Three Free Student Loan iPhone Apps

Being technologically savvy in university can almost be as important as obtaining those student loans, so chances are college students throughout the nation know their way around a smart phone. Why not combine the two?

Thanks to Apple’s iPhone and iPod Touch, there are a few free applications that can make the task of finding, applying, securing, and paying off student loans both mobile and hassle free.

The Student Loan Insider

With a recent site redesign, streaming the latest news, laws, and valuable information regarding student loans in an easily navigated format, The Student Loan Insider is a 100 percent free app that can be downloaded for you iPhone or iPod Touch.

College Loan Helper

By simply combining the amount owed, interest rate, and number of payments in a basic template, the College Loan Helper on your iPhone, iPod Touch or Google homepage can help you easily calculate and manage your student loan debt.

Student Loan Calculator

Similar to the College Loan Helper, along with assisting you with how long it might take you to pay off your student loans, the Student Loan Calculator will also help you consolidate your loans if need be.

Student Loans: Stafford Versus Private

When it comes to planning for your financial aid to pay for college, the most common options include applying for either a federal Stafford loan and private loans. Here’s are some of the basics to help you decide which one might suit you best.

To Be Eligible.

Federal student aids require you to complete a Free Application for Federal Student Aid (FAFSA) and you must be a U.S. citizen, permanent resident, as well as at least a half-time undergraduate or graduate student.

Private loans are based on credit criteria established by the lender, which may vary depending on whether you have a co-signer. You must also be at least a half-time student at a university approved by the U.S. Education Dept.

Interest.

Federal loan interest rates are variable each year, but they are capped at 8.25 percent.

Private loan interest rates are based on how good your credit is. The best rates are achieved when both you and a cosigner of yours are credit-approved. Interest is based on the prime rate and could change monthly if the prime changes.

Fees.

Federal loans have a three percent origination fee as well as a one percent guarantee fee.

Private loans may have a repayment fee of three percent in some credit tiers.

Max. Loan Available.

Federal loans are set by Congress.

Private Loans allow you to borrow up to the cost of attending the establishment. The requested loan amount must also be certified.The maximum loan limit is $100,000 without a co-signer.

Repayment.

Federal loans have a general 10-year repayment term, however extended repayment plans can extend up to 25 years. Borrowers have a six month grace period after graduation before its necessary to begin making payments, and federal loan consolidation is an option.

Private loans have a general 15-year repayment plan, and extended repayment plans can extend up to 25 years as well. Private loans are not eligible for federal loan consolidation, however combined billing to make single payments is an option.

Rice University Increases Student Loan Budget

Due to Rice University’s desire to provide a service for the local Houston community, as well as attract the best and brightest despite economic status, the institution is dropping their student loan rates and increasing their financial aid budget to more than $57 million.

Rice is consistently ranked among the country’s top 20 in U.S. News and World Report’s research universities. The private institutions’ tuition is being increased to $33,120, which is a 5.4 percent increase over the 2009/10 school year.

Beginning fall 2010, qualifying incoming Rice University freshmen whose family income is $80,000 or less will not need student loans to pay for their education.

Undergraduate loans for need-eligible incoming freshman will be capped at $10,000.

School officials hope that the student loan cap and no-loan options for qualifying students will able to bring those from all walks of life, enriching the university and providing an equal opportunity for a great education.

Student loan caps and no-loan programs for need-eligible students are becoming increasing popular among the country’s leading universities.

Houston Student Loan Rates

With over 55 colleges and universities in Houston, you don’t have to travel far from your back yard to continue your education. Whether you are a new high school graduate looking to pursue an undergraduate degree or if you are an empty nester seeking to pursue an MBA for a midlife career change, you can find Houston student loan rate options by searching Houston Banking Rates.

Perhaps you already completed your degree in Houston, but the memory of your student loan debt lingers on. Research Houston student loan consolidation rate information and find financial opportunities to refinance your old loan rate.

Paying Back Student Loans in Houston, TX

A nice feature of a student loan is that typically students or parents do not have to start paying back loans until after graduation. There are even many loans that allow graduates to defer payments for an even longer term after graduation in case they do not get jobs immediately or choose to continue their education for an advanced degree. Upon graduation, students can also look to consolidate their student loans by refinancing them into one loan at potentially lower student loan rates and lower their overall payment.
Learn more about student loan options.