minimize student debt

Lender incentives can save big bucks when it's time to refinance student loans

Not all companies that provide college loan refinance products are created equally, and where they differ the most is in the interest rate reduction incentives offered. Aside from choosing to refinance student loans during the grace period, lender incentives can be the most effective way to shave a big chunk of money off of your monthly payment.

Look for those that offer interest rate reductions versus dollar amount reductions then compare the percentage of the reduction. Reductions for on-time payments and auto debit are the most common types of incentives. While many companies offer a .25% rate reduction for payments made by auto debit, ScholarPoint gives .5%. Many lenders also offer a 1% interest rate for making 36 months of consecutive on-time payments. ScholarPoint offers this 1% rate reduction a full year earlier.
Deferment and Forbearance starts over

If you've already put in a few years at a four-year institution, it's smarter to stay in school and keep taking on debt rather than dropping out. A study by the U.S. Census Bureau shows that full-time workers holding bachelor's degrees earn an average of $15,400 more per year than full-time workers with some college, but no degree. For workers holding associate degrees, the gap narrows to $14,000 per year. In both cases, a degree means substantially higher earnings prospects and therefore a higher likelihood you won't default on student loans.
Investigate jobs

Student loans allow a post-grad to put loans on hold for a specific amount of time over the course of the student loan repayment period. During this hold, called a deferment or forbearance, the borrower does not need to make payments on the loan although interest does accrue and is added to the balance of the loan.

The deferment and forbearance benefits aren't lost when you refinance student loans - in fact, the "clock" starts over again so that these hold periods are refreshed and can be used again in full.
You could pay more by incorporating fixed rate loans into your consolidation

The reason it's smart to get started with student loan refinancing now is that most student loans are written with a variable interest rate. This means that every year when the federal government decides on a new interest rate, the payment on your old student loan will change if you haven't refinanced.

However, not all student loans are written with variable interest rates. Some types of loans like the Federal Perkins Loan and the HPSL loan are fixed interest rates, meaning that the rates always remain the same. If the interest rate offered when you refinance student loans is higher than that of your fixed rate loans, then you could actually pay more by adding your fixed rate loans to the mix when you refinance student loans. ScholarPoint lending specialists can help you find the most cost effective solution in terms of which school loans to incorporate.

Two out of three students attending four-year colleges rely on student loans, according to FinAid.org. While students normally may not think about the debt burden they'll face until after they finish school, they can minimize the financial strain by taking some smart steps well before their debts come due.
Take a gap year

"Sometimes it benefits students to wait until they have a better sense of why they want to go to college and what they want to study," says Michele Kosboth, director of student financial planning for Lasell College in Newton, Mass.

The benefit of finding the right school and creating a career plan before you get there is twofold, Kosboth says. Students who have a clear idea of what they want to major in and what classes will be required are more likely to graduate on time. Students who attend a college that fits their academic and social needs are also less likely to transfer and lose credits moving from one school to another.
Pick a major

"Changing majors even just once can add on a year of school," says Heather Doe, associate director of marketing and communications for the Iowa College Student Aid Commission in Des Moines.

When choosing a major and a college, Doe says students should make sure the amount of debt they'll take on isn't disproportionately larger than the average starting salary in that major. To keep lenders at bay, Doe suggests figuring out what your monthly student loan payments will be after graduation and ensuring they don't exceed 8 percent of the typical starting salary in your field of choice.
Stay in school


Federal Stafford loans give students a six-month grace period between graduation and the time when they must start paying back their loans, reports the Department of Education, while private loans may not have any grace period. The bad news in both cases is that students may not have a job when the bills come due.

refinance student loan

Recent college graduates saddled with student loan debt and facing a weak job market can turn to a student loan refinance for some financial reprieve.

A student loan refinance lowers monthly loan payments by either locking in a lower fixed interest rate or extending the term of the loan. The latter lowers the monthly payment but costs more overall.

