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I would recommend getting a credit card through a local credit union affiliated with VISA, MC or Discover. I've heard that Discover is offering good rates at the moment, though I have no idea how accurate that might be.
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Jul 28, 2008 02:50
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If I bail the country after I get my degree, are they going to send loan sharks after me? This is perfectly possible for me because I have dual citizenship.
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Jul 28, 2008 03:48
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Are you honestly asking me if it's ok to use federal funds for your education and then leave the country to avoid paying them back?
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Jul 28, 2008 12:36
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Is it too late to get a stafford loan for the fall semester?
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Jul 28, 2008 20:11
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No, but your processing may be delayed.
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Jul 29, 2008 01:05
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What's the whole issue with consolidation? Can I consolidate school loans more than once? I'm out of school right now, I'm going to consolidate but I will go back sometime in the future. Will that depart of ed site look up all my loans? I'm not sure exactly how many I have.
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Jul 31, 2008 04:07
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Sigvatr posted:If I bail the country after I get my degree, are they going to send loan sharks after me? This is perfectly possible for me because I have dual citizenship. if you come back i guess, you're hosed. forget trying to get loans in the future, or ever working for the government in any capacity. also, premeditating this may make it fraud, as you attest to your intent to repay the loan when you sign for it. if you have no intent to repay a loan, you're misrepresenting fact for personal gain, which is probably bad. nothing would probably ever happen to you. unless the prosecutor has a forums account.
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Jul 31, 2008 04:22
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Tab, if you consolidate once and later on have additional student loan debt to add, you may reconsolidate then. Yes, the NSLDS will pull up every federal loan you've ever had - Stafford, Perkins and PLUS. It will not show you any private loans you might have.
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Jul 31, 2008 04:58
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So I'm trying to decide on a lender, and thought I'd ask for some advice. Simpletuition only came up with one, Discover, and listed nothing else. The preferred ones listed by my school are Citibank, US Bank, Bank of America, Chase, Wells Fargo, Keybank, and the Student Loan Finance Association. This is for Stafford loans for graduate school, by the way. I ruled out SLFA because of what I've read both here and elsewhere about Sallie Mae, I'm not too fond of Bank of America in general, and haven't heard much one way or the other with the rest. Citibank appears to have the best offer, with an automatic 0.5% discount when the loan enters repayment plus another 0.25% with automatic withdrawal. They do have an origination fee of 1% and a default fee of 1%. It seems like most of others all of have the same orig./def. fees, and all but Wells Fargo appear to have the 0.25% off for automatic withdrawal. I guess the question comes down to customer service and general reputation. Is there any direction you could point me in, or a resource to sort through other lenders?
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Aug 5, 2008 00:56
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I just discovered the repayment and forgiveness options available for my Stafford loans, but wanted to confirm my findings in plain english before I got too excited. Basically I'll have about $65,000 in Stafford loans when it's all said and done. From what I understand, I can then enter into an income-based repayment plan and pay only 15% of my discretionary income each month(with 45k in salary I roughly estimated this to be about $350 per month). Once on this plan, I make 120 monthly payments over 10 years and at that point, if I'm in one of the listed public service jobs(at that point only or for the entire repayment period?) then the remaining principal and interest is wiped away. This seems too good to be true as not only will I have low payments on my loans, but without a 30 or so year repayment period to boot. Is this the case or are there some potential hangups that I'm overlooking?
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Aug 5, 2008 01:14
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Jive One posted:This seems too good to be true as not only will I have low payments on my loans, but without a 30 or so year repayment period to boot. Is this the case or are there some potential hangups that I'm overlooking? You have to be in a public service job the entire 10 years. The program is designed for people with high debts and low income. I think you have to look at what you expect your earnings potential to be to decide if this is right for you...is working a job in public service (and getting the low pay public service brings) plus the amount saved in loan repayments/interest more than what you could make by going to a private sector and just making standard money? If you can get a high salary "private" position than it may not make financial sense to put yourself into a low paying public service job just to save a little money on your loans. 120 payments of $350 is $42,000, so even with interest (at 7%) you are still only saving at most $5,000 a year over standard repayment. If you think you can get a job that pays $5K+ more than a public service position you are better off going that direction. Of course if you want to go into public service then it is a great program. Realjones fucked around with this message at 04:15 on Aug 5, 2008 |
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Aug 5, 2008 04:13
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Shrimps fucked around with this message at 17:45 on Mar 27, 2019 |
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Aug 5, 2008 15:23
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Shrimps posted:I am 28 year old married man with 2 kids, joint custody with the ex having primary physical custody, I made about 45k last year and my wife made about 50k. I am willing to go back to school full-time and quit my job. I am going back to school for the first time in my life since high school. Do I qualify for financial aid? Does being employed part time increase my chance of getting financial aid? If I quit my job and get divorced does that increase my chance of getting financial aid or scholarships? I'm just guessing, but I would assume the government would be more likely to give you financial aid considering people (your kids/wife) are 50% dependent on your income. But maybe not because of your combined income.
