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Also, can't you get balance transfer checks and just make the check out to the student loan company?
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Apr 29, 2008 03:17
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First, thanks again for the help, this thread has been great for learning about loansWiggy Marie posted:Carlton Banks, education lenders do not require certification of your attendance before you take out the loan; they require certification from the school in order to actually send the money to the school. This means that you, the borrower, can go ahead and apply now, get all of your paperwork in, and you and the lender would then just be waiting on the school to do their part. Last question for you and I'll leave you alone  While looking at various companies, I've found several lenders that say they send the check directly to the student rather than the school. Does this mean they would not have to wait for certification from the school since they would not be sending the check to the school? It's not a big deal since I can just wait until June if needed, but I'd like to get everything taken care of as soon as possible so I don't have to worry about it over the summer. Carlton Banks fucked around with this message at 03:37 on Apr 29, 2008 |
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Apr 29, 2008 03:34
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I am an international student and I have tried to find information on student loans. It seems like you can't get one unless you have a co signer. But I am here all by mylsef so I don't know anyone who would do that. Is there any way to get a loanw ithout a co signer?
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Apr 29, 2008 14:50
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Aluminum Record posted:Also, can't you get balance transfer checks and just make the check out to the student loan company? Great tip. I didn't know you could do that.
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Apr 29, 2008 15:25
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KDW posted:Great tip. I didn't know you could do that. Be careful with these because they often have additional fees or separate, higher interest rates. Check the terms of your account before you do this.
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Apr 29, 2008 16:40
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Aluminum Record and KDW, again it depends on the company. Most companies will cash your check regardless. But as Kobayashi mentioned, this is often WAY more expensive for you in the long run. If you can get a much lower interest rate, of course go for it - assuming that rate is fixed and your payments would be affordable! Carlton Banks, don't be shy about asking questions! That's what I'm here for! What kind of companies are those? Private/alternative lenders do occasionally send the money directly to the student, so that's possible. Federal lenders must always send the check to the school (except in extreme extenuating circumstances, like an overseas student), and then the school will send what's left after tuition is satisfied to the student. So either way the student gets a check directly, what changes is where it comes from and how much it might be. They do still need to wait on certification from the school, unless it's a private loan, period. A private education loan and a private loan are two different beasts. SoManyQuestions, it's possible to take out a private loan without a cosigner IF you have the personal credit to justify it. The only site I know of with the most lenient credit check seems to be myrichuncle.com, so that's the only one I could recommend you try on your own. It's certainly not a guarantee. If anyone else reading this thread has better information to give, PLEASE GIVE IT!!!
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Apr 30, 2008 01:59
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I know this is probably a dumb question, but I'm going to ask anyway. I looked for the same question for a few pages, but I couldn't find it. I recently sent in my deposit to my college to reserve my place, so I'm expecting my financial aid package soon. How soon after I get the financial aid package can I borrow loans? I need to use some of the money from the loans to move, so I would like to borrow as soon as possible.
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Apr 30, 2008 04:26
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Wiggy Marie posted:Carlton Banks, don't be shy about asking questions! That's what I'm here for! I talked to Chase today (they were one of the private lenders who mentioned sending the money to the student instead of the school). It turns out they have the regular type of private student loan that is sent to the school, who then sends any remaining amount to the student and also have another type that sends the check to the student instead of the school. I asked what the difference in interest rates and terms was between the two, since obviously there has to be a catch, and it turns out that the loan that goes to the school has rates of up to 5% over prime while the one that sends the check to the student instead has a rate of up to 9% over LIBOR. I think I will take your advice from a few posts ago and just go for what I need instead of trying for extra to pay off my credit cards. Having such a big difference in interest rates does not seem worth it.
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Apr 30, 2008 06:47
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Fatty Patty, student loan money does not come in until AFTER your school has certified the amounts and you have started classes. This also applies to most private loans, although it's possible that loans like the one Carlton Banks mentioned that's sent directly to the student might be able to come earlier. Speaking of which, let me know how that works out for you, CB. Anything you find out about private loans, please post the information in here for other readers! My knowledge of them is barely functional.
