LIBOR or Prime Rate?

With the start of college just a few weeks away, it's not too early to begin figuring out how you're going to finance the new school year.

If you're like most people, you may need some private student loans to help fill the gap that's remaining after you've accounted for savings, scholarships, Federal student loans, and Mom & Dad.

Like anything else, comparison shopping of student loan rates and benefits is important, to help keep your borrowing costs and debt down. Many lenders offer loans touting LIBOR (London Interbank Offered Rate) rates, and others, the Prime rate. Both rates are interest rate benchmarks or indices used by most financial institutions around the world to set interest rates for their own particular credit products.

Both have their similarities and differences. Click here for the similarities and differences between LIBOR and Prime Rates.

What's important is sorting out the bottom line costs while you borrow and after you borrow. Take the time to ask questions.

Just be forewarned though...the lowest interest rates are usually available to those who have very good credit, or who have cosigners with very good credit. If your credit score is under 660, it would be wise for you to get a creditworthy cosigner.

And while we're talking about student loans, be sure to include OneSimpleLoan® on your private student loan shopping list. In addition to great rates, the Student Loan Consultants are wonderfully knowledgeable people who will answer all your questions!

Get the money you need for college -- now!

Hi Blog Readers!

With many of you returning to classes this week, I just wanted to remind you that you can still get the money you need for your college expenses --- not just for your tuition!

If after exhausting your Federal aid, grants and scholarships, you still need extra funds to pay for your college-related expenses, you can apply for a private student loan from OneSimpleLoan -- it can be used on college expenses like:

• Tuition and fees
• Books
• Housing costs/rent/utilities
• Commuting costs to and from class/transportation
• Computer equipment/Internet access for online research
• College meals/food
• Estimated Family Contribution (EFC)
• and more!

You can still apply for a private student loan from OneSimpleLoan and get the money you need in as little as a couple days! Unlike some Federal aid, the check comes to you and Private student loans can be used on ANY college related expenses!

Best of all, you don't have to pay anything back until after graduation!

So, call us at 1-877-663-7467 or check out http://www.onesimpleloan.com/ for more information on private student loans!

Good luck! :-)

Deducting Student Loan Interest

Attention College Students,

"You can deduct up to $2,500 in student-loan interest paid in 2007 if your income for the year was $55,000 or less if single, or $110,000 or less if married filing jointly," Kiplinger reports. "Single people can take a partial deduction if they earned up to $70,000 for the year, or $140,000 if married filing jointly. You can take the deduction regardless of whether you itemize. You may even qualify to take the write-off yourself if your parents paid the interest on a loan for which you were legally liable (your parents, however, cannot claim the deduction if they weren't liable for the loan). You cannot deduct student-loan interest if you are being claimed as a dependent on your parents' tax return."

You can read the complete January 7, 2008 Kiplinger article on-line to learn more.

What to do when a student loan telemarketer calls - Final Part

As mentioned, aquiring student loans or deciding to consolidate your existing student loans are great financial options, but pay close attention to these tell-tale signs to make sure the person you’re speaking to isn’t more interested in filling their own pockets then filling yours.

Tips on How to Handle Student Loan-Related Phone Calls & How to Choose the Best Ones to Pursue

1) Don’t be bullied or rushed into making a decision. It’s important to feel comfortable and not rushed by the person you’re speaking with.

Make sure you’re treated with respect: Work with a company who makes it a point to listen to their clients needs. Find a company that doesn’t take one single call they make or receive for granted. Real customer-service-oriented Student Loan companies want to know that each of their borrowers is happy with their student loan or consolidation solutions. This is why companies like OneSimpleLoan® thrive on testimonials from their customers, daily. Check out http://www.onesimpleloan.com/testimonials.asp to see exactly what I’m talking about.

2) Make sure you’re talking with a student loan professional and not a telemarketer (some people are trained to make calls, not to help you get a student loan or consolidate your student loans properly and efficiently). You can tell right away if someone is reading from a script or going through the motions. Aquiring a student loan or consolidating your existing loans involves your personal finances and it’s nothing for someone to play around with.

Work with a company who has an excellent Training program: Few student loan companies invest enough into the training of their student loan consultants. It’s important to work with a company that does. OneSimpleLoan® for example puts their Student Loan Consultants through a tiered training program, which each include an entire week of in-house training letting them excel into three levels of service.

