Loan

Could scholarship money be used to pay off student loans?

Hypothetically, let's say that I had to take out 10,000 dollars in student loans my freshman year of college. After the allow had already been taken out, I won additional scholarship money.


If the lend was not already reduced by the amount of the scholarship and you have a refund, that's a good use of the money. Paying down a student loan prior to the end of the grace period on federal loans does NOT put them into repayment.


You might be deficient in to talk to the lender about cutting the amount of the loan. Generally, starting to pay on a loan would put it into a repayment position and I would imagine you don't want that while you're still in school.

Are there ways to hold off on paying back student loans?

I've always dreamed of traveling the universe after college and before I get tied down with a career and family. I've been saving up money, and slowly preparing for my trip but last ceaselessly, it occured to me that i'll need to start repaying my student


You ask for a courtesy or forbearance. Most student loans are deferred till 6 months after graduation anyway, and if you haven't found a job by then, you just call up the owner of your advance and request an extension. Forbearance is sort of the same,


I had a cousin who was peremptory that if you just kept going to school you would never have to pay them off.....it doesn't work that way.

Paying off Student Loans

There are ways to get a spare if you need it

Ongoing investments pay off for Oxford family

When David and Linda Jet-black started their family just over two decades ago, they set their sights on a financial goal.

"Our ideal was not to have them (have to) take out any student loans," David Black said.

The Oxford couple has two children -- Tyson, 23, and Rachel, 21 -- and both trade in public education. David teaches health and physical education, along with coaching football, at Benton Primary High School, and Linda is an aide at Prairie Crossing Elementary Ready.

They're not millionaires, but the Blacks wanted to help support their son and daughter in college or any other assign-secondary training program they chose to pursue after high school.

So curtly after the children were born, David Black gathered whatever extra money they could muster at the heyday and put it into an aggressive mutual fund account. They added money to the account each month through robot deposits, and Black said it was helpful to have that routine in place.

"You get used to it and you're never tempted to halt this month and use it for this or that," he said. "We knew eventually something was going to come out of our pockets. This was reasonable a way to do a little bit over a long period of time."

The ongoing investments paid off, and in new years the Blacks were able to pay for Tyson to earn two associates degrees in the computer sward from Ivy Tech Community College and for Rachel's nursing program at Indiana Declare University, where she's still in school.

Black said the investments they made early on helped appendix the family in various ways over the years; it wasn't all earmarked for college costs. And he also pushed his children to conserve for school on their own.

"Even though the investments did very well and took care of a substantial part of it, we still had to get other money from elsewhere because college costs grew faster than (the investments) did toward the end," he said.

Frugality over the years took discipline, but Black is happy they could help their children get through college without compelling out any student loans. He recalls working with one student teacher in recent years who was graduating college with $50,000 in loans.

"That's what we wanted to try to slow," he said. "I wanted them to focus on school and not worry about where the money was coming from. I know a lot of kids who dropped out of college, and the biggest middleman was lack of funding."

His advice to other parents wanting to save for their children's college expenses is unpretentious:

"Start as soon as you can. Because before you know it, it will be upon you.

Photo: Contributed - (Photo: Flickr user, 59937401@N07

It seems as though most folks these days are dealing with alike resemble situations. Our fixed costs are ever increasing and our incomes are stagnant or decreasing. Have you set up a monthly budget? Are you posted of what’s coming in and what’s going out? Do you have a plan? Are you sticking to your Debt Fare? Now of course, inflation is inevitable, but it feels more strenuous to most during hard economic times. So here are some tips on how to de-escalation our spending and not even notice!

The Analysis: If you just don’t know where to start, go back to January 1st on your bank communication and find a template online or create one yourself. What cash flowed in and where did it flow out? First start with listing your sources of proceeds, housing costs, phone and utilities, vehicles and insurances; you get the drift. What did you splash out on groceries? What did you spend on entertainment and eating out? What did you spend on clothing, gifts and spirits? Now, what is your short term goal(s)? Paying off a student loan? Saving for a trip? Paying off a credit calling-card? Where are you going to cut back on your spending? Not eliminate, “budgeting” is not about deprivation. All we are doing is redirecting our takings to achieve our goals!

