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Hey, while applying for an alternative student loan (Citi bank) it looks like I made a serious mistake and reported my co-signers income to be about half of what it is in reality. Would the best way to fix this be to call the bank or should I just try re-applying with the correct information? Obviously I have to sort this out one way or another but I'm just curious if I am likely to get a better rate when this is fixed as the one It looks like I am going to get (LIBOR plus about 10%) seems kind of...bad. EDIT: Yeah I know private loans, it's probably my best option right now. Ogmius815 fucked around with this message at 18:40 on Jul 14, 2009 |
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Jul 14, 2009 17:58
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Wiggy Marie posted:Congratulations on your dream school Oops, I suppose that was what I was asking, I'm quite ignorant of anything financially related. Anyway, these are my options for lenders using PLUS. I guess I'll go with Chase then? I couldn't tell any differences in lending options from the brief descriptions my school gave. Access Group ALL Student Loan Corporation Chase - Chase Student Loans Citibank Discover Student Loan - Great Lakes EdAmerica - EdFinancial Regions Bank - Sallie Mae Sallie Mae - Sallie Mae Wachovia Wells Fargo
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Jul 15, 2009 00:56
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Wiggy Marie posted:
I called my school, and they said that I can refile, but it won't make a difference in the aid I'll receive. So I'll get $7500, with an extra $5000 if I do the alternative loan. My parents won't co-sign a PLUS loan (not that I want them to), so they'll have to sign a letter refusing to do that before I can apply for the alternative loan. Is there really no other aid I can get? I'm going to school from August 2009-August 2010 straight, and I won't have the time or energy to work. I added up my costs for the next year, and if I never go out or buy any clothes or see the doctor and don't spend any money on food besides groceries, I'll need $12000 of the $12500 I will get. I'm also getting (very necessary) wisdom tooth surgery on Thursday, so I'll have to pay that off too. Just doesn't look very good on paper, and it's usually worse because life happens.
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Jul 15, 2009 02:52
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Ogmius815, it depends on the alternative loan. I know with ours you would need to fill out an entirely new application in a situation like that. Give them a call and they should walk you through what you'll need to do. Hopefully it won't be too complicated! KosherNostra, right now the only thing you should look for is if any one of those covers the origination and/or default fee. Call all of them (or their servicing agencies as the case may be) and ask what benefits they might offer. Other than that, well, you're essentially looking at the same product with different names. Another thing to ask is if the lender participates in the PUT program. This means that your loans will originate with them and then immediately be sold to Direct. A lot of lenders are doing this now so that they can continue to fund new loans. tishthedish, unfortunately no  Federal Staffords and PLUS loans, then on to alternative loans. The only other kinds of aid are scholarships/grants. Sorry
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Jul 16, 2009 11:43
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I make $160 payments each month for my student loans. As of right now, I owe around $18k. When I make my payments, about $87 goes to the principal and $73 goes to the interest. Does this seem right? It just seems to me that I'm paying an awful lot in interest, but then again, I'm really new to this. Here is how they calculate interest btw: Number of days since last payment x Principal Balance Outstanding x Interest Rate Factor = Interest Amount I always make my payments on time too. Also, would it be smarter to make bigger payments per month. Lets say around, $400? Would all of the extra cash go towards my principal? I'm using the Direct Loan Servicing under the Dept of Educ. if that helps.
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Jul 16, 2009 14:22
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Son of a bitch. So I tried submitting a form for both my private and federal loans for economic hardship deferment a little less than two weeks ago and today I get a letter saying that effective 7/1 options 5 & 6 (either not working full time or not making above minimum wage) are no longer available. What the gently caress! I was like 1-2 days off. Now I need to figure out some way to defer my loans or something until I start at the school I'm enrolling at on August 31st.
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Jul 16, 2009 19:03
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maverick99 posted:I make $160 payments each month for my student loans. As of right now, I owe around $18k. When I make my payments, about $87 goes to the principal and $73 goes to the interest. Does this seem right? It just seems to me that I'm paying an awful lot in interest, but then again, I'm really new to this. Yes, those numbers are about right, and you do pay a large amount of interest on the starting payments. Since the interest is based on the principal amount, the larger the principal, the larger the interest generated over a pay period. As you keep paying the principal down, you'll have less interest generated every month, and more will go toward the principal. In answer to your second question, yes, the more you pay at any given time the more will go toward the principal amount, and the less interest you'll pay overall. To use my own case as an example (since I've already run the numbers and can just copy them), my loan started just shy of $22000 and my payments were about 250/month, but I'm actually paying about 650 a month. If I can keep this rate up, the loan will be gone by December of 2011 (vs. Jan 2016 if I go back to 250/month), and I'll save about 1200 dollars in interest paid out over the life of the loan.
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Jul 16, 2009 21:54
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Wiggy Marie posted:
That's pretty lovely, but thanks for the confirmation!
