5:24 PM | Author: World

Student loan interest rates and fees

Federal student loans

Private student loans

Federal student loans

Stafford Loan

  • The interest rate on Stafford loans first disbursed beginning July 1, 2008:
    • Subsidized Stafford loans for undergraduate students has a declining fixed interest rate.
      • July 1, 2008–June 30, 2009 the interest rate is 6%.
      • July 1, 2009–June 30, 2010 the interest rate is 5.6%.
      • July 1, 2010–June 30, 2011 the interest rate is 4.5%.
      • July 1, 2011–June 30, 2012 the interest rate is 3.4%.
      • Beginning July 1, 2012 the rate is 6.8%.
    • Subsidized Stafford loans for graduate and professional student and all unsubsidized Stafford loans is 6.8%.
  • The interest rate on Stafford loans first disbursed beginning July 1, 2006 is fixed at 6.8%.
  • The interest rate on Stafford loans first disbursed on or after July 1, 1998 but before June 30, 2006 is variable and may change on July 1 of each year but will never exceed 8.25%. The rate is based on:
    • The 91-day T-bill rate + 1.70% during in-school, grace, and deferment periods.
  • Starting July 1, 2008 the interest rate on variable rate loans is 3.61%.
    • The 91-day T-bill rate + 2.30% during repayment periods.
  • Starting July 1, 2008, the interest rate on variable rate loans is 4.21%.

PLUS loan

  • The interest rate on PLUS loans first disbursed beginning July 1, 2006 is fixed at 8.5%.
  • The interest rate on PLUS loans first disbursed on or after July 1, 1998 but before June 30, 2006 is variable and may change annually on July 1 but will never exceed 9%. The current interest rate on these variable rate PLUS loans is 5.01%.

Federal student loan consolidation

Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

  • The fixed interest rate for consolidation loans varied from borrower to borrower but is generally expected to range from 4.75% to 6.125%. Interest rates are based on the borrower's underlying loans' primary rates and do not include discounts for interest reduction benefits. Special rules apply to consolidation loans that include HEAL loans.
  • Different interest rates apply to federal Stafford, PLUS, and consolidation loans issued before July 1, 1998.

Private student loans

The following Annual Percentage Rate (APR) examples include sample rates and fees for Sallie Mae’s private student loans. The actual rates and fees applicable to your loan may vary from these numbers shown. Sallie Mae switched from a Prime Rate index to a one-month London Interbank Offered Rate (LIBOR) index for loans first disbursed on or after June 2, 2008. Your promissory note identifies the actual index that applies to your loan.

The APRs shown are APRs effective as of October 27, 2008.

Annual Percentage Rate (APR) examples:
  • The APR is a variable rate and will increase if the applicable index (one-month LIBOR rate) increases. For purposes of these APR examples, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • The one-month LIBOR rate effective on October 27 is 3.375%.
  • All loan fees are capitalized (added to the loan principal).

Signature Student Loan

APR examples

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$119.70

7.01%

One-month LIBOR + 14%

3%

3%

$283.95

16.11%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $10,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.

Signature Student Loan for community colleges

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 6.75%

0%

0%

$65.53

9.88%

One-month LIBOR + 14%

3%

3%

$113.11

17.5%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $5,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.

Career Training Loan

APR examples:

Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.

Standard
Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 9.5%

0%

$110.12

13.01%

One-month LIBOR + 13.5%

5%

$140.70

18.09%

Interest-only

Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 9.5%

0%

$110.12

13.00%

One-month LIBOR + 14%

5%

$143.96

18.56%

Deferment
Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 9.5%

0%

$122.78

12.89%

One-month LIBOR + 14%

5%

$167.10

18.19%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • $8,700 loan amount.
  • All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
  • Minimum monthly payment is $30 for standard repayment.
  • Minimum monthly payment is $10 for deferment repayment during deferment.
  • APRs based on a 15-year repayment term of principal and interest.

Continuing Education Loan

APR examples:

Repayment begins at least 28, but no more than 60, days after the loan's disbursement for all repayment options.