Around the house: Think energy savings! Turn off the lights, fans, computers, TVs etc. when not in use. Unplug devices (outstandingly chargers) that you’re not currently using, even if an item is plugged in it is still drawing more vigour than you would think. Be sure windows are locked all year round and consider turning down the open-handedly heater and thermostats. I know very well this is not rocket science but if you are consistent you will save money! Don’t overlook to adjust the heat or air conditioning before you leave the house for the day or before bed! Also consider the amount of laundry that goes into the dryer, is it an election for you to hang dry more items? Other items to consider are: buying EnergySaver light bulbs; fix a dripping faucet; abbreviate your shower time; use a microwave or toaster oven instead of the oven when workable. If you have an older home check out Fortis BC’s LiveSmart program for force saving incentives. Live greener and save!

Buying Groceries: Coupon clipping is unexcitable right!? Heck, even if it isn’t who REALLY cares! I get some amazing deals really by taking a few minutes to look through the flyers and comparing prices before I shop. Previous to heading out to the grocery store make sure you’ve had something to eat, this will hopefully put a stop to you from spending too much time in the potato chip aisle. Buy bulk only when you know in the poop indeed that bulk items will get used. If you’re a single person do you really requirement a flat of creamed corn just because it’s such a good deal? Leave alone the impulse buys and stick to the list! Last but not least, use your points cards to accumulate rewards like change discounts, free food or redeem for items that you need or want to give as gifts. I disposition my “save-on-more” card!

Separating our Needs from our Wants: Over-spending gives you prepared gratification but can end up leaving you feeling overwhelmed and hopeless. “Keeping up with the Jones’ ” is so obsolescenté.  In today’s world it is about being smart with your money and watching it go further for you!

If you are ambiance overwhelmed by your finances seek advice. There are non-profit credit counseling agencies convenient money and willing to help! If you aren’t exactly drowning in debt but demand assistance streamlining your finances, money coaches are available. For a nominal fee they can assist you in the setup and continuance of your finances so that you are confident in your spending. Until next time…Happy Saving!

January, it’s the in days of yore of year for fresh starts. I always feel hopeful in January even though the Christmas buck up has come and gone for yet another year. It’s the time of year where we can look back with appreciation at all the things we achieved during the previous year and look ahead and plan for the things we would like to achieve. One of my favourite quotes is, “Goals allow you to control the direction of variation in your favor” by Brian Tracy.

This January while we will be focused on reducing our waistlines of class, many folks will also be focused on reducing their debts too. So in the spirit of January let’s go over some other ways to reduce our everyday spending and eliminate our bad debts. First of all,  always, always pay off higher interest in the red first but remember to make your minimum payments on the other debts so not to negatively affect your tribute score.

I know that Christmas is over and a new year has begun but I want to mention a few things you can use when planning for next Christmas. Rewards points…if you are in a place where you pay off your credit cards every month, make sure you have a card that rewards you. I let my rewards oppress up all year round and then when next Christmas arrives I redeem my points for gifts and prize cards! It takes the sting out of the Christmas spending ding!

Also, keep an eye out all year globate for sales on stuff your loved ones will adore. This keeps the family and friends gleeful and keeps you in line with your budget. One more thing, when you are out shopping, check your bills. Since I’ve started doing this over the heretofore year I have found several mistakes on bills that had to be reimbursed. Make sure you review your bank and solvency card statements every time they roll in. Between glitches in computer software, human erroneously and fraud, stuff happens and no one else is going to look after your financials.

Looking onwards, we should be looking at our monthly and yearly budget. Budgeting 101 would require us to take our monthly net revenues (after tax deduction income) and deduct all of our fixed payments like our rent/mortgage, utilities, car payment, insurances etc. We then will look at the equal and budget for our groceries, entertainment, clothing etc. You can find excellent budgeting templates online or prove to be your own. Doing a budget will require you to look back at your previous year and see where you spent your close earned dough! It’s amazing to find the little things that you can cut out without even feeling it!

