How to Get a Student Loan Without a Cosigner

Having a cosigner at the time of applying for a student loan is great. It makes the whole loan approval process smooth and stress-free for both you and the lender. But have you ever considered the downsides of taking a student loan with your mom or dad as a cosigner? Moreover, you are not unlucky if you don’t have a cosigner to help you get your student loan approved.

Here are a few Federal student loan options you have while applying without a co-signer.

1. Stafford Loan

Stafford loan is a federal loan offered to college students and professionals taking a vocational course in the university. Most students use the Stafford loans to pay for large expenses like tuition fees and accommodation. They are also known as direct loans. A student when accepted into a college or university accredited to accept federal loans have to fill up the Free Application for Federal Student Aid (FAFSA) form on the FederalStudentAid website.

There two types of Stafford loans:

a) Subsidized Stafford loan: The interest on subsidized loans is paid by the federal government for a certain period. This loan is only for a student who has extreme financial difficulties. The student is supposed to demonstrate that his/her poor financial condition. 

b) Unsubsidized Stafford loan: Most students would fit into this category. To get approved for an unsubsidized loan, you just need to fill up the FAFSA form. You are totally responsible to pay off this loan and no cosigner or government aid will be considered.

2. PLUS Loan

A PLUS Loan is a federal loan available to graduate and undergraduates students or their parents. Usually, PLUS Loans are used by the parent of the student. They can use this money for their personal expenses without any restrictions. But this loan can also be used by a student who doesn’t have a cosigner.

To apply for this loan you have to complete a FAFSA. You don’t have to worry about demonstrating a financial need to get approved for this loan. Just make sure that you are enrolled in a school that participates in the Federal Direct Student Loan Program.

3. FundingU-“Let your hard work co-sign for you.”

If for some reason, you do not qualify for the Federal loans(without a cosigner), you must take a look at the private lenders like FundingU. Offering student loans without a cosigner is what makes them the best private lender. In fact, it is their motto to let the student continue their education even if they don’t have a cosigner. You can check the eligibility in less than 30 seconds, and once approved, borrow $3,000-$10,000 each school year.

Summary

This might sound a bit morbid. But what will you do if your co-signer passes away and you find yourself completely unprepared to pay-off the loan? Also the risk of putting your parent in harm’s way as they now have to worry about your student loans on top of their retirement woes. A wise financial decision would be to apply for the student loan without a co-signer.

How to Deal with Outstanding Student Loans

Student loan debt is so bad that it’s now considered a crisis, with over $1.5 trillion owed among 44 million borrowers in the U.S. alone. These astronomical numbers are second only to mortgage debt and a number of students are suffering with the burden of paying off student loans well into adulthood.

People who graduate with student loans are often trapped in a vicious cycle of constantly being in debt because of an inability to keep up with payments. Even if a student manages to find a job right after graduating, the income alone is often not enough to keep up with student debt as well as the standard cost of living (especially when rent is high). In turn, young adults resort to relying on credit cards to pay for basic things like food, transportation, internet, etc., pushing them even further into debt.

Student loan

So what can be done to offset the burden of student loans? While there are options out there, you’re going to have to do a little leg work to find them.

Debt Consolidation

Instead of paying off all of your loans from multiple creditors and at different interest rates, you can consolidate your debt into one single monthly payment. The Credit Canada debt consolidation program is a great option for people who need a helping hand when it comes to managing their bills and money.

You’ll work with a certified Credit Counsellor who can combine all of your unsecured debt into one monthly payment. They will also negotiate with your creditors on your behalf to either stop or lower the  interest on your debt. From there, they will work with you to create a plan with a specific end date as to when you will pay off everything you owe.

The goal is to create a repayment plan where you pay off your debt rather than just paying the interest on your debt. With a lower or zero-percent interest rate on your debt moving forward, every payment you make goes towards paying down the principle rather than just covering the interest. This is extremely helpful for people who have more than just student loans to deal with because managing other debts can make paying off your student loan much easier and more manageable.

Budgeting

A number of students are familiar with living on a budget, and it’s something that many adults are going to have to keep up with if they want to pay off their debts. There are a number of useful tools out there for building a budget that works for you, but the most important factor is that you stick with it. Easier said than done, but a budget is the number one way to pay off your debt and secure money for yourself in the future.

Hold off On Major Life Changes

While it’s not something anyone wants to hear, a number of young adults are holding off on major life events like getting married or buying a home in order to save money. With the average cost of getting married sitting at over $30,000, it’s no wonder that couples hold off from tying the knot. Buying a home and settling down to have children is even more expensive, so it’s best that you have your debts in order before even thinking about making these huge financial commitments.

Despite the grim picture, there’s light at the end of the tunnel. Keep working towards your goals and you’ll eventually get there.

