Smart Loan Shop

Archive for August, 2007

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We all know how important having a good credit report is to your gaining access to the good life in America. Without a good RICO score showing that you have good credit you will not be able to get credit at all or will pay higher interest rates on any credit that you are approved for. If you have a poor credit report you need to Repair Your Credit

The turmoil that rocked financial markets over the past few weeks was initially sparked by problems that originated in the sub prime housing mortgage loan market.

Over the past few years interest rates have been so low, credit standards set so low,  and home loan funding so easy to obtain, thanks to the maneuvering of the US Federal Reserve Bank, that a huge number of housing loans were made to people who, at best were and are poor credit risks.

The Federal Pell Grant program can be of tremendous assistance to college students who come from lower income households as the loans do not have to be repaid.

As you might expect the qualifying standards for the Pell Grants are rather exacting. In addition, the total amount of the grants are capped at a level that is not sufficient to pay all the costs of attending many colleges and universities.

A brief description of the Pell Grant program from the U.S. Department of Education website is as follows:

Getting a college degree is more important than ever. Over a lifetime of employment an average college graduate will earn more than twice the income of someone who graduated from only high school.

However, a true comparison is not quite as rosy. During his or her college years a full time college student forgoes income that the high school graduate who went immediately into the work force after graduating from high school would be earning. Not only that but the high school graduate is receiving what could be valuable on the job training while being paid for their services.

The risk of an old fashioned destructive credit crunch seems to be growing with the disclosure by AIG insurance company, the worlds largest lender, that late mortgage payments are spreading from the subprime loan market to higher rated loan categories.

Consumers in the US are increasingly likely to experience a sharp spike in interest rates that may persist for a very long time. The artificially low rates of the Greenspan Fed era have lead to such credit market distortions that it may takes years for the credit markets to readjust.

One of the great needs of young people has been addressed with the MoneySKILL® personal finance course. How to manage your personal finances has been a subject area long missing from the typical high school education in America.

MoneySKILL® is a highly interactive, reality-based Internet curriculum.

Its purpose is to educate students to make informed financial decisions. The course consists of 34 “How To” modules on income, money management, spending and credit, and saving and investing. The modules are designed to be approximately 40 minutes in length.

The cost of attending college has been increasing at a much faster rate than most families incomes.

Many students have to go into debt in order to attend the college of their choice and to get that all important college degree. Unfortunately, if you are in that category that can leave you with quite a high level of debt to manage just as you start your career.

When you can consolidate and reduce your monthly payments that can give you much needed relief. After all you didn’t earn a college degree to become a debt slave.

VA Loan Eligibility

If you are a United States military veteran you may be eligible for a VA housing loan that would be guaranteed by the US Department of Veterans Affairs.

The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration charged with the responsibility of administering the home loan program.

The mission of the VA Loan Guaranty Service is to help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation. All veterans and other participants in the program will be treated in a courteous, responsive, and timely manner. The VA pledges to endeavor to operate in the most efficient manner possible to minimize costs and ensure the best use of the taxpayer’s dollar while serving the housing needs of veterans.