When it comes to our mediocre spending we need to realize that the regular stop for coffee or lunch on a continuously basis is adding up to a whole lot! Think about it, if you were to spend $5-$10 per day for 4-5 days a week on eating out, in a year that could be put toward that student accommodation that’s been lingering or pay for that holiday you’ve dreamed about but just can’t manage! I don’t want to say stop eating out all together because for most people that just isn’t down-to-earth, but do consider packing a lunch at least half the week and you will save. A healthy budget includes area for eating out and entertainment. When you do stop for a lunch or a cup of coffee consider buying neighbouring. When we buy local we are directly supporting our local economy and we all win!

It’s the perfect nevertheless of year to review. Review your bank accounts, review your insurance. Cavalcade the previous year’s spending to see where you can cut back. Maybe it’s beneficial for you to cut back on your TV course plan, phone plan or change the plans on your bank account so you aren’t paying so many fees. What can you do to demote your spending and have a clearer understanding of your money?

I have met so many people who simple get overwhelmed and give up when it comes to familiar finances.  It doesn’t have to be that way. Educate yourself so that you can make the right spending decisions and show others how to do the same.

You are managerial for your financial well being and if you need advice, seek it! Life is so much better without the stresses of not being competent to make ends meet. So here’s to making 2012 a financially nourishing year - start with baby steps and you will end up with wonderful results!

Have you ever read the elfin print on your credit card statement? NOW is the time to start.

Sadly, most Canadians have short or no savings and consumer debt is at an all time high. This is where financial literacy comes in.  Now, more than ever, Canadians essential the 411 on how to be more financially savvy to meet and achieve their short and long phrase goals.

The idea is to organize your money so that you can get out of debt, save for emergencies and budget for the things you insufficiency in life. If your debt is keeping you awake at night and making you ill, you are not alone, this is a very real spread and we need to bring our financial affairs to the forefront so that we can be healthy in every way.

This week we will talk about ascribe cards. Ask yourself the following questions and if you don’t know the answers finding them out is the first escalate.

That interest your paying is probably adding up to bundles of cash without you hardly noticing! How many credit cards do you have? What is the interest compute on your credit cards? How is the interest rate accumulated? The next time you get your credit card annunciation, read it carefully and start putting your financial muscles to work. Our end should be to pay off the total amount owing on our credit card every month. If we cannot do this we need to make changes and cut our spending.

After all, that interest that’s accumulating regularly on a daily basis could go toward towards that vacation, a new vehicle purchase or whatever you are “planning” for.

Here are some facts for you:

If you pay off your acclaim card completely by the due date on your invoice,

money for paying off student loans - Bookshelf


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Who?s Killing All the Parents, Kids Ask?

Joseph is 26 years old and lives in Windhoek, Namibia. At the age of 21, he has unexpectedly become the father and mother of his 4 young brothers and 2 sisters, when his most loving mother, Hileni, a school teacher and city councilwoman, the only provider of the family, unexpectedly died from the HIV disease.

Their father, Samuels had died a year before. The youngest child at the time was just less than 4 years old. Fortunately, when Hileni passed away, Joseph has already graduated from high school, and he was planning on going to college, but he could never go, as he had to find a job to support his young brothers and sisters.

Joseph has a brother, Fritz, who is 23 years old and is defying the gravity of their hardship by going to college. He wants to go to Santa Monica College in Santa Monica, California, and then transfer to UCLA to complete his degree education, so he can one day find a good paying job to help his brothers and sisters.

And by the time Fritz completes his degree education, Joseph would be in his 30s, but Joseph also plans on going to college as soon as Fritz finishes and gets a job to help take over the family load. However for Fritz to find the money he needs to pay for his tuition and fees at SMC is another dream that needs to come true for him, which is almost impossible, his mother and father have died and they have no relatives who can afford to send them to college. With stringent bureaucracy, who and how can anyone even ask the government to help fund their education?

In Columbus, Ohio, Timothy is 20 years old and a second year student at the Ohio State University majoring in Computer Science Engineering. His mother was gunned down in a drug related accident when Timothy was just three years old. His father has had unfortunately fallen a victim of drugs and alcohol since Timothy was little, so he has never been in any place to help raise Timothy and his young brother.

Luckily, Timothy has an aunt who helped raise him and his young brother. And at the age of 14, Timothy was forced to find a job in Richmond, Virginia, at a local McDonald’s restaurant, but because he was just too young to work, he had to lie on his job application that he was in fact 16 years old. He had to work in order to support himself and his young brother.

