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Without addressing average college debt from the student education loan, President Obama recently declared that America remains the country to beat. "We are home to the worlds best colleges and universities... where more students come to study than any other place on Earth." I tend to believe the President on that statement.

Later in the speech he told us that "America has fallen to ninth in the proportion of young people with a college degree."

I cant help but wonder -- is that necessarily such a bad thing?

Can I Get A Job To Pay My Student Education Loan?

What concerns most of us is jobs -- jobs that enable a college graduate to enter the workplace at an income level where he or she can make ends meet and manage student loan repayment without parental financial support or more government subsidies.

According to the report by The Project On Student Debt, for graduating students the average college debt is $24,000. After adding in the interest, the payback can escalate to over $31,000.

These days its tough to find a job to cover basic overhead, and most young people dont factor in the cost of their student education loans until reality sets in. College tuition and fees have risen four times that of the median income since 1982. Graduates are not getting jobs and cannot pay off their college debt.

Teach Student Loan Finance

At 18 years old, most have no idea what field or career will fulfill them. High schools should teach student loan finance first, before these young adults take on the crushing burden of college debt for dreams of a future they cannot foresee.

According to Richard Arum and Josipa Roksa, authors of the new book, "Academically Adrift," 45% of students fail to show any improvement in critical thinking, complex reasoning, or written analysis after two years of college, dropping to 36% for seniors.

I believe it is not colleges that are failing 46 percent of the students, but rather, many of these failing students should not be there in the first place.

A senior college faculty member made the point that course expectations have declined for decades, leaving many college graduates unprepared for their future careers. Such emphasis is placed on college education in favor of the trades that inflated high school and college grades reward mediocre scholastic achievement.

Many young people who would have been more productive in a skilled trade that fulfills them are funneled through the higher academic system, but even top-tier doctors or lawyers may not be able to keep up the student loan repayment on their tab of $100,000 or more.

Student Education Loans -- Follow The Money

Current statistic show there are over 11 million enrolled in colleges and universities. Approximately 2/3 graduate with college debt.

If average student loan principle is $24,000, students must pay back college debt of $31,000.00, including the 36% of seniors who maybe should not have been there in the first place. That is approximately 1,980,000 students who have shown no progress in thinking, reasoning, or analytical skills yet have taken out student loans totaling about $47.5 billion U.S. dollars, PLUS an additional $13,860,000,000 in interest.

You read it right -- these students owe $13.8 billion in interest.

Who gets this $13.8 billion interest income? Who took over the student loan program? The federal government. The administration has a big incentive to get every young man, woman and their parents convinced they need to attend college and in debt themselves.

Reducing The Student Education Loan

Whether a young adult should attend college must be answered on a personal level. Here we seek the answer to lowering national average college debt.

One solution gaining in popularity is online classes. Usually some on-campus participation is required, while core lectures are provided by an instructor, online.

Returning students have been able to complete college educations through online degree programs. Younger students can reduce their housing and commuting expenses by taking classes at home on their computers, to avoid starting their career with a student education loan.

When it comes to the initial stages of your start-up, the odds are youll need more money than you have sitting in your bank account. The question then becomes how do you go about procuring that money? The two options are debt financing and equity financing. Equity financing is a popular financing option among a lot of entrepreneurs, especially in start-up stages when the business is unproven. It may not be all its cracked up to be though when you consider the long term implications of financing your business by selling equity.

In case anyone reading this is new to the topic of financing, a quick definition of each is in order. Debt financing is pretty self-explanatory. You need money for your business, so you take on debt to get it. The most common method is through a loan. In equity financing, instead of taking on debt, you essentially sell part ownership of your business to an investor.

So why is equity financing so popular?

The main reason is that in a way it can be a bit of a get out of jail free card. If you take on debt to finance your business, and something goes wrong and the business goes belly up, youre still on the hook for the repayment of that debt. With equity financing, the investors take on that risk when they decide to put money into your company. If your company fails, its a loss the investor(s) share with you, and youre not obligated to repay them their investments.

Another reason is that the cost of borrowing is expensive, especially right now with banks being so reluctant to lend. If you are able to find a lender, which will be very difficult to begin with, the interest theyll demand will likely be significant.

Equity sounds like the way to go! Or is it?

Well as with a lot of things in business, particularly in entrepreneurship, the answer is it depends. I wont be so ignorant as to try and say one way or the other is the correct way to go, but I would like to advise that business owners seriously consider the DIS-advantages of equity financing before they decide to sell off ownership in their company.

Go to Part Two of Debt vs. Equity to examine why debt may be a much better option for you than equity.

Many who are in need of financial assistance have experienced the same obstacle - which is their own bad credit history, and this is the main reason most lenders reject their personal loan application. Besides that, the success rate of getting such loans is much lower when those applicants do not put up collateral to their loan application. Although non-bank lenders would consider granting loans for applicants with low credit scores, applications from those who have critically low credit scores are likely to be rejected as lenders are not willing to bear the risks of having clients who seem to be incapable of repaying the loan as agreed.

