According to a March 2012 study by the Federal Reserve Bank of New York, the average outstanding student loan balance per borrower is $23,300; a quarter of borrowers owe more than $28,000, and 0.45 percent of borrowers owe more than $200,000. If you continued on to medical, business, or law school, you are probably in the latter debt category with a six-figure student loan balance wondering how to tackle that monkey on your back. Students have a variety of options to choose from when deciding how to fund college expenses, but it is critical to understand the details and requirements of the loan taken out to pay for higher education. This article will describe the different types of student loans, explain the difference between subsidized and unsubsidized loans, and when to consolidate.Subsidized versus Unsubsidized
First, let’s compare subsidized versus unsubsidized loans. Whenever you borrow money, you owe interest on the outstanding balance of your loan; when interest on a student loan begins to accrue depends on whether it is subsidized or unsubsidized. If you have a subsidized loan, the interest does not begin to accrue until after you have graduated and begin to repay the loan; whereas if you have an unsubsidized loan, the interest begins to accrue the moment the loan funds are disbursed. This important difference explains why someone students graduate and notice that their student loan balance is much higher than they had anticipated. Assume you only borrowed $20,000 at 5 percent to fund the first year of your 4-year undergraduate degree; if that loan was subsidized, the loan balance would still be $20,000 when you graduate, and the interest will begin to accrue at 5 percent once your grace period ends and repayment begins. However, if your loan was unsubsidized, your loan would have accrued interest of $1,000 at the end of your first year of college. If you did not pay that $1,000, it would get added to your initial $20,000 balance (known as capitalized interest or negative amortization) and this process would continue until you began making payments on the loan. Below are the two loans compared side by side:Loan Balance (Subsidized versus Unsubsidized)
Year-End Subsidized Unsubsidized
Freshman $20,000 $20,000 x 1.05% = $21,000
Sophomore $20,000 $21,000 x 1.05% = $22,050
Junior $20,000 $22,050 x 1.05% = $23,152
Senior $20,000 $23,152 x 1.05% = $24,310 Balance Upon Graduation $20,000 $24,310Perkins
Perkins loans are subsidized and are for those students with exceptional financial need and can be used for both undergraduate and graduate degrees. Perkins loans are fixed at 5%, have a repayment period of up to 10 years, and amount is limited based on your undergraduate or graduate status.Direct Stafford
Stafford loans are also for undergraduate, graduate, and professional students, but they can be either subsidized or unsubsidized. Direct Subsidized Loans are for students with financial need, and as long as you are in school at least part-time, within your grace period, or on deferment, you are not charged interest. Direct Unsubsidized Loans do not require demonstration of financial need and are available to all students.PLUS Loans for Graduate and Professional Degree Students:
PLUS loans are for graduate and professional degree students and have a fixed interest rate of 7.9 percent. You must have a good credit history to be granted a PLUS loan, and you must have exhausted your eligibility for Direct Subsidized and Unsubsidized Stafford loans. PLUS Loans have a 4 percent fee charged on the loan amount, which is deducted from the loan proceeds. There are repayment plans that will allow you to amortize your loan between 10-25 years.How to Consolidate
Do you have several types of loans from various lenders from your undergraduate and graduate years? Are you paying multiple loans and at different interest rates? The Department of Education’s Direct Consolidation Loan may be just what you have been looking for. The Direct Consolidation Loan pays off all of your loans and gives you one loan with a single payment and a fixed interest rate. The interest rate is determined by taking the weighted average interest rate of all your loans capped at 8.25 percent. Additionally, if some of your loans are variable (can increase if interest rates rise), the Direct Consolidation loan will convert those to a fixed rate as well. Unfortunately, not all loans qualify for the Direct Consolidation Loan. For example, private loans and loans not guaranteed by the federal government are not eligible. You can learn more at http://loanconsolidation.ed.gov/
Managing Your Student Loans
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A Business Flyer’s Guide to Aircraft Financing
It’s nice to know that you have options with regards to flying a plane especially if you travel extensively. What is the best route for you to go financially? There are a great many aircraft financing options for you to choose from as well as criteria to consider with regards to obtaining the best aircraft financing rates. But first, let’s look at the various ways an aircraft finance loan can be helpful to you as a business person who flies, in general, a good deal of the time.Keeping Grounded
Even though you may fly quite a bit, you still want to feel grounded as far as meeting your deadlines and obligations. Many times commercial air travel can play havoc on the life of the business person who wants to keep to a schedule. Not only is there the factor of security to deal with, you are also challenged by traffic and crowds. In addition, flight plans can be delayed and canceled making it almost impractical to do business at times.
