Financial Literacy Education

PNC is your comprehensive source of financial aid and personal finance education. Learn to minimize college debt by making smart financial choices. Sample a single multimedia module or take the entire course.

As a college student, you already know that college can be a demanding experience. From maintaining your grades to making new friends, each day presents its own challenges. But for many students, college also presents a very real financial challenge. In fact, attending college is one of the single largest expenses most adults will ever have. If you receive financial aid, you know that the amount of aid your receive is often determined by factors you can't control, like your parents' income, the cost of your school, and how each school calculates financial need. But once you arrive on campus, you're in total control of your spending decisions, perhaps for the first time.

Choosing the Right Loan

Choosing the right loan is important for minimizing overall education cost.

Student loan choices can make a real difference in both cost and convenience. Federal loans may offer loan forgiveness options in which some or even the entire loan is repaid based on the work students do after college while private loans may offer discounts off the interest rate.

That said, once federal loan limits are maxed out, private loans can be a sensible choice - as long as you pick the right one.

Before choosing any education loan, make sure you can answer the following questions:

Is the loan a federal or a private loan? Federal loans should be the first choice.

What is the loan interest rate? Private loan interest rates typically vary depending on the borrower and co-signer credit history. Private loans are often subject to credit approval and other required criteria.

Will you be required to make loan payments or pay interest while you are enrolled? Paying interest while in school is a good idea, but ideally it should be an option, not a requirement.

If you do not pay interest while enrolled, how often will interest be capitalized or added to the remaining principal on your loan? The more frequent the capitalization, the more expensive the loan is likely to be (provided you are comparing with another loan with the same interest rate).

Will the lender also be the ongoing loan servicer or will the loan be sold or transferred for service once it is made?

Who will be your servicer?

How easy is it to access the lender and servicer by web, phone or in-person? If you have questions, you need an easy way to get answers.

How Are Federal Loans Repaid?

You can repay your loans by sending monthly checks to your loan servicer or you can set up monthly automated payments deducted from your bank account. Automated payments reduce the chances of a missed payment, which can mean additional fees and higher interest rates. Some lenders and loan servicers offer an interest rate discount if you set up automated payments from a bank account.

There are several different options for structuring the amount of your monthly payments on federal loans:

Standard Repayment Schedule: You pay a fixed amount throughout your repayment period, which is usually up to 10 years. If you can handle the monthly payments, which start higher than other options but remain the same throughout repayment, this plan enables you to pay off your loan as soon as possible. This option is typically the least expensive repayment option overall, since you pay less interest.

Graduated Repayment Schedule: This schedule begins with a lower monthly payment amount than the Standard Schedule and then increases the amount on a periodic

Student Loans for College

Wells Fargo GraduateSM Loan

A Wells Fargo Graduate Loan is designed for graduate students who are seeking MBA, law, or other graduate degrees, and who want to qualify for a loan on their own without a cosigner.

Cover the cost of education, including tuition, fees, books, living expenses, and more.

Benefits:

• Make no payments until six months after leaving school.
• Pay no application, origination, or early repayment fees.
• Select a competitive fixed or variable interest rate option.
• Reduce your loan cost with our interest rate discounts.
• Most students can qualify on his or her own without a cosigner. However, a cosigner may potentially help you get a lower interest rate.

MedCAP® Loan for Health Professionals

A Wells Fargo MedCAP Loan is designed for students in medical, nursing, dental, and other health-related programs.

Cover cost of education, including tuition, books, lab supplies, computers, or living expenses.1

Benefits:

• Make no payments until six months after leaving school (up to 60 months for M.D. and D.O. students).
• Pay no application, origination, or early repayment fees.
• Select a competitive fixed or variable interest rate option.
• Reduce your loan cost with our interest rate discounts.
• Most students can qualify on his or her own without a cosigner. However, a cosigner may potentially help you get a lower interest rate.

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Uncle Sam has pushed another bank out of the $1.2 trillion student loan sector.

JPMorgan Chase, which has been steadily backing out of the classroom over the past few years, said yesterday it would exit student loans on Oct. 12.