3) Do some research on the company you’re speaking with before you decide to work with them. Visit their website, check out to see if they’ve had any BBB complaints issued against them. Ask questions…if the answers don’t sound right, hang up!

Make sure the company is credible: Find out what kind of credentials the company you’re speaking with has, such as membership in their local or state chamber of commerce and Better Business Bureau. Companies, like OneSimpleLoan®, pride themselves because of these prestigious memberships and for having superb understanding and implementation of student loan laws and regulations.

Look for Consistency and valuable resources: The worst thing is having to go through a detailed process with one person and then having to explain it to someone else. Is the consultant willing to give you their full name? Can you call them back with questions? Borrowers who consolidate with OneSimpleLoan appreciate the fact that they are assigned to one consultant to help them through the entire consolidation process.

4) Listen to the person on the phone. Do they mention grace rates, borrower benefits, deferment, or forbearance? If no, they may be holding back on giving you a full range of options to help you manage your student loan debt or aquire the best student loan for your particular situation.

Make sure they’re easy to understand: Sure, the person on the phone may sound like they know what they’re talking about, but do you? It’s important that the Student Loan Consultant tries to make the process of consolidation or aquiring a student loan as easy to understand as possible by using simple to understand terms and treating each borrower like a personal friend whom they’re helping.

5) Make sure you’re speaking with someone with expertise on the subject. Get the phone number and name and even the lender ID code, if available, of the company that’s calling you or that the person represents.

Work with a company that experiences successful growth: They may be few, but there are student loan companies that do hire professional staff, have a resourceful website and a dynamic stature that make them successful members within the student loan industry.

Find out how simple and quick the process is: Before you start the consolidation process or decide to get a student loan, ask the company you’re on the phone with how long their consolidation process will take. It’s better to know and prepare yourself from the beginning than grow impatient later. It’s important to work with a company who’s process is hassle-free. A good student loan company can help you complete your consolidation paperwork in less than an hour – some even do most of the written work for you! In fact, many borrowers who have consolidated their loans with OneSimpleLoan® comment on how easy and quick the consolidation process is because of the quality of attention and service they received from the Student Loan Consultant who helped them.

Most of all, work with someone who you can tell enjoys their job of helping you get the financial option you need.

In addition to their employees, many student loan companies do have your best interests at heart – after all, a job is a choice and many who love customer service choose to help student loan borrowers make the best choices about their loans. In fact, customer service is at the heart of many of the most successful student loan companies, of which OneSimpleLoan® is no exception.

What to do when a student loan telemarketer calls - Part 1

We’ve all gotten those calls from telemarketers. Yes, those pesky people who famously call during the wee minutes of our scrumptious dinner to try and sell everything but the kitchen sink. Futilely, I may add, since the only thing most of them draw from us is an expletive and maybe a “not interested” followed by a dramatic hang-up.

Slick-monotone-hard-to-understand-robot: This is picture that is commonly painted of our rarely American telemarketer friend. Not surprisingly, the once tolerate job of a telephone sales representative has almost become a stigma in American culture.

Telemarketers love the student loan industry and for good reason.

True, Telemarketers can call at the absolute worst times selling anything from credit cards, to vacation plans and time shares. Now, if you are one of those lucky ducks with student loans or in need of student loans, then you probably have had your fair share of calls about consolidating your loans or getting more loans, as well. But, let me say, don’t let the thought of telemarketer on the phone leave a bad taste in your mouth about student loans or student loan consolidation. Student Loans are making it possible for millions of Americans to attend college and achieve their goals, while consolidating your student loans is thought by many to be one of the best ways to manage your student loans after college.

In fact, consolidation and student loans can both give you many money-saving benefits including a lower interest rate, lower monthly payments, and even borrower incentives. So speaking to the right person on the phone can really be worth the time. And what I mean by right person is speak with a Student Loan Consultant, someone who is specifically trained to be an expert on the subject of student loans and whose sole purpose is to help student loan borrowers in need of student loans or better loan management.

A Student Loan Telemarketer is not the same as a Student Loan Consultant

Though both may call you, it’s important to know the difference between a telemarketer and a student loan consultant. A telemarketer says and does what they’re told to, while a student loan consultant’s main role is customer service and satisfaction. Many times, if you get a great student loan consultant on the phone, they’ll be happy to inform you of everything you ever wanted to know about student loan consolidation and the options available to manage your loans after college better. A good student loan consultant is happy to answer your questions because they genuinely want to help.

