Christian Community College Loan
Christian students may qualify for a community college loan through one of several financial aid programs if a legitimate need can be proven and credit requirements can be met. Unbeknownst to parents and young adults headed for higher education, federal, state and private lenders provide monies for students who choose to attend a two-year institution. Lenders realize that while junior college enrollees don't have to come up with the hundreds of thousands of dollars required for a four-year degree, there are still financial needs to be addressed. A low-interest community college loan can cover tuition and fees, room and board, books and supplies, or a must-have laptop computer. Clothing, commuting, and for some, long distance communication are also expenses which might be incurred. Some federal loan programs offer $100,000-plus in financial aid to two-year college students enrolled either on a half- or full-time basis. Other programs provide financial assistance to parents who are obligated to make installment payments. Most loans become due and payable a few years after graduation when students will hopefully be gainfully employed.
Attending a two-year institution in hopes of earning an associate's degree is considered to be less expensive than enrollment at a major university; and for that reason, many students prefer junior colleges. Quite a few of enrollees who apply for a community college loan are low- to moderate-income adults and single parents seeking higher education for better paying employment opportunities. Other applicants may include former servicemen desiring to learn new skills for civilian employment, or young adults graduating from high school who want to gradually become acclimated to a collegiate lifestyle. Students also choose two-year programs because of a lack of funds or insufficient grade point averages to qualify for loans and grants at a major institution.
No matter why students choose to enroll, a community college loan gives a hand up toward achieving an associate's degree and a better chance at financial independence. Since each applicant's financial picture will be different, loan officers can help direct students to the right loan package tailored to meet individual needs. Students pursuing a higher education face tremendous financial challenges, but God is able to give the victory as He is acknowledged. "He giveth power to the faint; and to them that have no might He increaseth strength. Even the youths shall faint and be weary, and the young men shall utterly fall: But they that wait upon the Lord shall renew their strength; they shall mount up with wings as eagles; they shall run, and not be weary; and they shall walk and not faint" (Isaiah 40:29-31).
A financial aid package may consist of federally funded monies offered students who can substantiate a legitimate need, regardless of income. The U.S. Department of Education offers programs to U.S. citizens seeking higher education to become more marketable, which helps reduce national unemployment roles. In the United States anyone of any gender, ethnicity, creed, or socio-economic background can find a government-funded program to further an education, whether at a two- or four-year institution. Low-income single mothers with dependent children, legal immigrants, former inmates who have made restitution, or military service men and women who have put their lives on the line for the country may all qualify for some type of community college loan to become employable, productive members of society. Other financing may be extended to parents whose income and assets qualify for funding. A diligent web-based search for financing offered through federal, state, public and private programs can yield the right information to steer young adults toward higher education and lucrative careers.
A state-funded community college loan will require applicants to reside in-state during enrollment; however funding may be subject to cuts due to budgetary constraints. Students seeking state-funded loans should consult the campus financial aid office before applying. The application process to finance a two-year college education is similar to that of any four-year institution. Students and/or parents fill out the appropriate forms, which usually require bank statements, verification of employment, federal and state income tax returns for previous years, a listing of assets and liabilities, and a credit check to determine creditworthiness. Lenders will want applicants to provide documentation of an ability to repay loans and grants within a specific term.
Lenders also look for students with the greatest academic potential when extending a community college loan. While family income and demonstrated need are important considerations, a student's grade point average and recommendations from former instructors can place them at an advantage over less astute applicants. Lenders view students with high academic performance as capable of completing and excelling at the collegiate level; and therefore having a good prospect for future employment and repayment of an education loan. While former military personnel may qualify for higher education funding under Armed Services sponsored programs, ex-military applicants may also be eligible for monies to pay for transportation, tuition, or books. The campus financial aid office and web-based lenders can advise former military personnel regarding eligibility for education loans.
