If you are just joining this blog for the first time,
to bring you up to date, so far we have discussed…
Student Loans - subsidized and unsubsidized loans,
Pell Grants, Federal Supplemental Educational Opportunity
Grants (FSEOG), Credit Reports and Credit History and
Student Loan Debt Consolidation.
The last thing we discussed was the Parent Loan.
We’ll continue with our discussion of […]

Studies show that two-thirds of students have significant
student loan debt coming out of college.
Ten percent of them owe $35,000 or more.
Are you one of them?
If so, don’t worry. This blog is designed for you to get back
control of your finances.

My name is Carl Willoughby.

I was a licensed agent and Registered Representative
with the Prudential Insurance Company.
I […]

Eligibility for a Student Loan Debt Consolidation
is based on a few simple criteria (depending on the lender).
You are eligible if:
1) You are in your grace period.
2) You have entered repayment
3) You have eligible loans totaling over $7,500
($10,000 from some lenders).
4) You have not consolidated your federal student loans.
If you have consolidated your student loans previously,
since […]

• Your previous year’s income tax return
• Records of previous year’s untaxed income including
Social Security, Temporary Assistance to Needy Families,
welfare, and veterans benefits
• Records of child support paid
• Records of taxable earnings from Federal Work-Study
or other need-based work programs
• Records of student grant, scholarship, and fellowship aid,
including AmeriCorps awards, that was included in your
(or your […]

As we’ve discussed in the last post, the difference
between a Subsidized Loan and an Unsubsidized Loan
is that a Subsidized Loan is an interest free loan
while the student is in school.
The Subsidized Loan is subsidized by the Federal Government
while an Unsubsidized Loan is not.
The other major difference between Subsidized and Unsubsidized
loans is that an Unsubsidized Loan […]

Every University will set their academic schlorship at
different levels. At some schools, your SAT score
may get you a $10,000 scholarship, while at other schools
the same SAT score may only get you a $5,000 scholarship.
Universities will look at your Financial Aid Form and
make a determination based on Need Basis.
Every University offers Student Loans
There are 2 types […]

As we discussed previously, the average Pell Grant
recipient is a family earning $25,000 per year.
Pell Grant recipients with the lowest EFCs will be the
first to get SEOG also called FSEOG.

Federal Supplemental Educational Opportunity Grants
(FSEOG) are for undergraduates with exceptional financial need.
Just like Pell Grants, FSEOGs don’t have to be paid back.
How much can you get?
You […]

In the last century, with the advent of credit cards
and easy credit, the way in which we as a society
consume material goods has shifted radically.
For our grandparents, shopping meant buying
provisions to satisfy their physical needs.
Today, in addition to buying necessities,
we shop to indulge ourselves in luxuries.
eBay and the internet make buying those
$100 sneakers and the […]

How often should you check your credit report?
It is a good idea to request a copy of your credit report
annually. Ensure that no errors exist. Resolve errors that do exist.
If you find any information that appears to be incorrect,
you should contact the credit reporting agency.
Unfortunately, errors can occur in your credit report.
To learn more about […]

The world we live in is built on instant gratification.
And what better way to receive instant gratification
than spending money you don’t have using credit cards.
This unchecked spending has lead many families deep into
credit card debt. More and more individuals find themselves
trapped in a cycle of debt of which they can’t escape.
Surveys have shown that an […]