Standard
Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 11%

0%

$61.88

14.64%

One-month LIBOR + 13%

3%

$70.19

17.29%

Interest-only

Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 11%

0%

$61.88

14.63%

One-month LIBOR + 13.5%

3%

$71.84

17.77%

Deferment
Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 11%

0%

$69.15

14.48%

One-month LIBOR + 13.5%

3%

$82.13

17.47%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $4,500 loan amount.
  • All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
  • Minimum monthly payment is $30 for standard repayment.
  • Minimum monthly payment is $10 for deferment repayment during deferment.
  • APRs based on a 15-year repayment term of principal and interest.

DENTALoans Graduate Private Loan

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$136.66

6.68%

One-month LIBOR + 12.75%

0%

0%

$304.58

13.23%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $10,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.

DENTALoans Residency, Relocation, and Licensure Exam Loan

APR examples

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$151.33

7.12%

One-month LIBOR + 12.75%

0%

0%

$331.49

14.82%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $15,000 loan amount.
  • APR examples are based on a 20-year repayment of principal and interest.

Global Health Education Loan Program

GHELP Stafford loan

Loans first disbursed July 1, 2008–August 30, 2009.

Interest rate

  • 6.8% for all unsubsidized Stafford loans
  • 6.8% for subsidized Stafford loans for graduate and professional students

Fees

Up to 2% in fees that include a 1% federal origination fee and a 1% federal default fee.

Sample GHELP Private Loan

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$136.66

6.68%

One-month LIBOR + 14%

3%

3%

$356.10

14.58%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $10,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.
Sample GHELP Residency & Relocation Loan

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$151.33

7.12%

One-month LIBOR + 14%

3%

3%

$386.13

16.51%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $15,000 loan amount.
  • APR examples are based on a 20-year repayment of principal and interest.

K-12 Family Education Loan

APR examples:

Repayment begins at least 28, but no more than 60 days after the loan's disbursement.

Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 11%

0%

$153.26

14.46%

One-month LIBOR + 13%

3%

$176.30

17.03%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $12,000 loan amount.
  • All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
  • Minimum monthly payment is $30 for standard repayment.
  • APR examples are based on a 20-year repayment of principal and interest.

LAWLOANS Bar Study Loan

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$145.62

7.36%

One-month LIBOR + 14%

3%

3%

$281.62

18.37%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $15,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.

LAWLOANS Private Loan

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$114.61

7.11%

One-month LIBOR + 14%

3%

3%

$262.30

16.62%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $10,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.

MBA LOANS Private Loan

APR examples:

Interest rate Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 4%

0%

0%

$106.13

7.25%

One-month LIBOR + 14%

3%

3%

$224.51

17.38%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $10,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.

Medical School Loans Private Student Loan

APR examples:

Interest rate interim Interest rate repayment Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 6.25%

One-month LIBOR + 8.75%

0%

0%

$181.30

9.81%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $10,000 loan amount.
  • APR examples are based on a 20-year repayment of principal and interest.

Medical School Loans Residency and Relocation Loan

APR examples:

Interest rate interim Interest rate repayment Disbursement fee Repayment fee Monthly payment amount APR

One-month LIBOR + 7.25%

One-month LIBOR + 8.75%

0%

0%

$229.85

11.03%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $15,000 loan amount.
  • APR examples are based on a 20-year repayment of principal and interest.

Tutorial Financing Loan

APR examples:

Repayment begins at least 28, but no more than 60 days after the loan's disbursement.