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Aug 5, 2008 16:16
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Realjones posted:Of course if you want to go into public service then it is a great program. This is exactly the case. My biggest worry was how I would be able to afford things like a house, new car, insurance, etc., as a recently-graduated deputy prosecutor or public defender. Now knowing about these programs lifts a huge weight off my shoulders.
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Aug 5, 2008 17:32
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I have a situation which leaves me currently confused. After exhausting the initial aid I'm being given by my school, I'm still left short about $1-2,000 needed to close the gap. They're currently offering a PLUS loan. While I've heard good things about it, my parent would probably be approved, but they're currently not in a situation to be able to afford to pay it back. Now, I was told that if the PLUS loan application failed, I'd be eligible for more Subsidized loans. Is there any way to skip the PLUS loan application and just get more Subsidized loans?
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Aug 6, 2008 01:15
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Two questions, one of which may be incomprehensibly stupid: 1) My parents have a hefty-sized PLUS loan out for me (somewhere in the neighborhood of $30,000 (why I never received any grants or scholarships, I'll never know - it's too late now, I graduate in December and it's probably because I was a transfer student (but whatevs!))). Anyway, I plan on helping them pay it back even though I cannot take the loan from them. If we have a joint bank account from which the loan is paid off and I deposit money into it, that'd be OK, right? Stupid question, I know, but thought I'd ask. Also, would loan forgiveness apply to the PLUS loan as well? Or will it only apply to loans in my name? Actually, one more question: I plan on going to grad school in Fall 2010. What're the chances I can defer my loans until I am re-enrolled? I graduate this December.
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Aug 6, 2008 01:52
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Well, somewhat new twist on my previous question. I was planning on going with Citibank as my lender, but decided to call my financial aid office and trying to see if they would let anything slip about the preferred lenders. The person I talked to first said they can't really say anything about lenders, then went to talk to the loan coordinator. When she came back on the phone, she told me that the coordinator said that it was okay to tell me that some of the lenders on the list have been more involved in the recent economic issues (she was being extremely circumspect) and that some hadn't, mentioning US Bank and Wells Fargo. While that's true, I'm torn on how much of an issue that is. I don't expect Citibank or Chase to collapse, but I guess what they were hinting at is the possibility of loans being sold off en masse or declining customer service. Any thoughts, Wiggy?
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Aug 6, 2008 19:28
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I am about to go to graduate school on a combination of my and my parents savings. While I think I might be able to swing it with working without taking out a loan, part of me really wants to take out a low low deferred interest loan, and invest it. (or, technically, use my and my parents money to invest, and use the loan to pay school, but whatever really it is all the same). I am pretty sure if I had some loan where I didnt have to pay interest or where the interest was like 2% that I could defenitely turn a decent profit. Of course, it would suck if the markets imploded and I had someone angry at me to the tune of a years salary, but... am I being stupid in even thinking this sounds like a good idea? aside from it being vaguely unethical, is there a reason not to do this?
