In a recent Los Angeles Times article one graduate explains her situation, “I’m in default on my student loans. I don’t know how many there are, I don’t know who owns them, and I don’t know how to start paying them off.” Unfortunately, this woman is not alone. At the Student Loan Network we get phone calls every day from students in similar situations. Too many people have taken a back seat when it comes to their student loans and let their debt take control of them.

When it comes to debt it is important to recognize that ignoring it will not make it go away. In fact, ignoring debt is probably the worst thing a person can do. If you do not know what your loan situation is when you graduate your first priority should be to figure it out. Most loans have a six month grace period, but do not delay your research. When your loans come to term you want to have your repayment plan in order. The Department of Education’s loan tracking department can help you figure out how many loans you have and how much you owe.

If you know that you are not going to be able to make payments on time you should investigate alternative options like deferment or forbearance. Many people do not know that if they are unemployed, going to grad school, or participating in some kind of service program that they are probably eligible for loan deferment. If you do not qualify for deferment or forbearance you might be able to consolidate your loans. Consolidation gives you a lower monthly payment and extends your loan term. If you do not take any of these measures and still do not make payments things can get ugly.

When you fail to make student loan payments for more than 270 days their loans go into a default status. So defaulting on your loans is no big deal, right? Wrong! Defaulting on your loans can have serious long-term consequences. First, you will have debt collectors literally knocking down your door. They will try to get in touch with you any way possible and to be honest, ignoring them will only make them work more aggressively to find you. Secondly, you will ruin your credit score for a very long time. Credit scores run between 850 and 300, 850 being the best and 300 being the worst. Your credit score determines if you will be able to get loans in the future. If you have a bad credit score you will have a very hard time getting any lender to trust you. This can take years to rectify. Finally, you will have an extremely hard time renting an apartment, buying a car and maybe even getting a new job. Landlords, loan financers and potential employers can all legally get your credit score and if they do not like what they see they can deny you an opportunity.

The moral of this story is do not let your debt take control of you. Reverse the situation and take control of your debt. Learn everything you can about your debts and organize a payment schedule so you do not miss payments. Most importantly do not let your loans overwhelm you because not matter what your situation is there is a way to manage your obligations.

If you are lucky enough to have a job: If you have a job you should definitely start paying back at least the minimum amount on your loans every month. If you have the money and want to pay back more than the minimum you should work on paying down the loan with the highest interest rate. If you have consolidated your loans you might only have one payment to worry about, but consolidation is not right for everyone. Consolidation will not give you a better interest rate; it simply extends your loan term so that you have a lower monthly payment. (The new interest rate is the weighted average of all of your loans. ) If you have a lot of credit card debt from college you should work on paying that down before allocating your “extra money” to student loans. Also, make sure you are meeting all of your other financial obligations including car payments,  insurance payments, and rent or mortgage payments. Missing any of these payments can damage your credit score.

If you are unemployed: In this situation you might be eligible for economic hardship deferment. Applying for this deferment plan will allow you to hold off on paying your loans until you are employed or for a maximum of 36 months. However, economic hardship deferment does not continue unconditionally. You have to reapply every 12 months.

If you are in grad school: When you are in grad school you are eligible for in school deferment. As long as you can provide proof that you are enrolled at an eligible school at least half-time there is no maximum length for in-school deferment. However, just remember that when you are done with grad school you will have to pay back both your undergrad and your graduate loans at the same time.

If you have moved out on your own: Budgeting is key in this situation. When you live on your own you will have a lot of expenses. Your student loan payments should be high up on your list of financial priorities. Make sure you set aside the correct amount from your paycheck each month and make sure you make your payments on time. It may be helpful to setup automatic payments and have the money withdrawn from your checking account on the same day every month. If you miss a payment or two you will end up getting slammed with more interest and severely bruising your credit score.

If you are still living at home: If you are living at home with you parents hopefully your expenses are minimal. Many employed graduates choose to live at home so they can pay off their loans quickly. Living at home after college for two to three years might give you the ability to pay off your loans in full and not have to worry about them when you have rent, an electric bill, cable and internet bills, and other living expenses. This will also significantly cut down on the amount of interest you pay in the long run and for both federal student loans and alternative loans there are no penalties for early repayment.

ScholarshipPoints.com Approaches Milestone of 500,000 Members; Adds More Than 200,000 Members In 2009 Alone (PRWeb Sep 25, 2009)

Read the full story at http://www.prweb.com/releases/2009/09/prweb2938504.htm

Read the whole article originally published in: Edvisors Press - PRWeb Press Release Group.

ScholarshipPoints.com Approaches Milestone of 500,000 Members; Adds More Than 200,000 Members In 2009 Alone

Quincy, MA – September 24, 2009 – ScholarshipPoints.com, an Edvisors online education company working to make college education more affordable for students, today announced that it will award a $10,000 scholarship in October. This will be the third $10,000 scholarship awarded in 2009 and, along with numerous other monthly scholarships, brings the total free scholarships awarded by Edvisors and Scholarship Points to more than $60,000.

The ScholarshipPoints.com program has added over 200,000 members in 2009 alone, and is rapidly approaching the significant milestone of 500,000 members. Participation in the program is free, and members earn points by participating in surveys, reading helpful blogs, and engaging in other online activities. Accrued points can be exchanged for entries into any month’s scholarship drawing, including the upcoming $10,000 giveaway. To ensure funds are used for educational purposes, awards are sent directly to the student’s financial aid office.

Learn more at www.ScholarshipPoints.com.