Timothy calls himself the ‘definition’, the definition of overcoming hardship, struggle, and growing up without any proper supervision and parental love. His favorite word is ‘focus’.

Whenever you talk to Timothy, you would hear that word ‘focus’ lamenting in his tone more than a dozen times. It’s his vocabulary and his reminder to staying focus on what he has always wanted to do, reaching his goal and realizing his potential. He has already defied that by finishing high school no matter what he had faced in his early years of life and by enrolling in college to achieving his dream.

Timothy works more hours each week, more than the hours he needs to study. He has to work in order to pay for his rent and housing expenses, for him and his young brother. However, he’s at least fortunate that he has financial aid and student loans from the U. S. Department of Education to pay for his tuition and fees at the Ohio State University.

Zanelle is a 16 years old from Soweto, South Africa. She has three sisters and one brother. Her father died of AIDS when she was just 12 years old and her mother died of the same disease when she was 14 years old. At 16, Zanelle is the mother and father, provider and bread-winner of her siblings. She dropped out of school in order to work as a brick layer in order to earn money to help and support her brother and sisters.

Her relatives, aunts and uncles have also died of AIDS and the few remaining relatives are also HIV positive. Her 79 years old grandmother is the only one left to help out at home, but what can she really do at her age, except to look after the kids when Zanelle goes to work?

In the rural areas of India, there’s a place well known as Destiny Village (http://www. destinyvillage. org), with children, mostly orphanage, some of whom were abandoned by their families. This same Destiny Village has also been setup in Haiti to help house the same type of children. These two houses have been generously setup and sponsored by members of The Potter’s House Church of God (http://www. pottershouse. org) in Columbus, Ohio, under the leadership of the anointed, Pastor Tim Oldfield.

Some or all of the children in the Destiny Village housing projects, if it was not for the Potter’s House initiatives to help them by providing them with adequate housing, food, and education, God only knows where these kids would be today, most of them would probably be dead, or staying homeless as they once were prior to the Potter’s House initiatives to help them.

In the rural areas of Lundazi in Zambia, Mathias Zimba, director of Rising Fountain Development Program (http://www. risingfountains. org) is trying his utmost best to help families; grandparents, children and HIV positive victims in the whole rural area of Lundazi to have access to medical facilities and education.

Lundazi is one of the largest Districts in the Eastern part of Zambia, with a total population of 296,560, of which the majority live in the Lundazi rural area, while only a small part of the population lives in the city district.

Most of the population of the Lundazi area is HIV positive for those who are still living, while the majority of the parents have died of HIV and only the grandparents are left to raise and look after the orphanage kids.

When only the grandparents, most of them are in their late 70s and 80s, they cannot really provide the children with the care they need and cannot also help them with their educational work, as what normal parents would do. Because most of the grandparents were born during the colonialism and did not have opportunity to get an education. Thus now, the cycle of illiteracy continuous to repeat itself.

“There are a number of policies that have been put in place and slowly being implemented by the Zambian government, though the challenge is that, most of these policies are really only effective in urban areas and trickle at a snail rate into rural areas” said Zimba.

Among some of the notable policies in place by the Zambian government include:

Education Policy – free education for all at Basic Education. However the challenge is that despite being a policy, school authorities still charge a fee ‘user fee’ for students to pay.

“This money is used for operational costs for the school to cover the deficit they have from their lean budgets. Now, in rural areas, where on earth can a family with almost no income meet these costs? The end solution is that in rural areas, some children, particularly girls are left out from school and are forced into early marriages and so forth” said Mr. Zimba.

Healthcare Policy – free HIV/AIDS drugs to people infected with the disease. Zimba said that this is a wonderful policy to allow people who are HIV positive to have access to life saving drugs.

“The challenge is that most of the rural area clinics are centralized near the urban areas and sick people need to walk by foot almost 120 km (about 75 miles) to access the help they desperately need. There is no reliable transportation, despite the community efforts to put up good feeder roads and in the end; people are just dying in the rural areas” said Mr. Zimba.

“What are the consequences? HIV is increasingly being spread throughout the country and grandmothers are now taking over, looking after their grandchildren as due to the death of their own children” Said Zimba.