So choosing to consolidate your loans shouldn’t be the biggest issue, it’s with WHOM you should consolidate that should be your concern. After all, consolidation puts you into a relationship with your lender for years to come and the student loan consultant you speak to can be a good indicator of the type of company they represent, and who you will be dealing with.

Make sure to work with a company whose telephone representatives are real Student Loan Consultants, such as in the case of OneSimpleLoan which is offically listed as a Dun & Bradstreet Student Loan Consulting Firm.

Visit http://www.onesimpleloan.com/ to learn more about the OneSimpleLoan service difference.

Private Student Loans 101 - Final Part: Choosing Your Perfect Private Student Loan Lender

Private loans could very well make funding your entire college education possible, but choosing the right one for you will determine just how much is possible it is to get all the money you need. Read on to learn some of the things you should look for when searching for your perfect Private student loan.

Unlike Federal student loans that are guaranteed by the government, Private student loans or Alternative student loans are guaranteed by Private institutions such as:

• Banks
• Private Lending Institutions and
• State Institutions that grant Private Education loans
• Schools, colleges and universities

Each Private student loan lender has its own eligibility but if you’re in college as an Undergraduate or Graduate student, simply continuing your education or studying a professional degree such as in the medical or law field, you should find many private loans options are at your disposal.

Look for the best Private loan terms for your good merit

Depending on the type of loan you’re seeking, most Private loan lenders will also have their own Private loan repayment terms. Since your eligibility for Private Loans are based on terms of merit such as creditworthiness and reliability to pay back a loan, make sure you work with a Private loan lender who gives you a break, such as the borrower benefits mentioned in Part 3, for your own good merit upon repayment.

How 'easy' is the lender's application process?

When choosing a Private loan lender it’s also important to consider how easily you’ll receive the funds you need. Take into consideration:

• Website - How inviting is the company’s website? Is it informative, easy to navigate and understand? Is it resourceful?
• Application process - What application methods are available to you? Online, Phone, Mail? If the lender offers an online application, is it easy to understand? How long will it take to fill out? What kind of information is required of you? Most importantly, is it secure? If the company has a paper application, do they offer to mail it to you? How prompt will they be? What is required of you once you receive it? Based on your preference, make sure to work with a Private loan lender that gives you the choice of a paper application or online application.
• Customer service – Is courteous customer service available? Is the customer service staff trained to answer your questions? What type of quality assurance does the company have? Make sure to work with a lender that has trained Student Loan Consultants – if they invest the time to maintain the quality of their employees they’ll be more likely to invest quality time in their clients.
• Processing time – Take into consideration how long the company takes to send you the money you need. Finding out who is the company’s guarantor could determine how long it will take to get the funds to you.
• Credibility – How long has the lender been in business? Does the lender have any credentials? It’s important to find out what types of certifications or memberships the lender you choose has. Is it a member of the Better Business Bureau? A Chamber of Commerce? Has it had any complaints? It’s important to check. Working with a lender you can trust to handle your finances and personal information is an important decision, after all.

The perfect Private student loan and lender could get you the extra funds you need to pursue your education!

Now that you’ve made it through Private Student Loans 101 and learned about an alternative way to pay for your college-related expenses, don’t let anything hold you back from pursuing the dreams of success you want. A great education is a wonderful thing and nothing should ever stand in your way of achieving your goals.

As you start or continue your education, remember the availability of private loans, such as those from OneSimpleLoan, offers you an option to fund your education when you don’t know where else to turn for the money you need.

Private Student Loans 101 - Part 3: Taking Advantage of Private Student Loan Benefits

Of course the primary purpose of obtaining a student loan is to help you obtain a sound education so you can realize your career aspirations. And using credit wisely is important. That’s why you’re encouraged to seek out as much Federal student aid, grants and scholarships first before applying for a private loan.

Private loan application process — get pre-approved in minutes if you qualify!

However, once you determine that a private student loan can be a viable alternative funding source to cover your education finance gap, you could be pre-approved for a private loan within minutes of applying! Many times the application process is very simple and can, with most lenders, even be handled over the phone or online.

Longer pre-payment terms and no pre-payment penalties can help you better manage your cash flow after college

When it comes to paying back your private loans, many lenders give you up to 20 or 25 years to do so. The absence of pre-payment penalties means that as long as you make your minimum monthly payment, you can pay off your loans as fast or as slow as you want within your repayment term.

Interest rate discounts can help lower your cost of private loan borrowing even more!

