Repaying Student Loans with Community Service

November 6th, 2009

As the cost of a college education continues to rise, students are more and more reliant on student loans to pay for their schooling. Unfortunately, many graduate with thousands of dollars worth of debt that they realistically cannot repay. In response to this problem, and the growing need for good community servants, the government has offered a 10-year loan forgiveness program for those college graduates who use their careers to aid the general public.

For instance, a student’s loans can be forgiven after 10 years serving in a field of public service. These include education, the military, social work, public safety, and a variety of other fields outlined by the Department of Education. Once the 10 years have been served, the remaining portions of the student’s federal loans will be written off. Until the 10-year period has been served, however, the student will have to continue paying the debt. This only applies to loans taken out or consolidated through the federal Direct Loan Program, which means the money is coming directly from the government, not a bank or other lender.

There are some stipulations attached to this program. The most obvious is the fact that you will have to be working in a public service career for 10 years. If you switch careers or quit your job before the 10 years are up, you will not qualify for the loan forgiveness. Also, you must have made 120 monthly payments towards your loan before it will be forgiven. These must be monthly payments towards the Direct Loan Program, not any payments you made before consolidating your loans.

Additionally, the payments you make must be under a qualifying repayment plan. The catch for many students is that these required payments and the standard repayment plan often leave them with nothing left for the government to forgive. This is not a big deal, of course, because the debt is gone, but students may be frustrated at being stuck in a particular career in hopes of receiving a benefit, only to find that they get nothing when the 120 payments have been made. Only those students on the income-based or income-contingent repayment plans will likely still have money owed that the government can forgive.

If you are interested in helping society, live in a lower income bracket, and have a decent amount of student loan debt, this program could be helpful. Just do your homework first to make sure that you stand to benefit from the forgiveness after you are done serving your 10 year community service time. If so, the student loan forgiveness plan could be the answer to your student debt problem.

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Make an Entrance! First Impressions Seal the Deal

October 28th, 2009

You know that old saying about first impressions? They are almost always correct, and that holds especially true in a business situation. The way you present yourself at that very first interview will go a long way toward whether or not you get hired. Make sure your first impression is the one that sets you apart from everyone else and makes the employer remember you!

Here are a few tips for making that first impression a good one:

Be prepared. Know the workings of the company, who does what, and exactly what position you might be able to fill. Be prepared with intelligent questions to ask of your potential employer. The questions you ask about the job show that you have done your homework and you are serious about working there.

Show up on time. Being late for your very first interview is almost always a sure-fire way to NOT get hired. Arrive ten minutes early, and if you are going to be late, reschedule the appointment.

Your appearance matters. Wear clothing that is appropriate to the job. Keep suits conservative, and if you wear jewelry, keep it to a minimum. Know which colors look good on you and choose smart, neat shoes to match your outfit. Keep your hair neat, and if you have any tattoos on your body, make sure your clothing covers them completely. Go easy on the cologne or perfume, and if you wear makeup, keep it understated.

Shake hands and smile. When you greet someone, look them directly in the eye, say hello, and give a firm handshake that tells them you are happy to be there. Looking someone in the eye without fidgeting gives the impression that you are interested and ready to talk. This is a big bonus point for your potential employer!

Watch your body language. Don’t fidget in your seat, no matter how badly you want to do so. Don’t cross your arms, and don’t slouch. Keep an air of openness about you, and if you have an important point to make, lean forward slightly and lock eyes with your interviewer.

Don’t be a shrinking violet or a wallflower! You have the skills for this job – if you didn’t, you never would have been granted an interview in the first place. Don’t be afraid to toot your own horn. Mention your strengths and if your employer asks about your weaknesses (a rather popular question to see how well you can handle scrutiny), be sure to tell them how you compensate for those weaknesses. Being realistic about your goals and your accomplishments is a surefire way to earn respect.

Don’t get flustered – if you stumble over your words, smile, apologize, and start over. If you handle your nervousness with grace, your potential employer will be charmed rather than annoyed. After all, how you handle a stressful situation is one of the indicators of how well you will do at the company.

When you finish with the interview, thank your potential employer. Follow up with a thank-you note written on professional stationery. Even if you don’t get the job, your courtesy will be remembered – and that will serve you well if you interview with the same company at a later date.

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Tips on Landing That Elusive Interview

October 22nd, 2009

In today’s economy, landing a new job is harder than ever. Landing the high-paying job of your dreams is elusive, but it’s not out of reach! When you enter into the job hunt, keep the following tips in mind to ensure that your resume rises to the top of the pile:

If you have a job already, don’t ditch it. Keep your old job until a new one comes along, and then stay in your old employer’s good graces by giving an ample notice. Even if you are in a job that you don’t like, having a little bit of money coming in is better than having no money at all, and you don’t have to explain the gap in your work history to your potential new employer.

Use the internet as your guide. If you are searching for a job in a far-flung city, the internet is your friend! Before you turn in those resumes, search for pay rates for your job, and keep in mind that the rates may vary depending on the area in which you intend to work. The cost of living matters a great deal when you’re deciding how much salary to request.

Network every chance you get. Let the world know you are looking for a job, and don’t be afraid to showcase your skills. Follow up on every lead, and ask friends and family to keep an eye out for jobs that might fit your needs.

Take advantage of your college’s student careers office. They will probably have resources you can’t find anywhere else, and going through your school might give you an advantage over those who simply send out a cold resume.

Speaking of resumes, make sure yours is up to snuff. Have several people review it and take their suggestions to heart. Present it to your student careers office and ask for a heavy-handed edit. The more polished your resume looks, the better your chances of getting hired. While you’re at it, make sure your cover letter is smart, snappy and attractive.

Make sure you have multiple ways to be reached. Give your potential employer your email address, phone number, alternative phone number, and snail mail address. Keep your voice mail recording very professional, and make sure your email is professional as well.

Stay positive! No matter how desolate the job landscape seems to be, try to be upbeat when talking to potential employers. Your enthusiasm will shine through, but a depression-laced diatribe about the difficulties of finding a job will definitely lessen your chances. Employers like to surround themselves with positive and upbeat employees, so make sure you are one!

These are just a few tips to put you on the road to successful interviews! Next time we’ll talk about what to do when that call does come – first impressions do matter!

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No Major Yet? No Problem!

October 13th, 2009

One of the big myths about college is the idea that you have to have a major in mind as soon as you set foot on campus. Sure, it’s a good idea to know what you want to do with your life, but who knows for sure until they have had some time to test out the waters? College is a chance to dip your waters into the different pools and decide which one feels best for you.

There are plenty of ways to decide what your major will be, but there’s no rush to get there. Many colleges don’t require you to declare a major until well into your studies, so now is the time to start asking questions – both of yourself and those who have traveled this road before you.

Take your advisor into your confidence. Tell them you are undecided and ask for guidance. They will be able to direct you to aptitude tests, certain classes that reflect what your potential major, and potential jobs you might be able to score after you have that degree. They have seen countless students go from undecided to absolutely certain – and if they helped them, they can help you, too.

Visit your college career center and speak to the counselors about what you might like to do with your life after college. What inspires you? What interests you? What fulfills your passion and keeps your attention? Those are all questions you need to ask yourself, and then ask your college career center to help you find jobs that fit that description.

Talk to your classmates, especially those who have already declared. What did they choose and why? What do they plan to do with the degree? Is it a highly specialized one, or a degree that gives them some wiggle room in a fickle job market? What pointers can they give you in choosing your own major?

As you go through these steps, remember to take your time. You don’t have to declare right away, and you certainly shouldn’t panic about it! Your choice should be one that reflects your talents, interests and hopes for the future, not just the first major that happens to look good on paper.

You are choosing something that will serve you well for the rest of your life, so you owe it to yourself to take your time and choose wisely.

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Is the “Gap Year” Your Ticket to Success?

October 7th, 2009

The “gap year” – that year between high school and college, or between college and graduate school – used to make parents cringe. It was widely believed that a gap year was irresponsible, and that during that time a student might decide they liked being out of school so much, they would never go back.

Today, the gap year is seen quite differently. In fact, many colleges now encourage the gap year as a way to save money, see the world, or decide on what you truly want to do with your career path. What you choose to do during your gap year can look very good on your college entrance essays, and when employers look at your history, they might be impressed, too.

Here are a few wonderful options to consider for your gap year:

Volunteering. There are places all over the world – or perhaps just down the street – that need your help. Volunteering at the scene of natural disasters, offering your services to those less fortunate, or traveling around the world to help those who live in a very different way than you do is a great way to spend your time away from school.

Traveling. Many students take the opportunity to see the world during that year between obligations. If you’ve always wanted to see Australia or backpack through the Alps, now is the time to do it! There are special programs that cater to the gap year students, and they offer great discounts – as well as the opportunity to meet exciting new people.

Get a Jump-Start on Your Career. Do you want to learn more about your career before you dive in with a college degree? Work as an intern for a year. You can learn valuable skills and decide if this job is really what you want to do for the rest of your life. The extra year of work will look very good to employers if you do decide to go forward with that particular career and degree.

