Posts Tagged ‘College Education Loans’

Could the next bubble to burst be student loans? Robert Reich noted this in his new book Aftershock: The Next Economy and America’s Future. In a recent interview about his book, he highlights, “The Consumer Financial Protection Bureau reported earlier this year that debt from student loans exceeds $1 trillion, surpassing credit card debt, for the first time.” U.S. college students borrowed $117 billion in federal loans last year, and they also hold an average of $45,000 in loan debt from pursuing a higher education; two alarming facts about student loans.

According to an analysis by Moody’s Analytics, “student loans have grown persistently at double-digit rates throughout the last decade, and college costs have outpaced overall inflation by a significant margin.” Tuition and fees at both public and private universities have been steadily increasing, while some higher-education institutions are cutting financial aid, reducing class offerings or even freezing enrollment because of state and federal-funding shortfalls. In March of this year, California State University announced that it will not accept new students at 15 of its 23 campuses for the Spring 2013 semester. They will also be forced to place all applicants on a waiting list for the following Fall semester after a $750 million funding cut.

Pell Grants and Stafford loans, scholarship money offered by the federal government to lower-income students, have not kept pace with the cost of tuition. In the past, families would take out second mortgages on their homes to pay for college tuition, but more families can no longer do that in the face of high unemployment, a weak housing market, tighter credit and an overall uncertain economic climate.

Technical schools are a point of interest as students in Germany, with a technical degree, are making as much as students who have completed four years of higher education. In an article in the New York Times, David Segel states, “a generation of J.D’s face the grimmest job market in decades. Since 2008, some 15,000 attorneys and legal staff jobs at large firms have vanished.” He goes on to point out that “with corporations scrutinizing their legal expenses as never before, more entry-level legal work is now outsourced to temporary contract employees in the United States and in countries like India.”

If you are a graduate with mounting debt or if you are a student about to enter college, we encourage you to consider an interest-free, education loan from Jewish Free Loan. You may find out more by visiting our website jewishfreeloan.org or by contacting us at 602.230.7963.

Recently a friend traveled from another state to visit a dying friend. Two weeks later, her friend passed away, and she wrote to me, “my gut told me I better get there soon.” I responded that whenever I listen to my gut, it is right. However, there have been many times when I have failed to listen to my gut because I was lazy or I talked myself out of it and I have regretted those times when I have not followed my gut. It is then that I recall a brilliant philosophy I heard from a philanthropist who said, “Just remember you can never go wrong by doing right!” That, I have found, is so very true.

So maybe you have been putting off medical or dental care because of finances, but your gut is telling you to take care of it. Perhaps you accumulated college loans that are now holding you back. A friend has come to you to partner with them on a business venture, but you require some start up dollars. You read about the bioscience industry hiring in our area and you decided to go back for a masters, but you do not have the funds. Who could you turn to for help in any of these types of situations?

Consider turning to Jewish Free Loan for an interest-free loan. Contact us by visiting our website jewishfreeloan.org, or call us at 602.230.7983. Remember, “You can never go wrong, by doing right!”

Occupational mobility is a fancy word used today when switching careers. Experts say it occurs three to seven times in the lifespan of the average American worker. Today, 40-plus workers are most likely to make the change due to layoffs, pay cuts and salary freezes.

Making the decision to change career paths and identifying the right occupation to seek can be very difficult, especially when a change of vocation may require retraining. Luckily, Jewish Family and Children’s Service now offers many Jewish career services, including career counseling and coaching assistance. They help individuals identify transferable skills, job interests, work values, career values and aptitude for a variety of positions and industries.

The recession has prompted people to go back to school for advanced business degrees. Many are seeking jobs in industries perceived to be recession-proof such as Healthcare. Joe Perez, director of professional development at the Phoenix School of Law, stated that about a quarter of the school’s evening classes are composed of working professionals.

At Jewish Free Loan, we offer interest-free education loans. If you are seeking a different career path and feel one of our loans would be helpful, visit our website at jewishfreeloan.org. Simply download and complete a borrower’s form and fax it to us at 602.230.0180. Hurry, the deadline for funding the next round of education loans is November 1^st!

Graduate students, if you are aware of current events you may have heard of the recent debt ceiling deal. This deal will make students pay more for their education. A recent article in the Arizona Republic stated, “The average graduate student will pay about $7,000 more over the life of the loans as a result.”

Jewish Free Loan provides interest-free loans for education. If you know of an Arizona graduate student that could be affected, please advise them to contact Jewish Free Loan. Call 602.230.7983 or visit jewishfreeloan.org to download an application.

Contact us today! Our deadline for education loans is November 1st. Education is an essential ingredient in our ever-changing economy. We want to assist today’s students succeed with the least amount of stress related to funding their education.

There is a new phenomenon occurring, youth in debt. Roughly half of households headed by someone under 35 years of age have credit card debt. The main challenge they face is student loan debt. It poses special problems because this debt can’t be eliminated by bankruptcy.

