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It can mean the same thing, but some schools use both part-time and half-time. As long as the school states that she is at least half-time or more she'll be fine. FYI kids, consolidations are shutting down all over the market. There are VERY few companies willing to do it anymore, and a ton of them have already shut your doors. You will soon need to just call your lender for alternate repayment plans.
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Feb 26, 2008 02:20
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I've been doing some calling/shopping for someone to service my Stafford Loans. It's basically down to two right now - Discover Loans (of Discover Card fame): no origination fees, 0.25% interest rate reduction once I go into repayment and set up autopay. Once it goes into repayment, Great Lakes will take over and be the one I make my payments to. Wells Fargo: no origination fee, no benefits, will not sell loan. -- Has anyone had experience with those lenders? Do those sound like fine terms? I'm leaning toward Discover because of the interest rate benefit. I thought Wachovia would be good but they don't pay the Govt origination fee.
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Feb 28, 2008 00:31
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Do you know if Great Lakes will ever sell your loans? From what I understand, both companies are very nice. If the servicing agencies themselves are comparable, then all you really need to think about is the .25% benefit itself, which wins because hey, it's a benefit yey! Those are hard to come by these days.
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Feb 28, 2008 20:49
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I haven't been able to tell if Great Lakes will sell the loans themselves. I've been doing a little research on them and they apparently are recognized as a leader in preventing default. This was not from their website, heh.
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Feb 28, 2008 20:59
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They sound like a good bet to me! I know Great Lakes a bit, as far as I'm aware they have a good reputation.
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Feb 28, 2008 21:24
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Wiggy Marie posted:FYI kids, consolidations are shutting down all over the market. There are VERY few companies willing to do it anymore, and a ton of them have already shut your doors. You will soon need to just call your lender for alternate repayment plans. I was working on consolidating my loans through NTHEA this week. Should I look elsewhere now?
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Mar 4, 2008 20:30
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Call them directly and ask if they would be able to complete the process. It is sadly not a guarantee anymore - companies are dropping out left and right - but it's worth a shot.
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Mar 4, 2008 23:52
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20 year old student, dont have any credit. Can I borrow $15,000/year without co-sign?
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Mar 26, 2008 22:51
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I want to start putting extra cash towards my "worst" loan's principal balance each month (the one with the highest rate) to try and get it out of the way faster and reduce the interest I pay on it. Is this a good idea? Should I just invest the money somewhere instead so that it magically becomes more money down the road? If so, any recommendations? Should I do both? p.s. it's a  Sallie Mae signature student private loan.
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Mar 27, 2008 02:27
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How much should you borrow? You obviously don't have to borrow money for what's going to be paid for with financial aid, but what if you can't really swing your EFC and you need money anyway?
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Mar 27, 2008 02:39
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DholmbladRU, your answer is maybe. I would suggest myrichuncle.com; a few people in this thread have mentioned it as the best alternative. DizzyBum, that is an excellent idea and I highly suggest it. You won't feel like you're doing much damage now, but you WILL pay off that sucker faster, and eliminating debt is never a bad thing. If you can afford to do both, why not do both? Fatty Patty, that's a pretty open question. What kind of tuition amount are you talking here?
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Mar 27, 2008 22:53
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Fatty Patty posted:How much should you borrow? You obviously don't have to borrow money for what's going to be paid for with financial aid, but what if you can't really swing your EFC and you need money anyway? Well, some people take the "I am going to borrow as little as possible" route and end up having miserable college careers because of a full work and course load. I decided to borrow more than I needed and saved where I could so that I could work very little in college and still live a nice lifestyle (eat out, bars, smoke pot, etc). Its all personal preference because at the end of the day.. you pay back every cent you borrowed and then some.
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Mar 27, 2008 23:05
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Well, public university, so about $4000 a year for classes and meals. I plan on living off campus and working part time. My EFC is a little under $1000, I don't have a job or any money at the moment. Of course I could get $1000 over summer, but what about other things I'll need to buy? I'd like to live a moderately lush college life. 