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Apr 30, 2008 22:53
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Wiggy Marie posted:Fatty Patty, student loan money does not come in until AFTER your school has certified the amounts and you have started classes. This also applies to most private loans, although it's possible that loans like the one Carlton Banks mentioned that's sent directly to the student might be able to come earlier. Wait, the money doesn't come until after you've started classes? That doesn't make any sense  How do you pay for books etc?
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Apr 30, 2008 23:55
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Well Sallie mae dicked around and finally said oh hey we dont do consolodation anymore. So is there any good lenders to do it with?
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May 1, 2008 01:33
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Fatty Patty posted:Wait, the money doesn't come until after you've started classes? That doesn't make any sense
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May 1, 2008 02:49
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sobrider posted:Well Sallie mae dicked around and finally said oh hey we dont do consolodation anymore. So is there any good lenders to do it with? If you're talking about federal loans there's the big banks like Wells Fargo, Citibank, Bank of America. You can also consolidate directly with the Federal Government.
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May 1, 2008 03:25
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I might have posted in this thread before, but search is down. I'm a 20 year old undergrad, starting my senior year in the fall. My school is cheap and awesome, but unfortunately, a lovely retail job barely covers my gently caress-you-New-York rent so I've been taking out Sallie Mae Tuition Answer loans to assist with living expenses. I just applied for another one, and was credit denied. They didn't mention anything about a co-signer, so I guess that's out of the question, but regardless, it'd have to be a very reluctant family member since my parents are dead. My aunts and uncles have been hosed over by rear end in a top hat family members borrowing money from them, so I can see why they don't want to sign with me. Sigh. I really need money. I think I might have exhausted my federal resources for this term. Any suggestions for alternative loans that'd be kinder to my situation? Yeah, scholarships, I know, and I'm trying, but you'd think with all of the minority scholarships out there, that there'd be an orphan scholarship. Nope.
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May 1, 2008 04:27
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I'm 22, in my third quarter at a community college and utterly burnt out by gen ed requirements. I have the max amount of subsidized loans to cover my living expenses because my family is poor and Pell grants cover my tuition. Since I've already got my money for the quarter, would I have to pay back any of the loan immediately if I dropped classes and went below full time?
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May 1, 2008 17:00
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The Ginger Ninja, did they tell you why you were denied? Try myrichuncle.com. Also, I know the Citibank once upon a time was known for giving out high-rate loans to people with bad credit situations. If anyone in this thread has a suggestion for a company, please offer it! Grey Mage, have you used your 6 month grace period yet? Federal loans have a 6 month grace on them before you enter repayment. Once this expires you need to start paying UNLESS you use one of the deferments/forbearances available to you. Contact your servicing agent for your loans and ask if your grace period is up. On consolidation! The only company that won't be dropping out any time soon is Direct - the federal government. There are a few big dollar lenders still standing, but even the non-profit lenders are giving up. NTHEA, my personal favorite, has officially suspended all loan consolidations. It's a sad day when the non-profits in the states have to stop consolidating because they're losing money. How this, along with all the FFELP lenders who have stopped offering Staffords altogether, could possibly be in the benefit of students is a drat mystery to me. But you students didn't need all those pesky benefits or any kind of focus on quality customer service, right??? Now is the time to start writing letters to and calling your congressmen/women. People with rougher situations (like you, Ginger Ninja) should be first in line for a call of a reform that actually BENEFITS people like you. /soapbox Fatty Patty, that is correct. These loans are based off of your actual attendance and don't come until after you've started attending. Do not rely on them for rent; books can wait. Most schools try to take this time delay into account in some way or another.
