Watch Nationwide Biweekly Administration President on The Balancing Act® on Lifetime and hear about our proven debt elimination products and services! September 29th at 7AM and October 6th at 7AM
Investment in your future- Prevent it from turning into Bad Debt
April 29, 2014 By Leave a Comment
How Student Loans Become Bad Debt
Failing to keep this simple equation in mind is how student loans quickly become bad debt. Remember, a student loan is a mortgage on your future earnings . When you buy a house, the collateral for the loan is the house. When you buy a car, the collateral for the loan is the car. If you don’t repay these loans, the lender simply takes the house or car. But when you borrow with student loans, the collateral is your future earnings. If you don’t repay your student loans, the government will garnish your future earnings.
to learn more about student loan debt calculations and how much you should borrow based on what your salary will be, visit the link below.
(Robert Farrington)
That being said it is very important we think into the future, when you will be paying back these loans. That’s right, voluntarily rather than them forcing you to pay the loans back. By setting up your student loans early on a biweekly payment plan that will allow an extra payment a year to go directly to the principle you can have your student loan paid off even earlier and eliminate some of the interest the bank would get back from you. Looking at the example below will show you how using the Biweekly Program that Nationwide Biweekly Administration offers could assist in the payoff.
Student Loan Analysis from Nationwide Biweekly Administration
Ran for a total debt of $29,400 at 4% interest rate.
For your customized analysis call (800)317-1756
Option 1)
Total Debt: $29,400
Interest Rate: 4%
Minimum monthly payment: $75
Pay off in 45 years!
Option 2)
Total Debt: $29,400
Interest Rate: 4%
Minimum Biweekly Payment: $40.45
Pay Off in 39.3 years (saving 69 months and $2,217.77 in interest)
Option 3)
Total Debt: $29,400
Interest Rate: 4%
Minimum Biweekly Payment: $65.45
Pay off in 20.1 years (saving 299 months and $19,195.63 in interest
What is Nationwide Biweekly Administrations Biweekly Program?
November 5, 2013 By Leave a Comment
Nationwide Biweekly Administration
Interest Minimizer Overview
(Transcription Below)
You’re about to learn one of the greatest financial secrets of our time. One that you can use to save thousands of dollars in interest charges. Each year, millions of Americans pay billions of dollars in unnecessary interest charges and lose out on growing their home equity much faster. How much money in equity are you losing to interest payments? Chances are it’s a lot more than you realize. For most of us, it’s thousands of dollars every year.
It doesn’t have to be that way. Most of us, we budget wisely, we shop for items on sale, and then we make sure we get a good deal for our hard-earned money. But when it comes to paying interest, most of us are needlessly giving away our money. Actually, losing it and we don’t know it. Fortunately there’s something you can do about it. The secret is the Interest Minimizer Program. A safe, convenient, and proven way to cut tens of thousands of dollars in interest charges off your existing loans including your mortgage, equity lines of credit, auto loans, student loans, and even credit card debt.
With the Interest Minimizer, your monthly payment is decreased to a much smaller bi-weekly amount and automatically debited every two weeks. We’ll conveniently match these debits to your pay schedule. Now, budgeting for a large mortgage payment has become a lot easier. No more checks to write or late fees to worry about. You’ll love how simple and easy it is. In fact, hundreds of thousands of American families are using the Interest Minimizer, saving billions of dollars in interest.
When you see the savings and how much you’ve been spending unnecessarily, you’ll want to sign up for the Interest Minimizer because the plan manages the bi-weekly or weekly schedule for you. Simply, painlessly, and automatically. Calculate your interest savings to see your specific savings. Or to speak with one of our friendly savings analysts, call the number on the screen. In just 10 minutes, we can show you how to stop overpaying interest and start saving money. Call us now.
Know Before You Owe! Financial Aid Shopping Sheet
April 4, 2013 By Leave a Comment
Financial aid award letters are often confusing and difficult to understand. Students end up confused and consequently make decisions they will regret afterward.
Click to view larger image
Understanding this situation, the U.S Department of Education together with the Consumer Financial Protection Bureau launched the Know Before You Owe project to design a simplified financial aid form to be used this aid year.
This standardized financial aid award template is a tool provided to students to help them understand and compare the costs of different colleges before they make the final decision on where to attend college. This way, students will be able to understand college costs, figure out how much student loan debt to take on and make smart choices.
Not all colleges are using the federal shopping sheet, but students and families can still take advantage of this standardized award letter. A free online tool called College Abacus allows students to recreate confusing financial aid letters into easy-to-understand shopping sheet format.
Do you think this financial aid shopping sheet is helpful to students and their families?
A Parent’s Guide to Financial Aid
March 21, 2013 By Leave a Comment
A Parent’s Guide to Financial Aid
Parents, use this guide to help your child get the best financial aid package.
A Parent’s Guide to Financial Aid
Your teen is bound for college. Are you prepared to pay for it? The idea may seem daunting, but it can be done. All it takes is early and careful planning, time and extra effort.
There are plenty of financial assistance available to help you afford your child’s college education. Regardless of financial status, every family qualifies for some type of financial assistance so every family is encouraged to apply.
A Parent’s Guide to Financial Aid
1. Create a plan
The sooner you start planning for your child’s education, the more options you have. Know early on the total cost of your child’s education and try not to think of it as an expense, but rather an investment in the future.