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Mar 28, 2008 18:42
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Wiggy Marie posted:DizzyBum, that is an excellent idea and I highly suggest it. You won't feel like you're doing much damage now, but you WILL pay off that sucker faster, and eliminating debt is never a bad thing. Since I can totally afford it, that's what I'm gonna do. Time to surpass the impossible and kick debt to the curb.  Thanks!
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Mar 28, 2008 19:50
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Fatty Patty posted:Well, public university, so about $4000 a year for classes and meals. I plan on living off campus and working part time. My EFC is a little under $1000, I don't have a job or any money at the moment. Of course I could get $1000 over summer, but what about other things I'll need to buy? I'd like to live a moderately lush college life. Your cost for tuition room and board is $4000 a year? Where do you go?
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Mar 30, 2008 02:23
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Raskolnikov2089 posted:Your cost for tuition room and board is $4000 a year? Where do you go? No, not room and board. I'm living off campus.
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Mar 30, 2008 17:52
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I still owe 8K to my school, and I'm trying to secure more money however I just can't. I've tried tons of different loans with different co-signers and they all don't qualify, I don't because I don't have sufficient credit history so it seems like I'm stuck in a rut.
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Mar 31, 2008 22:53
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Fatty Patty, murderknobs pretty much covered your answer. I can't give you an actual amount but I would suggest borrowing enough that you can work a part-time job if possible, because that leaves you time to do other things, like sleep. Just be extremely careful about how you use that money, because you *will* be paying it back. DizzyBum, can I like, borrow some money?  Powerslave, have you tried myrichuncle.com? I had a kid contact me with similar circumstances who was able to get approved there, it could be worth a shot. If that doesn't work out, I don't know what to tell ya but find a better co-signer.
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Apr 1, 2008 00:43
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I made the worst decision in my life and I'll be dropping out of school with at least ~25k in debt. I'll be going back but I don't have deferment(sp?) time left on my loans. I currently make $11/h. I'll probably get a second job, but is there anything else I can do to help me solve my problem?
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Apr 1, 2008 03:57
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Tab8715, can you tell me exactly what deferment/forbearance time you have used? You should contact your servicing agent to verify that you don't have any def/forb time available, then ask them about an income sensitive repayment plan or anything else they might have available to lower your monthly installment.
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Apr 2, 2008 00:01
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can any student loans be used to pay bills other than educational expenses, if you're in school?
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Apr 2, 2008 03:05
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Nine times out of ten the money comes directly to you and the school does not track where it goes. It is, of course, intended for educational purposes. 
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Apr 2, 2008 03:34
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Wiggy Marie posted:Tab8715, can you tell me exactly what deferment/forbearance time you have used? My grace period was used before. How do I figure out how interest is compounded on my loans?
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Apr 2, 2008 04:25
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I have an unsubsidized stafford loan. I am graduating next month and then going to cambodia for 6 months - 12 months. I intend to go to graduate school upon my return. Is it possible that I could get my loans deferred, and what would the process be like?
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Apr 2, 2008 06:55
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Wiggie Marie, I was hoping you could help me out. Here's my post from a different A/T thread: Hi, recently graduated (two weeks ago) goon over here wondering about how to go about consolidating my students loans (SallieMae) to get the lowest interest rate. I have two variable rate stafford loans made before July 1, 2006 with a grace period interest rate of 6.62%, and a repayment interest rate of 7.22%. One of these loans is is subsidized, the other is unsubsidized. To the best of my knowledge, I can consolidate these loans while in grace period to 'lock-in' a 6.62% interest rate and save myself a .6% interest rate hike. According to finaid.org, the interest rate on these loans will probably decrease to the 3% range come July 1, 2008. Thus, it would seem to be in my best interest to wait a few months to consolidate my loans. I also have a third loan, a private signature student loan which is costing me a few hundred dollars of interest every month. It has accrued interest from the very first month it was disbursed. I'd like to start repaying some of the interest on this loan right now. Problem is, I don't want to burst the bubble on the grace period of my other stafford loans. Should I wait it out until next July to start making loan payments, or am I in the clear to start making payments only on this private student loan? Compounding the issue is the fact that one of my stafford loans has subsidized interest while in grace period, so I definitely don't want to burst the grace period on it by making payments towards the private student loan. Thanks for any advice, I'd really appreciate any pointers on how prepayment works.