Since 2010, when Congress allowed Washington to lend directly to students, government loans have grown to dominate the business — owning an 80-percent-plus market share.

From 2011 to 2012, Uncle Sam wrote 93 percent of the $105 billion student loans originated, according to Consumer Bankers Association.

Reflecting that change, Jamie Dimon’s JPM has seen revenue from student loans fall from $6.9 billion in 2008 to a pedestrian $200 million, according to bank officials.

It is not clear how the exit of the country’s No. 1 bank from student loan will affect students.

JPMorgan has informed some 200 universities and colleges via memo that it was heading for the exits.

Last year, JPMorgan said it would no longer offer student loans to non-customers.

Government loans under the Direct Loan program come with lower interest rates and are guaranteed to all students.

Private bank loans require better credit scores.

With the pressure from Washington, Dimon views student loans as a marginal money maker.

The entire private lending industry has shrunk by nearly 75 percent, with student lending totaling roughly $6 billion in 2012 compared to a robust $23 billion in 2008, public data show.

Bank of America exited student lending in 2009, followed a year later by Citigroup. Last year, US Bancorp exited the game.

Student loans have grown 20 percent over the 17 months through May 2013, according to the Consumer Financial Protection Bureau, which in July estimated total outstanding student loan debt stood at $1.2 trillion.

In addition to pressure from Washington, banks could also be tempted to exit student loans because of risk. Some industry observers have described student loans as the next bubble given the growing cost of college tuition and spiking rates.

“The biggest concern we see is loans are more restrictive while education has become more expensive,” said George Janas, president of Consumer Debt Counselors.

Indeed, since 1980, college tuition and fees have swelled by 1,100 percent — four times the rate of inflation, according to CBA.

Janas said that the decline of private lenders could make it more difficult for student loan borrowers to obtain a loan but also noted that a lot of borrowers aren’t understanding the risk associated with obtaining school debt.

JPMorgan told the colleges and universities it works with that it will still continue to service applications in the pipeline.

Sallie Mae, Wells Fargo and Discover are the top three lenders in the private student lending arena.

In the wake of JPMorgan’s announcement, Wells said that it would continue to be a student lender

“We are committed to the private student lending business and offering products and services that help customers succeed financially,” John Rasmussen,Wells Fargo head of Education Financial Services, asserted in a statement.

Student Loans for International and Study Abroad Students

If you are looking for a student loan to fund your international education, we can help. Whether you are an international student in the US or a US student studying abroad – finding a student loan doesn't have to be difficult and with our student loan comparison tool you can find the right loan in seconds – and then apply online.

Why International Student Loans?

Studying overseas is expensive, and many students struggle to fund their international studies. Scholarships and grants are available, but they are very competitive and rarely cover all of your expenses. A loan can cover up to the total cost of attendance, as determined by your school, minus any other aid received.

Here are just a few of the costs your international student loan will cover:

• Tuition 
• Room and board 
• Books and supplies 
• Travel and transportation
• Health insurance
• Living expenses

 Even if you already have been awarded financial aid, you may find that you are still coming up short. In cases like these, international student loans can cover the difference – or they can cover the total cost of your education.

International Student Loans

IEFA has partnered with the leading provider of international student loan programs to provide students around the world with financial aid options to fund their education abroad. Through this site, you will gain access to the only loan comparison tool designed specifically for international students. Simply enter in your information to the loan widget and you will be shown the loan options that are available to you. There are up to 8 lenders who are currently providing financial aid to international students, and more will be added as time goes by so start searching today!

How do I apply for a student loan?

You can compare lenders and apply right online. Instant approval of your loan can be as quick as a few weeks.Click here to start your loan application.

Who is eligible to apply for international student loans?

Students who are not U.S. citizens or non-citizen permanent residents and who are attending an eligible U.S. college or university. Borrowers are required to have a creditworthy cosigner who is a U.S. citizen or a non-citizen permanent resident. Students who are not U.S. citizens or non-citizen permanent residents and who are attending schools outside the U.S. are not currently eligible for our loans.