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May 2, 2008 17:09
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Sorry if something like this has been posted already, but I'm confused enough reviewing my own loan options. I am planning on going to graduate school this September, and my "financial aid award" consists of, in addition to a fellowship, a suggested subsidized stafford loan, a suggested unsubsidized stafford loan, and a "suggested Graduate Plus Loan or CitiAssist Loan." Looking at the two options at this page: http://www.nyu.edu/financial.aid/GPLUSvsCitiAssist.pdf the main differences seem to be: the first is a minimal credit check, while the second is more stringent. The first is 8.50% fixed, with a 1.25% reduction at repayment, while the second is 7.25%, but adjusted quarterly. The first offers deferments while the second does not. The first charges a 3% origination fee while the second has no fees. The first offers to pay the last 6 payments for me if I make every other one on time, the second does not. I have very good credit and I think I will most likely be employed making a good salary soon after I graduate. It seems that you're a fan of consolidation - am I correct in thinking that this would be easier with the first option than the second? It seems that the interest rates of both loans are the same right now once you account for the interest rate reduction available on the first loan. On one hand the 3% origination fee of the first loan seems like it would be a substantial cost over the second loan. On the other, if I had to guess I would think the interest rate of the second would be higher by the time I graduate. Also I don't get those last 6 payments off. I guess I'm just not sure how to weigh all these different variables, given that I've never done this before. If you could help me out at all that would be cool.
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May 7, 2008 08:36
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I quit school back in December and my loans are almost due. However, I didn't anticipate getting back to school this year and didn't fill out a fafsa (filing deadline is march in my state). Now I'm thinking about getting back to classes but there's no way I could do it without loans. Am I hosed for this year without having a fafsa on file already?
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May 7, 2008 09:40
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Well, I'm a fan of consolidation when it benefits the person doing it. Not all consolidation helps. And right now you have to have a pretty high balance to do it at all, if you can find a reliable company TO consolidate your loans. Direct may be the last man standing soon enough. Zachsta, it would definitely be easier to consolidate the GradPlus loan with your other federal loans, because it IS a federal loan. If you take out a private loan and wish to consolidate in the future, you would need to consolidate your federal loans and private loans separately, which gives you two payments to haggle over instead of just one. rach3l, you can still fill out your FAFSA. March is the preferred deadline for doing so but it's a rolling application. There are still kids filling it out in July each year if that gives you an idea of the time you have
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May 10, 2008 13:35
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I'm glad I kept this thread bookmarked, it's given me some crashing realizations. I come from a very poor background and am enrolled in a college that is as expensive as I am poor. I'm going for a computer science degree and the only reason I picked the expensive school is because of the co-op program which allows me to get real world experience while working for a degree. With all of that in mind, I've just recently appreciated the magnitude of the tremendous debt I'll be in if I follow through with my current plan. I'll need to take out approximately $140,000, and be paying approximately $1000 per month. (I blame this obscene amount on my ACT score that was 1 god damned point away from getting me $15,000 per year  )My question finally is: Is it financially wise to take out this large amount of money taking into consideration that I will almost assuredly have a job once graduated, and taking into account that I am not a medical student? e: I did a tad bit of math on it, and I can cut down the debt to something closer to $200,000. Still though, that's a lot of money
wigglin fucked around with this message at 00:39 on May 16, 2008 |
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May 15, 2008 22:42
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Is it Drexel? Honestly and with a smile on my face, I would have to say no. A degree like that is guaranteed a job after college, and the debt you will incur is just sooooo much more than you need to. I'm sure the university is amazing, but if you're guaranteed a job, go for the smaller bucks. That much debt will murder you in the future.
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May 16, 2008 00:39
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Wiggy Marie posted:Is it Drexel? Nah, the name of the company was simply "College Loan Corporation". I was just getting some sort of a ballpark quote from the simpletuition site you posted in the OP. I can't thank you enough however. If you hadn't made this thread I probably would have been ignorant to what student loans were all about and wasted a huge amount of money. I hope that makes you sleep better  .
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May 16, 2008 00:57
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Bit of both, really. So many of you have expressed your thanks, and that of course makes me feel awesome. But at the same time there's nothing I've given during this thread that a financial aid counselor shouldn't know, and it's pretty sad to think you guys can't go to them for your answers. Sad, and realistic. Sometimes they just don't know/care enough to find out what you need to know, and this program really isn't that easy to understand.
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May 16, 2008 02:05
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I'd really like to know if my student loans through OSAP will be given in one lump sum or not.