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Aug 6, 2008 21:18
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Azars, I regret to inform you that is indeed happening in some lenders. However, I wouldn't say they're going to collapse - just that things are getting delayed. The basic situation is that the Department of Ed was supposed to have a line of credit ready and waiting for lenders July 1st to back up some new legislation supporting the FFELP program - and they didn't. I would like to make clear the Dept. is doing the damned best it can; these new regulations were dumped on them just the same as everyone else, so they're fighting to stay above water just like everyone else. It sucks. A lot. What this means for you, the borrower, is that your loans could be delayed. That's...pretty much it. Right now no one is planning on cancellations (everyone who would have is already gone), and I'm assuming big names like Citibank and Chase are going to stay strong. It's not a crisis, it's just a delay until the poor Dept. can get everything worked out that they need to. Jive One, I really have only one thing to add: you need to be in the Direct loan program for those forgiveness programs to apply. So make sure your lender is Direct to save yourself an extra step in the future  Shrimps, you will need to call FAFSA and tell them about your situation for your answer. I do not wish to steer you wrong. Harlock, in order to get the additional sub. loans you can try 2 paths: get a PLUS denial (which proves to the school that your parents can't contribute, thus making you eligible for more Stafford funding), or try to appeal directly to financial aid. If you appeal, you will likely be told about the PLUS denial option since that is the easiest method for everyone involved. But you can always try. Alec Eiffel, to answer both: 1. Sure, why not? I can't see how this would hurt you. Just make sure the money's there when the payments are due! 2. Actually, most loan forgiveness programs DO apply to PLUS loans in that student's name (such as military loan forgiveness). I am currently assuming this works for the new programs as well - but please please call and verify. To ask about a particular program, call your servicing agent. 3. It depends. Are you going to be in Americorps or Peace Corps? Are you going into a residency? If not, you'll need to use either forbearance or deferment time - and you need to qualify for deferment time. Call your servicing agent about 2 weeks before you would have a payment due and ask what your options are per your personal situation. mindphlux, if you can get a subsidized loan (which has full interest deferral while you're in school) and can afford to invest the amount you're given, there's nothing unethical going on. Once it's in your hands, you may do as you wish with the funds. Just remember you HAVE to pay it back someday. If your plan is to take the money and run, then yeah, that's unethical. But if your plan is to multiply the money and pay it back in a timely fashion sans default, then why not?
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Aug 6, 2008 22:16
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Hey, I'm about to start my undergraduate education at UC Santa Barbara. I've filled out all of my FAFSA stuff, but I received notice that I cannot get any federal financial aid because I am not an American citizen, despite living in California for eight years. Anyways, my greencard is pending at the moment, so I might be eligible soon, but as of the moment I have to take out some private loans. I'm having some trouble finding places to borrow from though, due to my non-citizen status. Is anyone in the same situation? Am I going to have to rescind my admittance and do an AA at a cheaper CC instead?
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Aug 6, 2008 22:40
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Is there not an "international students" office on campus that you can visit for further assistance? If I'm not mistaken, there are programs available to students from other countries, but you'll need to go to that office to see what they might be.
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Aug 7, 2008 11:51
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Aircraft posted:Hey, I'm about to start my undergraduate education at UC Santa Barbara. I've filled out all of my FAFSA stuff, but I received notice that I cannot get any federal financial aid because I am not an American citizen, despite living in California for eight years. Anyways, my greencard is pending at the moment, so I might be eligible soon, but as of the moment I have to take out some private loans. I'm in a similar situation. I have admission to grad school and I am looking for a way to get a loan without a co-signer, which seems near impossible. Though I have lived in the US most of my life (Legally, I might add) and my green card application has been processing since 2000, no one in my family is a citizen/permanent resident. Are there any loans for international students that don't require a co-signer or are there loans that will process with a pending application? I have good credit by the way, score around 720. Edit: I tried filing as a perm resident with citibank and I was approved for $75k at 1% above the prime and 6 months grace. I'm going to call them and see if they'll accept me with a green card app in the works.
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Aug 10, 2008 07:52
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This situation is extremely messy. My mother has a huge, important loan that she needs to get. If she has too many loans to her name, she can't get this important loan, so she has to opt out of taking loans for me. The banker explained that you can't take more than a certain percent of your income. The school refuses to accept my grandmother as a replacement (they still need to see your mothers taxes, which my mother refuses to provide) and it's hard to lie since I used my real mother before. So they won't let me file Fafsa with my grandmother's taxes unless they have legal proof that my grandmother is my legal guardian, which she can't be since my mother is still alive and I'm over 17 (so says a judge in family court, I checked on the official .gov website and it's true). So, it's legally impossible to meet their demands.  I don't know if trying to bullshit the school with a professional looking notarized letter would even work. I asked my mother to have her lawyer try to write one, because he could spice it up with all the fancy legal terms. Is this the point where you bother with private loans? I need about 12k so I can finish because I'm so loving close to graduating. My grandmother could just get me a private loan (that you start paying 6 months after graduations) and this would all just go away. I'm also looking at scholarships, especially guaranteed scholarships, right now. My GPA ranged from 3.5 to 4.0, I never even touched 3.4. I've been told I could get a whole bunch of poo poo before September. I know I'm a big fool for never pursuing scolarships, but it never hurts to try.
