Step 1:

Apply with the government first. It’s tough to beat the rates you will get on Stafford loans and if you temporarily default, you won’t pay a huge penalty. In addition, many Stafford loans are subsidized by the federal government, meaning the feds pay the interest rate until you finish your degree. You only pay interest after you enter the work force.

Step 2:

Check into a Perkins loan if you or your family’s income is very low. There are income eligibility requirements, but Perkins is another government student loan program with very low interest. As a bonus, there are no loan origination fees associated with a Perkins loan.

Step 3:

Tread carefully when considering private student loans. These loans can come from private banks or from citizen and fraternity groups. However, they often carry a high interest rate and they may accrue interest before you graduate. Read the fine print anytime you’re applying for private student loans to avoid a money crunch in the future.

Step 4:

Ask your parents to apply for a PLUS loan. These are federally funded loans available only to parents of kids furthering their education. With favorable interest rates, this is a better choice for your folks than allowing them to borrow money against their home (home equity loan) and pay a high interest rate.

Step 5:

Fill out the Free Application for Federal Student Aid (FAFSA) on their website as soon after January 1, as you can. Not only will you qualify for student loan money, you may be awarded a grant that you need not pay back. (See Resources Below)

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

Luckily, by following a few tips when getting ready to host a Thanksgiving dinner, you can make it a good time for all without needing to spend a fortune.

1. Keep The Sides Simple. You may find that not everyone in your family enjoys everything on the table, but there is no need to go out of the way to prepare something fancy.  Canned staples and cooked vegetables from corn to mashed potato to turnip or squash, can be both as delicious and filling as more complicated and expensive sides.  Not to mention that they are generally inexpensive and of near consistent quality – meaning cheaper store brands can be as tasty as the established brands.  Besides, once you’ve heated them up and placed them in a serving dish, who is going to know?

2. Keep the Turkey Small. If you’re including a few sides, you don’t need an enormous turkey unless you have a correspondingly large family.  One of the most frequent Thanksgiving traditions has become giving the leftovers to guests when they leave.  This presents you with a great opportunity – keep the portions smaller.  Less food costs less money and if you’re one of those who finds themselves pushing leftover turkey and potatoes on your cousins as they leave, you can probably cut down on your purchases.

3. Make Punch.  It might not be an expense you think about, but soft drinks, juice, and eggnog can add up quickly.  Instead, consider making a punch or a large bowl of fruity Kool-Aid.  They’re easy ways to make your dollar stretch.  We’ve always found ginger ale, water, fruit punch syrup, and some sherbert makes for a delicious, long-lasting punch bowl for a low price.

4. Compare Grocers. Some grocers may have other better deals on fresh vegetables, while others have the best price on turkey in town.  Check out the flyers arriving in your mailbox each week and see who has a great deal on a staple for your Thanksgiving dinner.  Compare those prices with available coupons and then buy them ahead of time.  A number of non-perishables (a.k.a. canned or frozen foods) can last between now and Thanksgiving and you can purchase them a bit at a time.

5. Save on Desserts.  Consider making pies instead of going all out on desserts.  Store-bought pies themselves are often cheaper than things like cheesecakes, tarts, and pastries.  A number of pudding-based pies can be made quite easily – we’re thinking chocolate pie or lemon meringue – and cost little more than a box of pudding and a pie crust, while pleasing those guests with a craving for sweets.

In the end, the things to remember are: keep it simple, plan just enough food to please your guests, and stay on top of available savings.   If you have a bit left over at the end, don’t fret. Thanksgiving leftovers can be as delicious a family meal as Thanksgiving itself, without the need to prepare everything again.

HUD Secretary Shaun Donovan, along with Senator Sherrod Brown and Mayor Michael Coleman toured Columbus, Ohio in an effort to raise awareness about the economic benefits of the bill.

According to Shaun Donovan, over $577 million could be set aside for Ohio alone if the bills are passed, with the city of Columbus being allocated $50.8 million from the Neighborhood Stabilization project with additional resources from Project Rebuild.  Said Donovan, “By rebuilding neighborhoods devastated by the economic crisis, we will improve surrounding property values, create new jobs, and foster long-term economic growth.  Project Rebuild would put vacant properties to good use and target funds to the hardest-hit communities so we can jump start economic growth and strengthen our communities.”

Donovan also toured Richmond, Virginia with Mayor Dwight Jones.  Richmond has been allocated $2.4 million as part of the Neighborhood Stabilization Program.