Students and parents should also browse the Internet for funding sources which offer a community college loan. Web-based lending institutions feature online applications and search engine links to public and private organizations, non-profit foundations, banks, and federal and state programs which provide funding for a two-year education. Students should also investigate opportunities to qualify for grants and scholarships which require no repayment. Other monies may be available for students enrolled in specific academic fields, such as biotechnology and environmentally-responsible industries. The key to financing a higher education degree is diligence. Potential students should not be deterred by an inability to qualify for certain programs, but continue to search and apply for funding which will eventually lead to a brighter, more lucrative future.
Christian Consolidate Federal Student LoansTo consolidate federal student loans is a wise decision because borrowers can combine several college debts into one and only have one payment per month to meet. The new payment tends to be lower than the combined payment of all the previous lending. The borrower might also save on interest when consolidating. It is much easier to make one payment instead of two or three, as many people may have taken out three or even more college debts to pay for their education. Most any lender will be able to help by offering programs to consolidate federal student loan. This will relieve the stress of having to make several payments each month.
Especially if the interest is high, consolidation can lower the overall interest rate. In this instance, when people consolidate federal student loans, it will save them hundreds of dollars in interest over the term. There are a variety of programs available to suit one's needs. The Internet is a great place to begin searching for options to consolidate federal student loan packages. There are many different search engines to assist borrowers in finding programs.
To be eligible for consolidation, the applicant must either be out of school or enrolled less than half time. They also must be actively repaying student loans or still in the grace period in order to consolidate federal student loan packages. Usually, a minimum amount of college debt is required. This will vary from lender to lender, but the median amount is ten thousand dollars. The interest on federal college lending is tax deductible, whereas with private lending, it is not. So when considering whether or not to consolidate federal student loan, borrowers should not do so with any private loans or they will not have the advantage of deducting the interest on the next income taxes.
Some federal student lending will allow for borrowers to defer the payments until graduation. Additionally, they might allow the borrower to defer if they graduate but return to school at a later date. If the college attendee decides to consolidate federal student loans, he or she should choose a lender with a low interest rate and reasonable payment terms. "If the iron be blunt, and he do not whet the edge, then must he put to more strength: but wisdom is profitable to direct" (Ecclesiastes 10:10).
In order to consolidate private student loans, the borrower must be aware of what lending institutions were used to provide the original funding. It is common for a graduate to consolidate private student loan programs with other lenders in order to avoid massive monthly payment amounts that are impossible to maintain. When national interest rates are low, lenders advertise consolidation agreements that will be of use to college graduates. This benefits these new lenders, who pay off the original debt, as well as the individual who gets one low interest rate for the combined process of consolidation.
To achieve consolidation, all information concerning a student's financial history pertaining to education must be given to the lender. Lenders that offer to consolidate private student loan agreements are offering a great benefit to the individual. If the information to complete the process can not be found, the lender will attempt to find it. There is no guarantee that the record will be correct, so the risk is with the borrower, because if the lender chosen to consolidate private student loans misses a loan, it cannot be included later in the consolidation process, when found.
Keeping accurate paper records to consolidate private student loan matters is essential. These records will include paperwork from lenders that offered the original funds, statements from the school, and information from lenders advertising consolidation. It is not uncommon for a student to receive letters in the mail weekly advertising these services. If the borrower is concerned because accurate records have not been maintained, there are governmental websites that can help an individual get organized in order to complete the consolidation. It is suggested that as loans are bought and sold at the secondary market level; paperwork, whether important or not, should be filed away in a file.
Christian borrowers must wait until their loan has gone into the repayment phase before they can seek consolidation. This means that they are ineligible to start the process until their schooling has ended and their deferment period is over. Once the deferment period is over, the student can consolidate private student loans freely with whomever they choose. It is important to note, that a Christian student promising to pay back an obligation is not only giving their word to the lender, but to God. The Bible says in Ecclesiastes 5:4-5 "When thou vowest a vow unto God, defer not to pay it; for He hath no pleasure in fools: pay that which thou has vowed".