“Students and their parents continue to face significant challenges in funding a college education,” said Joe Cronin, President of Edvisors. “We are thrilled that Edvisors has awarded scholarships to 27 students so far this year, and we are committed to supporting students’ dreams of higher education. Along with the $10,000 scholarship drawing in October and on-going monthly scholarships, we will continue to help students with their college and scholarship search, financial aid advice, and student loan needs.”

The October $10,000 scholarship is supported by MarketTools ZoomPanel, a community of consumers who share their opinions and insights about companies’ products and services by participating in market research studies. MarketTools ZoomPanelists receive rewards by qualifying for and completing online surveys. For each completed survey, students receive ZoomPoints that are redeemable for popular movies, music, electronics, and more.

“We are very excited to be sponsoring the October $10,000 scholarship giveaway through ScholarshipPoints.com,” said Dan Henig, Director of Panel Acquisition at MarketTools, Inc. “We see a strong fit between ZoomPoints and ScholarshipPoints in benefiting students, and recognize Edvisors as an organization committed to helping students realize their dream of higher education. MarketTools is pleased to support that goal.”

Students will have until October 30, 2009, to enter for a chance to win. Please register at ScholarshipPoints.com.

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For more information, or to arrange an interview, contact:

Christopher S. Penn
press (at) edvisors.com
617-328-1565

About Edvisors and ScholarshipPoints.com

Edvisors, a global leader in online education marketing and college financial aid, provides a richer, more fulfilling education experience to students, educators and parents worldwide. We provide an unmatched portfolio of online education resources, online degrees, student loans, and college-related information and services through Edvisors Student Services, Student Loan Network, and the Edvisors Education Foundation.

About MarketTools, Inc.

MarketTools is the leading provider of Customer Insight Management solutions for the world’s market leaders. Through a unique combination of best-in-class insight and feedback platforms, quality-assured global panels, and research innovation, MarketTools enables companies to innovate and identify new opportunities, optimize product success and build customer loyalty. As the first company to make online surveys widely available on the Web, MarketTools continues its market-leading position by providing the broadest range of powerful, accurate and integrated customer insight technologies that empower companies to become the most customer-centric organizations in their industries. MarketTools’ premier portfolio of technology-based insight brands includes MarketTools.com,™ Zoomerang,™ CustomerSat,™ TrueSample,™ ZoomPanel™ and ZoomPanel™ Tech. MarketTools is a privately held company with corporate headquarters in San Francisco and European headquarters in London. For more information, please visit: www.markettools.com.

ScholarshipPoints.com, an Edvisors online education company working to make college education more affordable for students, recently topped the 400,000 member mark and is on pace to hand out more than $100,000 in free scholarships in 2009, highlighted by three separate $10,000 scholarship awards. (PRWeb Sep 1, 2009)

Read the full story at http://www.prweb.com/releases/2009/09/prweb2815744.htm

Read the whole article originally published in: Edvisors Press - PRWeb Press Release Group.

Ten college students will be chosen to compete in a month long social media marketing challenge with the winner earning a $500 scholarship. The challengers' classroom knowledge as well as their social media influence will both be put to the test as they work to refer the most sign-ups to ScholarshipPoints.com as of midnight, September 30. (PRWeb Aug 19, 2009)

Read the full story at http://www.prweb.com/releases/2009/08/prweb2766544.htm

Read the whole article originally published in: Edvisors Press - PRWeb Press Release Group.

The Student loan Network introduces a new private student loan comparison website offering a variety of loans for funding a college education. Compare private student loans to federal student loans and competing offers from various private loan lenders. (PRWeb Jul 13, 2009)

Read the full story at http://www.prweb.com/releases/private/loans/prweb2599944.htm

Read the whole article originally published in: Edvisors Press - PRWeb Press Release Group.

Edvisors.com's new design and functionality position it as the #1 community resource for elearners. The addition of community features allows students to compare online degree programs, rate schools and exchange ideas. To better serve students, the new design incorporates blogs (www.blog.edvisors.com), news feeds, forums and ebooks customized to the online learner. These resources support students in their effort to find the best online degree programs based on their unique needs by encouraging community interaction, discussion and feedback. Also home to a directory of more than 30,000 education programs (directory.edvisors.com), 6,000 colleges and 1,000+ online degree programs, students can now find all they need at www.Edvisors.com. (PRWeb Jul 6, 2009)

Read the full story at http://www.prweb.com/releases/online/degrees/prweb2599894.htm

Read the whole article originally published in: Edvisors Press - PRWeb Press Release Group.

1. Social Security Number

2. Driver’s licence (if applicable)

3. Previous years W2 and other records of money earned

4. Your (and your spouse’s, if you are married) 2008 Federal Income Tax Return

• IRS 1040, 1040A, 1040 EZ
• Foreign Tax Return, or
• Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau

5. Your Parents’ 2008 Federal Income Tax Return (if you are a dependent student)

6. Your 2008 untaxed income records

• Veterans benefits records
• Child support received
• Worker’s compensation

7. Your current bank statements

8. Your current business and investment mortgage information, business and farm records, stock, bond and other investment records

9. Your alien registration or permanent resident card (if you are not a U.S. citizen)

10. Two aspirin

If your household income has decreased you may request a special circumstance adjustment from the financial aid office. The change in income must be greater than 10% in most cases to be eligible for consideration. Loss of job, costly medical bills, and divorce are all common special circumstances a financial aid officer will consider in issuing a professional overturn. For more infomration speak with your school’s FAO.