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Can I Pay Off My Student Loans While Attending College?

One question I’ve been asked lately by some friends is “Can I pay off my student loans while attending college?”

College StudentThe answer is yes. It is possible to start paying off your student loans while you’re still attending classes. In fact, it is actually recommended that you do make payments on your student loans as often as you can afford.

This minimizes the overall impact the student loans will have after college. If you can at least pay off the interest on your student loans, you prevent the loans from growing more than they would otherwise.

Paying off your student loans while attending college can really reduce the number of years you will be making payments on your loans, leaving you more time to build your savings or investments.

You’ll be able to afford to take care of your family easier and maybe even be able to handle a mortgage that you may not have qualified for previously.

If you have an established income when you start college, you have the upper hand over other students. Working full or part-time or working as your own boss may be a bit of an overload while attending college classes but the payments you’ll be able to make are worth it.


Don’t have an established income? That’s okay!

If you don’t currently have an income and you’re attending college classes, there are a few things you can do. You can try and get a part-time or full-time job that hopefully pays more than minimum wage…or you can try and work for yourself.

Working on the internet is quickly becoming the norm. Over the years, many different methods of making money online have been developed. Those that currently work in the industry call it “internet marketing”. Don’t be afraid of the term. If it makes you feel better, think of it this way…working online makes you an “online entrepreneur”.

One of the easiest methods of internet marketing is called “affiliate marketing“. This is where you find companies with affiliate programs in which you promote their products and get a commission on the sales made through your affiliate link.

It’s really quite easy. You just pick a niche, make some content, promote a product, and let the traffic flow to your work. If you really want to learn about affiliate marketing, I recommend joining an online community.

Withdraw CashThe community that I’m a part of is called Wealthy Affiliate University. It’s a great affiliate marketing community with helpful and motivating people from all around the globe. In the Wealthy Affiliate University, they teach you everything you need to know to make money online.

If you’ve never made a website before, they can show you how to create one in under 30 seconds. No lie! The process has been streamlined and these days you don’t need to be a coding expert to have a successful website.

If you want to see my personal review of Wealthy Affiliate University, click here.

There are other options you can take with internet marketing, but this is by far the easiest route. I really think it’s worth your time and effort.


That’s all for now.

Are you making payments on your student loans while attending classes? Do you know someone else who could use this information? Feel free to comment and share. And don’t forget, if you have any questions, I’m here to help.

Thanks for reading! See you next time.

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College Students Scammed By Online Employment

College students are being fooled by online job scams.

Fraud AlertAs a college student or recent graduate, you’ve probably considered supplementing your income with an online job. There’s nothing wrong with wanting online work but you have to be careful when dealing with online employers.

Within the last few years, online job scams have been responsible for the loss of millions of dollars nationwide. These scammers pose as online employers or “job coaches” and have some requirements in order for you to have a chance to work with them.

You may find these kinds of “employers” under college job postings or unsolicited emails. These companies demand upfront payment with promises that you will have employment after working with them. They ask for your credit card or bank account information before you can make any progress in their programs.

After receiving your information, the companies don’t provide any form of their guaranteed employment or may become completely unresponsive. Trying to reach them about the services promised gets you absolutely nowhere.

Don’t fret, though. There are ways to avoid these scam artists and hold onto your money. Looking for work does not have to be so dreadful. When considering online employment, think about these tips:

  • Don’t open links in unsolicited emails! First, you want to research the company through sites like BBB.org, The Better Business Bureau provides a grading system for businesses similar to how you get graded papers in college. You also want to double-check the email address to see if the address matches the real company’s URL. If the email doesn’t match, report the email to your email service provider immediately. If it does, then it’s probably safe to open links from that email, though I wouldn’t open any emails I didn’t sign up for.

 

  • Always double-check the business rating through sites like BBB.org! When you come across a job posting on a college website or see a flyer on one of the messageboards in the halls, you always want to check the company’s business rating before replying to the posting. And as mentioned in the previous tip, check the URL. Make sure the URL matches the one listed by the Better Business Bureau. If everything seems legit, then feel free to check out the business.

 

  • Think twice before giving out sensitive information! If a site you find through a job posting demands credit card or bank account information before joining their service, avoid that company. Legitimate companies will not ask for payment to process credit reports or background checks before you have an interview. Don’t even pay for “certifications” or training materials. That’s just another trap set by these scammers.

 

  • Never wire money to people you don’t know! Wiring money to someone through companies like Western Union makes it incredibly hard to track the money. This creates a very difficult situation where you will probably never get that money back if the person you sent the money to is scamming you. Always be careful about this.

Caution SignDealing with companies online does not have to be dangerous. Just use caution and check the appropriate sites to make sure a company is legit. Your online job search CAN be fruitful as long as you are aware of potential scams.

Have you been scammed by an online “employer” before? What was that experience like? Did you ever resolve the issue and get your money back? Let me know in the comment section below.


Would you rather work for yourself?

While some online jobs can be great work, sometimes the kind of work you’re looking for doesn’t have any job openings. There is a lot of competition for jobs like Social Media Management or being a Virtual Assistant. So, what can you do about the competition?

