Home » Finance » Loans

Are You Wise Enough To Use A Short Term Loan?

Aug 17, 2007
The cost of education is skyrocketing nowadays. The major culprits for this are increasing cost of books, tuition and living expenses. This forces College students often to struggle with their finances.

A quick solution to this situation is short term loans specifically designed to fulfill needs of students. Student short term loans are often a good resource for those who can not find enough ready money to meet their grocery or rent needs.

To get short term loan students need to apply through the school financial aid office. The student short term loan amount is normally restricted to a few hundred dollars at a time. The repayment schedule is also limited to a short period.

For Most short terms loans for students are for a period of ninety days or less. The student applies for the loan by signing an agreement stating he or she is bona fide student of the school. It also makes the student acknowledge that he or she understands that he cannot apply for any other student short terms loans while they have one outstanding. This implies their current short terms loans needs to be paid in full before they are allowed to apply for another.

Interest fee could be low for some schools on short term loans for students. This is obviously in comparison to the interest charged by financial institutions. The student merely repays the principal amount of the short terms loans along with the accrued interest by due date.

Few schools only charge a modest administration fee on the short term loans. This is to cover the cost of the paperwork and time needed to process the loan.

The approval period is generally few days. As per the work load of the financial aid office it can vary by a day or so. It really is dependent on the school situation. Once the loan has been approved, the student must begin thinking about repayment. It is prudent to consider repayment during the term of the loan compared to waiting until the due date.

If short terms loans are not repaid by the due date then it can lead to a penalty applied to the amount. Repayment of the combined amount becomes responsibility of the student. This can also affect prospects of future short terms loans. Thus repayment on time is an important factor while considering a short term student loan.

I know quite a few students who utilize these short term loans regularly during their college years. These loans enable them to spend more time studying for their degree than working at a part time job.

Student short term loans can be a valuable resource if used wisely. However it is very important for the student to pay it back on time.
About the Author
Jay Moncliff is founder http://loansonline.banking2000.info/ ; a website on online banking , resources and
articles. More internet banking, investment banking at http://loansonline.banking2000.info/
Rating:
Please Rate:
(Average: Not rated)
Views: 166
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources