There are a lot of countries that offer educational loan programs for their students. This type of loan serves as a financial aid for students to have access to higher education. Student loans can either be government-sponsored or can be funded by banks, credit unions or nonprofit organizations.
Most students prefer the federal loan as it comes with lesser interest rate than private student loans. Also, federal student loans have more flexible installment terms and will provide you a longer grace period before you start paying. Thus, federal student loans are the second choice of most students after scholarships grants.
The Benefits of Student Loans
The United States is among the countries that support student loan programs. According to their statistics, there are 44.2 billion students who avail student loans, 98% of which are federal loans. Thus, it helped students to be capable enough of supporting their education.
Flexible Repayment Options
Student loans have more flexible and manageable terms and conditions compared to other types of loans. You are allowed not to pay yet until you finished school. Plus, you have a six-month grace before you actually start paying. Federal loans also allow deferment or postponement of payment for until three years.
Lower Interest Rates
Of course, student loans have lower interest rates than non-educational loans. Federal student loans offer an interest rate for as low as 4.29%, whereas private loans can go thrice. Moreover, you can also deduct the interest from your income if you already have work.
Establishes Good Credit
You can obtain student loan even without a credit. Also, student loans can help you establish or build up a good credit score and credit history.
Debt Relief System
Some student loans, especially the government-sponsored have debt relief system in which they will provide relief or forgive students from the burden of debt, in case of critical financial crisis.
The Rise of Student Debts
Despite the advantage of student loan programs, more and more students are burdened with debts. According to the statistics, Americans owe more than $1.45 trillion in student loan debts.
In 2012, over three-fourths of students who graduated from four-year colleges have student debts. This represents more than 1.3 million students graduating with debts.
With this condition, students have a hard time in achieving their life goals as it takes time for them to recuperate from their loan debts. According to National Association of Realtors, 61% of the student debtors find it difficult to contribute to their retirement accounts. In a recent study by Pew Research Center, only 27% of young college graduates with outstanding student loan debts state that they are living comfortably.
The rise of student debts is very alarming. This hinders them to move on to their other goals in life, including buying homes, starting families and getting married, among others.
How to Deal With Student Debts?
In order to recover from debts, students should set a clear goal to eliminate this burden and achieve a debt-free life. Here are some ways on how to pay off student loan debts faster:
Plan carefully during the grace period
After graduation, you are given a grace period before you will have to start paying. Use this period to plan carefully about your future steps. Start looking for a stable job that can provide you with a stable income. Also, use this opportunity to understand about your loans and your payment options.
Track your total debts
It is common for fresh graduates to forget about their loans. It is important that you are fully aware of your debts. You should order a free copy of your credit reports from credit bureaus so that you can use it to draft a plan of how to pay your debts.
Take extra work and earn more
One way to earn more is to take extra work. Forget about the traditional 40 hours of work. Instead, you can work beyond. Also, you can accept freelance jobs to have more sources of income to pay your debts.
Work for a company that offers aid
There are certain companies that offer relief aid for graduates with outstanding student loans. They offer yearly contributions to pay down student debts.
Restructure loan terms
You can also consider refinancing in which you can choose a new term length which can help you reduce the total cost of your loan. We advise that you select a shorter time to reduce the total cost of interest even more.
Practice budget management
Budgeting is crucial for any financial activities. It doesn’t mean that you are earning, you can do unlimited purchases. Always practice budget management so that you cannot miss your payment obligations. Allocate a certain amount for your loan.
Enroll for auto-debit
You can reduce your interest rates by signing up for automatic payments. Some loan services will reduce about 0.25% when you do auto-debit. Also, it prevents you from late payment charges.
Volunteer your time
There are certain organizations that offer student loan forgiveness or debt relief if you volunteer and dedicate your time to a service. Some of these organizations also pay for your student loan debts instead.
Take advantage of tax deductions
Do not forget to deduct your student loan interest. If you are earning under $60,000 annually, then you can reduce up to $2,500 of the loan interest you have paid in the last year from your taxes.
Consolidate your loans
You can also consolidate your loans. To do this, apply for multiple small loans. Combine them to pay for your student loan debts. By consolidating your loan, you can extend your payback period. However, you just have to be careful as this may lead you to paying more loans in the long term.
Forget about wants
The burden of debts keeps students from moving on to their next goal. In order for you to achieve other life stages, get rid of your debts. You have to prioritize first the settlement of your debts. Forget about your wants – luxuries, gadgets and other expensive stuff.
Lastly, be positive. It may be very frustrating to be drowned in debts after graduation, but do not lose hope. Just focus, and you’ll be debt free the soonest.
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A plumber is a tradesperson who specializes in installing and maintaining systems used for potable (drinking) water, sewage and drainage in plumbing systems. Plumbers are a familiar sight to most people who employ them to fix a leak or install a sink.