I'm a non-US citizen nor a US-permanent resident studying in a destination outside the US, am I eligible for a loan?

Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world, even with a US co-signer.

When I take out a student loan, how much do I pay back and when?

The interest rate and repayment will depend on the loan option and lender you select. After you select the loan that works best for you, you will need to review the terms or contact the lender directly with your questions. The interest rate is calculated based on an index plus a margin that will add an additional percentage interest rate depending on your cosigner's creditworthiness. Based on their creditworthiness, an additional interest rate will be added to the index which will be the total interest rate you owe and at that point you can determine whether you'd like to proceed. Every lender's range varies so it is important to do the loan comparison and review the interest rate and repayment terms.

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Student loans

What is it?

In addition to the flexible payment options for each AIE course, students may like to investigate the options available through various financial institutions across Australia. AIE is nationally accredited as a Registered Training Organisation and students enrolled in a full time course should qualify for most tertiary student loan packages.

Some packages that are available include:

National Australia Bank Tertiary Student Loan This loan package offers students deferred payment options for loan amounts up to $20 000. More information and application criteria can be found on theNAB website.

Commonwealth Bank Campus Loans

Low interest and deferred payment options are available through the Commonwealth Bank Campus Loan. More information and application criteria can be found on theCommBank website.

Forbearance

If you are willing but unable to make loan payments due to certain types of financial hardships, your lender may grant you a forbearance, a period during which your monthly loan payments are temporarily suspended or reduced.

Your lender is required to grant you a forbearance if you are in any one of the following situations:

• You are serving in a medical or dental internship or residency program, and you meet specific requirements
• The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply)
• You are serving in a national service position for which you received a national service award
• You are performing teaching service that would qualify for teacher loan forgiveness
• You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program
• You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment

Loan Forgiveness, Cancellation, or Discharge

Your loans may be forgiven, canceled, or discharged if you are a teacher, military personnel, nurse, childcare provider, individual performing certain public service, or person with total and permanent disability. If you think you qualify, contact your loan servicer.

1. You may also be eligible for a discharge through bankruptcy, if you can prove to the court that repaying your student loan would cause undue hardship. This court proceeding is adversary, and your creditors may be present to challenge your request. You would have to meet all three of these criteria to prove undue hardship:
2. if you are forced to repay the loan, you would not be able to maintain a minimal standard of living
3. this hardship will continue for a significant portion of the loan repayment period; and

• 1. you made good-faith efforts to repay the loan before filing bankruptcy (usually this means you have been in repayment for a minimum of five years).
  Meeting these criteria is extremely difficult and rarely allowed, and although you may file for bankruptcy on your own, you are strongly advised to hire a bankruptcy attorney, preferably one with experience in student loans. If your loan is discharged through bankruptcy, you will not have to repay any portion of your loan, and all collection activity will stop. You also will regain eligibility for federal student aid if you had previously lost it.

ANZ bank

ANZ has a range of loans available, including graduate loans. More information is available on theANZ website

Download the ANZ Graduate Loan Application Form

Welcome to australia.edu

Educate yourself about Student Loans

Completing university is a very tough process. You must work hard and spending a lot of time studying, therefore you do not need the extra stress that lack of finances can bring. You are investing in your future with a university education and there is a lot of evidence which suggests that getting a degree will give you many job opportunities and the potential to earn much more during your career.

Fortunately, the Australian government and many banks offer various loan programs to assist you in your finances and supporting yourself during your university studies. A number of these programs allow you to defer your payments until you have graduated or completed your studies and some of the programs even defer the interest until you have completed your course of study. You need to assess all your options and your financial situation in order to pick the student loan that best fits you.

It is pretty easy to get a student loan. Lending institutions understand that most college students will probably not have a solid money situation or consistent stream of revenue; therefore the loans that you receive are based on your future income potential after your study. Some of the loan programs will require you to have a co signer or guarantor who will support the repayment terms if you are unable to pay it. The guarantor is typically a parent or guardian.