In that case, you need to start considering non-BBB (or non-Better Business Bureau) accredited unsecured loan lenders because:

繚 They would grant loan to applicants who do not put up collateral in their application

繚 They would consider applicants who have extremely bad credit scores

繚 They claimed they are offering fast loan approval

繚 They received satisfactory BBB ratings (although they are not BBB accredited)

繚 They need a co-signer to support your application if your low salary earnings

繚 They would not charge any upfront fees for their loan lending service

Here are the non-BBB accredited unsecured loan lenders as follows:

1. MoneyNowUSA.com (BBB rating: A): They claimed that they provide fast application processing time, which is approximately 90 seconds, and approving unsecured loans to successful applicants within less than an hour. Most important thing is those who are applying for a larger loan amount - i.e. more than $1,000; they would probably need to apply more than once. Please take note that their loan lending service is not applicable for applicants from Arizona, Georgia, Virginia and West Virginia.

2. DrCredit.com (BBB rating: A-): The most attractive point of their loan lending service that their applicants would be given four loan offers within 24 hours. In addition, successful applicants would receive a free membership to their "CreditCounselor Financial Network".

3. CreditLoan.com (BB rating: B-): They are actually a loan company which represents a group of legitimate non-bank lenders, and offering unsecured loan amount with the range $250-$2,500 for applicants with bad credit history. The total loan amount is determined based on the loan term and their applicants creditworthiness.

Bear in mind that the total cost loan (including high interest rate) would be high if you have bad credit history. You are advised to request free quotes from these lenders above before you start applying. Make sure that you are able to choice the right unsecured loan deal according to your current financial situation.

The topic of debt consolidation is an important one to discuss, and not only because we are just beginning what could be a long recovery from the economic recession of the past year. The recession has not caused debt problems for most Canadians. It has merely exacerbated a problem that already existed before the recession hit.

Consider the results of a Vanier Institute report released in early 2009. Called The Current State of Canadian Family Finances 2008 Report, the study includes some troubling numbers.

Debt loads are in what the reports authors call the "danger zone". Average household debt increased to more than ,000 in 2008. Looking a little more closely, the report also shows that the total debt to disposable income ratio climbed to 140% in 2008 - the highest level in 44 years.

Of equal concern is the ratio of consumer debt plus mortgage debt.

The Debt Service Ratio (DSR) measures the percentage of gross income spent on interest on household debt plus payments on the principal. A "dangerous" DSR is anything in the 40% range. In the U.S., 6.3% of households had a dangerous DSR at the time the Vanier study was conducted. In Canada, 4.4% were in the danger zone. That 4.4% translates into 600,000 households. Unfortunately, many of those households are in the lowest third in terms of income. In other words, low income households are struggling harder than most with unwieldy consumer debt.

The report also reveals that spending and debt are rising faster than incomes: "The average household income rose to ,200 in 2008 and was up by 11.6% since 1990.

The bottom line - people are spending more than they earn and carrying enormous amounts of debt, much of it in the form of high interest credit card debt. The average Canadian has more than 2 credit cards, and in the five years between 2002 and 2007, MasterCard and Visa transactions jumped 60%, with the total value of sales increasing by 55%.

Although some claim the recession has ended, the pain will be felt by many well into 2010 or beyond. Job losses continue to mount and our economic difficulties threaten to push many people into insolvency.

Many mortgage brokers are trained to offer debt consolidation services to help homeowners get a handle on their debt. For those with a decent amount of equity in their homes, a home equity loan or line of credit - at current low interest rates - can give them the money they need to pay off high interest debt. If you are concerned about your personal debt, talk to a professional about debt consolidation with a home equity product.

Asking for a student loan is easy, but repaying it can not only difficult but can also extend longer than one might expect. Students who have decided to consolidate their loans find that their original plan of repaying their loans right after they finish their studies are often put on hold for one reason or another. As a solution, they look for student loan consolidation repayment options.

A couple of the most common reasons why students search high and low for repayment options are the inability to land a job right after they graduate, and the lack of sufficient salary to answer for their past student loans. During this time, they have difficulty in fending for themselves, let alone repay their student loans. Student loan consolidation provides them with an opportunity to finally get their finances on the right track and be free from debt sooner than later. Obviously, one of the best ways to do this is to consolidate the repayments so that only one repayment per month is required.

Another one of the many options are to apply for graduate repayment plan, which is designed to start with low repayments that increase gradually until the balance is repaid. Students can specify how much the repayments should increase according to their current financial capability. Practical methods include juggling sideline jobs in order to earn extra income and living below their current means until they can afford to buy things without having to worry about how to cover the current months installment payment. As a last resort, students can apply for forbearance to suspend their repayment obligations in case they are having extreme difficulty in their present financial state.

It might seem ludicrous to suggest that bad credit ratings are not important when looking for a loan - but it is true. While lenders usually do want to know the credit rating, this is not the deciding aspect of any application. So, getting approval on personal loans with bad credit is not impossible at all.