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Aug 11, 2008 20:24
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Technically, this isn't about a loan, but I'm sure it would be better addressed here then if I made my own thread. I just filled out my FAFSA for the next school year. This year's form was identical to last year's: my parents held the same amount of jobs and made the same income, paid the same taxes, etc. Literally nothing changed from 2007-2008 to 2008-2009. Somehow, our EFC shot up to over $8,000 more than last year's figure, for no apparent reason. We were getting hosed pretty hard in the first place and didn't expect any money, but this certainly doesn't help. Did the formula change? Do we just have bad luck? What the gently caress happened?
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Aug 12, 2008 02:33
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I recently took a co-op position at NASA and then came back, my graduation date has been pushed back unoffically due to the co-op yet my loans still stay they expect repayment taking into account my older graduation date, is there any way to change this do I have to contact the university to change my graduation date?
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Aug 16, 2008 06:51
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T Zero, all I can really say is the same thing I said to the other international student: find the international student affairs group on campus and ask them for help. I am not personally familiar with any loans for your situation, but they may be out there because tons of international students come to study here. Did the loan you applied for work out? omg! stop posting!, it *is* legally possible, your mother is just refusing to cooperate. Your options are to either beg her to see the light and realize that Uncle Sam really does need her tax information to file the FAFSA for you, but you're stuck at the point where yes, you have to bother with private loans. Your grandmother can't replace your mom for the FAFSA because she's not your legal guardian; she can, however, be a co-signer on a private loan if needed. Leninboarrir, since I don't handle filing the FAFSA you're gonna need to contact the financial aid office to ask your question. Thowwy  Ham Session, cool co-op Your school should automatically update the lender(s) with the current graduation date within the semester. You can also go to the enrollment office and ask for a verification of enrollment with the semester dates and new anticipated graduation date to personally send to your lender(s) and have this information updated as soon as possible.
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Aug 17, 2008 14:25
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I just browsed through the 21 pages quickly and forgive me if I missed something. Loans for one, confuse the hell out of me. The terminology I just cannot grasp. Basically Sallie Mae (as I noted the OP said), sucks. I have around $50,000 in debt and they will NOT let me consolidate my loans. They told me I have to have a Bank or something Consolidate them. I have a mix between loans my father co-signed and loans I signed for alone. My questions are, is there a suggestion for the best Bank or whatnot to consolidate with? Does it push all the separate loans into one lump-sum to pay back? And once the bank buys the loans from Sallie Mae, is my father off the co-signature since I am now just personally owing to the Bank I consolidate with? Sallie Mae wants me to pay $700 a month to them. I make like $1400 a month. I pay for all my own poo poo including rent. So literally I could only afford $100 - $200 a month. So it would be a massive consolidation. Thanks a lot guys and girls ! EDIT: Also, do I need good credit to consolidate ? Because I have lovely credit I believe UPDATE: It appears Bank of America and Chase are not consolidating student loans anymore because of this bank crisis. They have big red paragraphs posted on their websites about this. (though they don't mention it's because of the bank crisis, but I'm assuming that's the reason) I already have a plane ticket to Finland in January and am considering just staying in Europe. If Sallie Mae is up my rear end and I just leave the USA, there really is nothing they can do about it, eh ? Plasma1010 fucked around with this message at 17:24 on Aug 19, 2008 |
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Aug 19, 2008 16:28
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Does anyone have experience getting student loans waived as part of signing for a federal job? There's a strong chance I might end up working for the Department of Defense or USAID after I graduate in May. Would it be advisable to take out student loans that aren't 100% necessary, on the off-chance that I can get my loans absolved upon signing on with a fed job next year? For folks who've put in FAFSA recently: how long is it taking to get eligibility certificates back these days? I was out of the country (mil deployment) until recently, so I didn't have access to my tax records which are required for the app.