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May 16, 2008 03:44
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Wiggy Marie posted:Bit of both, really. So many of you have expressed your thanks, and that of course makes me feel awesome. But at the same time there's nothing I've given during this thread that a financial aid counselor shouldn't know, and it's pretty sad to think you guys can't go to them for your answers. Sad, and realistic. Sometimes they just don't know/care enough to find out what you need to know, and this program really isn't that easy to understand. Personally, I'd rather talk to someone on the internet than go figure out who to speak to in a financial aid department. Most the time I call I get a student worker and the financial aid person is "out." Thanks for being knowledgeable and available!
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May 16, 2008 18:46
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Aturaten, who is OSAP? Google turned up this: https://osap.gov.on.ca/eng/eng_osap_main.html And if that's what it is, I can't REALLY help because I know nothing about Canadian student loans. However, a very brief search revealed this: https://osap.gov.on.ca/eng/not_secure/GET_money_12.htm Hope that helps! mmmjstone, that's what they pay me the little bucks for! :P Seriously though, I'm glad I can help you guys out. I know it's nice to have a one-stop shop, even for general information.
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May 17, 2008 20:37
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Stoic Commie fucked around with this message at 19:41 on Jul 4, 2014 |
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May 18, 2008 03:58
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You will need to shop around for a private loan that can be received even if you are less than half-time, but keep in mind that every company out there has tightened their belts and getting one has become much harder, especially on your own without a cosigner. Good luck!
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May 18, 2008 17:24
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Last year I didn't work and went to school full time. I lived off of student loans through FAFSA. I am told that I won't be able to get any help through FAFSA this year because I didn't work at all last year. I have also been told that I can get help through FAFSA but I have to submit a form stating that I didn't work because I was going to school full time last year and was living off of loans. Which is true? And how do I go about getting FAFSA again this year? Morgan_ fucked around with this message at 22:14 on May 20, 2008 |
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May 20, 2008 16:03
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Not getting financial aid because you weren't working makes no sense at all. Tons of students would be 100% ineligible if that were the case. Call FAFSA directly and ask them what the deal is. Their number should be in the OP.
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May 20, 2008 22:40
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Hi! I owe about 60,000 dollars on a degree I never finished with Subsidized, unsubsidized, and personal loans, most of it to Sallie Mae. I did the ostrich with my head in the sand thing, because I really had no job to pay back the loans. I actually kept some of the letters they sent me insulting my personal character, they were quite colorful! But the fact was I just couldn't give them money. When I became homeless for a while and dropped off the grid, they eventually stopped harassing my mother at her home, and now it's just a huge freaking ding on my credit score. Fast forward to now, eight years later. I have gotten my poo poo(relatively)in line, and want to pay back the debt. I want to make nice with the student loan companies, and get out of default, because after almost a decade of trying to "make it on my own" it's become apparent that I really, really need to finish school. Better late than never I suppose. The debts have been bought and sold several times over and I don't have any way of knowing for sure who has my debt. Where would you recommend I begin sifting through this mess?
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May 20, 2008 23:10
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I am 28 and starting as a freshman, made 18k last year which is apparently too much for a Pell Grant, which is sad because if I was a dependent student then I would get that. I'm going to make around 16k this year even if I work full time the rest of the year, but the hours that my office is open preclude me working full time and attending school. My financial aid letter says I can get about 4k in subsidized and unsubsidized loans, but that leaves me with 1k to make up in tuition and who knows how I pay for books. And as it is I barely make enough to eat and pay rent and live check to check anyway. So should I get a private loan to cover this school year and just hope that grants and such take care of the rest of my schooling? Or is my contribution level always going to be this high no matter what? I find the whole financial aid process to be very overwhelming and thanks for the thread. It seems my situation is kind of like Carlton Banks but not exactly so I figured I'd ask.