Save Money. The gap year will allow you time to save money for college – something that might come in handy if you don’t qualify for much financial aid or have fallen through the scholarship cracks. Holding down a full-time job will give you a good paycheck, with the goal of saving as much as you can.

Fulfill a Dream. Have you ever wanted to write a book? Have you wanted to learn how to paint? Do you want to travel around the world with a rock band? Now is the time to do it. Your gap year might be the only time in your life when you don’t have major obligations to family or children. It might be the only time in your life when you don’t have to deal with a mortgage or a career track. If you have a wild dream to fulfill, your gap year just might be the time to do it.

Make your gap year count. Whatever you do during that time, keep in mind that you will be going back to school, and your gap year experiences can help you in that endeavor.

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Tips for Getting that Scholarship!

October 1st, 2009

Scholarships are a great way to pay for college, but getting one can seem like a daunting task. The competition for the best scholarships can be intense! How can you make sure your application stands out from the rest?

Make sure you do your own scholarship hunting. Companies or organizations that promise to find scholarships for you are usually not legitimate – if they charge a fee for their services, that’s a big red flag. Doing the research on your own will keep the scammers away.

Start early! The best scholarships are awarded well in advance of the semester, so starting a year before you need one – or even earlier – will improve your chances of rising to the top of the pile.

Apply for more than one scholarship. The old saying “don’t put all your eggs in one basket” is certainly true here! The more you apply for, the better your chances of getting one. Don’t discount smaller scholarships, either – every dollar in scholarship money goes toward making your college experience that much better.

Look for companies that offer scholarships to their employees or relatives of their employees. If you are working at one of these companies or you have a family member who does, you might have just found the perfect scholarship opportunity.

Be very careful about your scholarship application. You are asking someone to pay for part or all of your college tuition, so make it clear that they will be making a good investment with you. Proper grammer, correct spelling and answering each question fully – and in the proper format – will go a long way toward impressing those who will be making the final decision.

Keep your grades up! Having the best grades will show the decision-makers that you are ready and able to handle the pressures of college life. Make sure your grade point average stays as high as possible, and when you do file for that scholarship, don’t be afraid to toot your own horn in regards to those grades. You’ve worked hard for them, so point them out!

Take the hunt for a scholarship very seriously. You have big plans for college and big dreams for that degree. Any scholarship, big or small, is another gateway toward making those dreams a reality.

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Unique Jobs That Pay for College!

September 28th, 2009

With the rising cost of tuition and college necessities, chances are you need some extra cash. Getting creative about paying for college is a sure way to make sure you have the money you need, and to have a lot of fun while you earn it!

There are many ways to pay for your college tuition. Think outside the box and find unique ways that are right for you. Here are a few ideas to get you started:

Coach a high school sport. Working at your local high school on afternoons and weekends will not only give you great leadership skills, but it will also give you a paycheck. If you’re going into pre-med, sports medicine or physical therapy, working with a high school sports team is a great way to get real-world experience that benefits your major.

Work as a resident advisor. Known affectionately as an “RA,” a resident advisor is the person in the college dorm that is always there to help others. They are the ones who make sure the dorm rules are followed, help those on the floor with any problems they might have, and keep a close relationship with campus security in order to prevent any problems. RAs are friends, counselors, guides, helpers and sometimes, disciplinarians. RAs also get a nice paycheck that goes toward their tuition, and sometimes they get their room and board for free.

Donate plasma or participate in medical trials. Donating plasma can raise quite a bit of money and help others in need at the same time. If you have a medical condition that warrants participation in medical trials, not only do you receive cutting-edge medications, you also get paid to try them out. This is an option you need to clear with your doctor, but if your medical team says it’s alright, you might be able to pay for some of your college expenses with those checks.

Start an eBay business. Scour thrift stores, yard sales and Goodwill for items you can sell. The old saying “one person’s trash is another man’s treasure” is especially true on eBay! Find items to sell and offer to sell your friends’ items for a small fee. It might take some time to build up a good business, but soon you can be making enough money to afford that tuition.

What other options can you think of that will help pay for college?

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Little Know Ways To Choosing The Right Degree

September 22nd, 2009

Perhaps you have known from the time you were a small child exactly what it is that you are supposed to do as a career—in which case you know exactly what you should choose for a college major. If, however, you are like most university students, are you are not entirely sure what you should focus on as an area of study. Figuring out what to major in is actually a fun and interesting aspect of college, and there are many steps you can take to help you make up your mind.