Many lenders will not refinance an existing student loan because it isn't profitable for them. However, if you're interested in trying to land a student loan refinance, consider these seven tips:

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7 Little-Known Facts about Refinancing Student Loans

When graduates refinance student loans, it is so simple that many people tend to overlook some of the key factors that can make a major impact on overall cost. By ensuring that you've utilized every money-saving opportunity when it comes to college loan refinancing, you can realize huge savings over the course of the 10-20 years you spend repaying your loan. You might be surprised at how many ways there are to easily save money when you refinance student loans.
Your interest rate will be .60% less if you refinance student loans during the grace period

The single most important way to reduce the total amount you repay is to refinance student loans during the post-graduation grace period. Following graduation, every student has the right to a 6 month grace period before they must begin repaying their loans.

During this grace period, the rates to refinance student loans are a full .60% lower than they are once the loan enters into repayment status. When you refinance student loans during the grace period, you will lock in these lower rates for the entire repayment period.

Think twice about refinancing if you have a federal Perkins loan. These low-interest loans help needy students finance postsecondary education. A refinance of this loan would eliminate some of its benefits.
Ask your current lender for a consolidation. This is far from a guaranteed deal, but it may be a way for your lender to retain your business.
Check with your community bank. At the very least, they will have a referral service.
Visit the U.S. Department of Education's Direct Loan Program online to look for a loan refinance. Unlike private lenders, the federal government isn't going to lose money on a college loan refinance because its costs of funds are lower.
Direct Loan offers a program that lowers your loan payments initially, and then gradually increases them over time as you expect your income to rise.
Look into unified lending if you don't meet the requirements for a refinance. This will consolidate all of your loans into one bill.
Once you successfully refinance your student loan, try to make the same payment you did before you refinanced as soon as possible. It will reduce the term of the loan and get you out of debt faster.

EMBA MBA Degree from Top Ranked University
1) Offering institute: Auston Open Learning
2) Validating university: University of Western Sydney
3) Length of course: 1 year
4) Course structure: part-time classroom based
5) Area of study: INFORMATION TECHNOLOGY (Data Comm)
6) Costs: Course fees = $9800 (cover exam fees, material etc.) No administration fees needed because I was an ex-Auston student (did my Advanced Dip there).

Completed the course in March 2002. Still waiting for final result.

My comments:
Lecturer / teaching method
Most tutor and lecturer are local (mostly part-timer from Poly and NUS/NTU). Some are good in the delivery of the course. They are willing to stay after class hours, and reply by email. Usually, part-timer don't response during office hours, because will disturb their full-time job.
There are also bad one as 'bo-chap' attitude and just 'read from the book' style.

Course Material
Usually the FOC course material is useless. Those are extracted and photocopy from somewhere. Some never use at all. The lecturer always said FOC material is for "extra reading". The school will recommend to buy some books, but not necessary.
Taking note and tape recording is very important because you could replay the lesson when you do revision later.

Computer Room / Classroom booking
Auston has few computer rooms with Internet access for student use. Usually, I don't use them often because I have better PC at home. Unless you're attending practical lesson (like programming), else you don't use much.
My study group used to book the classroom for group discussions or project meeting. But due to Auston expansion and popularity, we can't get often.

Library.
Auston has a small library in level 3. The collection is not big and resources are limited. This is a good place if you want to borrow book for photocopy.

Tea-break
Auston will provide hot beverage during lesson break. I like the balcony area in level 3. At least can have some fresh air during the break. It's also a smoking area.

Admin support / Exam Result
You can request for document from the school. for example, reservist deferment letter, letter of studies, etc. Sometimes, the support staff didn't do their job well.
Normally, provisional result will be out in one month, but the actual result (from the awarding university) is 3 months after exam.

Assessment Methods
Each subject is assessed by written assignments and an examination; standard percentage is about 50/50 or 40/60. The written assignment is to help you to pass the subject.
As long as your assignment is 'OK' and don't fail the exam, you will get at least a PASS. The failure rate is about 5% - 15%.

The minus point:
As the degree course can be completed within 12 months, therefore some quality of study would be compromised. It is impossible to cover 100% for each subject, in 3 hours per lesson per week in the period of 10 study weeks.
30 hours of academic lesson compare to minimum 60 hours by full-time student. On top of that, assignments must be submitted before exam.