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Apr 2, 2008 15:56
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Wiggy Marie posted:Fatty Patty, murderknobs pretty much covered your answer. I can't give you an actual amount but I would suggest borrowing enough that you can work a part-time job if possible, because that leaves you time to do other things, like sleep. Just be extremely careful about how you use that money, because you *will* be paying it back. I'll try that but other than that, there's no other co-signer I can go with and my Financial Aid office at my school is insisting that I can still get money.
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Apr 3, 2008 20:50
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Tab8715, grace is not the only def/forb time available to you. If you were in school at least half-time or more, you would’ve been on a deferment. If not, there is an in school forbearance you can actually use to get any def/forb time you might’ve used otherwise back. There are a few different def/forbs available for federal loans, so chances are pretty high you still have something left. Did you contact your servicing agent? Also, your interest for your federal loans is calculated like this: Principal balance x interest rate / 365. That totals your daily interest. So let’s say you have 10000.00 with 7.22% rate. Your daily interest is: 10000.00 x .0722 = 722 / 365 = ~1.98/day. So you would be accruing almost 2 bucks a day in interest. Interest only capitalizes (becomes part of your principal) when you come off of a def/forb OR when you consolidate. Otherwise it just kinda hangs out, not going anywhere until you make a payment to pay some of it down. DataCloset1306A, if you are part of the Peace Corps, then there’s a special deferment just for you. If not you may use your Economic Hardship Deferment/Forbearance time or your Temporary Hardship forbearance time. You’d need to contact the servicing agent to see what you’re eligible for and will need to use. enigma74, the chart below shows you exactly what will happen to interest rates as of July 1st this year: quote:Interest rates Confused yet? Yeah, so is the rest of the biz. This does not affect older loans or unsubsidized loans, nor does it apply to graduate students, only undergrads. Anything before July 1st 2006 still has a variable interest rate that will change annually; anything after that date is still stuck with 6.8% annually. If you have enough deferment time to last until July 1st this year, I would recommend that you wait until closer to July 1st to hear what will happen to the older interest rates (whether they’re going up or down). If they’re going down, wait until after to consolidate; if they’re going up, put in your app before. If you start payments now on your private loan, you will not revoke your grace period. You can pay anything that you want to during your grace, the grace will continue. Receiving a payment does not kick your account into repayment, don’t worry. If all of your loans are in the same system, you will need to use the company’s website or a special address to make sure that your payment is applied to the loan you want it applied to. Powerslave, have you asked them exactly how they think you can get this money? Chances are they're thinking private loans. At least that's what I think.
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Apr 3, 2008 22:37
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Wiggy Marie, thanks for your advice. When I inevitably consolidate my variable rate loans, who do you think is best? I've seen two very promising federal loan consolidation boards stop offering loans as of April 1, 2008 (much to my unpleasant surprise).
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Apr 4, 2008 08:05
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Alas, with all of the changes going on, the consolidation business is VERY up in the air. There's literally no telling what kind of benefits you'll be looking at or who will still even be in the business by the time you consolidate. When it's closer to that date, all I can really suggest is shop around and try to find a federal lender (like NTHEA or one of the other non-profit state organizations) instead of a bank (like Chase/Bank of America). Which will be very very hard to do, especially if you have a lower principal balance (20000.00 or below).
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Apr 5, 2008 02:43
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This might seem like a pretty vague question, but I'm trying to look at what to expect for this next year. My parents cannot afford to pay for my college, and the EFC has always been around $7k, which meant I get stuck with no grants, only loans...which is fine. Last year however, my dad was 'let go' from his job, and he had to collect his retirement to invest it elsewhere or something along those lines(I'm not sure on the specifics), but what I AM sure on, is that because their income is now set nearly quadruple what they normally make on the tax forms(because of the retirement), my EFC is now around $30k...which is utterly impossible for me or my family to swing. My question is...with an EFC like that, will I even be able to get loans this semester? I don't mind loans, but if I can't even get those then I'll be royally hosed because I don't have another avenue to pay for university this fall(which is considerably more than junior college). I've done all my loans through Citibank so far, and my credit has always been good(1 paid off loan, another still being paid on, never pay bills late, etc..) so I'm hoping it won't affect my financial aid for this year too much. The tuition for the university is around $5-7k per year, for an idea of what I'm looking at. If it's too vague of a question to really get a response, then that's fine...but if the thread is here, why not ask? Thanks in advance.
