Student-Loan: January 2009

Wednesday, January 14, 2009

Gas Credit Cards

Since you're buying gas anyway consider using a gas credit card for gas purchases. Just pay it off each month and pay no interest. It will help you budget for gas, build your credit and keep more cash in your pocket!
Gas credit cards for college students are student credit cards which pay you back some of the money you spend on gas. Typically they give you a percentage cash back for every dollar you spend which is like saving up to $4 each fill-up. Multiply that by how many times you fill up per month to see how you really can save money on gas.

Best Student Credit Cards for College

The best credit cards for students are the credit cards that best fit your individual sitution. Consider your current credit, your card requirements and list your priorities. Many of the best student credit card programs offer useful rewards and benefits. Some have low rates but higher fees, others have low fees and higher rates. Review them carefully and manage them responsibly to find the best student card for you!

Debt Collectors - Fair Debt Collection

If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector."
You should know that in either situation, the Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Of course, the law does not erase any legitimate debt you owe.
This page answers commonly asked questions about your rights under the Fair Debt Collection Practices Act.Search for the Right Student Credit Card - Apply TodayWhat debts are covered under the Fair Debt Collection Practices Act?
Personal, family, and household debts are covered under the Act. This includes money owed for the purchase of an automobile, for medical care, or for charge accounts.Who is a debt collector?
A debt collector is any person who regularly collects debts owed to others. This includes attorneys who collect debts on a regular basis.How may a debt collector contact you?
A collector may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves of such contacts.Can you stop a debt collector from contacting you?
You can stop a debt collector from contacting you by writing a letter to the collector telling them to stop. Once the collector receives your letter, they may not contact you again except to say there will be no further contact or to notify you that the debt collector or the creditor intends to take some specific action. Please note, however, that sending such a letter to a collector does not make the debt go away if you actually owe it. You could still be sued by the debt collector or your original creditor.May a debt collector contact anyone else about your debt?
If you have an attorney, the debt collector must contact the attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.

Avoiding Credit and Charge Card Fraud

A thief goes through trash to find discarded receipts or carbons, and then uses your account numbers illegally.
A dishonest clerk makes an extra imprint from your credit or charge card and uses it to make personal charges.
You respond to a mailing asking you to call a long distance number for a free trip or bargain-priced travel package. You're told you must join a travel club first and you're asked for your account number so you can be billed. The catch! Charges you didn't make are added to your bill, and you never get your trip.
Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge.
It's not always possible to prevent credit or charge card fraud from happening. But there are a few steps you can take to make it more difficult for a crook to capture your card or card numbers and minimize the possibility.

What to do if Your Credit Card is Stolen

So, you recently got our Chase Platinum Visa Card , and you're feeling the happiness of a great asset in your pocket, when you notice that said pocket is a little lighter... and that your wallet has been lifted by an enterprising pickpocket. Now what?
The theft of a credit card is far more than the loss of a piece of plastic and the money that can be spent on it. Recent studies have indicated that theft of credit cards is only part of the greater crime of identity theft. This guide will help you minimize the damage a thief can do to your credit rating.

How to Repair Your Credit - Repairing Your Credit

What can you do if your credit is currently less than stellar? Well, as you can imagine, there are many ways to handle bad credit and there will be no shortage of companies looking to sell you easy solutions to do it for you. Before you buy into any of them you should realize that there’s only one way to truly turn things around and that is with some soul searching, a little behavior modification, and a lot of hard work. Whether you work with an agency or not, some are good and others are crooks, everybody should try the following steps first.

Review your Credit Report and Make Corrections

First get your credit report and your credit score to find out exactly where you stand. If you have recently been rejected for a loan or line of credit and have been told that your credit report was a contributing factor, you are entitled to a copy of the report from the lender that denied you. Ask for a copy so that you can see what’s going on. But for now, let’s assume that you have a copy of your credit report and you are less than thrilled with some of the information on it.
Thoroughly comb through all of the information on the report and identify anything that you think is incorrect. This can include unfamiliar accounts, late payment indications, past due accounts, etc. You have the right to dispute any information in your credit report that is not correct! In fact, it’s Imperative that you do this immediately as the items are most likely a large contributing factor to your low FICO credit score! Your report should list instructions as to how to dispute data. If not, send a letter to the credit bureau who gave you the report detailing the inaccurate information.
Repairing your credit begins with the correction of incorrect items on your credit report. Once you've obtained a copy (for free if you have been declined credit, otherwise you can improve your credit score through our credit reporting service for a nominal fee) of your credit report, review it for accuracy.
Under the law, both the credit bureaus and the organization that provided the information to the credit bureaus, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under the law, contact both the credit bureaus and the information provider if you have a dispute.
Tell the credit bureaus in writing what information you believe is inaccurate. Include copies (not originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one below. Send your letter by certified mail, return receipt requested, so you can document what the credit bureaus received. Keep copies of your dispute letter and enclosures.