The best option for student loans are government programs because they typically offer the best loan repayment terms. The reason for this is because the government is not trying to make profits off of your loan as a bank would. If you receive a government student loan, repayments will not be necessary and you will not build up interest until you file a tax return that show that you are making over 40,000 dollars per year. This is the best type of government student loan because it gives you the lowest cost option for funding your study.

Not everyone is qualified to get a government student loan and even those that are qualified may notice that they are not given enough money to cover all of their educational expenses. These are the people who will need to dive into private student loans in order to cover their expenses. A bank or lending institution will offer you a student loan that is typically below the general personal loan, making it an appealing offer for most students.Furthermore, many of these programs will permit you to put off payment on the loan for some time, generally after you complete your study, and many times even longer than that. As a result, you are given time to enter the job market and begin your career without worrying about paying off your loans. The one down side to these loans is that you will be accruing interest starting from the date you take out the money and the amount of interest that piles up can be significant.

As a result, just a slight difference of a half of a percentage point could potentially make a large difference in the amount you will eventually be obliged for. It is strongly recommended that you do some research for the loans that will be the most suitable for you.

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Education Loan In Indian Bank

Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation's quest for success is ably supported, paving way for Generation Banking.

» Apply Online for Educational Loan

Eligibility

The applicant should be an Indian National. He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process..

Course of Study

Studies in India

Diploma/Graduation/Post-graduation courses in various disciplines. Computer certificate courses of reputed institutes accredited to The Department of Electronics.

Studies Abroad

Job-oriented professional/technical courses offered by reputed universities. MCA, MBA, MS etc. Courses conducted by CIMA - London, CPA in USA etc.

Maximum Permissible Amount of Loan

• For Studies in India - Rs.10.00* lakhs 
• For Studies Abroad - Rs.20.00* lakhs

* Higher quantum of loan also can be considered in deserving and meritorious cases.

Security *

Documents should be executed both by the student and parent / guardian as joint borrower.

1.  Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3.  Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

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Education Loan In Allahabad Bank

ALLAHABAD BANK EDUCATION LOAN| INTEREST RATES| ELIGIBILITY| INFORMATION

Eligibility:

Indian National who has secured admission to professional/ technical courses in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection Process after completion of H.S.C. (10 plus 2 OR equivalent). Courses Eligible:

Courses eligible for study in India:

Approved courses leading to Graduate/ Posy-Graduate degree and P.G. Diplomas conducted by recognized Colleges/ Universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc. Courses like ICWA, CA, CFA etc. Courses conducted by IIMs, IITs/ IISc, XLRI, NIFT, NID etc. Regular Degree/ Diploma Courses like Aeronautical, Pilot Training, Shipping etc. approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India. Approved courses offered in India by reputed Foreign Universities.

Quantum of Loan:

Need based finance subject to repaying capacity of the parents / students with following ceilings:

 Studies in India: Maximum Rs. 10.00 lac 

Studies abroad:Maximum Rs. 20.00 lac.

 Expenses Considered for Loan Fee payable to College / School /Hostel Examination/Library/Laboratory Fee Purchase of Books / Equipments/ Instruments/ Uniforms. Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course. Travel Expenses/Passage Money for studies abroad. Purchase of Computers essential for completion of the course at reasonable cost. Insurance premium for student borrower. Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc. Reimbursement of the fee paid at the time of counseling if applied within 60 days from the date of such payment.

Repayment:

Repayment Holiday / Moratorium is “Course Period + 1 year” or “6 months after getting job”, whichever is earlier. Loans up to Rs.7.50 Lac to be repaid within a maximum period of 10 years & those above Rs.7.50 Lac within a maximum period of 15 years after commencement of repayment period.

Courses eligible for Study abroad:

Graduation: For Job oriented professional/technical courses offered by reputed Universities. Post Graduation: MCA, MBA, MS etc. Courses conducted by CIMA London, CPA in USA etc. Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute duly recognized by the Competent University/ State Body/ Local Aviation/ Shipping Authority.

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Baroda Education Loan

Education is the most important investment one makes in life. Higher studies and specialization in certain fields call for additional financial support from time to time.

Whether you are planning school education (nursery to standard XII) of your child, pursuing a graduate or post-graduate degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals.