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Aug 22, 2008 21:31
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Are those loans private loans or federal loans, Plasma? If they're private loans you can get them consolidated, but it's a lot trickier than federal loans. With federal loans you can just use Direct - the Dept. of Education. If you are able to consolidate your private loans, as far as I'm aware he would be released as a co-signer - but check with whatever company you might find to be sure. Yes, a consolidation does give you a smaller monthly payment which will depend on the amount you have, term of the consolidation (depending on balance could be up to 30), and interest rate. I don't know if private loan consolidation has anything to do with your credit, but my gut instinct tells me yes. No comment on Finland  TapTheForwardAssist, I am not personally familiar with any forgiveness programs based specifically off of federal employment, but that doesn't mean they don't exist. You would need to ask the employer about any student loan payback plans they might have. FAFSA is generally estimated at 4-6 weeks processing for a paper app, 2-4 for an online app.
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Aug 26, 2008 12:03
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Wiggy Marie posted:Are those loans private loans or federal loans, Plasma? If they're private loans you can get them consolidated, but it's a lot trickier than federal loans. With federal loans you can just use Direct - the Dept. of Education. I think they are a mix of both. Sallie Mae did tell me a bank could take the loans up for me to consolidate. Honestly, I can't afford poo poo with my $25,000 a year job, paying rent, food, phone bill, etc. basically what I'm looking to do is get my father off the ballot so it's my own personal responsibility. I am then going to pay them what I can afford. Question: To date, I have no assets, I own no car, I own no house and I do not put money in the bank. So if it comes down to I just can't pay the bank which consolidates my loans, what possible repercussions could there be? Other then the big scary "your credit will be ruined forever" which doesn't matter because I have no credit card and I will never take out another loan again. As far as I'm aware, they will just bug the poo poo out of me as long as I live in the US.
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Aug 26, 2008 19:21
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Wiggy Marie posted:No comment on Finland Actually, I would like to second this question...
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Aug 27, 2008 00:16
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Plasma1010 posted:Question: To date, I have no assets, I own no car, I own no house and I do not put money in the bank. So if it comes down to I just can't pay the bank which consolidates my loans, what possible repercussions could there be? Other then the big scary "your credit will be ruined forever" which doesn't matter because I have no credit card and I will never take out another loan again. As far as I'm aware, they will just bug the poo poo out of me as long as I live in the US. They can garnish your wages and will take any tax refund you may have been eligible for as well.
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Aug 27, 2008 00:53
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As Realjones said, they can garnish your taxable wages and keep your income tax return. Depending on your profession (lawyer, doctor) they can revoke any certifications you have - but that is in much later, extreme cases. But it *does* happen. Credit is also thoroughly ruined. Since I've never moved to another country I have no idea if this would affect you outside the States. Obviously the US can't hunt you down like an animal in another country. If you leave then you're gone. Just...never come back. Ever.
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Aug 27, 2008 02:06
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I can consolidate GOAL loans through Direct, correct?
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Aug 27, 2008 04:54
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If they are federal and not private loans, yes, you should be able to.
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Aug 27, 2008 11:54
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Wiggy Marie posted:As Realjones said, they can garnish your taxable wages and keep your income tax return. Depending on your profession (lawyer, doctor) they can revoke any certifications you have - but that is in much later, extreme cases. But it *does* happen. But then essentially if they garnish your wages wouldn't that basically put you homeless if you couldn't pay for your other poo poo because they're taking your money? For some reason I think that should be illegal ... and if that's the case, they take 700 a month out of my 1200 a month paycheck, what the gently caress is the point? If they send you homeless through that process then obviously you can't even pay them back. At that point you get off the books jobs. How does a bank garnish my wages without directly dealing with my boss, who pays me? How does a bank revoke a Doctor / Lawyer certification?