Standard
Interest rate Disbursement fee Monthly payment amount APR

One-month LIBOR + 7%

0%

$66.96

10.38%

One-month LIBOR + 13.5%*

5%

$98.92

18.16%

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of October 27, 2008.
  • A $6,100 loan amount.
  • * Example assumes a fee of $30 for each applicant and assumes a borrower and cosigner.
  • Minimum monthly payment is $30 for standard repayment.
  • APRs based on immediate repayment and a 15-year repayment term of principal and interest.
Visit: http://www.salliemae.com/get_student_loan/apply_student_loan/interest_rates_fees
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5:08 PM | Author: World
Secured Loans in Today’s Market
Author: SEO Positive

In today’s' market, gaining a good rate for a secured loan is not an easy thing to do unless you know what you’re doing. That includes knowing where to go for your secured loan, and ensuring that you do not pass your details to too many lenders to find the best deal.
In a market where rates are rapidly increasing every day, lenders are tightening up their criteria for the people who need to borrow the money. Many people in a rush of panic will search the internet looking for a loan so suit them, and not realize that they are actually completing an application form, or an inquiry form for a call centre to call them.

I have noticed that there are many of sites on the internet that will say they are a financial comparison site, however when a client goes to the site to complete the form hoping for a quote, they actually get a message that says the following - "thank you for your inquiry, an advisor will be in touch shortly". Where did that come from? All you wanted was a quote not for someone to call?
The best way to avoid these problems is to go to a qualified secured homeowner loans broker that is able to search the market for you and find the best rate based on your individual circumstances. Most independent homeowner loan brokers have access to all the major loan companies and you can then be assured that you are getting the best deal possible.

If you have a poor credit history, or have little equity, or you may even need to self certify your income. In this case a secured loan may not be an option in today’s' market, so you will have to look at alternative routes to raise your money in a short period of time.

Personal Loans
Unsecured personal loans are another method of borrowing money. With a personal loan, it is usually possible to borrow up to a maximum of £25,000, and can usually be arranged on the same day as the application. You can either go to your bank, or again, a loan broker may be able to arrange this type of loan for you in a very short period of time, and by using the broker, means that you should have a wider choice of loans available to you, and having all the leg work done for you. This type of loan would be good for you if you could not get a secured homeowner loan due to not having enough equity in your property.

Bridging Loans
Bridging finance is a loan that is secured on your property, just like a secured homeowner loan is secured on your house. However the benefit to a bridging loan is that most bridging finance lenders will either go first or second charge on the property, which means you have a choice on keeping your existing mortgage running, or if you would like to pay it off. The other major reason people like to do a bridging loan is because it is very fast, and can be completed within a matter of days from application. Certain bridging loans lenders do not require a credit check on their applications as long as there is enough equity in the property that they are securing the loan against, so it is a very popular type of finance for people who struggle to get a homeowner loan due to their credit rating.

If you are looking for any type of finance in today’s' market it would probably pay you to seek advice from a professional who is able to arrange the right type of finance to suit your needs.

Jenny Austin is an expert in bridging finance, as a fully qualified financial advisor she can provide advice on secured homeowner loans and secured loans

This article is free for republishing
Source: http://www.articlealley.com/article_653402_19.html
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5:06 PM | Author: World

Secured loans

Over recent years an increasing number of homeowners have turned to secured loans in order to provide them with the finance that they need. The wide range of secured loans are available to homeowners. This is because these loans are secured against the property, hence the borrower must be a homeowner. There are many benefits to this type of loan, which has made them popular amongst homeowners looking to raise finance for a range of purposes.

When looking at secured loans there are a number of things that you should bear in mind. Firstly, these loans are secured on your home and therefore it is important that you are able to keep up with the repayments. Make sure that you can afford the repayments on the loan, and make sure that you get a competitive rate of interest and a suitable repayment period to help keep your monthly repayments down. This isn't always an easy task, but Loans4 has access and links to a wide range of secured loans offering very competitive interest rates and a choice of repayment periods of between 3 to 25 years, which means that you can enjoy more affordable repayments which wont strech your budget.

One of the main benefits when it comes to secured loans is the increased borrowing power available to borrowers, of between £3,000 to £250,000. The amount that you can borrow will depend on a number of factors, such as your income, financial and employment status, and your outgoings. It will also depend largely on the value of your property and the amount of other debts that may be secured against it, including your mortgage. However, secured lenders have the scope to lend far more than an unsecured lender because it is largly based on based on the property equity levels. Most unsecured lenders will not lend more than £25,000, and then only to those with a perfect credit history/rating.