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May 20, 2008 23:37
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Should be sleeping, the NSLDS may be able to help you: http://www.nslds.ed.gov/nslds_SA/ I could search for you but I'd need private data, so it's better for you to do it on your own. The next option to try is call the original servicing agents (such as Sallie Mae) and ask who your guarantor was. Those are the first people who would've taken on the debt, so they'd be the best place to start. Rick, I'm assuming your parents are a no on the PLUS loan and you're not a grad student who could take out a GradPLUS loan? If that's the case, then unfortunately yes, private loans are the next step.
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May 21, 2008 00:59
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Wiggy Marie posted:Should be sleeping, the NSLDS may be able to help you: Your assumptions are correct. Thanks!
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May 21, 2008 01:04
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I had two Tuition Answer loans out with Sallie Mae prior to leaving the country for a semester, and apparently used up their grace period during that time. I won't be graduating until spring '09, but the spring '08 term just ended yesterday and already they're on my rear end about paying up. Starting on June 4th, I'll be taking 6 credits throughout the summer and I'll be enrolled full-time in the fall, but my school can't give me any official proof of registration documents until after the first day of classes. I called Sallie Mae to ask them why I can't defer it, and they said that if they detect that I'm not in classes full-time on May 28th (a day during my mere week of a break!) then I'll have to pay up, no matter what. Argh! How can I make them leave me alone? I'm stuck in limbo until June 4th. Maybe I'll just let the loan payment be late until then, and then fax the enrollment docs? I really can't afford to pay it right now since I'll be out of the country during that break, making my dollar stretch abroad.
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May 21, 2008 02:07
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The Ginger Ninja posted:Argh! How can I make them leave me alone? I'm stuck in limbo until June 4th. Maybe I'll just let the loan payment be late until then, and then fax the enrollment docs? I really can't afford to pay it right now since I'll be out of the country during that break, making my dollar stretch abroad. I was in the same situation (graduated undergrad in spring, starting grad in fall) and had to make one payment over the summer. If you aren't in school full time and have no grace period left you will have to start making payments. Maybe you can change your payment plan to interest only or something so the payment will be lower, then ramp it back up when you can afford it.
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May 21, 2008 03:12
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Another question about deductions: I will make the standard $2500 deduction on my interest. Now this is only if I pay on the interest and not the principal correct? My interest hasn't rolled over yet so its still a lump sum. Also, this deduction will only make it appear as if I made $2500 less this year correct? Or will that $2500 come straight off the amount I pay in taxes this year?
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May 21, 2008 04:09
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Wiggy Marie posted:Should be sleeping, the NSLDS may be able to help you: edit: Able to get financial aid in six months with a title IV letter! YEAH! Should be sleeping fucked around with this message at 17:30 on May 21, 2008 |
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May 21, 2008 17:27
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The Ginger Ninja, Realjones took care of your answer. You pretty much did everything you could - contacted them and asked. Private loans are their own animal, so what they'd told you will unfortunately be your answer. Thowwy giundy, you are correct in that you claim the interest paid specifically, nothing that you've paid on your principal balance. As for tax info...I have no idea. We weren't trained how how it relates to taxes etc. because we didn't want to enter that territory. You'll need to consult a tax advisor. If I'm not mistaken there's one with a thread here in Ask/Tell, but unfortunately I can't remember his username Should be sleeping, huzzah! Congrats on finding them and also the additional aid in the future. Yey for a success story
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May 21, 2008 23:15
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my longtime girlfriend applied for a loan consolidation around 1-2 months ago, and had heard nothing at all from them. So, I in my stupid sense, thought it would help to find out for her by tracking down a phone number and calling/finding out if the consolidation was pending/approved/rejected/etc. I found out the info, but I got an impression they weren't happy with my call considering I'm a guy calling about a girl's account. (I had all the security questions though so i got through). At one point the lady point blank asked me if I was -gf's name- and think i either dodged it or gave a noncommital yeah. I've since realized this could be considered impersonating someone else, to get financial info, and worry about having a policeman call me saying to come in because I am under arrest etc. Am I overreacting? Also, she is (rightfully) mad and worried that the loan company will give her poo poo because of my calling them, they noted it etc. Should I worry? If so, is there something I should do to fix it? Or have her do to fix it?
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May 23, 2008 16:01
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