One of the easiest moves you can make to help you decide what to choose as a college major is to take as many elective courses as you can as general electives. If you have never before taken an Anthropology course, or you are not entirely sure what Statistics is, then take an entry level course in those departments and find out. Sometimes all it takes to find your “calling” is to step out of your comfort zone and be introduced to new ideas. You may already know that you have an interest in English, but you may discover that your interests really lie more towards Linguistics; or, once you take an entry level Astronomy course, you may fall in love with Physics and declare that as your major. Whatever your interest, taking a course in an entirely foreign department may be just what you need to help you decide on a degree plan.

Another way to help you decide what degree to purse is to visit your college’s career center and ask to take a career aptitude test. These simple and fun tests are very interactive, and the results may surprise you when they come back. Aptitude tests give you an idea of which careers best suit your interests and abilities, which can help you to choose a degree plan in order to pursue a particular career. Most college career centers welcome the opportunity to help guide students towards careers that will fulfill them, so visiting your university’s center is a great step to help you decide on a college major.

Keep in mind that no matter which degree you decide to pursue, you are not “stuck” in that career path for your entire lifetime. Many professionals have taken career tracks that are only loosely tied to their college majors, and have found great success. The important quality that hiring companies are looking for in college graduates is the determination and work ethic it takes to complete college; and these qualities are found in graduates of any and all degree plans.

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A Student Loan Primer for College Students

September 18th, 2009

Choosing a student loan can be confusing. This short primer might help you in choosing which student loan best fits your needs and budget.

The Federal Student Loans are the best ones to get. They can be rewarded regardless of credit score or financial situation, and there is a grace period after graduation during which you don’t have to pay back the loan and in some cases, the interest is deferred as well. Depending on your line of work after college, some or all of the loan might be forgiven.

Federal Stafford Loan. No payments are required on this loan as long as you are in school at least part-time, and you don’t have to begin paying it back immediately after school. When repayments do start, there are flexible solutions that fit in with your lifestyle and help ensure the loan is paid without undue burdens on you or your family. The loan is on a fixed rate and much of it can be subsidized.

Federal Perkins Loan. These loans are meant for those who have unusual financial circumstances or an exceptional hardship when it comes to paying for college. These loans assess no fees and have a much longer grace period than the Stafford loans. They also require that you keep your grades in good standing during the duration of the loan.

Private Loans. Private loans are offered by banks and other financial institutions and should only be considered after other loans and grants have been exhausted. Private loans have various interest rates and fees, and some of them require repayment to begin immediately.

Subsidized Vs. Unsubsidized. If you have a subsidized loan, that means the US government is paying your interest during the time you are in school. That amount does not accrue on your statements, and you do not have to pay it back. Start with a subsidized loan first, and then if you must supplement with unsubsidized loans, you will see interest accrue on the unsubsidized money – but you will still have a grace period with either kind of loan, which means you don’t have to worry about paying it back during your college years.

Keep in mind that school grants and scholarships are always the first line of financial aid. Only after those avenues have been exhausted should you look into a student loan. Once you do, however, Stafford loans are always the best way to go.

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How To Get A Perkins Loan

September 14th, 2009

The Perkins Loan program is designed to provide educational funding at excellent interest rates (usually the interest rate is 5% or less). Students who have “exceptional” financial needs for college funding may qualify for a Perkins Federal Loan. These loans are reserved for students whose families have the greatest demonstrated financial needs as determined by their Federal Application for Federal Student Aid (FAFSA). Therefore, it is highly important for students to complete the FAFSA as soon as absolutely possible in order to be considered for a Perkins Loan.

A Perkins Loan is very similar to a Stafford subsidized loan; as it also does not accrue interest as long as the student is enrolled at least half-time in an accredited university or college. However, there are some additional benefits of a Perkins Loan. The most important differences between a Perkins and a Stafford Loan is that a Perkins Loan has no administrative fees associated with applying for or receiving your loan, as well as a longer grace period. A longer grace period before repayment means that graduates may have additional months to secure professional employment before the payments for the loan become due.

Requirements:

  • In order to be eligible for a Perkins Loan, students must meet the following criteria:
  • Must be a United States Citizen or Permanent Resident, or be eligible for non-resident status aid
  • Must be at least a half-time student
  • Must make satisfactory academic progress
  • Must satisfy Selective Service requirements
  • Must not be in default or owe overpayments on any other Title IV loans

Accredited schools will receive a set amount of funding for Perkins Loans, and the school will then divide up the Perkins Loans funds as they deem appropriate, according to the current needs of their students. Once the loans have been distributed, they can not be replenished until the following academic year. Therefore, it is vital that eligible students complete their FAFSA along with any other financial aid forms required by their particular university in order to receive as much aid as possible.

Once you have been approved for a Perkins Loan, you will receive your money in at least two installments throughout the school year. Your university or college may either issue you a check for the amount of the installments, or they may apply the funds to your university account to cover your academic expenses.

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