Auston has no different from other commercial school, that the more student enrolled is better. Sometimes, the class is too big. There is no enough time to ask question or clarify any unclear topics.

Some lecturers would expect student to have some background and basic knowledge for the subject. This will be a challenge for student that does not have necessary experience or knowledge.

Personally, I would like to grade Auston 6 out of 10 point. The reasons I enrolled in Auston:
1) Fast – The program can be completed within 12 months.
2) Cost - A final year degree is just cost me below $10K.
3) Flexible Module / Semester system.

Banking and Finance (economics) Degree from SIM University
School: SIM
University: UOL
Degree: Banking and Finance (economics)
Tenure: 3 yera full-time
Grade: 2nd lower.
Fees: about sgd$ 15,000

However, i will like to add something more.

After grad, i was not able to find a job for 10months (financial crisis - suay). Later wok in a futures firm for about 6 months and later went to my current job (banking) - first of doing MIS later in the front line doing sales.

For some of you whom have been crusing through the forum, you will see me asking for pointers regarding OU Maths degree and thankfully, one of the forum members are willing to call me on the phone to let me clear my doubts. So I have already applied for a place in OU Maths degree.

Master of Business Administration in International Business (with concentration in Marketing) MBA EMBA 

2) Offering institute: MDIS

3) Awarding university: Oklahoma City University, USA

4) Length of course: 1.5 to 2 yrs, depending on the schedules of the Professors

5) Delivery method: Part-time, Distance-learning, Fully-taught MBA EMBA

6) Costs:Reg fees S$ 41.20, course fees $24,514 (incl. GST). Textbooks and notes incl. in course fees.

Ranking:

OCU is ranked #23 in the Top Tier Schools in the America's Best Colleges 2007, Universities–Master's (West) category.

Bachelor of Science (Honours) in Business and Management Studies

2) Offering institution: MDIS

3) Awarding university: University of Bradford, United Kingdom

4) Length of course: 2 years (with advance standing) or 3 years

5) Delivery method: Distance-learning, Part-time, Fully-taught

6) Costs: S$18K (2 years) or $20K (3 years), inluding 4% GST, but excluding registration fees and textbooks.

This is a franchised course whereby the course syllabus, selection of lecturers, examination content etc. are fully controlled by the university and not by a third party institution.

You need to complete 360 credits worth of studies in order to graduate; there're 33 modules (10 credits each) and 1 management project (30 credits) for the entire program, and it is divided into 3 stages (equivalent to 3 academic years).

Exemptions from stage 1 modules will be given to students with business diplomas from local poly, advanced diplomas in business from PSB Academy and MDIS and other relevant qualifications.

Stage 1: 11 modules (110 Credits)

1. Foundations of Accounting 1
2. Foundations of Accounting 2
3. Quantitative Methods in Information Management
4. The Digital Enterprise
5. Business Law
6. Work, Employment and Society
7. Organisational Psychology
8. Business Economics
9. Practice of Management
10. Foundations of Marketing
11. Foundations of Production & Operations Management

Stage 2: 12 modules (120 Credits)

12. Resource Planning
13. The Management of Service Operations
14. Marketing Management and Strategy
15. Marketing Research - Strategic Implications
16. Accounting and Corporate Governance
17. Financial Management
18. The Macroeconomic Environment of Business
19. Work Behaviour and Performance
20. Organisational Design
21. Economics of Industry
22. Quantitative Methods for Managers
23. Information and Management Systems

Stage 3: 10 modules and 1 management project (130 Credits)

24. HRM: Strategic Resourcing and Development
25. Electronic Commerce
26. Understanding Strategic Management
27. Applied Strategic Management
28. International Business Strategy
29. International Business Environment
30. Capital Markets, Investment and Finance
31. Strategic Accounting and Management Control
32. Corporate Identity and Brand Management
33. Retailing and Services Marketing
34. Management Project

Each stage is split into 3 terms (4 months each). The students can expect to do 4 modules and sit for 4 exams at the end of each term. There is 2 ~ 3 lessons per week, for lectures and tutorials.

