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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.
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).
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.
Fast Facts About Student Loans
January 25, 2013 By Leave a Comment
Fast Facts About Student Loans
Now more than ever, student loans have become one of the biggest issues that Americans are facing. College cost are rising and outstanding student loans have grown to $1 trillion. And as if that is not worse enough, average graduate earnings of full-time employees aged 25-34 are falling, causing more student loan debtors to fall behind on their payments.
from the Business Insider article: GUNDLACH: These 4 Charts Show How Student Loans Have Become A Real Problem http://www.businessinsider.com/jeff-gundlachs-student-loan-charts-2012-12?op=1
If you are a student loan borrower yourself, read these fast facts on student loans from The Financial Services Roundtable. Be sure to visit their website to learn more about the student loan debt situation in the U.S.
- More Americans are attending college at a time when college is getting more expensive.
Many students borrow money to pay for a college degree.
- Student loans are now the largest form of consumer debt outside of home mortgages, eclipsing both auto loans and credit cards, according to the Federal Reserve Bank of New York.
- The vast majority of student loans are federal loans.
- Private student loans often supplement higher cost college of their choice.
- Private student loans have a significantly lower default rate than federal student loans.
- The federal government can recover defaulted student loans through administrative wage garnishment, offsetting federal tax refunds, and even part of Social Security checks.
- Seventy-two percent of college that they have paid off one-quarter Workforce Development.
- On average, Americans with a college degree are twice as likely to be employed as thenational average.
The Walking Debt [INFOGRAPHIC]
December 12, 2012 By 1 Comment
Waking up realizing you’re the only one alive and that you’re surrounded by fearsome Zombie horde – that’s exactly how you might feel waking up and realizing that you have an insane amount of debt. Debts- just like Walkers – are formidable and they will haunt you and devour you alive so it’s best to steer clear of them, or at least take control of them before they start to act nasty.
In a report, college students who graduated in 2011 had an average debt of $22,900 ($26,600 in a more recent report), and yet 79% of young people still believe that a college education is a valuable investment.
Check out the infographic below and learn more gruesome statistics about the rising student loan debt in the US.
Infographic brought to you by: Top Colleges Online
The New Deal for Student Loans
November 10, 2012 By Leave a Comment
How bad is the student debt situation in America? In 2011, student loan debt reached a record high, surpassing credit card and auto loan debt. According to data gathered by Nationwide Biweekly Administration, with an average student loan of nearly $27,000, it is evident that students and their parents can’t keep up with the rising college cost, and it is burdening the students and the overall economy, as well.
This infographic compiled by Online University takes a look at some grim statistics surrounding student loan and examines what the government is doing to curb student loans.
3 Simple Ways to Keep Your Student Loans Under Control | Nationwide Biweekly Administration
November 3, 2012 By Leave a Comment
Graduation day is supposed to be a happy one for college seniors, but for those who owed money to pay off their college education, this day can be dreadful. This could be the day when they would have to start repaying their student loan. Even more sadly, it is a burden that a lot of recent graduates will have to deal with.
Tuition costs and unemployment rate is rising, and so is student debt. According to a new report from CNN, two-thirds of college seniors who finished school last year has student loan, with an average student loan debt of $26,600- that’s about 5 percent higher from last year. With the unemployment rate reaching an all time high, Americans are increasingly falling behind on their debts.
If you are a graduating student with college debt waiting for you after you receive that well-deserved diploma, you may want to consider these tips when repaying your debts.
1. Keep track of your loan
Know the repayment status of your loan. Keep in touch with your lender so you will know when the payment is due. Keep in mind that even if you received no information from the lender regarding your payment schedule, you are still obliged to make payments on time. Take the responsibility of tracking your loan, and make sure to let your lender know your new contact information or address if you have moved. Be responsible and take your loan seriously.
2. Don’t miss payments to avoid interest from accruing
Try not to be one of the 33 percent of the borrowers who are late with their first payment on their loans. To make sure that your payment will arrive on time, mail the payment a week before the due date. You can also enroll in an auto-debit program, just always ensure that your bank account has sufficient funds to avoid missing payments. If in any case you can’t afford your monthly loan payment and have to skip a payment, call your lender beforehand so they can offer different options
3. Don’t ignore your student loans.
Whether or not you complete your education, you still have to repay your student loan with all its interests and fees. Borrowing is a responsibility, and ignoring the debt can get you into financial trouble. It can lead to a loan default and may result in unpleasant consequences. Interest will increase your loan balance making the loan more expensive than before, it will ruin your credit score, and will have a negative effect on your cosigner’s credit history as well.
Need help accelerating the payoff of your Student Loan? We can help! Nationwide Biweekly Administration has the only biweekly program that provides a 100% money back savings guarantee. For more information visit http://www.nbabiweekly.com today!
The Rise in Student Loan Debt – Will it be the Next Financial Crisis? | Nationwide Biweekly Administration
October 26, 2012 By Leave a Comment
Today’s current Student Loan Debt has risen over $850 billion, the average person owing $27,000-$34,000.
Image Source: PBS.org
College can be a very beneficial step taken in one’s life to achieve the dream job and life. However based on statistics, in 1992 there were 5.1 million unemployed college graduates in the U.S., and in 2008 there were 17 million unemployed college graduates in the US. Somehow everyone is going to be left with the obligation to repay this debt since there is little to no help, even if you file bankruptcy.
The rise in this debt over the last few years can be attributed to the unemployed adults returning to school to boost their skill sets in hopes of getting another job. You will have to repay these loans one way or another, making at least the minimum payment. There are many plans 0ut there available to help you pay back these loans in a timely and efficient manner. No doubt a plan like the ones offered by Nationwide Biweekly Administration could work within your current budget but also pay off your loan sooner and eliminates interest.
Biweekly Payment plans are available for student loans, and the plan works by taking your current monthly payment, cut it in half, and debits that amount every two weeks. Setting up this plan as an automatic debit can be matched up with your current pay schedule and permits no mistakes. Biweekly plans have been the focal point of many conversations on popular talk shows such as Oprah, CNN Money, and Wall Street Journal.
Call us at (800) 317-1756 to run a free analysis on your loan so we can see how the plan will be laid out and what options you have to accelerate the payoff of your Student Loan. You can also learn more by visiting InterestMinimizer.com.