Monday, January 12, 2009

Pay Your Debt More Often

You probably get the same spam every day that we do - "reduce your debt now with our service!", "get out of debt fast", etc. Well, we at StudentPlatinum.com decided to get in on the action and really research how all this debt calculation works. It's not a secret - in fact, by law the calculations which determine your interest and payments cannot be a secret, it's just somewhat unpleasant math.
So, that said, here is the not-so-secret formula to reduce your debt faster - Pay your debt more often.
Probably not the closely guarded formula you were looking for, but it's true. It works on the principle of average daily balance, the billing method most credit cards use to compute interest. The faster you reduce your average daily balance (ADB), the more you'll save in interest. Here's an example. Say you have a starting balance of $1,000 on a credit card with 15% APR. If you do nothing all month and pay $100 at the end of the month, your finance charge will be computed as such:

How big is your monthly payment?

Student credit cards come in handy for emergencies as well as for many things that you'll probably regret later. If you're like most of us you're not exactly using cash to pay your way through college. With around $85 billion in new student loan debt projected this year you're definitely not alone. With the average graduate already owing $20,000 in student loans tacking on additional credit card debt- and payments, is the last thing you need.
The American Bankruptcy Institute reveals that 20% of the people who filed for bankruptcy in 2007 were college students. That’s worth restating. Out of every 5 people declaring bankruptcy, one is a college student. If you’re carrying credit card debt you need to read this article. It may hurt a little now to get rid of your credit card debt but being credit card debt free later can be life-changing. There are no easy fixes but if you’re dedicated this plan is will help you.

Student Loan Consolidation Benefits

How big is your monthly payment?Let's face it, life after graduation can get very expensive. With all the living expenses tied into post grad life, including housing costs, car payments, and relocation, why worry about a huge school loan payment? Student loan consolidation can reduce your monthly payment, and help you manage your budget.Take advantage of these benefits: * Reduce your monthly payment by as much as 53% * No penalties for early repayment * Improve your credit score * Simplify your monthly bill-paying paperwork with one payment a month * No credit check, no co-signers needed, and no fees * Consolidation loan interest is Federal Income Tax Deductible

How Student Loan Consolidation Works

We are here to make the student loan consolidation process easy by providing information and support via the web and phone. The following step-by-step guide will help you understand how consolidation works and how it will benefit you for years to come.
Step 1: Apply for Consolidation
The first step in consolidating your student loans is applying for a consolidation loan using our free, no-obligation application form. When you apply, you'll have the choice of receiving an application and information packet via eSignature or postal mail. Your packet will contain a consolidation application, as well as information about your discounts, and details on how your interest rate is computed.
Step 2: Locate Your Student Loans
As a result of recent changes at the Department of Education, you'll need to provide your student loan information with your consolidation application. There are several ways that you can locate your student loans and our loan counselors will gladly walk you through each process.
Step 3: Sign and Mail
Once you have reviewed the promissory note, and understand the terms, you will sign and return it to us. Either by eSignature online, or by sending the paper application back in our pre-paid envelope.Get Started – Easy Online Application
Step 4: Application Processing
Upon receiving your signed application, your loan counselor will check the application for errors. We also check to make sure it complies with all federal guidelines set forth for federal loan consolidation. This ensures that your application is completed quickly and accurately.
After your application is submitted for processing, the loan retrieval" begins. We contact your lenders for the exact amount you owe; this information is sent to us on a loan verification certificate, or LvC. This process can take up to 60 days depending on the response time from your lender(s). Once we have valid LvC's from your lender(s), we will send them a check for the balance of your student loans.
Once the check is sent to your lender(s), your loans have officially been consolidated. You will receive a new statement from us detailing when your first payment is due, and when each payment is due thereafter. Your previous lenders can take a week or two to close out your accounts, so do not be alarmed if you get a statement from us, and a statement from your old lender. This is normal.
Your first billing statement from us will include the automatic checking account withdrawal enrollment form. It will also include information on any other discounts you are eligible for. Your consolidation will now appear on your credit report. Your previous Stafford loans are paid in full. This is why consolidation is a smart idea for your credit rating - it shows that you have successfully paid off all your existing Stafford loans, which reduces the number of loans you owe, and shows you successfully paid off a series of debts, both of which increase your credit score.

Sunday, January 11, 2009

Get Started – Easy Online Application

Federal Student Loan Consolidation Payment Relief
One of the key benefits of consolidating your federal school loans is payment relief. By combining all of your student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable. Learn more about how student loan consolidation works in this step-by-step tutorial.Consolidating with Student loan Consolidator
Get one-on-one personalized customer service. Our loan counselors will educate you on the benefits of federal student loan consolidation and help you determine if consolidating is the right choice. We will explain the consolidation process and the repayment options that are available to you.What Qualifies for Federal Student Loan Consolidation?
Federal loan consolidation can include Federal Stafford Loan consolidation, PLUS Loan consolidation, Direct Loan consolidation as well as Perkins Loans, HEAL Loans and all Federal FFELP and Direct Loans taken to pay for your education. Private student loan consolidation is different - You will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation.

Wednesday, January 14, 2009

Monday, January 12, 2009

Sunday, January 11, 2009

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