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Aug 27, 2008 15:10
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Revoking license is done when you have defaulted many times (I believe 3-4) or been in rehabilitation for a very very long time (10+ years, normally). This can be done because the government's money paid for your education which you used to get that certification. So yes, they can take that handy dandy certification back. It's an extreme scenario, but it does happen. Now commence a rant. You have been warned. Remember, this is not the bank. Once your account goes into default, you are sold to the guarantor of your loan - the company that guaranteed initially that you could pay it back. They're the ones who have the right to garnish your wages and take your tax return, and will also be who you deal with during the entirety of your default rehabilitation program until you complete the program and are sold back to your lender. Interest capitalizes each time, and the guarantors have very high fees (generally 18-22%). I have seen a 2000.00 dollar loan become 12000.00 because the person waited years before paying back. That is why I say never come back...because your loan is not written off at any point. It just sits there gathering interest until they find you, and you will then be held accountable for a considerably higher balance. This is all possible because these are not bank loans. They are federal loans. And Uncle Sam gets mighty pissed off when the kids who signed a document promising to pay him back for the education they're getting don't hold up their end of the bargain. This is not your local credit union or a credit-based loan, this is the government, and these loans were given to you in the trust that you would pay them back with a nice low federally controlled interest rate as an added bonus. Any time a loan isn't paid off in full, that write-off is a chunk out of the guarantor's pocket, which trickles up to the Department of Ed, which inevitably trickles down into taxpayer's pockets. So any time kids don't pay back these loans, you've given the taxpaying citizens of this country a big F. U. Like we didn't already pay enough stupid poo poo, we have to pay off your debt, too? On the other side, sometimes the guarantor refuses to buy the loans in default because of processing issues (guarantors require default claims to be filed, and if the lender hasn't dotted all of their I's the guarantor can refuse to pay). In this case, it's a chunk out of the lender's pocket, which means they have to eat those funds as a loss, which inevitably means they're that much down on funding for the next cycle, as well as cutting employee benefits, raises or bonuses. I have felt this exact issue in my own pocket because of people not paying, and so have plenty of others across the country working in the industry who've been laid off or otherwise because of cuts in lender profits on top of rising default rates. Some lenders are even postponing disbursements for students now because they have to wait on the Dept. of Ed. to get a line of credit ready - and the rise in default rates alongside the mortgage crisis means some of the money the lender was counting on just isn't there, which also means they're totally dependent on the Dept. to fund those loans. So now kids are waiting on the money other people refused to pay. Oh yes, it all relates to each other. So no, I do not encourage nor will I give help on skipping out of your loans. It's completely unfair to the single moms and dads we have calling sobbing because they're so grateful for the education they've received and want to do everything in their power to pay it back. Or the disabled kids who've called, and we've told about the loan forgiveness program, and who refused it because they were so excited to have been given a chance to get an education and were grateful enough to refuse forgiveness - even if it meant it would take them years and years to pay back. I myself have begged a woman to let me send her the forgiveness forms because of her situation, and she still refused. In conclusion, don't ask me how to skip out on your loans in this thread, especially not after asking me to help you get them in the first place, because I will not help you. Wiggy Marie fucked around with this message at 22:50 on Aug 27, 2008 |
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Aug 27, 2008 22:48
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Well I was never asking you to help me skip out of my loans, I was trying to figure out a way to lessen the blow since I literally can't afford to pay them back. If anyone can figure out a way to make $1200 a month pay for rent, food, transportation, slight savings, and $700 a month in student loans let me know. What's unfair is edging kids all throughout high school to "go to college, you're nothing without college in this world" then have them sign these pieces of paper at the colleges when a 17 or 18 year old barely knows what a loan means. Then he's slapped into 2 - 4 years of some high interest poo poo, if he doesn't advance further in college. Basically what I'm getting out of this is I should worry about the Federal Loans first ?
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Aug 28, 2008 16:03
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That's a rant for another day. There's plenty of things that need to be fixed or added, such as classes in high school about debt and how to manage it. Honestly I wish education were free...but it's not, so here we are At least it pays my bills! Private loans are always to be considered the secondary option. Try for federal loans first, and then take out a private loan if you have no other option. In terms of payback, federal loans have deferments and forbearances - use them and slap the hell out of the private loans first. You can pay on your federal loans any time, but your private loans are what will murder you to hell and back by the time you're done paying them.
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Aug 28, 2008 21:17
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| # ? May 12, 2024 17:15 |
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Wiggy Marie posted:RANT Wiggy Marie posted:Private loans are always to be considered the secondary option. Try for federal loans first, and then take out a private loan if you have no other option. In terms of payback, federal loans have deferments and forbearances - use them and slap the hell out of the private loans first. You can pay on your federal loans any time, but your private loans are what will murder you to hell and back by the time you're done paying them. When you say "private loans," you mean, for example, Stafford loans taken through a private bank, right?
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Aug 28, 2008 21:22
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