| Going to College | | | | to be disabled and unfit to work and earn. This is a |
| Short-term student loans are a wealth of resources | | | | worst-case scenario. |
| for independent-minded college students who want to | | | | It is more like saying that it seems they will be spending |
| finish their studies. It spares them of the headache of | | | | more time working to support their studies and paying |
| having to figure out how to fit their budget for the rent, | | | | their loans than actually studying their lessons in school. |
| groceries, and educational needs. | | | | Repayment Schemes for Student Loans |
| Qualified students may apply for financial aid in their | | | | Three of the most feasible repayment schemes for |
| respective school offices. The waiting time is short, | | | | repaying student loans would be suspension or |
| and approval comes in just a matter of a few days or | | | | deferment, reduction or cancellation, and consolidation. |
| a week. It comes in the form of a student loan which | | | | Students may request their sponsor-schools to defer |
| is of a moderate amount and is payable in a short | | | | or suspend their loans temporarily while they are |
| period of time. Students can only apply for one student | | | | unemployed and income-less. Interest will not be |
| loan at a time. Their current and outstanding short-term | | | | charged during the deferment period within which the |
| loans have to be fully paid before they can apply for | | | | principal balance is postponed. If a student loan has |
| and avail of another loan to continue their course or | | | | been deferred and becomes subsidized, it is the |
| enroll in a different line of study. | | | | government who pays for the interest charged. |
| Most colleges and universities only charge minimal fees | | | | Another option would be to request for the repayment |
| and a very low interest rate for these short-term loans | | | | to be canceled or reduced in interest and an extension |
| during the period of repayment. Some even have | | | | in the time frame stipulated for the repayment of their |
| interest free loans where students do not have to | | | | loans. Students who are requesting for a cancellation |
| earn and pay back more money than they actually | | | | or reduction may file a student loan cancellation and |
| borrowed. | | | | adjustment form. |
| Coping with the Times | | | | A third would be to lock in the student loan with a |
| College students everywhere are feeling the effects | | | | fixed interest rate for the rest of one's life while are |
| of the global economic crisis. Due to the recession, | | | | earning and repaying the set amount. This saves a |
| economics has been altered such that there are | | | | student nearly fifty percent in savings. |
| fewer jobs and opportunities for hiring. Repayment of | | | | What Makes It Feasible |
| existing student loans becomes more difficult, and the | | | | The important thing is to plan ahead and apply for any |
| repercussions will be on the penalties they will garner | | | | of the above repayment schemes at the soonest |
| from their non-payment of loans. | | | | possible time. When prospects for repayment turn |
| At this point, it would be wiser for them to find ways | | | | bleak, turn to repayment schemes which are feasible |
| of starting to repay their student loans rather than | | | | for both student and college. There will be no reason |
| waiting for a better time. There is no possibility that the | | | | for students to repay short-term loans at great lengths |
| loan will be canceled except for the bleak prospect | | | | of time and at higher rates of interest if they start |
| that the school were to close or that a student were | | | | applying now and make it within the grace period. |