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Jul 16, 2009 23:50
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Alright I really need some help on this.. I was reading through the thread and I am just totally lost. I really need to lower my monthly payment (414/mo) because its crippling me financially. I graduated in Sept 07 and have been making payments on this thing since then. I have 4 loans from Sallie Mae (I really hate this company.. and apparently I am not alone) FFELP Loans: 1: 2302 @2.48% 2: 3070 @2.48% 3: 4863 @6.8% Private Loans: 1: 36562 @4.75% Now I make two payments a month, one toward the private and one toward the federal. For the federal loans they take my payment and divide it up between all three loans, so that they will all be paid off in the same amount of time.. ~10 years or so. What should I do in this situation? Go to my bank and have them buy the loans and just pay them? I'm sorry I am retarded when it comes to this stuff. But anyways.. my goal is to lower my monthly payment. I know my interest rates are really good on the loans now.. and that is kinda what is stopping me from going to a bank. Arrg.. please help I hate this crap.
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Jul 17, 2009 13:57
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I filled out the FAFSA and didn't qualify for anything as I made too much money last year, so I filled out the loan application with my school (Austin Community College). If I go for alternative loans, which it looks like I will need, do I find out about those through my financial aid office or on my own?
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Jul 17, 2009 15:02
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I was viewing the accept/decline financial aid page on my school's website, and there was a little message that says:quote:University of North Texas now participates in the William D. Ford Direct Loan Program (DL) funded by the U.S. Department of Education and no longer participates in the lender-based Family Federal Stafford Loan Program Is this a good change or a bad change for me?
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Jul 18, 2009 06:02
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I'm trying to maximize the most amount of my money. I got nearly all of my money through Federal Stafford Loans through Direct Loan. I borrowed loans from 2005-2009. These are the loans I have: Stafford Subsidized - $8,500 at 4.75% - consolidated in May/June 2006 Stafford Subsidized - $25,500 at 6.8% Stafford Unsubsidized - $11,000 at 6.8% However, I'm logging in at http://www.dl.ed.gov/ and was just looking at payment loans. It seemed like they made it into "two different loans" as the 4.75% as ****-1 and the 6.8% as ****-2. I have a 'sign-on' bonus from work and have enough money to cover the unsubsidized portion. Is there anyway to pay only that portion right now (in this month). From what I see, paying online, if I pay online, the payments are applied in a proportional manner. Or is this more of a question I should call direct loans about?
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Jul 18, 2009 16:48
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This may be a stupid question but I don't wanna gently caress poo poo up with my loans. I've got Stafford loans in SC and I've been paying on them for about 8 months now. My payments are $157 a month, and I've been paying $200 a month with random payments of a chunk of cash once or twice when I had extra money. My latest statement says my total due is $0, and my next payment is due in April 2010. I assume that since I've been paying more than the minimums that means I don't have to pay until April if I don't want to. What I actually wanna do is start paying solely on my highest interest payment, rather than having it dispersed throughout all my payments like it normally is. Can I do this or do I still have to make my $157 minimum payments?
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Jul 21, 2009 01:51
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I have two Stafford loans that have been deferred until 2010. Last semester, I dropped a class and fell below the required number of units. Will this affect my deferment retroactively? Will anyone even notice?
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Jul 21, 2009 04:19
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I'm entering my fourth year of college this fall. My mother has taken out PLUS loans every year and is having problems getting them deferred through the company handling the loan. Wiggy Marie, if this is something that you may be able to help with, could you PM me?
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Jul 21, 2009 04:45
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dimeat posted:I'm trying to maximize the most amount of my money. I got nearly all of my money through Federal Stafford Loans through Direct Loan. Josh Wow posted:This may be a stupid question but I don't wanna gently caress poo poo up with my loans. I've got Stafford loans in SC and I've been paying on them for about 8 months now. My payments are $157 a month, and I've been paying $200 a month with random payments of a chunk of cash once or twice when I had extra money. My latest statement says my total due is $0, and my next payment is due in April 2010. If your Stafford Loans are through Direct Loan like mine are, I answered my own question and therefore yours since I had the same issue. I called Direct Loan and asked them about it. They said to submit the payment like normal (ala one time payment) and write a note in the comments to apply to whatever or call them a couple hours (or next business day) to apply it to the highest interest loan. So you can do it, you just have to do a bit more work on your part.
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Jul 21, 2009 22:24
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dimeat posted:If your Stafford Loans are through Direct Loan like mine are, I answered my own question and therefore yours since I had the same issue. I called Direct Loan and asked them about it. They said to submit the payment like normal (ala one time payment) and write a note in the comments to apply to whatever or call them a couple hours (or next business day) to apply it to the highest interest loan. So you can do it, you just have to do a bit more work on your part. Yea, I've done that before where I make a regular check out for my payment, and then a second check to pay towards a specific account. I just want to know if I really don't have to make my regular monthly payments until April so I can throw that money at my biggest higher interest loan or if I need to continue to make regular payments.