Baroda Scholarship

Bank of Baroda presents financial assistance to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realise your dreams... Achieve your goals... Reach out to the maximum limits...

Terms & Conditions

Eligiblity of Courses : Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities overseas. Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should be recognized by the competent local aviation / shipping authority and Director General of Civil Aviation/shipping in India.

Student Eligiblity :

Should be an Indian National.

Secured admission to Professional/Technical Courses at foriegn Universities/Institutions.

Coverage of expenses (for overseas studies) :

Admission/Tuition fees to College/University.

Hostel/Mess charges.

Examination/Library/Laboratory fee.

Purchase of books/equipments/instruments.

Caution deposit/building fund/refundable deposit supported by institution bills/reciepts.

One way travel expenses/Passage money.

Purchase of computers if essential for completion of the course.

Any other expense required to complete the course e.g. study tour, project work, thesis etc.

Maximum amount of loan : Rs. 20.00 Lacs.

Margin : 15%

Repayment Holiday / Moratorium Period :

Course period + 1 year or 6 months after getting job, whichever is earlier.

Repayment Period :

Repayable in 120 maximum Installments for loan amount upto Rs 7.50 lacs

Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs .

Security :

Upto Rs.4.00/- lacs : No security

Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third party guarantee alognwith assignment of future income.

Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan amount along with assignment of future income

Rate of Interest :

Simple interest during repayment holiday/moratorium period.

1% interest concession, if interest debited during the repayment holiday is serviced.

1% Concession in rate of interest to loans for girl student.

Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs.

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Education Loan In AXIS Bank

Education Loan

Higher education within your reach

Axis Bank's Education Loan aims to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level. We believe, given the right tools and aid every child has the potential to be successful. Our education loans aim to be the very tool that will enable them to reach their goals in life. No more would a deserving student have to give away their pursuit of dreams due to lack of money. Our student loans will ensure that worthy students are empowered to take their destiny in to their own hands. Our endeavour is to help the future of our nation in education and prosperity.

Quantum of Loan

The quantum of finance under the scheme is capped at Rs 10.00 lacs for studies in India and Rs 20.00 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of education loan would be Rs 50,000.

Margin

No margin for education loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies overseas.

Role of the Guardian:

The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.

Security

Third party guarantee and/or collateral security may be asked for in appropriate cases.

Additional Security:

Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the education loan amount. The policy is kept alive during the currency of the education loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.

Disbursement:

The student loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.

DOWNLOADS

Education_Loan_Agreement.pdf

Education_Loan_Application_Form.pdf

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Interest Subsidy Educational Loans

                                                               Central Scheme of Interest Subsidy for Educational Loans An initiative to help                                                                                           students from Economically Weaker Sections

CANARA BANK, Nodal Bank to administer subsidy to scheduled banks.

One of the major concerns of the Government of India is to ensure that nobody is denied professional education because he or she is poor. Indian Banks' Association (IBA) has formulated a comprehensive model educational loan scheme for adoption by all Banks. In order to support students from Economically Weaker Sections of the Society, Department of Education, Ministry of Human Resourse Development,Governemnt of India has launched this interest subsidy scheme.

Eligibility:

Only for Educational Loans availed from Scheduled Banks for pursuing any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India under the Educational Loan Scheme of IBA.

Students belonging to Economically Weaker Sections with annual gross parental/family income from all sources with an upper limit of Rs.4.50 lacs.Certificate to this effect issued by authorized officers of State Government is to be submitted.

 

Full interest subsidy is available for the period of moratorium i.e Course Period plus 1 year or 6 months after getting the job, whichever is earlier.

Scheme is applicable for the loan amount availed from April 01, 2009 to March31, 2010(Academic Year 2009-10)

For Loans sanctioned earlier to 1.04.2009, only amounts disbursed during the above period are eligible.

Eligible students have to contact our branches where they have availed/availing loans for further details.

Canara Bank 
Priority Credit Section,
PC Wing, Head Office,
No.112, J.C.Road, Bangalore-560 002
Email: hopcs@canbank.co.in 
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