“They follow someone around for years like a zombie,” Russ Wiles states in a recent article in the Arizona Republic business section. He points out that, “heightened financial literacy can’t do much to correct a tough job market, but it can ease problems tied to overspending and debt.” One vital aspect of any financial literacy program is to understand the interest you are paying on your debt. Consider a different option; you can consolidate debt at no interest with a loan from Jewish Free Loan. This may make more sense once you evaluate your particular situation.

If you are young and in debt or know someone who is, please encourage that individual to visit our website at jewishfreeloan.org, where they will find a loan application to complete and fax to our offices to get the process started. A better night’s sleep begins with help from an interest free loan from Jewish Free Loan.

We are delighted to share the testimonials of those associated with Jewish Free Loan. From students in college to young couples adopting their first child, these testimonials demonstrate the wide variety of cases in which our Interest-free loans have been helpful. Jewish Free Loan strives to treat our customers with dignity and care. This video was presented at our annual meeting; it was a feel-good event for everyone. Thanks to all of you who joined us that evening.

JFL Testimonials from DORON KRINETZ on Vimeo.

When I was at a doctor’s appointment today, he asked about the student loans offered by Jewish Free Loan. He has a relative that lives in another city and wanted to encourage them to use their local Jewish Free Loan organization. “Interest-free?”
When I assured him it was, he then asked what our payback rate was. I told him it was 98%, and he was shocked. “Well, it sure beats a bank loan, right?” It certainly does.

We are reading more and more articles about young people graduating from college with a great deal of debt, and high interest rates on that debt. You are giving students sound financial advice when you suggest they contact Jewish Free Loan regarding an education loan. There are only 14 days left to apply for the fall semester. You are doing a good deed when you tell a Jewish friend or relative that has a student going to a university about interest-free, education loans at Jewish Free Loan. If they are Arizona residents, suggest they visit our website at www.jewishfreeloan.org to learn more.

We must find ways to instruct students about finance, credit and interest before they attend college so that if this is the first time they have access to a credit card, they understand what interest means and when they are applying for loans, they are familiar with interest rates. There are many examples that come up everyday that provide opportunities for learning. It is never too soon to begin the process of teaching.

College graduates today are finding the job market challenging. Most are considering pursuing advanced degrees. Whether it is an MBA program or retraining in a specialty area that seems to be in high demand in today’s market, the obstacle is that it all takes money. Jewish Free Loan is where many undergraduate or graduate students are turning to for financial assistance.

Secretary of Education, Arne Duncan, recently addressed high school students in Virginia. She commented, “We have to educate our way to a better economy. Whether it’s attending a four-year university, a two-year college, trade, technical or vocational training school. Today the U.S. is ranked 9th place globally in college graduates. Our country is paying the price for its lack of education, economically.”

“We are fortunate that a number of individuals have set-up named donor funds. They have elected to provide education funds so that our young people can get an education that he or she will need in the future,” commented Ron Blau, President of Jewish Free Loan.

A student who received an education loan from Jewish Free Loan to re-enter college after a hiatus due to financial issues said, “The staff was so gracious to me and realized that I was nervous and very eager to re-enter college. My goals include working hard and giving back to the community.”

Dear Friends,

In times of despair and distress, the community is here to respond. In this most difficult economic time, we are turning to you — and you are listening. It is as if you are sitting in our offices, hearing the stories and woes of such unbelievable circumstances that continue to impact the day to day struggles of members of our Jewish community.

As never before, the commitment of the Jewish Free Loan to fulfill our mission is being tested on a daily basis. We are not only providing business loans to enterprising entrepreneurs, adoption or in-vitro loans to help Jewish individuals and couples become “family” and college education loans to provide the tools and knowledge that will enable another generation to create a better world, we are making sure that the most basic of human needs and dignity are maintained.

Today’s economic trauma has hit members of the Jewish community in untold numbers. We are contacted daily to maintain shelter, to keep the heat on during the winter and the air conditioning running in the other months; we have been asked to make sure the water is not shut off, we are providing car payments, insurance payments, and gas funds so people can continue to get to their jobs, and we are putting food on the table. We are making sure that medical and dental care continues to be available so that health care is maintained.

You – our donors — have helped make this possible and we appreciate your ongoing support. You — our donors — have helped us provide the loans which are helping many Jewish families in the community who have no other place to turn. They come in holding their heads low, ashamed and embarrassed to even have to ask.

They leave with an interest free loan which provides them the dignity to go out the door with their heads held high.

But we are concerned as we do not see an immediate end to the economic downturn. We do not see an immediate end to the increasing numbers of Jewish families and individuals who are coming through our doors or calling us in panic and fear.

For almost sixty years the Jewish Free Loan has been in the Valley to respond to those walking through our doors. For almost sixty years the Jewish Free Loan has been the place where the Jewish community has come to receive an interest free loan. And for almost sixty years the Jewish Free Loan has been the only Jewish organization which has provided interest free loans so that members of the Jewish community can improve their lives and achieve greater stability with regard to their long term welfare. We encourage and facilitate Jewish continuity. And…we will continue to be here!