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Apr 5, 2008 04:02
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Yarrbossa, you can usually get your EFC adjusted by the financial aid office if you have extenuating circumstances. If you explain the situation to them they might be able to help.
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Apr 5, 2008 05:58
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Silly question. Several years ago I was attending college on FASFA loans. Halfway through they yanked my loans because of my parents financial status (I was 22, not eligible to do it on my own, 26 now). But the loans were in my name. So after spending several years in the workforce sans-degree, the original loan is in default, and my wages are being garnished for it. Not like I wasn't just barely making rent as-was. Thanks. Its been a while, and I was planning to go back to school in Jan. But of course I was planning on going back on loans. Is this old loan going to be a problem for getting a new loan for going back to school?
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Apr 7, 2008 03:22
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On making payments you saidWiggy Marie posted:maybe pay half in the beginning and half in the end of the month. That way you'll pay less interest over the life of the loan. I'm confused on how this would work, can you explain and how this helps you and much could this save someone? Also lets say my payments are $250 a month, if I can afford to pay $300 or $350 will this extra $50-100 make much of a difference for me to pay less interest? I owe around 33k and looking for a way to save as much as possible.
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Apr 8, 2008 01:38
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I don't think they let you borrow more if you currently have a loan in default status.
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Apr 8, 2008 02:06
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Wiggie, what kind of changes would you like to see in student loans?
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Apr 8, 2008 02:58
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stewdiny posted:Also lets say my payments are $250 a month, if I can afford to pay $300 or $350 will this extra $50-100 make much of a difference for me to pay less interest? I owe around 33k and looking for a way to save as much as possible. Definitely! Based on what you said, paying 350 instead of 250 on a 33K loan will save you $15,000 in interest if the rate is 7%. Here's a good calculator. http://www.money-zine.com/Calculators/Loan-Calculators/Student-Loan-Payoff-Calculator/ Tinyn posted:Its been a while, and I was planning to go back to school in Jan. But of course I was planning on going back on loans. Is this old loan going to be a problem for getting a new loan for going back to school? You definitely won't be able to get any federal aid, and good luck finding a private lender who will give a loan to someone who cannot even pay off the one he already has.
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Apr 8, 2008 04:43
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I skimmed over the thread to try to find my question but couldn't. Sorry if I missed it. I have approximately $25,000 in Stafford Subsidized loans and will be graduating in June. I'll be taking a year off to work and then (hopefully) attending medical school starting Fall 2009. I'm a little confused from your OP: after 6 months, will my loans start accruing interest and then be go back to being deferred again when I start medical school?
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Apr 8, 2008 04:52
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Hey Wiggy Marie I have a question about my FASFA. This is my fourth time submitting one, and I met the deadline for my state, university and federal aid. However, I went over it today and noticed a few really stupid typos, namely putting that my earned income for 2007 was 15,715.00, but my actual income was 151,715.00. I also did a stupid thing and even though I'm only having to enter my mothers information(they are divorced), I put her income under the father/stepfather area of the application. I've already submitted the corrections and the website tells me that it will be processed in three days. My question to you is, am I hosed or will I be ok as long as I made the corrections and supplied accurate information?
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Apr 8, 2008 19:55
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I'm sorry guys, I wanted to check in to let you know I've been sick. I promise I will answer questions when I feel well again. Also, THANK YOU to those who have answered a few! PLEASE don't be shy about helping!
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Apr 8, 2008 22:10
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Submitted my fasfa, they say me EFC is 00005 *. I understand the definition of EFC, but is it better to have higher or lower EFC with regards to being eligable for grants/loans.
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Apr 9, 2008 02:18
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