Many private loan lenders would like to have your business. So be sure to shop around, and make sure to ask each lender about these and other private loan “borrower benefits” such as:

• An interest rate discount for automatic payment from a savings or checking account
• An interest rate discount for simply making on-time payments.
• Little or no origination fees, if you or your co-signer has good credit

For more information on Private Student Loans visit www.onesimpleloan.com/private_loans.asp

Private Student Loans 101 - Part 2: Types of Private Student Loans

Most Private student loan lenders have a variety of Private student loans available for college students in different areas or lengths of study. Many Private loan lenders will even lend to parents of students who are in non-public elementary schools or secondary schools.

Although each Private loan lender has their own line of Private student loans available for lending, those listed below are commonly available by most. Keep in mind also that each Private loan lender has its own list of eligible schools so make sure to apply for a Private loan with a lender for which your school is eligible.

Common types of student loans that most Private student loan lenders offer:

Undergraduate Private Loans – Generally speaking, these loans are available to students who attend undergraduate colleges and career, technical, and trade schools across the nation and who will be attending their school of choice and usually be attending at least half-time.

Continuing Education Private Loans – These loans are generally available to part-time (less than half-time) students who attend schools across the nation. This includes students that are completing a degree or certification program or taking classes to further their career or personal development.

Graduate/Professional and Bar Study Private Loans – These loans are generally available to students pursuing advanced degrees at participating colleges and universities across the nation. Students must usually attend at least half-time.

K-12 Education Private loan – These loans are generally to parents or other adult sponsors (relatives or friends) of children who attend participating non-public elementary schools across the nation including private, religious, preparatory, military or special education schools.

For more information on Private Student Loans visit www.onesimpleloan.com/private_loans.asp.

Private Student Loans 101 - Part 1: Introduction to the Private Student Loan

One of Uncle Sam’s greatest gifts to the American student is Federal student loans, making it possible for millions of young Americans to pursue higher education. But Federal student loans may always not be enough. That’s where a private student loan may be an excellent financial resource to fill in the gap to cover college-related expenses.

Private student loans — not just for tuition!

All the talk these days is about the higher costs of college tuition. But what often gets overlooked are all of the other college expenses that can make going to college more crushing financially.

However, most private student loans can cover virtually all kinds of college expenses, including:

• Room & Board
• Off-campus housing
• Registration fees
• Text books
• Laptop/Internet access
• Travel expense to get to and from classes

Who is eligible for a Private Loan?

Keep in mind that each private loan lender has certain eligibility requirements. However, for most private student loans, you must meet the following criteria:

• Must be creditworthy applicant or have a creditworthy co-borrower
• Must be a U.S. citizen, U.S. permanent resident, or international student with a qualified U.S. citizen or U.S. Permanent Resident co-signer
• Must be within age of majority by your state of residence (typically 18 years of age)
• May be a full time, half time, or less than half time (including continuing education) student

How can you qualify for a private student loan?

Because private student loans are made by private institutions such as a bank or other private lending institution, your ability to get a loan will be based on merit, specifically good credit, essentially, a high enough credit score. The availability of a co-signer with good credit is even better from the lender’s perspective because taking into account a co-signer’s good credit, your combined probability of repaying the loan is higher. So, the lender can be more likely to approve you for a private loan.

If you think about it, most consumer loans require collateral, such as a house or a car. If a borrower doesn’t repay the loan, then lender can repossess your property, so it can sell it to recoup the money it had loaned out.

In the case of education loans, there really is no collateral; i.e., how can a lender repossess your education? It can’t. That’s why lenders rely on a good credit record, since that is a strong indicator that you and/or your co-signer have a proven track record of repaying on your credit cards or other loans in a timely and responsible manner.

Co-signers with good credit can help you qualify for a private loan, lower your borrowing costs and improve your own credit score!

Because private student loans are based on merit, the rate you receive is based on your credit history and income. If you don’t have one or the other or both, that’s where having a creditworthy co-signer can be invaluable.

Since the loan amount and your interest rate will be based on several criteria, often a credit-worthy co-signer can help you qualify for a private student loan. In fact, a co-signer with good credit can help you obtain a private loan with a lower interest rate, saving you a ton of money over the life of the loan.

Another added benefit of a creditworthy co-signer is “guilt by association but in a good way.” This means that the timely, responsible repayment of your private loan under a co-signer arrangement will be a positive way to build up your own credit record.

For more information on Private Student Loans visit http://www.onesimpleloan.com/private_loans.asp