3 Best Debt Consolidation Loans of 2019

Debt consolidation means to pay off your existing loans by taking one single loan which suits your requirements. It is the best way to streamline the entire repayment process.

Lower interest rates and a low monthly installment are two of the biggest why people opt for a debt consolidation loan. You have a higher chance of getting your debt consolidation loan approved if you have sufficient assets that you can let the lender use as collateral against the loan. This is known as a Secured Loan as the lender has an option to recover money if you fail to repay.

consolidation loan

But with Unsecured debt consolidation loan, the lender has to take a risk by lending you money. If you fail to repay, suing you is the only option the lender is left with. Hence, this loan has a high-interest rate and are difficult to get approved unless you demonstrate a steady flow of income.

Here are the 3 best debt consolidation loans 2019

1. Lending Club

Get your life back on track by applying for a debt consolidation loan online with Lending Club. Lending Club is known for it’d credit card debt consolidation plans which allow users to clear their debt by paying a fixed monthly rate.

Applying for a debt consolidation loan with Lending Club is easy and hassle-free. Apply for a loan online by giving some basic information like the amount you are looking to borrow, your name, address, etc. Once you are done with this, you will get plenty of plans to choose from. Your money gets deposited in your bank account without having to do anything else.

2. Marcus by Goldman Sachs

Debt consolidation loan by Marcus might be the best option for you have a good credit score(above 660) and want a flexible loan term. Marcus is a brand of Goldman Sachs which is headquartered in Salt Lake City.

They lend anything between $3,500 – $40,000 with an APR of 5.99% – 28.99%. Similar to Lending Club, Marcus also deposits the money in your bank account within 1-4 business days(from approval date). They do conduct a soft credit check with credit bureaus like TransUnion to verify your credit score and check your credit history. 

3. OneMain financial

OneMain Financial is a lender headquartered in Pennsylvania. Like Lending Club, OneMain Financial also provides a fixed interest rate, one monthly payment and an option to roll all the debts into one single unit.

To get approved for a debt consolidation loan with OneMain Financial, you need a copy of a valid, government-issued ID, proof of residency and proof of income. You can also ask for a lower monthly payment which they will approve after careful evaluation of your credit score, credit history, income details, etc.

Summary

To reiterate, a lowered interest rate and one fixed monthly payment(which does not change with time) are two of the biggest benefits of applying for a debt consolidation loan. “No matter how small or large the principal loan amount is, you are expected to pay off the entire debt within 3-4 years,” says Harrine Freeman, best-selling author of How to Get out of Debt: Get An “A” Credit Rating for Free.

How to Invest in Stocks If You Do Not Have Time

No matter what your career, we are all stretched for time. When time is precious, sometimes life’s most important decisions get pushed to the back burner. Things like saving for your future and investing in stocks are often not prioritized. Here is one way that has helped numerous people like yourself start investing in stocks and growing wealth.

stock

When you first start investing, it is a good idea to look for firms who are low cost and let you invest less upfront. This where robo-advisors come in, they make investing affordable and easy with the help of technology. But with the wide variety of them available online, how do you determine which is right for you? Most robo-advisors stick your money in a mutual fund or ETF[1] and let it grow. This is something that is not very difficult to do on your own and might not be worth paying for. But there are also robo-advisors such as Emperor Investments that can create a tailored investment plan with individual stocks designed to meet your needs.

It is also important to consider that there is always risk with stock investing (and most other investments) – but there are ways to manage that. The method that Emperor utilizes is different from others. First, their technology filters through stocks to find ones with a long history of paying consistent dividends among other proprietary criteria. Then their security analysts do a deeper dive and look for things that technology can’t assess yet, such as quality management, strong value propositions, and so on. Finally, Emperor gets to know you and their technology picks stocks from this refined pool that are fairly-valued and meet your needs.

As you can see, entry into the stock market does not need to be complicated, and you don’t need a degree in portfolio analysis to determine what is going on. Technology is the way of the future and the algorithms and people that choose the investments at Emperor utilize techniques that are far more complicated that the average investor needs to know.

In my opinion, when time is of the essence and you want to start equity investing, robo-advisors are here to stay.  As an added bonus for our readers, Emperor Investments has graciously offered a 6 month free trial here.

As a final thought, there is always the option for the DIY method of stock investing, but when time is precious, and you would rather leave this handled to the professionals there are solutions available.  As I am no expert in stock evaluation, you should only invest what you can afford to lose.


[1] Mutual Funds and Exchange Traded Funds (ETF’s) are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from the Fund Company or your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.

Professional Ways to Make Friends at Work

Are worried that a casual approach to friendship at your workplace might get you in trouble?

