Guaranteed Online Personal Loans

How Does Anyone Obtain A Loan?

When a person requests a loan, they will fill paper work out that will ask questions in three different categories. They are: what type of capital do you have in backing you for a loan? This is determined by your amount in your bank accounts, and other assets.

Next, they will want to know about your reputation for paying your debts. They will ask for names of other firms or creditors whom you have borrowed from before so they can contact them regarding your past record with them.

And last, they will need to know about your ability to repay the loan. This is usually determined by comparing your income with your current obligations.

The loan officer has to take all three of the above into consideration before giving anyone a loan, rather they are disabled or not. Many disabled individuals are not able to work and support themselves, therefore, would not qualify.

There are other types of disabilities that are not severe enough where the person can work, at least part time, and also might be receiving government funding. Therefore, this person if he or she had a co-signer could most likely qualify for a loan.

Let me share with you a Disability Loan Discharge letter a disabled student received regarding school loans. It goes as follows:

Information on your Student Aid Report indicated that you have had one or more student loans canceled or discharged due to permanent disability. Students having canceled or discharged student loans due to a permanent disability are ineligible to borrow additional loans without proper documentation.

To be eligible to borrow additional Perkins or Direct Loans, you must submit written documentation from your physician that you are able to now engage in “substantial gainful activity” such as employment.

Can Disabled Students Qualify For College Without A Loan?

Yes, and this is great news for the disabled student. In fact, they have wonderful resources and benefits waiting for them. Sources such as: Disabled Students’ Allowances, Access to Learning Fund, Disability Living Allowance and the Incapacity Benefit.

Disabled students receive grants to help them meet the extra costs of studying that students face as a direct result of impairment, a health condition or a specific learning difficulty. The allowances are paid on top of the standard student finance package.

The Incapacity Benefit is a benefit for people who are unable to work because of illness or disability. Your Incapacity Benefit will not be reduced if you receive Disabled Students’ Allowances or any other grant or loan.

Business grants and guaranteed loans for disabled, stand for providing private grants and government guaranteed loans to handicapped individuals, especially students who are suffering from various physical disability.

A disabled person can fulfill his dream if he or she is able to get such business grants and guaranteed loans meant for disabled people. There is a student finance package for disabled student attending institutions for higher education.

This is assessed by the Local Education Department in conjunction with the Student Loans Company. Students can apply for income assessed financial support towards tuition fees and for supplementary grants.

To sum it all up, if you have impairment, medical conditions or a learning difficulty, you most likely are entitled to claim extra financial help as a student. And this is paid on top of anything you get through the standard student finance package.

Who Is William D. Ford?

William D. Ford was a U.S. Representative who spent three decades on Capitol Hill and dedicated himself to expanding educational opportunities for children. He served as Chairman of the House Committee on Education and Labor and as Chairman of the House Committee on Post Office and Civil Service.

He believed that the government has an obligation to give its citizens a chance at success and he worked every day of his life to be the champion of the working poor and the middle class, per Representative John Dingell, D-Dearborn.

He authored the Middle Income Student Assistance Act and orchestrated the passage of the Family Medical Leave Act. In 1994 The Federal Direct Student Loan Program was named for him.

Please Explain the Program

The William D. Ford Federal Direct Loan Program (FDSLP), often referred to as “Direct Loans,” is a United States Department of Education program that provides loans to help students pay for education after high school.

The Department of Education acts as a lender, providing funds for Stafford loans and PLUS loans in the same amounts as the Stafford and PLUS loans offered through the Federal Family Education Loan Program (FFELP). The Department of Education allows schools to choose which program; FDSLP or FFELP, best suits the needs of its students.

Direct Loans are low-interest loans for students and parents to help pay for the cost of your education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institutions. Direct Loans are:

Simple: You borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center-for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
Convenient: You’ll have online access to your Direct Loan account information 24 hours a day, 7 days a week.

Flexible: You can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

What Kinds Of Direct Loans Are Available?

Subsidized Stafford Loans are for students with financial need as determined by federal regulations. No interest is charged while you are in school at least half time, during your grace period, and during deferment periods.

PLUS Loans are low-interest loans for graduate/professional students and for parents to help their children who are dependent students meet college costs.

Unsubsidized Stafford Loans are for students and are not based on financial need. Interest is charged during all periods.

Consolidation Loans allow students or parents to combine different eligible federal student loans into one loan.

To be eligible for these types of loans you must be enrolled at least half time at a school that participates in the Direct Loan Program, and you must meet general eligibility requirements for the Federal Student Aid (FSA) programs.

Also, to find out more information about these requirements, contact your school’s financial counselor or by reading “Funding Education Beyond High School: The Guide to Federal Student Aid.”

What Does It Mean To Consolidate Student Loans?

Consolidation of student loans means to combine several student or parent loans into one larger loan from a single lender, which is then used to pay off the balances of the other loans. It is very similar to refinancing a mortgage of a home, or guaranteed personal loans.

Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct Loans. And some lenders offer private consolidation loans for private education loans as well.

If you have decided that your monthly payments for your student loans have become unmanageable and you need help, you might then consider consolidating. If you are facing deferment and forbearance options, and/or want to avoid default on your student loans, then perhaps it is time to consider consolidating these loans for your protection and ease in life.

How Do I Begin To Consolidate My Loans?

By consolidating your federal student loans, you can obtain valuable money saving benefits and can lower monthly payments. Make sure that you understand what is being offered including any “strings attached” especially. This kind of transaction can save you money and is easy to understand, usually.

It is a good idea to check with each of your lenders. One hallmark of a great lender is one that offers you attractive money saving benefits and that also includes details as to when it becomes time to consolidate. Make sure that you review the complete application including all the detailed information on your loans before signing.

It is understandable that many of your loan details can be confusing, which is why the extra effort on your part or the lender you go with is necessary. The best lender will help you review and complete your application, and help you understand before signing. Your personal information is private and make sure your lender feels the same way.

All of the above information is important that is why I keep referring to talking and obtaining the “best” lender for you. One perhaps that you used for one of your prior loans or a new one who works only with consolidation of loans. Talk, interview, and talk again until you form a trust with that one person.

The Change In Interest Rates

The interest rate on a consolidation loan is the weighted average of the interest rates of the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped off at 8.25 percent.

Now if your have several loans with different interest rates, the weighted average will be somewhere in between. The weighted average does not fundamentally alter the underlying cost of the loan. It keeps the cost structure by including each interest rate to the extent that it applies to part of the overall loan balance.

Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your present interest rates. However, it is also higher than the lowest of your interest rates. For all of the interest rate will be combined (the high and the low).

Due to the equaling out of the multi interest rates, most important, the amount of the interest you pay over the lifetime of the loan will be about the same. And this perhaps is the most important news of all.