Homeowners Application Form

A great benefit of secured loans is that they are more accessible to those with poor credit. If you have a bad credit rating then the chances of getting an unsecured loan are slim to none. However, a secured loan gives the lender more security and this means that lenders are more likely to consider your application even if you have a bad credit rating. If you want to keep your monthly outgoings down then secured loans offer an added bonus – a choice of repayment periods (3 to 25 years), which are far longer than those available with unsecured finance (1 to 7 years). This means that you spread your loan over a longer period and get to make lower monthly repayments.

At Loans4 we can offer a choice of secured loans that are designed to suit all needs and circumstances, so as long as you are a homeowner you can benefit from great value finance, competitive interest rates to suit you, and affordable repayments that won't leave you financially struggling at the end of each month. You can find out quickly and easily whether you are eligible for a low cost secured loan, and you can be certain that your loan will prove to be value for money and highly competitive.

You can use secured loans for a wide range of purposes, and this includes carrying out home improvements, consolidating other debts, paying for special events such as a wedding, funding education, buying luxuries such as new cars, treating yourself to a fabulous holiday, and much more. Whatever you need to raise finance for you will find that secured loans are an effective, affordable, and sensible option for those with their own home.

Here at Loans4 we can find a perfect solution for your needs based on the information that you provide and your circumstances, so you can look forward to getting a great offer on a secured loan without having to worry about paying over the odds in interest and repayments.

Homeowners Application Form


Latest Loan / Finance News
Bank fo England cuts rate by 1.5%

The Bank of England’s Monetary Policy Committee today voted to reduce the Bank Base Rate 1.5% percent to 3.0%.

The past two months have seen a substantial downward shift in the prospects for inflation in the United Kingdom. There has been a very marked deterioration in the outlook for economic activity at home and abroad. Moreover, commodity prices have fallen sharply.

Since mid-September, the global banking system has experienced its most serious disruption for almost a century. While the measures taken on bank capital, funding and liquidity in several countries, including our own, have begun to ease the situation, the availability of credit to households and businesses is likely to remain restricted for some time. As a consequence, money and credit conditions have tightened sharply. Equity prices have fallen substantially in many countries.

In the United Kingdom, output fell sharply in the third quarter. Business surveys and reports by the Bank’s regional Agents point to continued severe contraction in the near term. Consumer spending has faltered in the face of a squeeze on household budgets and tighter credit. Residential investment has fallen sharply and the prospects for business investment have weakened. Economic conditions have also deteriorated in the UK’s main export markets.

CPI inflation rose to 5.2% in September. The substantial rise since the beginning of the year largely reflects the impact of higher energy and food prices. But commodity prices have fallen sharply since mid-summer, with oil prices down by more than a half. Inflation should consequently soon drop back sharply, as the contribution from retail energy and food prices declines, notwithstanding the fall in sterling. Pay growth has remained subdued. And measures of inflation expectations have fallen back.

Since the beginning of the year, the Committee has set Bank Rate to balance two risks to the inflation outlook. The downside risk was that a sharp slowdown in the economy, associated with weak real income growth and the tightening in the supply of credit, pulled inflation materially below the target. The upside risk was that above-target inflation persisted for a sustained period because of elevated inflation expectations. In recent weeks, the risks to inflation have shifted decisively to the downside. As a consequence, the Committee has revised down its projected outlook for inflation which, at prevailing market interest rates, contains a substantial risk of undershooting the inflation target. At its November meeting, the Committee therefore judged that a significant reduction in Bank Rate was necessary now in order to meet the 2% target for CPI inflation in the medium term, and accordingly lowered Bank Rate by 1.5 percentage points to 3.0%.

The Committee’s latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 12 November.

The previous change in Bank Rate was a reduction of 0.5 percentage points to 4.5% on 8 October 2008.
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Visit: http://www.loans4.co.uk/Secured_Loans.shtml
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