The course coordinators are mostly efficient, though they do make mistakes in the notes once in a while, but these are rectified quickly.

Lecturers are mostly practicing professionals in their fields, a number of them are currently teaching in the local unis or polys. Most are very knowledgeable and can teach well....though there are a couple of duds along the way (got qualifications but dunno how to teach....their lessons boring till zzzz....).

Overall I am rather satisfied.

Note: The above is for the Generalist pathway only. Those who're taking the Marketing or Accounting and Finance specializations will have different contents in stage 2 and 3; content of stage 1 is the same for all specializations.

Further information:

1) The Bradford University School of Management is a Top 100 Business School in the World. The business school itself is accredited by EQUIS, and all its MBA degree programs are accredited by AMBA. According to the Financial Times worldwide Top 100 MBA 2005, its full-time MBA is ranked #76 (#10 among UK business schools); in the Economist Intelligence Unit's Top 100 full-time MBA 2005, it's ranked #84, while Bradford's Associate Institute, NIMBAS, is ranked #57.

Executive Master of Business Administration (EMBA)

The Executive MBA is a two-year, part-time, open learning programme for experienced managers. The Executive in the title indicates that the programme is specifically designed for busy managers who want a course of study that is highly relevant to their workplace and offers the flexibility they need.

The programme’s open learning delivery, attendance requirements and vocational emphasis allows busy executives to develop themselves and their organisations without taking a career break. Building on participants’ work experience, the Executive MBA helps them to develop into strong allround managers while also gaining the prestigious MBA qualification.
On completion of the Executive MBA managers bring to their organisations the capacities to recognise and respond to:
• strategic opportunities for growth
• volatility in the organisational environment and manage complex change
• the need for creativity, innovation and forward thinking in management issues
COURSE CONTENTS
The Executive MBA comprises three stages:
Postgraduate Certificate in Resource Management
• Managing Markets and Customers (20 credits)
• Managing Operations (10 credits)
• Managing Resources (20 credits)
• Managing Talent (10 credits)
Postgraduate Diploma in Strategic Management
• Strategic Management (20 credits)
• 1 x option* (10 credits)
• Leadership & Change (20 credits)
• 1 x option* (10 credits)
Options
• Financial Management (10 credits)
• Innovation and Creativity (10 credits)
• Knowledge Management (10 credits)
• The Economy and Globalisation (10 credits)
Master of Business Administration
• Strategic Project (60 credits)
Each stage lasts approximately eight months and normally the programme takes two years to complete. However, each stage is recognised as a meaningful and respected qualification and participants may choose, if necessary, to take a break between stages. In such cases they are required to complete the programme within five years.
The Certificate is a general introduction to the functional areas of business and its application at all levels. Strategic management issues are integrated at the Diploma and MBA stages where the aim is to provide participants with an understanding of strategy and decision-making at a senior level. Our teaching faculty includes many staff who have senior management experience in the private, public and voluntary sectors and this is reflected in the real-world emphasis of the programme at UWS and practical work-based assignments.
The Masters strategic project is an indepth consultancy project which most participants base on an issue of strategic importance to their organisation.
CAREER PROSPECTS
Graduates of the Executive MBA will:
• acquire a firm understanding of the major areas of knowledge that underpin general management
• develop clear communication abilities across a range of media and audiences
• develop rational approaches to arguing cases and drawing conclusions based on rigorous, analytical and critical approaches to data and information
At University of the West of Scotland, the Executive MBA is designed specifically for busy managers. It features a highly flexible delivery that means that participants do not need to take a career break or time off work to achieve the MBA qualification. They can study at a time and place that suits them and their work and personal commitments. The programme’s open learning delivery consists of all-day, face-to-face workshops held approximately one Saturday per month and a dynamic web-based learning environment. This innovative and user-friendly environment offers learning materials online and features e-mail, discussion groups and bulletin boards, which allow programme participants to keep in close and frequent contact with tutors and other participants.