Is there an income limit for FAFSA (Free Application for Federal Student Aid) ?
By financen | September 29, 2012 - 5:47 pm - Posted in FAFSA, Student Loan
FAFSA

FAFSA

Many people do not know if there is an income limit for filing the FAFSA. Or to put it in a better way, the question is if there is an income above which nobody qualifies for financial aid? Well, the answer is there is NO income limit for filing the FAFSA. This means that anyone with any income is eligible to submit a FAFSA form to the Department of Education. This creates another question if there is any absolute maximum income above which a person cannot receive financial aid? The answer to this questions is, it depends.

FAFSA uses a formula depending on your family contribution. There are many variables of which income is a very large part. It will calculate the assets in a family, the number of children in the household, and how many children are attending college. Lets say you have three children in college and your income is $250,000 a year, you will still have a family contribution. This family contribution will be spread across three schools. In this case, a family may qualify for the financial aid for all their children.

On the other hand, if there is a family with an income of $70,000 and one child in college, he may not qualify for the financial aid at certain schools if the family contribution exceeds the cost of attending, like a community college. Everything depends on the financial need of the family. A family having a higher income will have more needs due to number of children in college.

There are many government financial aid programs in which it will be hard to qualify under such scenario; high or low income. Pell Grants have a specific expected family contribution cutoff. Families who are not able to show financial need are not eligible for subsidized federal loans. It doesn’t mean that a family will not qualify for other types of aids including grants and scholarships.

All families should be encouraged to file for FAFSA. Even though you may have a high income, but still you may qualify for the aid. If your family contribution is higher than the cost of attending, the financial aid office comes to know that you are looking for some type of financial assistance. The school may also offer discounted tuition or other programs that will reduce the overall cost. So, its important to file for FAFSA to get some kind of financial aid in one way or the other.

Helpful resources: http://www.fafsa.ed.gov/

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Why Are Payday Loans So Popular?
By financen | September 18, 2012 - 3:52 pm - Posted in Uncategorized

Payday lending has become an exploding industry over the last few years. This financial product has become extremely popular, thanks in no small part to their easy accessibility. Advance cash shops have sprang up all across the nation as payday loan lenders see the rising demand for these loans.

Payday-Loans

Payday-Loans

As banks turn more and more people down, advance cash lenders are taking up the slack. By offering no credit checks for instant cash payday loans, the advance cash lenders are able to provide loans to people with bad credit and because they focus on the present day situation of the borrower, not their past. Everyone has mistakes in the past that they regret but mistakes with a person’s credit can cost them for many years as banks, car lots, mortgage companies and other lending institutions will turn them down for money. This is where advance cash steps in and takes over by offering instant loans to people that otherwise would be unable to attain the cash from any other source. There are millions of people with bad credit and no credit so all of a sudden these 24 7 cash loans companies have found a huge customer base… all to themselves!

Another factor that has made 24/7 cash loans so popular is the ease and simplicity of the online application process. Even the application process in the loan payday loan stores is easy enough, but the online process makes it possible to apply and receive the money all from the comfort of their own homes or anywhere that you have access to a computer or laptop. At the land-based advance cash shops, the lenders may ask for a postdated check or ACH bank withdrawal authorization and the online payday loan lenders will usually ask for the ACH authorization.

Other types of loans such as a no-fax loan payday loan have made the industry rise in popularity also. Now many advance cash lenders do not require the faxing of any paperwork and usually there are no telephone calls required either. In many cases instant cash loans can be obtained without ever dealing with a live person, it can all be accomplished online as long as all the requirements are met and no additional info is required from the borrower for the advance cash loan.

Banks saw the rise in popularity of these advance cash loans and decided they wanted a piece of the loan payday loan industry. They began making loans to lenders and even joined into partnerships with some of the advance cash lenders so they could offer the loan to people in states that had prohibited these types of loans. People who want advance cash all across the nation can now obtain these loans by simply logging into a computer, clicking on a payday loan website, filling out the paperwork, meeting all the requirements and waiting for the money to be deposited into their bank account. The ease and simplicity of these advance cash loans have made the payday loan industry more popular than ever.