Avoid them completely! Become your own boss and create your own online business. One great way to do this is with Affiliate Marketing. Don’t let the term scare you, though. With affiliate marketing, you can turn your passions into a full-time online business just by sharing your knowledge about it!

If you’re new to the idea of affiliate marketing, it may be beneficial to join an online community that knows all about it. I joined one such community and I love it there. Wealthy Affiliate University is full of tremendously helpful and encouraging people. There’s always someone around to answer your questions at any time of day or night.

Since joining Wealthy Affiliate University, I’ve become a premium member and I don’t regret it. To see my review of the Wealthy Affiliate University, click here.

Thanks for reading. See you next time.

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Refinancing Federal Student Loans May Have Negative Consequences

Be careful with your Federal Student Loans.

Paying Your LoansIf you’ve had federal student loans for a while, you might be tempted to refinance your loans. Before you refinance, here are some things to consider:

  • Federal student loans have some benefits versus a refinanced loan.
  • With federal student loans, you may qualify for smaller monthly payments based on your income.
  • You may qualify for deferment on your federal student loans if you have no income or very low income.
  • If you don’t qualify for a deferment, you may qualify for forbearance instead.
  • If you work in certain industries, you may qualify for loan forgiveness.

Deferments and forbearance options are very similar. With a deferment, you have a no-pay period that may stop accruing interest for that time. With forbearance, you have a no-pay period that still accrues interest. Both options require a financial hardship to be present in order to qualify.

The income-based repayment option may help many students and graduates. This repayment option your monthly payment would be about 15% of your discretionary income. If your monthly payments aren’t enough to cover interest, you may end up paying more on interest throughout the period of your loan repayments.

However, if you can’t pay the full monthly interest increase, the government may help pay the remaining interest.

Loan forgiveness is an option that many people hear about but only a few people qualify for. In order to qualify for loan forgiveness, you have to work in a community service program like AmeriCorps or work in certain professions in areas like health and education.

You may also qualify if you are in the military or live in certain states that offer to pay a certain amount on your loan for being a resident of that state for an extended period of time.

Refinanced student loans may lose these repayment options. Your lender of choice when refinancing will probably have a stricter repayment plan compared to the federal student loan lender.


But that’s not all.

Increasing InterestFederal student loan borrowers do have some benefits over a refinancing lender. However, there are a few more things to consider when looking at refinancing:

  • Federal student loans aren’t dischargeable when filing for bankruptcy.
  • Becoming delinquent on your student loans will have a negative impact on your credit.
  • Becoming delinquent may also result in a late fee.
  • Defaulting on federal student loans may cause the government to garnish your paychecks or tax refunds.
  • Defaulting may also result in you being sued.

No matter what you decide, make sure that you do not fall behind on your loans without contacting your lenders. Keeping in contact and keeping the lenders up to date on your financial situations will help with adjusting your monthly payments. This will also keep your credit from dropping after missing payments.


Deciding to refinance?

Keep all of these options in mind when thinking about refinancing your student loans. Remember what happens when you start falling behind on your payments. Make a sound decision when considering refinancing.

Have your student loans caused you financial hardship? Are you considering refinancing your student loans? Let me know in the comment section below.

If you’re looking for a way to help start paying off student loans, I recommend trying out affiliate marketing. With affiliate marketing, you can take your passion and turn it into a full-time online business.

One great way to learn about affiliate marketing is to join an online community. The community I’m a part of is called Wealthy Affiliate University. You can check out my review of Wealthy Affiliate University here.


That’s all for today.

Don’t forget to leave your thoughts and opinions below. I love getting the chance to read your responses. Also, share this post with friends and family that might find the information useful.

Thanks for reading!

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Does Paying Off Student Loans Help Credit?

You may have noticed that making regular payments on student loans positively affects your credit score…

Like any kind of credit, making regularly scheduled payments boosts your score slightly. The longer you go without missing a payment, the better your score becomes…but is that the only way that student loans affect your credit? Let’s see.


Does Paying Off Student Loans Help Credit?

GraduationThe answer is not a simple “yes” or “no”. How paying off your loans affects your credit depends on a few factors. One of the main factors is Diversity. The diversity of your credit accounts have a direct impact on how paying off credit will affect your score.

A student loan is known as an Installment Loan. If you don’t have any other installment loans, such as a mortgage or car loan, then paying off your student loans may lower your credit score slightly.

That’s not saying that you should keep your student loans for as long as possible. Paying off loans on time shows credit bureaus and lenders that you are a responsible borrower.

Not only that but paying off loans changes your debt-to-income ratio, freeing up cash monthly that you would have been spending on loan payments. It’s a positive impact on your financial situation overall, even if closing that loan account lowers your credit score slightly.

However, there is no way of knowing ahead of time how paying off a loan might affect your score. Each person’s credit situation is different. It really depends on your unique credit history and the scoring model being used.

In general, just continue to make your scheduled payments on time until you completely pay off your loans. If you do see a decrease in your credit score, it probably won’t be a significant one.

To see your credit score for free (that won’t negatively impact your score), I recommend using Credit Karma. It’s the site I use to keep track of my credit portfolio and receive monthly updates to my credit score.

Also, be sure to leave your comments and thoughts on student loans and credit scores below. I love reading what you have to say!