“The Neighborhood Stabilization Program has been instrumental in helping us implement the East End Transformation Plan, which we launched last year in partnership with Bon Secours Community Hospital.  We’ve also been able to leverage these dollars for maximum private and non-City investment to help put vacant and derelict properties back to productive use as we are assuming a comprehensive approach to neighborhood economic revitalization.  We are encouraged by the federal Administration’s decision to establish Project Rebuild, and support full funding of the program,” said Mayor Jones.

Recent HUD statistics have shown that investments in neighborhood stabilization have been able to increase home sale prices in 67% of communities who have received those investments, while 73% have seen lower vacancy rates, and 47% have seen both.

Source: U.S. Department of Housing and Urban Development

The group is increasing its reach in preparation for a possible onslaught of foreclosure notices, as the foreclosure process pipelines are still clogged since the real estate market collapse in 2008.  With the possibility that banks across the country will ramp up foreclosure claims, the law group is preparing to meet potential demand for foreclosure defense.

Of course, the firm also has ideas about how to begin to stabilize the current real estate and financial markets.  Whereas the banks had slowed down foreclosure proceedings in previous months in order to stabilize real estate prices, the practice unintentionally added toxicity to their loan portfolios.

Says attorney Colin Banyon, “”What’s really needed here is for lenders to be willing to take a small haircut on the principle value of the loan and simply adjust the payment terms to reflect the current value of the property.  This way there won’t be a glut of homes sold on the auction block at fire-sale prices that will only further exacerbate the problem of a declining real estate market. The truth is many of these lenders are not in the right. There have been numerous errors through the underwriting process, chain of title, and securitization of mortgages that really does provide a strong defense against lenders improperly and in some cases illegally foreclosing on homeowners. We intend to defend our clients in hopes the lenders will do the right thing and modify the terms of the loans so we can eradicate this foreclosure crisis once and for all.”

Source: Marketwire

The benefit of debt consolidation is that you may be able to take out a loan at an interest rate lower than what you are currently paying on your debts.  It may also be possible to spread your payments out over a longer period, lowering your monthly payment.  However, if the loan period is extended, you may end up paying more over the life of the loan.

If you have fallen into arrears or are heading through foreclosure proceedings, it may be difficult to obtain a debt consolidation loan.  If you have not yet fallen behind on your payments and can find a loan more agreeable than your current combination of credit card and bank loan debt, you may wish to consider debt consolidation.

See Also: Amortization, Arrears, Bankruptcy

Often, once the process is completed, any outstanding debts at the end of the proceedings are written off.  However, a bankruptcy will stay on your credit report for at least 10 years and you may find it hard to obtain new credit for some time after you have filed for bankruptcy.

For those who have fallen into arrears, this may be the best option for resolving debt and moving on.

See Also: Arrears

Arrears cannot only negatively effect your credit if late or missing payments are reported to the credit bureaus, but can increase the amount you owe due to fees.  If your arrears on a debt are large enough, your creditor may send your debt to a collection agency for collection.

If your arrears grow too large, you may need to file for bankruptcy protection.  If your mortgage loan falls into arrears, you may be forced into foreclosure proceedings.

See Also: Bankruptcy

You must apply for private mortgage insurance like you would a mortgage and you may not qualify.  It is possible to qualify for the mortgage, but not the private mortgage insurance.  In this case, it may not be possible for you to take out a mortgage, even if you are qualified with the bank or other financial institution.

Some borrowers may qualify for government-subsidized private mortgage insurance through the Federal Housing Administration.  The cost may be lower than through a larger private insurer.

See Also: Adjustable Rate Mortgage, Fixed-Rate Mortgage, Federal Housing Administration (FHA)

Definition: Mortgage loans which are generally more complex than traditional loans (adjustable rate mortgages and fixed-rate mortgages), and present a greater risk of negative amortization.

Though Nontraditional Mortgages may offer a borrower greater flexibility, the complex terms may lead to financial hardship and increased payment obligations in the long-term.  Types of nontraditional mortgages include interest-only mortgages, piggyback loans, or mortgages with extended payback periods of 40 or 50 years.

See Also: Amortization, Negative Amortization, Adjustable Rate Mortgage, Fixed-Rate Mortgage, Interest-Only Mortgage

In special offers or non-traditional loans, this may be less than the interest that has accrued over the past month.  If this is the case, you can experience negative amortization and owe more money than you did before you made your payment.

With credit cards, this amount may only barely cover the accrued interest.  Which means most of your minimum payment will be used to cover the interest and less will be used to pay down what you owe, extending the life of your credit card bills.

If you can afford to do so, it is often better to pay more than the minimum monthly payment, to ensure that you are able to reduce the principal you owe on the loan.

See Also: Amortization, Negative Amortization

For more information, see:

The Pitfalls of Making Minimum Monthly Payments