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Understanding student loan types

Overview

A college education may be the most important investment in a child's life and has become one of the most costly, too. The publicly reported tuition charged by private colleges and universities for can reach $50,000 or more a year. The trends are alarming, too. And while tuition at public universities is generally lower, costs there have been growing even more steeply in recent years as government support has lagged.


Understanding student loan types

Federal student loans

Federal student loans are the largest source of education loans. You and your family can get these loans through private financial institutions such as Sallie Mae.

Federal student loans have more favorable terms than private loans. These loans are guaranteed by the government, and the government sets their low interest rate. Nearly all students are eligible to receive federal student loan money (regardless of credit score or other financial issues), and federal student loans feature a grace period after school when no payments are due.

Private student loans

After you've pursued free money and federal loans, a private student loan may be available to cover the rest of your education costs.

Depending on the lender, private student loan (alternative student loan) terms can vary considerably based on your credit history. Sallie Mae offers the following private student loan



Loans for international students

International student loans provide financial solutions for the growing population of students pursuing college and university degrees outside their home country.

Overview

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by covered perils under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.

This is Insurance policy and law

* Insurance policy
* Insurance law
* Health Insurance Portability and Accountability Act

Types of insurance

Health
Accidental death and dismemberment insurance · Dental insurance · Disability insurance · Total permanent disability insurance · Income protection insurance · Long term care insurance · Vision insurance

Life
Permanent life insurance · Term life insurance · Universal life insurance · Variable universal life insurance · Whole life insurance

Business
Bond insurance · Errors and omissions insurance · Fidelity bond · Professional indemnity insurance · Professional liability insurance · Protection and indemnity insurance

Residential
Contents insurance · Earthquake insurance · Flood insurance · Home insurance · Landlords insurance · Mortgage insurance · Property insurance

Other
Casualty insurance · Crime insurance · Crop insurance · Group insurance · Liability insurance · Marine insurance · No-fault insurance · Pet insurance · Phone insurance · Reinsurance · Terrorism insurance · Vehicle insurance · Wage insurance · Weather insurance · Workers' compensation



"No Win No Fee"
The Conditional Fee Agreement (CFA) between a law firm and their client. In any claim (Commercial or Personal Innjury), this is an agreement between the client and their lawyer, which will enable the lawyer to take on a case on the understanding that if they lose the case, the client will not have to pay their lawyer’s costs, but will still be responsible for the defendants costs if the case is lost.


Legal Expenses Insurance

This can also be referred to as before the event insurance (BTE), and is insurance that the client may already hold as part of Household contents or Car Insurance, either free or for a small fee. Some credit cards also include BTE insurance and it can also be taken out as a separate insurance policy. BTE insurance may pay for the legal costs when making a claim for compensation, whether the client wins or loses. Your solicitor will be able to identify if a client holds this type of policy and complete the necessary claim form. The 2008 report from the Ministry Of Justice found that in 2007, 48% of those who took part had BTE Insurance incorporated into their car insurance, 35% had BTE Insurance as part of their Home insurance policy and a further 17% had the insurance as part of their Travel Insurance. This insurance covers any legal expenses in addition to costs for pursuing a personal injury claim and cost for legal expenses from the other side if the client's claim in unsuccessful.


Legal Aid

Legal Aid is financial assistance which is funded by the Government. Legal Aid is not usually awarded in cases of personal injury unless under extreme circumstances. Legal aid is still available for Clinical Negligence cases.

Paying for own Legal costs

Due to the assistance that is available through insurance policies it is rare that an individual will fund their own personal injury claim although it is possible. As with all Legal fees if the client's claim is successful they will be in a position to claim back the cost of their expenses from the other side. If their claim is unsuccessful they will lose the money that they have paid out.