If you need a loan for college, there is no question that federal loans are the way to go. The interest rates are low and fixed, fees are small and the government pays the interest for students while they are still in school and sometimes even after graduation if they become unemployed or face other economic hardships. Federal student loans are offered to all students, regardless of background, class or credit history. So it was a surprise to find out that some community college students cannot get any form of federal loans. Instead they are forced to go with more expensive private loans or find other alternatives to pay for their education.

While almost all four-year colleges and universities in the country participate in the federal loan program, a large number of community colleges do not. The students who attend these community college cannot get a federal student loan. As a result they are forced to resort to credit cards and costly private loans to fill the gaps in their finances.

So what’s the reason for not supporting federal loans? As summed up in an issue brief from The Project on Student Debt, colleges sometimes think that students should not borrow for a community college education to prevent student debt from ballooning for individuals. As the brief also points out, this is not realistic when students must still cope with the ever-growing costs of tuition and other costs. Even a bigger slap in the face is when colleges try to guide students to other, riskier borrowing options like private student loans. Read more…

Photo by Alec Peden.

If you are curious about your credit report like I was, you’re probably thinking about your options for finding out about it. Apart from a major purchase like a house or car, there aren’t many opportunities to just look it up. Enter sites like AnnualCreditReport.com, Credit.com and FreeCreditReport.com. If you search for “free credit report” on Google, about 23 million results pop up. Everyone wants to give you your report… the trick is, you just have to ask.

To give you some back info into how obtaining credit works: everyone’s credit history is tracked and rated by three national credit reporting companies; Experian, Equifax and TransUnion (sounds like a railroad company right?). A law signed in 2003 called the Fair and Accurate Credit Transactions Act (FACT Act) allows consumers to get one free comprehensive disclosure of all credit history from each of the three national credit reporting companies once every year. AnnualCreditReport.com is the central source by which you can get your free report.

Five minutes of filling out a couple forms will get you access to your credit reports from the three credit reporting companies, but AnnualCreditReport.com does not give out your credit score (that 3-digit magical number), just the reports. Once you’re in, it’s a good idea to print these reports to study for mistakes or just to save for your records. Read more…

In my constant quest to provide the best news, resources and financial management tips here on Helpmepaymyloans.com, I occasionally stumble upon quotes about money or finance. Some are funny and enlightening, others inspirational and motivational and most times they are all-to-true. Here are a few of my favorites. Hope you enjoy.

A penny saved is a penny earned. - Benjamin Franklin

Empty pockets never held anyone back. Only empty heads and empty hearts can do that. - Norman Vincent Peale Read more…

Becoming a co-signer on a student loan for a friend or family member can be a very charitable gesture. But co-signing a student loan for someone is more than just giving your signature. You are putting your financial history on the line for that person. Before you sign your name on that line, there are a few things you should know about being a co-signer.
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Its almost that time of year again. Tax season is upon us and for many new graduates it will be the first time they need to file their income tax. But for those graduates who have student loans, there is a bright spot. The interest paid toward those loans are deductible. Read more…

Giving a college student advice about money may be like talking to a brick wall but in the long run it will be well worth the effort if that financial advice is followed. The following advice and tips are useful for everyone, especially college students. Some of the following are common sense but others you may not have thought of. Read more…

I’d like to thank Laura Moran from TheStreet.com for writing about this site in her recent article How to Get Someone Else to Pay Your Student Loans. The article takes a look at the alternatives other people have thought of to pay off their student loans.

One of those chronicled in her article is Luke Livingston. Upon graduating college, Livingston thought of an interesting way to pay off his student loans. He started a website called sponsormyloans.com, where he offers to provide advertising and ad space on his website to anyone willing to pay $200 each month. He is hopeful that more businesses will advertise, thus sponsoring his student loan payment for the month. Read more…

You may have thought it was impossible to have your student loans forgiven or canceled, but there are a couple ways to lighten that load of debt, especially if you have chosen the right career. While it is still true that filing for bankruptcy will do nothing in the way of making a student loan disappear, it is possible to shrink them by way of trading your time in a variety of different ways.
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