In fact, securing a personal loan with bad credit is anything but impossible, with a wide variety of lending firms specializing in loan deals for that demographic alone. These lenders tend to be found on the internet, but are also found around town, usually as smaller financial firms to the large banks we tend to think of first.

To secure approved loans for personal use with bad credit, it is essential that a few aspects are caully addressed before beginning the application process. Amongst them are knowing the terms to expect, and choosing between your local bank and online lenders.

Terms to Expect

Unfortunately, the fact that an applicant has a low credit score means they face paying a higher rate of interest. It is standard procedure to attached higher rates to personal loans with bad credit, in a scale according to the severity of the score. However, depending on the lender, even these higher interest rates can vary.

The size of the loan might also be affected by the credit rating, with lower loan limits applied to personal loans with poor credit. So, it could be that an applicant in need of $50,000, qualifies for only $25,000. Of course, this limit can also vary according to the lender.

However, the term of the loan can help the situation. This is because a $30,000 approved loan for personal use with poor credit, with an agreed term of 3 years, can demand monthly repayments of $900. But taken over 5 years, the same loan may require payments of just $650. Getting your budget right is also very important then.

Advantages of Your Local Bank

Knowing where to apply in the first place is another consideration. While generally speaking, seeking personal loans with bad credit from traditional lenders, like banks, is not recommended, there are some advantages to it.

These lenders tend to set high interest rates and low loan limits on personal loans with poor credit. Understandably so, since these financial institutions have large overheads. But their advantage lies in their familiarity with their own branch members.

Approaching your local bank means they already know your character, as well as your credit history, and are in a very strong position to assess your true level of risk if granted an approved loan for personal use with bad credit. In comparison, online lenders and new banks see applicants in very impersonal terms.

Advantages on Online Lenders

However, what online lenders do offer those seeking personal loans with poor credit are the best terms and fastest processing times available. This is because, unlike your bank, they have no branches to maintain and fewer staff to pay. They also operate in an exceptionally competitive market, since literally thousands of lending firms offer personal loans with bad credit.

Searching for the lowest interest rate is made simple thanks to the variety of comparison sites online, so the best deals for approved loans for personal use with bad credit can be identified in minutes.

What is more, online lenders often offer no credit check personal loans, with poor credit theore not even considered. The only factor that truly matters is the ability to pay, so employment and income proof may be enough to get the green light.

It is no surprise that the majority of people would consider the chances of securing a $30,000 personal loan with bad credit next to impossible. The sum is high and the perceived risk is too. So, what lender would agree to the deal? Well, the truth is that, with the right application, even this loan is attainable.

It is easy to look at the loan application at face value and reckon lenders would reject it. When it comes to traditional lenders, the likelihood is actually very strong, but the growth of online lending has opened up many niche markets - such as bad credit lending. Online lenders are willing to grant approval despite poor credit scores.

Their willingness is not rooted in foolishness, however. They are bad credit lending experts, offering a route to vital funds to those unable to secure affordable deals from traditional lenders. Lending a large personal loan to applicants eager to improve their credit ratings is not as risky as it seems.

Two Kinds to Consider

There are two types of personal loans available on the market: secured and unsecured. The core difference between them is the presence of collateral with secured loan, but the type chosen can have a big influence on the chances of getting a $30,000 personal loan with bad credit.

Basically, getting approval with a secured loan is much easier because it is backed up by collateral that can be used as compensation should the borrower default on the loan. With no collateral provided, income is the key hope to securing approval despite poor credit scores.

But there are problems with large personal loans, namely getting collateral that matches the value of the loan. It is no great problem when $1,000 loan is being applied for, but a $30,000 loan is a different matter. But if collateral can be found, the interest rate lowers and repayment scheme becomes more flexible.

How Cosigners Solve the Problem

There is a security option open to applicants that cannot find collateral when seeking a $30,000 personal loan with bad credit. A cosigner is not technically security, as he or she is not required to get involved unless the borrower becomes unable to make repayments.

A cosigner is effectively a guarantor, providing an assurance to the lender than the monthly repayments will be made. This is the best possible addition to a loan application since lenders only ever want to be sure of receiving the repayments on time. So, with a cosigner the chances of securing approval despite poor credit scores is extremely high.

However, there are conditions to the deal. A cosigner has to have an excellent credit history and have a large enough income to meet the loan repayments should that become necessary. But once the right candidate is found, securing the large personal loan becomes a probability rather than a possibility.

Your Credit Scores

A final issue to consider is your own credit score, and whether they can be improved ahead of submitting the application for a $30,000 personal loan with bad credit. The score, remember, influences the interest rate that is charged on the loan, which in turn influences the monthly repayment and its affordability.

Improving your score can see the interest rate lowered, thus helping to make the loan more affordable and the likelihood of approval despite poor credit scores improved. The only way to improve the score is to clear at least some of the existing debt.

Taking out a consolidation loan can accomplish this, with the right terms not only clearing the debt, but ensuring extra cash is freed up with which to pay the large personal loan.