Agricultural Policy – a good policy has been put in place relating to marketing of farm produce to allow local farmers to sell their produce through a liberalized system in order to earn a few monies to support their families.

“The challenge is that despite all of these wonderful policies for Agriculture, in rural areas, we are only seeing a few “unscrupulous” traders who come and rip off poor farmers and buy their produce at extremely low prices” states Zimba.

“Our main goal really is to help children and women in these areas of Zambia to have a future and fulfill their dreams. But to do that, we need advocacy on our work so that people who have power and resources can help us meet our objectives. We need to help children to have food on the table, medical, clothes and most importantly, a good health system” cries Zimba.

One of the projects that are currently helping and working with the Rising Fountain Development Program is The Pencil Project (http://www. thepencilproject. com) led by Maria Vick and is based in South Carolina, USA.

“I lived in Swaziland as a child and was able to witness poverty firsthand. As you know, a trip to Africa will change anyone forever. I was always struck by the joy and gratefulness that I found in the African people despite the fact that so many had so little” states Mrs. Vick.

“As I’ve matured, now at 36 years of age, I have come to believe that education is the only real way out of poverty and that all the world’s children should have access to the tools they need. A pack of one dozen pencils, something that people in well developed countries take for granted, could help 12 children” states Mrs. Vick.

“In just a short time, my project has gotten a pencil into the hands of over 10,000 needy children. The pencil, though a simple thing, symbolizes education and the promise that I would like every child to feel” Says Maria Vick.

Mrs. Vick says that she acts as a ‘matchmaker’ between a donor school and a needy school. People come to her website who are looking for an easy way to help children in need. The donor school will collect pencils and then ship them to the needy school that she has found for them. And that’s how her organization started working with Mathias Zimba and the Rising Fountain Development Program.

“I believe that Mathias first contacted me, I can’t remember, and we sent an initial shipment of pencils to his students. He responded so beautifully by sending me many photos of the children receiving the pencils. They were so grateful! Their photo is on my homepage. Simon, I cried for days” sadly states Mrs. Vick.

“I have helped numerous needy schools around the world since my project’s inception but something about this program, about Mathias Zimba, and about these students have touched me as they have touched you. I have pledged to personally collect supplies for their school and am currently sending two additional parcels a month of paper, books, etc. all on my own dime” cries Mrs. Vick.

“The children have nothing, no shoes, and no blankets, nothing…and yet they try to come to school every day with a smile on their face. I don’t believe that the UN or any government for that matter is doing much to help the world’s children. There are children that are forgotten all over the world. Even in my state of South Carolina, we have school districts that are terribly underfunded (http://www. corridorofshame. com). I personally feel that we cannot wait for the government to come through for these children. They need materials now and every day that goes by is another lost opportunity for them. I won’t wait for the government. I just want to put the materials into their hands” states Mrs. Vick.

“As far as the children left homeless by AIDS, it is devastating. But it’s all part of a much larger problem which comes back to education. Knowledge is power, Simon. I know that you understand that. It is often difficult to recruit people to help in these efforts if they have never been to Africa or have only ’seen’ poverty through the television screen in their warm, comfortable living room. That’s why I am focused on the younger generation—the children who email me every day to help. They are so eager and so willing to help build their generation. It encourages me that my small idea has blossomed into something that I never could have imagined” states Mrs. Vick.

Mathias Zimba states that his organization’s main goal is to help children and women in these areas of Zambia to have a future and fulfill their dreams. “But to do that, we need advocacy for our work so that people who have power and resources can help us meet our objectives. We need to help children to have food on the table, medical, clothes and most importantly, a good health system” cries Mr. Zimba.

“Our current urgent need is to allocate funding to help pay teachers at our rural community school, which is US$150 a month in salary for a qualified teacher to work in the rural areas. We need to recruit two qualified teachers to help out. Currently we are only working with volunteers and there is no consistency” Says Zimba.

“Rehabilitation of water wells. Water borne diseases thrive in the rural areas and we want to help them rehabilitate and maintain by forming a water committee. It costs around US$400 to rehabilitate a well and we need to help them rehab approximately 5 wells that will serve 300 members” states Mathias Zimba.

The most important problem currently facing Mr. Zimba is to find someone who may be willing to help them through donations or grants to buy a vehicle that they can use for an ambulance which will help people in his communities be able to go to healthcare clinics and receive medical care they so desperately need.