One Sutherland Shire plumbing company employs tradesmen who are skilled in many different aspects of the trades, ranging from pipe-layers, pipefitters, and steamfitters do much more than this, however. You might ask, why become a plumber? Plumbing actually is a fulfilling career that allows one to combine knowledge and innovation with the ability to create and build with your hands. It also offers tremendous benefits and career potential. It is one of the professions that are highly rewarding and evergreen as the plumbing system is an essential part of every home, whether new or old.
Successful plumbers usually have solid math and problem-solving skills, high mechanical aptitude, good manual dexterity and a tolerance for working in cramped spaces. Plumbers often work on-call, as part of an emergency plumbing service and may have to work nights and weekends; the nature of the job requires travel to multiple work sites on a regular basis. Injuries like cuts or burns are common in this profession. Some plumbers are self-employed and have the freedom to set their own schedules. Full-time work and overtime are common for this profession.
Becoming a plumber offers you amazing earnings potential. It also offers you the potential to carve your own career path, with great opportunities for advancement for hard working individuals. From the starting position of a field technician you can climb the plumbing career ladder to gain more responsibility, begin to manage jobs and individuals, and ultimately make more money.
Plumbers can advance from service technicians to installers, operation managers and distribution managers based on their hard work and commitment to their field. Becoming a plumber grants you the opportunity to find a job today. The demand for skilled tradespeople continues to grow. Prospects for those entering the industry are projected to be excellent as there will be little competition.
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Everybody wakes up in the morning to improve their lives. With the little you earn, one needs to pay taxes to your government. This helps the state or the federal government to plan on how to improve the lives of their citizen as well as the economy of the country. Different countries have set up tax collection authorities with a given percentage of your earnings(income tax) or purchases(value added tax) collected by the authorities. What is optimal law advice for taxing times?
To answer this properly we need to look at it from different angles. Different companies prefer paying taxes at the end of the year this is the most appropriate time since the financial records are usually compiled annually apart from the quarterly and semi annually reports. This helps them to know the overall revenue made during the year and to easily calculate their profit after paying their taxes. Global companies with subsidiaries in more than ten around different regions need a yearly return to plan on their operations. For an organisation, good foundations set up is key to good tax record. Proper documents including employment contracts, supply contracts and purchases receipts, should be properly kept and maintained.
Having more of expenses which may include insurance, power and wages may ensure that the company records a lower gross profit and consequently a reduced tax payable. For individuals early planning is the answer to tax payment. The last minute rush may do you more harm than good, it may waste most of your time and also land you in paying unnecessary penalties. If you start planning on a monthly basis is the most appropriate so that you can meet your obligations. Having proper documents may also help in your planning as well as a good financial advisor such as a bank.
The basics of taxation need to be clear, you cannot avoid payment of tax no matter how long you hide. the best thing is to play by the rules of the game. Increase you deductions to ensure minimum tax payment. If its insurance for your house take one that is preferably 6-10 times your salary. this will ensure that the insurance covers a substantial amount of your money. Working for your money should be your goal and I bet no one wants to see his/ her money just lying idle in governments accounts. Increase as much deductions as possible on your payslip.
Live expectancy has increased in today’s world bringing about a major threat of outliving the retirement savings.This can be reduced by the new treasury Laws help long-retirement planning.For the threat to to be brought down to every individual,the rules should be taken into consideration. In this case below are some of the new treasury Laws help long-retirement planning. LONGEVITY ANNUITIES Under the new rules, individuals may use up to twenty five percent of their retirement account balances to buy longevity annuities without concern about complying with the annual distribution requirement.
This will greatly help since in the past longevity annuities with rate starting payments were constrained by the rules that required individualsto make annual taxable distributions out of their retirement accounts as at from the ages of seventy that seemed to have brought much threats to many individuals. In the other case, the amended rules are used to longevity annuities even if they allow the premiums to be brought back to the retirement account of an annuitant who dies even before receiving any payments under the policy.This policy is applied though its of a higher price.This appeals to those retirees worried of dying even before receiving anything from the longevity annuity.
For everything to work better it should always be taken by every individual. The introduction of the life annuity referred to as longevity annuity is much less expensive than an annuity whereby monthly payments always starts at retirement period. This longevity annuity should always appeal to individual who believe they have enough retirement savings to last for the period of ten to a period of twenty years, although what individuals always forget to ask theirselves is what might happen if they can live for more years that they even never expected in life. The rules of protecting individuals against accidental payment of longevity annuity premiums exeedind limits of twenty five percent to collect the excess amount.
Lastly the policy provides flexibility in giving out annuities.The issuance of longevity annuities allow the alternatives of including a statement in an insurance certificate,rider, and relating to a contract CONCLUSION In conclusion, the new Treasury laws encourages plan individuals to use part of the assets in their 401ks and IRAs to longevity buy annuities. Such partial annuitization will help retirees set their anxieties about outliving their savings, while letting them use their remaining plan assets for other purposes.