Some helpful links regarding Payday loans:

http://www.oft.gov.uk/news-and-updates/press/2012/11-12

http://news.bis.gov.uk/Press-Releases/Better-help-for-consumers-in-financial-difficulty-from-payday-loans-67a77.aspx

http://en.wikipedia.org/wiki/Payday_loans_in_the_United_Kingdom

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Preparing yourself for the worst with critical illness insurance
By financen | September 13, 2012 - 5:38 pm - Posted in Insurance

Being diagnosed with a critical illness is something we all dread, that trip to the doctor’s or hospital when you are given the diagnosis and the world seems to stand still. Once over the initial shock practicalities kick in. Can you still work? How will your family manage without your income? Can vital bills be paid? All these questions, and more, can be answered easily; protect both yourself and your loved ones with critical illness cover.

critical-illness-insurance

critical-illness-insurance

While everyday folk may bandy around the world ‘critical’ when it comes to illnesses and diseases, there is a very clear definition when it comes to insurance, and one which all providers of critical illness cover must abide by. There are specific conditions named in all policies and the specific definition is vital should you fall victim to such an illness and be in the position where you need to make a claim.

When you take out home contents insurance, for example, you will have various choices as to how much cover you need to replace what you have lost should you suffer a disaster. A critical illness insurance policy via a comparison site such as www.critical-illness-cover.org works in a similar way as it covers various illnesses, from the standard three which are strokes, cancer and heart attacks, through to the full list of 23 that are defined as critical illness by the ABI.

As with life insurance, the more you pay in the more you get back, and whilst it may be tempting to go for a lower level of cover to enable you to pay more in, the fact is that you are greatly limiting the number of illnesses you will be covered for. You can’t realistically decide that you are more likely to develop one more than another, anybody at any time can be struck by a critical illness that turns your world on its head.

critical_illness

critical_illness

Think about it logically, you are covered for cancer, strokes and heart attacks as they are the big three, but what if you have an accident and lose a limb? Or become permanently blind or deaf? Unless these are specifically mentioned as key feature in your policy you won’t receive a penny, and your family will suffer financially as well as emotionally, all because you wanted to save a few pounds.

Life is the biggest lottery of them all; nobody knows what is around the corner, and figures show that even the fittest people can be struck down by a debilitating critical illness, years earlier than you would normally expect. The association of British Insurers have a list of 23 illnesses which they define as critical, and you should ensure you take out a comprehensive policy that covers all 23.

You probably didn’t think twice about taking out a life insurance policy to ensure your family don’t suffer hardship when you have passed away, so common sense should tell you that they will suffer even more if you have a long term critical illness. Make sure your family aren’t put into this horrendous situation by taking out a critical illness policy, it’s something nobody should be without.

More info : http://en.wikipedia.org/wiki/Critical_illness_insurance

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How to get a payday loan advance during an emergency?
By financen | September 11, 2012 - 6:03 pm - Posted in Payday Loan

Emergency can come all of a sudden. Anything can happen anytime and we may not be prepared for it. A little bit of financial help until your next payday can solve a lot of problems. If you are not sure how you are going to make it through until your payday, there’s an easy solution to it. You can easily qualify for a payday loan advance and solve your cash requirement.

payday loans

payday loans

Benefits of Payday money advance :

These are also know as cash advance loans, and you don’t need a credit check to qualify for such loans. You can easily qualify for such loans on the internet. There are many companies who are doing business on the internet and many have stores in your area. Fill up the application form and go from there.

Another benefit of payday loan advance is time period within which you will get the cash in your hands. A bank or a financial institution may take several days to review your application form and then they will give their final decision whether you were approved or not. Cash advance companies will take no longer than 24 hours, once approved, and the money will be available in your bank account by midnight.

Its a great financial help when you are in the time of emergency and you have the money available in your bank account within the earliest possible time. Repayment on such loans are to be done within your next payday, although there are a few companies that will stretch the repayment term to two or three months.

In order to get approved, you must have a steady job and should be able to repay the loan on time. If you are not able to pay it within the due date, you will have to pay additional interests and fees on the loan amount.

The interest rate charged on such loans are quite high so you must make sure that you are able to repay back the loan within your next payday, otherwise you will end up paying a huge amount in penalties.

You can easily qualify for a loan from $100 to $1000 or $1500 depending on the companies policies. It is quite enough to use during emergencies.

Payday loan companies will collect your personal information, checking account information in order to transfer the money directly to your checking account. These transactions are completely safe and secure including your financial information filled up in the application process.

More info about Payday loan:  http://en.wikipedia.org/wiki/Payday_loan

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