Most sick people when they walk the long distance to go to collect their daily HIV dozes of medicines, most of them don’t even make it back. They die on the way to the clinics because it takes them up to 3 days to get there by foot.

And when they don’t return home, the kids ask, who’s taking away all of our parents? Who’s killing our parents? Doesn’t God love us anymore? Why has God forsaken us?

The grandparents have no answers to any of these questions, they simply look at the kids and tell them that it’s God’s will that He’s taking them away.

Some of the people, who can afford, use donkey carts to go to and back from the clinics. Zimba believes that finding someone to help them with a van that they can use as a vehicle will tremendously help them solve one of the most critical problems of getting the sick to the healthcare.

The week of October 16, 2007, Jennie who is one of the volunteers from Ireland who arrived last week to volunteer at the Rising Fountain Development Program, brought Mr. Zimba and his team an award, presented to them by Mayor Edwin Stevenson of Limavady City, Ireland, who awarded Mathias Zimba and his group as a recognition for their outstanding community work.

“This is great news for all of us. It’s a great daily challenge being faced with so many problems in our community, and this award encourages us to work relentlessly and help people in our community as much as we can. We just need help, more resources and supports in order to enable us to carry on with our tasks, even a small contribution can help make a difference in a big way” states Mr. Zimba.

In the near future, Mathias Zimba and his organization want to initiate a cooperative program to help farmers sell their produce at economic prices and raise income for their savings.

“There are many other organizations such as WVI, Global Fund, and others that are working for the same cause in Zambia, but most of these organizations are centralized in large cities and towns and don’t really reach people in rural areas” says Mr. Zimba.

There are many Josephs, Timothys, Zanelles, Destiny Villages and Lundazis out there, all around us, everywhere in the world, and the question is, what are you doing to help out?

If you would like to learn more or find out how you can help Mathias Zimba and his organization, The Rising Fountain Development Program, please visit their web site at http://www. risingfountains. org.

Still working on it

I haven’t posted for quite some time, but have still been working on my budget. I’m not doing as well as I’d like, but am making changes. My credit score has gone up about 135 points from where it was a few years ago. It’s still not where I’d like it — which shows you how low it really was. Yikes!

In the past year I’ve bought a lot of needlepoint projects and gone a bit overboard on that craft. However, I have now found a way to pay for my craft without spending my salary. I stitch for customers and models for the store, and also work on Sundays and teach a class on Thursdays. I work for trade, so it’s a good deal for them and for me.

I’ve been paying about $360 a month on my student loans so am making a dent on those. I’m also starting to pay my sister back for a dentist bill from last year. I’m budgeting $100 a month to send her, although I know if I’m tight she’s OK with $50. She offered to pay when I went to the dentist, but neither of us had any idea how much it would cost and were really thrown by it.

I’m  also paying off some old debts. I’m OK with paying some of them as settlements. It may not be the whole thing and may temporarily affect my credit score in a negative way, but I’m more concerned with getting my debts paid off than raising my score, at least right now. I’d rather have that money to put into a savings account.

Speaking of a savings account, I just signed up for a checking and savings account. I haven’t had either for years, just cashing my check and getting money orders and paying with my pre-paid debit cards. However, I think I’m ready to go back to having a checking account. A savings account is necessary, as I have a habit of spending my “saved” money if it’s here. I just applied online tonight, so we’ll see what happens.

I hate the fact that I’m as old as I am and still having problems like this, but I do take comfort in the fact that I don’t have a car payment, a huge mortgage payment, nor credit cards that I’m currently using. My goal is to have a savings account and one credit card I (literally) keep on ice for any huge emergencies. After I get about $15k in my savings account for emergencies, I may get rid of the emergency credit card, as even if I don’t use it the thing will cost me money. Still debating the credit card, though — I may not go for it at all, just use my debit card. I don’t have to worry about that right now, anyway.

money for paying off student loans - News


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Behind Obama's Definition of Wealth and Paying Off Student Loans
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But those incontrovertible steps as they march through graduation and into adulthood may be full of anxiety as they enter a the human race short on job opportunities and tall on demands for money to pay off the astronomical debt they have accrued over their college years.