a useful life of 7 years. Medical equipment too is depreciated over a period of 7 years. Considering the cost involved, the depreciation, and the chances of obsolescence, leasing it is a better option as compared to financing the purchase with a bank loan.
Finding Capital For Medical Equipment Financing
Leasing medical equipment has a number of advantages. The biggest advantage, in addition to the low cost of leasing, is the ability to keep up with new technology. Depending on the need and the intention of the lessee (medical professional), he can opt for an operating lease or a capital lease.
In this case, the medical professional pays a ‘rent’ for the use of equipment, according to the terms of
The finance department is one of the most important departments in any type of organization. This department has to handle financial transactions of the firm and plan on investments and raising of funds for funding ongoing projects. As no project can be completed without money, the job of a finance director assumes further importance. Finance directors work in the areas like resource management, strategic planning, preparation of a financial budget for the financial year, supervising company’s financial performance and preparing financial reports for outside agencies like creditors and shareholders. Ensuring that the firm’s asset quality is high and debt levels are comfortable, are also some of the responsibilities of this job. Being the leading person in the department of finance, the finance director has to form teams, assign work and help in planning as and when they need. In short, the ultimate aim is to make sure that the firm achieves its financial goals or objectives in a planned way.
Intern at a Major Finance Firm
During the business management course, students have to do their summer internships in financial and banking giants. Here, they get practical work experience and can apply their classroom knowledge. You will
Strategies for cost control are a part of financial management. However, as a concept, you don’t need to be a finance brain-iac to understand it. Here is some information on how these strategies work in synchrony with the economy which may prove useful, and an overall understanding of the concept.
Cost Control Definition
As per the business dictionary, cost control can be defined as, “Application of
(1) investigative procedures to detect variance of actual costs from budgeted costs,
(2) diagnostic procedures to ascertain the cause(s) of variance, and
(3) corrective procedures to effect realignment between actual and budgeted costs.”
In simple terms, it is a procedure to see if the company is spending more or less than its budgeted amount. If yes, then to know the reason behind the increase or decrease of expenditure. Further, it works at finding a way to make the actual cost and the budgeted cost meet. Cost control management also takes care of the same arena of work.
Cost Control Methods
Now that we have seen the basic definition of cost control, how will we go about doing it. Such as, one can keep an eye over the numbers, but how can one go about controlling them? Here
Investment management is defined as managing various securities and assets in a professional manner, so as to meet certain specified goals of the investor. An investment portfolio is the list of financial assets held by an investor, taken collectively.
Investment portfolio management is the process in which an investment portfolio is acquired and maintained. There are various professionals who specialize in this function. Today, there are software available, which will help investors manage their stock portfolios on their own. To illustrate this fact, let us look at the different features which most portfolio management software provide:
- Management of records: It helps you keep a record of the investments made and disposed of, with date and time, often linking to the exact trades. These records help you when you are calculating your monthly or annual income from the portfolio.
- Accounting: Different accounting methods are supported by the software, thus, helping the investor to do financial record-keeping for calculating tax liability and filing his returns.
- Multiple portfolios: A software will have the facility of creating and storing information for a number of portfolios. So an investor may keep separate records for the investments he has made for each
While there are a lot of scholarships and grants available for a college education, more than 60% of those aspiring for graduate courses have to raise the money needed on their own. The prospects of a graduate degree are great, as people with a graduate degree earn twice as much as people who have stopped at a bachelor’s degree. With more realizing the potential of a graduate degree, graduate programs are being sought after across the country. Although any wish to enroll in a graduate program, the question in their minds is whether they can afford it. Rising costs and lack of funding have nudged universities to increase their fees and cost on amenities. Students are pushed to desperation, seeking part-time jobs to complete their educational aspirations.
The recent changes made by the government at providing subsidized loans to graduating students has ushered a new wave of optimism among them. Helpful ways are suggested to fulfill financial obligations. Some of the options are government loans, on campus jobs, teaching assignments, etc.
An assistantship is a great step to get a financial aid for a graduate degree, besides getting to work for your chosen field in the university. Students who
Several years ago, there were very few options available for the treatment of cancer patients. The reason was mainly the lack of technological developments in the field of medicine. However, extensive research and advanced technology have changed the situation drastically over the years. More and more such patients began to benefit from treatment in hospital setups across the world, especially in developed nations. However, the high cost of such treatment is one of the main factors to worry about. Depending on the type of cancer and the complications of the case, treatment costs have gone up much over the years. This is obviously a big deterrent for a majority of the population who cannot afford it. Thus, the need for alternative sources of financial help for such patients arises. Following are some of the options that can be explored:
Financial aid can be obtained from nonprofit organizations, which provide the required finance, after completing the necessary formalities. These organizations take up a majority of the costs of your hospital stay and surgeries.
Spread the Word
Money can be raised for their treatment by organizing programs for individual contribution. By holding seminars and conveying the importance of these donations,
While checking the Internet, many of us have come across websites through which we see military veterans asking strangers for financial help. This in itself reveals how lowly paid veterans in military service are. Low income means that they do not have sufficient money to take care of their health or education or any other life issue. This is where the U.S. Department of Veteran affairs (V.A.) steps in. It provides financial help for veterans who are in dire need of it. Given below are some of the programs and schemes initiated by the V.A. as well as by some other government departments for the financial betterment of war veterans.
Specially Adapted Housing Program
Handicapped veterans who want to get their houses customized so that life becomes easier for them can avail the specially adapted housing program grants. These grants are also issued in case he wants to make changes in his vehicle. Veterans who are blind or have suffered severe burns or cannot use their hands and feet are eligible for grants under this program.
Ratings by U.S. Department of Veteran Affairs
Disabled veterans are rated by this department in accordance with their previous medical history. Based upon this