As you may have expected, there are several other fees apart from tuition to worry about, there’s the cost of textbook, housing, school supplies and meals. Do your research, know everything there is to know about the cost of a college education particularly in your child’s potential colleges, and then start saving for it. You may also encourage your child to get a part-time job.
2. Know your options
Look for free money first. There are types of financial aid that you don’t have to pay back, these include scholarships and grants. After considering free aid, you may still have to look for other ways to pay for college since free student aid does not cover all expenses. Other types of financial aid available include federal and private loans, and federal work study.
When it comes to financial aid, preparation and timing is the key! Try to know everything you can about financial aid applications: deadlines, eligibility, paperwork. The more information you can gather, the better chance of acquiring the amount and types of financial aid your child is eligible for.
3. Apply for Financial Aid
Applying for financial aid is not an easy task, but it is free and you’ll see that all effort you put in will definitely be worth it!
- Apply every year to increase your chances of landing financial aid.
- Complete the Free Application for Federal Student Aid (FAFSA).
How to Apply for Student Financial Aid
March 13, 2013 By Leave a Comment
Are you planning to apply for student financial Aid but don’t know how to? Here is your step by step guide to applying for student financial aid.
Step 1. FAFSA
- In order to be eligible for any student financial aid, the very first step is to fill out the 2012-2013 Free Application for Federal Student Aid (FAFSA). FAFSA form is available on-line at www.fafsa.gov. Remember to have all your tax forms and necessary documents ready.
- To ensure accurate tax information when filling out your FAFSA, use the IRS Data Retrieval Tool through www.fafsa.gov.
- Apply for a Federal PIN at www.pin.ed.gov or select“Apply for a PIN” on the FAFSA signature page to be able to sign your FAFSA electronically.
- You will be asked for the Federal ID code of the school where you would like the FAFSA results to be sent.
- You will receive a Student Aid Report (SAR) via email several weeks after you submitted your FAFSA. Review if all information is correct. If your SAR needs correction, correct them at www.fafsa.gov.
Step 2. CSS Financial Aid Profile
In addition to Federal financial aid, you can apply for Institutional Financial Aid programs. You may me required to complete you CSS profile at the College Board’s website to apply for non-federal financial aid. There is a fee for each CSS profile so be prepared to provide your payment information.
Step 3. Award Letter
After your application is reviewed and processed, you will receive an award letter indicating the type of financial aid available for you and the amount for which you are eligible.
Step 4. Accept or decline your financial aid award(s)
If you want to accept or decline any of your financial aid awards, access your student account on the university’s website.
Do I Qualify for Financial Aid?
March 6, 2013 By Leave a Comment
Are you asking yourself: “Do I qualify for Financial Aid?” Preparing for post-secondary education can be a daunting task but done correctly and in the earliest time possible, it could be stress-free. Start by making small decisions – what college to attend to, what to study that will benefit you in the future, what are your goals, etc. Once you’re done with the major stuff, you’re ready to start considering your options for financial aid.
Financial aid is provided for student to help pay for college. Financial Aid can come from the U.S. federal government, the state where you live, the college you attend, or a nonprofit or private organization (http://studentaid.ed.gov)
Who gets financial assistance depends on the type of aid (there are private or federal, need-based or merit based financial aid) but in general, here are the eligibility requirements for the FEDERAL student aid:
- you have financial need,
- you are a U.S. citizen or eligible noncitizen,
- you are enrolled in an eligible degree or certificate program at your college or career school, and more.
The infographic below summarizes what you need to know about the eligibility criteria for federal student aid programs.
Understanding the Federal Student Loan Program
February 19, 2013 By Leave a Comment
Education is a long term investment. It could give you the skills you need to pursue a career, which could mean more money and financial freedom in the future. But with college costs rising, you might be concerned with ‘how will I pay for college?’
Earning a degree doesn’t have to be tough. When you think you can’t afford college, student financial aid – designed to help students pay college expenses – is available. As a student, here are your options
- Merit Scholarships
- Federal grants
- Work-study program
- Student loan
Work-Study program allows students to earn financial funding while enrolled in school to help pay for education-related expenses. In order to apply, you must file a Free Application for Federal Student Aid (FAFSA) at http://www.fafsa.ed.gov.
Federal scholarship and grants are merit-based financial aid awarded by the federal government to those students who are recognized for outstanding academic or athletic achievements. Scholarships and grants are “free money” you won’t need to pay back. Your eligibility for Federal scholarship and grants will be determined by the results of your Free Application for Student Aid (FAFSA).
Federal Student Loans
When scholarships, grants and work-study aren’t sufficient to cover your education expenses, getting a student loan is your next option. Student loan, unlike scholarships and grants is money you borrow and must be paid back with interest. Student loan can come from the federal government or private loan organizations. For parents and student exploring options for college, it is advisable to consider federal loans first before investigating private loans.
Compared with other borrowing options, Federal student loans have lower interest rates and can offer more flexible repayment terms. With Federal student loans, you borrow directly from the federal government and in most cases, you won’t need a cosigner to get one.
Eligibility is determined by the result of your Free Application for Federal Student Aid (FAFSA). Keep in mind that you have to file a FAFSA at http://www.fafsa.ed.gov before each academic year to be considered for financial aid.