The way people meet and socialize entirely depends on the kind of organization they work for. Major corporations are notoriously popular for punishing people who do not respond to hierarchy.

So, being all buddy-buddy with your senior at a multinational company can get you in all sorts of trouble.

work buddy

But things are a lot different in small organizations and startups. Startups have taken a quite lenient approach and usually allow their employees to be friendly and opinion-oriented within the workplace.

Whether you work for a major corporation or a startup, there are some practices that you need to follow to keep things professional and impersonal.

Here are some professional ways to make friends at work.

1. Introduce yourself by walking up to people

This might seem bold for some people but it is one of the quickest ways to make friends at work. Being professional doesn’t mean you should be meek and agreeable. Walk up to every desk in your office and greet your co-workers personally. They will appreciate your boldness and will like you even more.

2. Participate in work events

Many offices have after-work activities like table tennis, pool, video gaming sessions, etc. Attend every work event in the first month of your job and try to connect with people based on common interests.

3. Help your colleagues when you see them struggling

Doing this will instantly make you popular in the workplace. Everyone likes a person who is good at problem-solving and is generous enough to extend help when the need arises. If you are good with computers, then be that guy that everyone goes to when they have a technical issue. This method will help you reach more people in the office and you can also provide something of value without asking anything in return.

4. Be honest with your co-workers

Being honest does not being blunt. At work, it is essential that your colleagues are aware of your strengths and weaknesses. This helps the team, work in a synergistic manner. Do not be afraid to expose your weaknesses and also don’t shy away from boasting about your strengths.

5. When it comes to lunch, choose communal table over sitting at your work-desk

Every employee knows how blissfull the lunch break is as you get to cut yourself off from the stressful work environment and enjoy your lunch in peace. Most people prefer having lunch alone at their work-desk. And there is nothing wrong with it. But in the initial days of your job, make sure you sit on the communal table and make it your mission to socialize with everyone on the table.

Conclusion

There can be many benefits to being friends with your co-workers. Moreover, an average employee spends approximately 40-60 hours per week at their workplace.

You don’t want to be surrounded by people who hate your guts. So, even if your beliefs and values don’t match with your colleagues, you should let them know that you don’t harbor any negative thoughts about them.

Want to Master Accountancy? Here’s Everything You Need to Know

forensic accounting

All certified public accountants take and pass the CPA exam when starting their careers. When preparing for the examination, the individuals cultivate a specific collection of skills needed in their preferred industry. Professional accountants that master the skills to excel in their career and take the next step in the field where top-earning positions are available to them. Here’s everything you need to know if you want to master accountancy.

Learn Management or Leadership Skills

Management and leadership skills are invaluable to certified public accountants. The skills set them apart from others and open doors for management at a firm. Time management is a great part of leading a team, and it helps accountants present timely services to their clients. The ability to lead teams and management workers enables the accountant to capitalize on a lucrative career in any area.

Employers look for accountants who have the skills and want to grow with their agencies. The individuals understand everything that is expected of them and complete all projects in a timely manner. The firms won’t face slowdowns in productivity that turn clients away from their business due to accountants that need consistent supervision.

Stay Up-to-Date About Current Tax Laws and Regulations

New tax laws and regulations emerge almost yearly, and all accountants are required to stay abreast of any changes that affect their clients and how tax returns are filed. Continuing education courses help established accountants avoid common issues that lead to tax audits for their clients. Those who are just starting out in their career participate in cpa prep course to learn the best techniques for learning tax laws and staying educated in the future.

Master Public Speaking Skills

Public speaking is a critical skill that all CPAs need when starting and advancing in their careers. The ability to remain calm and collected around large groups of strangers give the accountant a competitive edge over their competition. The skills help them command the attention of a room and succeed if they become a manager or choose to start their own accounting firm in the future.

Master All Software Used in Accounting

Accountants used a multitude of different accounting software for performing their services. It is paramount for the CPA to become proficient in the software and continue to improve their software skills. The technological requirements for working with different companies and organizations change and all CPAs must take the initiative to cultivate these necessary skills.

Gain Superior Communication and Customer Service Skills

Superior communication and customer service skills are a vital part of an accountant’s career. The workers must convey concepts and information to their clients clearly and help the customers understand their financial options. By providing superior customer service skills, the CPA generates trust among their clients and builds their clientele more effectively. CPAs that address customer concerns and demands properly continue to see real earning opportunities and maximize their profits.

Certified public accountants take their first steps into the workforce by taking and passing the CPA examination. The test is required for anyone who wants to secure a license in their chosen region. Preparation for the test helps the students gain the skills that are necessary for succeeding in the field. When preparing, it is urgent that the new CPA master all skills and establish themselves in the industry. These skills give the accountants a brilliant start in their career and open necessary doors to fulfilling their full potential as a professional.