Therefore, considering an aircraft finance loan is a viable solution in contributing to your overall well-being when it comes to business and personal travel.Commercial Aircraft Financing versus Fractional Ownership
Dependent on your current financial circumstances, owning a commercial jet can be a boon with regards to how seamlessly and smooth your day-to-day dealings go. Owning your own commercial plane can present a large initial outlay financially. In addition, you also have to anticipate continuing costs with regards to storage, maintenance, fuel and staffing requirements. Nevertheless, if you like the privacy afforded by choosing such an option, you will not mind to elect to finance commercially.On the other hand, if you can’t allocate the time or resources in owning your own commercial craft, then fractional ownership can offer many advantages. The initial cost is less than owning your own jet because you own a share of the plane you choose to finance. Fractional ownership is a commercial aircraft financing option that affords the contributor the benefits of full ownership without the requirements imposed by trying to procure total financing.Experimental Aircraft Financing
For those flyers who want to delve into the experimental side of flying, experimental aircraft financing is available for anyone who need funds for this type of purpose. You do need to be FAA certified and if your loan is a kit-built experimental plane, you generally will generally need to meet the requirement of a more sizable down payment. An appraisal is a needed in certain instances depending on the type of craft you’re interested in buying and the size of the loan.Loan Packages
Several types of loan packages are available offering good aircraft financing rates depending of course on the type of plane you’re financing and its overall cost. Fixed aircraft finance loans are generally for 15 or 20 years. Nonetheless, you can obtain such loans for a shorter duration if you wish.Fixed and adjustable rate loans are normally offered for 3 or 5 year terms. Adjustments to the aircraft financing rates are therefore adjusted every 3 or 5 years. These types of loans are ideal for anyone who is purchasing a plane that is sound mechanically and the prevailing market rates are low at the time of financing.Index based loans work in much the same way as fixed and adjustable rate loan packages in that they are best secured when the market rate indices are low. This allows the borrower an opportunity to pay off the balance earlier and build equity in his aircraft.If your plane is in need of a major overhaul, then you stand to gain by opting for a fixed-rate loan. Typically, these types of loans can be obtained for terms of 15 or 20 years.Conclusively, you have a great opportunity afforded to you when you own an airplane. Take the above information in consideration. Use it to keep you on a steady course toward financial solvency.
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A Guide to Help You Pick the Best Air Purifier for Your Loved Ones
Holidays are around the corner. This is the time of year when people start purchasing gifts for their loved ones. If you are going to purchase an air purifier for someone you love, we have some helpful tips for you. If you want to purchase the best unit, you may be able to use this guide to your advantage. Read on to find out more.
1: Set Your Budget
Just like anything you purchase, make sure you have set your budget first. The price of the unit will vary based on a lot of factors, such as the capacity, filter type, features, and brand of the unit. If you don’t have a flexible budget, we suggest that you go for a product that is available to purchase for less than $300.
2: Consider the Needs of the Recipient
Your next move is to consider the needs of your recipient. If you are going to purchase this unit for everyday use, we suggest that you go for a unit that comes with a HEPA filter. On the other hand, if your loved one has a specific need, we suggest that you consider a specialized unit.
For example, if they are more prone to respiratory issues, such as allergies and infections, we suggest that you get a UV purifier for them. The devices are designed to neutralize viruses and bacteria.
3: Think About the Available Space
Another primary factor is to consider the available space in the office or house of the recipient. For example, if they need a general-purpose unit for a small apartment, you may want to consider a filterless unit.
On the other hand, if they have plenty of free space, you may consider a bigger unit that features a higher airflow rating. These units are powerful enough to cover a large face.
4: Consider Extra Features
Lastly, we suggest that you consider additional features that they will just love. For example, some units come with an indicator that turns on when the filter needs to be replaced. This will allow the user to change the filter so that the device continues to work properly.
So, you may want to consider these features before you place your order. These features may not be important to you, but your friend may just be over the moon.
Long story short, we suggest that you consider these four tips if you are going to purchase a gift for your loved one on these holidays. Since the air is full of pollution during winter days, nothing can make a better gift than an air purifier. Therefore, you should consider these tips before looking for an online or physical store to make your purchase decision.