How to Get Rid of Pesky High Interest Student Loans

Written by Jona E. Kessans & Terry Rigg


Currently student loans are at an all time low interest rate, which is a great deal for those currently attending college. But, if you’re like me and attended college inrepparttar nineties or inrepparttar 111888 eighties then you know that there was no such thing as a low interest rate. The best you could hope for was around 8.25% and usually 9 or 10%.

By today’s standards, this is outrageously high and loans with interest rates this high are darn near impossible to pay off in a decent amount of time. Moreover, byrepparttar 111889 time all ofrepparttar 111890 interest is paid it almost doublesrepparttar 111891 loan amount. I guess you could say this isrepparttar 111892 magic of compounding in action. And unlike traditional loans that can be financed at a lower rate, student loans don’t have this option available. So, most people just trudge along and continue to pay year after year after year.

However, after some research and creative financing I have come up with a viable way to get around high interest rates thus shorteningrepparttar 111893 time it takes to pay off old loans and pay less in overall interest.

Basically, I contend that one ofrepparttar 111894 best ways to eliminate student loans quicker and at a much lower interest rate is to transferrepparttar 111895 old loan onto a credit card that offers a low to no interest rate on balance transfers. To verify this I asked my friend Terry Rigg, owner of The Budget Stretcher (http://www.homemoneyhelp.com) to dorepparttar 111896 comparison calculations.

Here’s a comparative analysis he did. A student loan inrepparttar 111897 amount of $15,000 at 9% with a payment of $300 per month would take 5 years 3 months to pay off with a total interest amount of $3,870.56 in interest.

However, by transferring this same $15,000 to a low interest credit card with an interest rate of 3.9% forrepparttar 111898 life ofrepparttar 111899 balance transfer, it will only take 4 years 7 months to pay off makingrepparttar 111900 same $300 per month payments. The total interest paid would be $1,337.90: a total savings of $2,532.66 with a pay off eight months sooner.

This method isn’t for everyone, but it is a viable option for those who wish to unload old high-interest student loans once and for all. And, obviously, good credit is a necessity to obtain low balance transfer rates. However, before makingrepparttar 111901 decision to use this method, it’s wise to go overrepparttar 111902 pros and cons of each method.

Are You Overpaying On Your Home Insurance Policy?

Written by Tim Gorman


For many consumersrepparttar cost of daily living is becoming increasingly higher. High gas prices, rising automobile costs andrepparttar 111887 cost of buying a new home can be very troublesome. The additional cost of homeowners insurance has some consumers wondering why and silently complaining to themselves. There are lots of reasons why your homeowner’s insurance policy may be costing you more then it should. Just like any other insurance policy or plan -repparttar 111888 coverage amounts, deductibles and various other factors determinerepparttar 111889 rate at which you pay in order to be legally covered with adequate insurance protection. Additional costs arise if you require coverage inrepparttar 111890 form of flood insurance or fire insurance. The easiest solution to see if you truly are overpaying on your home insurance plan is to do a search onrepparttar 111891 Internet for home insurance plans or providers. You will be offered a variety of websites to choose from in order to see if you’re being overcharged. Many ofrepparttar 111892 websites will offer yourepparttar 111893 chance to receive a free homeowners insurance quote. In most cases you can receive multiple quotes for free, which you can then compare to your current plan to determine if you’re overpaying on your insurance coverage. Don’t worry about doing this sort of research. The quotes are free and you’re never under any obligation to accept any quote that is offered to you. Additionallyrepparttar 111894 websites will keep all of your personal information private and secure. Byrepparttar 111895 way you’re notrepparttar 111896 only person who feels that home insurance rates are rather high. Just recently inrepparttar 111897 state of Florida lawmakers have asked that a delay be put on any future rate hikes or increases. This was in large part due to some insurance companies wanting increases as high as 28% after a double-digit increase last year on homeowners’ rates. The insurance companies claimrepparttar 111898 rate increases are needed due torepparttar 111899 extensive damage caused byrepparttar 111900 hurricanes that repeatedly hit Florida last year. Whether or not you actually feel that you’re overpaying on your home insurance I highly encourage you to do a free rate quote onrepparttar 111901 Internet just to be sure. The process is very simple and quick and it could save you some money inrepparttar 111902 long run.

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