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Jul
23

5 Best Reasons why you should monitor your Student Loan Debt

Author: Sally Croft

As an increasing number of college graduates are facing financial hardships, the government has created a variety of programs to help you manage your student loan debt- ranging from ways to lower your interest rate on federally insured money to federally mandated debt reduction and forgiveness programs. While you may not qualify for all of these programs there maybe something for you. However, you do need to keep track of your loan balance so that you will know which programs fit your unique situation; you qualify for and can participate in. In order to be a responsible borrower and to make your life much easier, you will need to monitor your student loan debt.

1. Update your budget:

Monitoring your Student loan debt and being aware of your total debt level helps you to update your budget based on your post-school life and current life. Doing this helps you to make responsible financial decisions. Take into account the following to know where you were, where you are and where you need to be:

  • Your salary
  • New expenses
  • Old expenses
  • Transportation
  • Student loan payments
  • Savings
Monitor your Student Loan Debt
2. Know your loan balance:

Keeping track of your student loan balance and making regular payments are the best way to ensure that you do not allow your debt to get unmanageable. Both while you are in school and after graduation. By being aware of your balance you are less likely to spend frivolously when you see your total balance increasing.

3. Lower interest rate:

If you become passive about your student loan, you will potentially pay more over the life of the loans than is necessary. Keeping track allows you to take advantage of shifts in interest rates and other available assistance programs. Being involved increases the chances that you will not miss chances to lower your interest rates.

4. Refinancing:

Student loan may be refinanced to take advantage of shifts in interest rates. Knowing your principal balance is the only way you will be able to accurately gauge which shifts are great opportunities to take advantage off and which are not. Guaranteed loans from the Government for example, tend to carry lower rates and offer fewer refinancing options. Private loans, on the other hand carry higher rates. It is important that you refinance your student loans when the time is appropriate because your saving can be significant.

5. Loan Consolidation:

If you have more than one student loan and is having trouble making your monthly payments, you should consider student loan consolidation. Take the advantage of consolidating your loans when the opportunity is available and also avail yourself to other money saving opportunities.

These are just a few reasons to monitor your student loan balance. Please share with us other reasons why a student should monitor their student loan debt.

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Posted in School Loan Debt, Student Loan | 1 Comment »

Jul
20

Top 10 Tips for Creating a Brilliant Cover Letter

Author: Sally Croft

Many modern day job applicants think that including a cover letter with a resume is outdated so they skip the cover letter altogether. Think twice before doing so. A brilliantly written cover letter can distinguish you from the crowd by allowing you to go into greater detail about the unique skills and qualifications that make you the best fit for the position.

Following are some tips for creating a brilliant cover letter that will land you the job:

1. Avoid brightly colored paper and fancy fonts

A cover letter is not a flyer so use a business font such as Arial. Use plain white or beige paper and print your cover letter and resume on a laser printer – smudge free!

2. Include a personal salutation

Instead of addressing the interviewer with “To whom it may concern” you should address the letter to a specific person. This gives the cover letter a more personal touch and demonstrates resourcefulness.

Create a brilliant Cover Letter
3. Address the specific position advertised

If a company advertises that it is looking for someone with experience in retail, make sure you address your retail experience.

4. Keep it short and to the point

Limit your note to three or four short paragraphs. Explain why the job is a perfect fit for you and what you can contribute to the company.

5. Be confident but not cocky

Don’t start off with “My professional resume is included if you would like to take a look at it.” You just told them you are not sure if your resume is worth taking a look at. Instead say something direct and casual like, “As you can see in my resume, I’ve worked in sales and retail for ten years.” Be confident about your resume and expect them to read it.

6. Showcase your best assets

Expand upon a few key points from your résumé that matches the position you are applying for. It could be something like how you helped to create a successful marketing strategy or whatever fits into the potential employer’s needs.

7. Don’t leave doubts

You can also include in your cover letter any issues that may give a hiring manager doubt about hiring you, such as gaps in employment. Briefly explain the reasons why you were not working and what you have been doing to keep your skills up-to-date.

8. Be honest

Try not to stretch the truth too much. Just highlight the key points about your accomplishments and stick to the truth. A minor misrepresentations like saying you managed a store when you actually co-managed it, for example can come back to haunt you during the reference check.

9. End your note with confidence

Since you are the one looking for work, you need to take the initiative and follow up. Instead of ending the letter with “I look forward to hearing from you,” close with “I will call you in a few days to discuss a time for us to meet.” And follow-up as promised.

10. Check for typos

Typos and grammar mistakes are a big NO and is a sure way to take you out of running for a job opening. Double check your final copy or ask a friend or family member to review the document before you send it out.

When well-crafted to suit the position, a cover letter can give you a significant edge over the competition. So don’t miss your chance to make a strong first impression and set yourself apart from the rest of the crowd.

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Posted in Career Advice | 2 Comments »

Jul
16

Top 10 FAQs for Student Loan Ombudsman

Author: Sally Croft

The Department of Education has created a new position called the Student Loan Ombudsman. This office has been directed by Congress to be readily available should students who are having problems with their student loans need assistance. The ombudsman primary responsibility is to resolves disputes from an independent and neutral standpoint.

1. What does your office do?

The Federal Student Aid Ombudsman will conduct an informal and impartial fact-finding about your student loan complaints. They will determine whether you have been treated fairly and if your student loan complaint is justified, they will work with you and the office, agency, or company involved in the problem. However, if your complaint is not justified, they will take the time to explain to you how they have come to that decision. Ombudsman will also recommend ways to resolve problems in addition to bring about changes that will help prevent future problems for other student loan borrowers.

2. Is the service free?

This is a free service provided to you by the US Department of Education.

3. What are some things you cannot help me with?

It’s the Ombudsman’s job to help develop fair solutions to complex and difficult problems. This means that they will not automatically take your side in a complaint. They will consider all parties involved in an impartial and objective way. And they do not have the authority to reverse decisions.

4. When should I contact an Ombudsperson?

It’s best to think of the Ombudsperson as a last resort because they will only try to help when other approaches have failed. If you have a dispute, first calmly discuss it with the person or company directly involved, preferably someone in management. In many cases, your complaint can be resolved at this stage or at least you will better understand the issue. After you have made every effort to bring your problem to a favorable resolution first and it still is not resolved, then you should contact the Ombudsman.

5. What should I expect from you?

We will help you if we determine that your complaint is justified. Further, we will treat you courteously and with respect. We will keep you informed of our progress and will respond to you in a timely manner.

6. I declared bankruptcy, why am I still being billed?

Your loan is not dischargeable if you filed Chapter 7 or Chapter 13 bankruptcy after October 7, 1998, unless the bankruptcy court finds that repayment would impose undue hardship on you and your dependents.

7. What is my loan balance?

If you are not sure what your loan balance is or you just need help figuring out why your loan balance is different from expected, an ombudsperson should be able to give you that information.

8. What are my options if I cannot afford my loan payments?

If you have problems making your student loan payments, you must contact your loan servicer immediately. You may qualify for a deferment, forbearance, or other form of payment relief, or even that you meet a condition under which your student loan can be cancelled or discharged.

9. How can I postpone my loan payments?

If you are having difficulties making your student loan payments, you must contact your loan service immediately. There may be ways for you to work out an arrangement in which you can defer or postpone your loan.

10. What if I do not receive a fair conclusion?

Any complaints in which you feel you received unfair treatment by the servicer, the school, the Dept. of Education, or otherwise will be reviewed and you will receive an explanation about how they have come to that decision.

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Posted in Educational Policies, Financial Advice, Student Loan | 2 Comments »

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