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Jul 21, 2009 23:22
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Wiggy Marie posted:Draconi Ann, when you say you were awarded a Pell Grant, that means you've already filed the FAFSA and that's what the school awarded you from the FAFSA processing? Or have you not received your awards package from the university yet? The FAFSA *is* the application for Stafford loans, so if you've filed that and your school award package didn't include any, they determined that you were ineligible for Staffords. You can always try to appeal the decision if that's the case.
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Jul 22, 2009 04:59
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My retarded friend is convinced that subsidized loans 'do not accrue interest' means that the government pays the interest and then you have to pay the government back for the interest along with the loaned amount. He is retarded, right? You can take out a 5k subsidized loan and pay back a total of 5k right when you graduate.
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Jul 22, 2009 05:27
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maverick99, as T0MSERV0 said, yes and yes. You can also break your payments into two during the month instead of one large payment. This will hit a bit more principal each time and help you pay it all off that much faster. ceebee, if those two options are available it doesn't mean you don't qualify for anything. You should still have forbearance time available. Give them a call and ask what else is available to you. T0MSERV0, thank you so much for your help! I'm so slow and I know it. tishthedish, sorry I hope everything works out for you!Polish, beyond consolidation another option for those FFELP loans is the new income contingent plan that's opened up to ALL FFELP lenders. Give your servicing agency a call and ask about the payment program. As for the private loans, you could try to contact Wells Fargo (recommended in this thread several times) to get them consolidated. They should be able to give you an estimated monthly payment. I Wish I Was, both actually. The financial aid office should provide you with information on the private loans the school participates in and then you can call and get the information you need. Are you sure PLUS loans are out of the question, though? Atomic Hotdog, it sucks for my job (in fact I may not have a job next year) but it's ok for students. It just means you no longer have the option of choosing a FFELP lender for your loans. Direct offers almost the same loan so you should be ok. dimeat, it's correct that when you consolidate the subsidized and unsubsidized portions are treated as two separate loans in a computer system. However it's treated on one principal balance in terms of payments. In our company the borrower cannot apply payments to only one portion/more to one portion anymore because of federal regulations. I imagine it's the same at Direct but it's worth it to call and ask. Also, thank you for your help!!! I just saw that you answered your own and someone else's question and it's highly appreciated. I'd typed out their answer already anyway, so don't feel offended  Josh Wow, that is correct about your payments. You've paid yourself ahead, congrats I would suggest continuing to pay the minimum amounts due on each loan and applying any extra to the loans you want to hit the most. If you don't satisfy the minimum payments due on each individual loan you'll be knocked out for any incentives you might have for consecutive on-time payments, plus it messes the computer system up because you'll be "past due" on some and "paid ahead" on others. It's a nightmare to fix for everyone, so just satisfy that minimum and apply extra where you can.Emasculatrix, maybe and maybe. If you were less than half-time for less than 6 months it won't matter. If it was more and the school notifies your servicing agency through the National Student Clearinghouse, the servicing agency MUST retroactively apply grace on the account for that time. It makes a mess of everything in later years as you can imagine but if there's some time in there that wouldn't be covered by the grace period then most servicing agencies will use a forbearance to cover that gap. It's not a guarantee, just a possibility. who cares, sho' nuff! Draconi Ann, now that's more like it. Never be afraid to assume there's a screw up on the school's end. Keep me updated! Pizer, subsidized loans do not accrue interest while deferred because the government pays that total during a deferment. So if you take out 5000, remain on a deferment the entire time, and pay 5000 back just before your grace period ends, you are correct. You would only pay 5000 for that loan.
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Jul 22, 2009 11:56
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The thread is enormous. What can you tell me about looking for loan consolidation, especially if some of my loans are serviced by different institutions?
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Jul 22, 2009 16:12
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Ogmius815 posted:Hey, while applying for an alternative student loan (Citi bank) it looks like I made a serious mistake and reported my co-signers income to be about half of what it is in reality. Would the best way to fix this be to call the bank or should I just try re-applying with the correct information? Obviously I have to sort this out one way or another but I'm just curious if I am likely to get a better rate when this is fixed as the one It looks like I am going to get (LIBOR plus about 10%) seems kind of...bad. I got this straightened out and I am still not happy with the offered terms. Can I apply at another bank? Do I need to officially refuse to sign Citibanks offer before I apply somewhere else? Am I just going to get an equally crappy rate from other lenders? Do I just have to bend over and take it?
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Jul 22, 2009 17:48
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PLUS loans are for parents, right? I'm 36 and I seriously doubt that my parents would be willing even if it were possible. Thanks for the information - this thread has been an awesome resource for me going back to school.
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Jul 22, 2009 19:53
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Would applying for FAFSA still be beneficial for me paying off my community college tuition fees,or am I ineligible not being an independent with a parent making in the 75,000 and up bracket range?
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Jul 22, 2009 21:34
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celestial teapot, for federal loans you should call Direct Loans and for private loans Wells Fargo has been recommended in this thread. Ogmius815, if you don't sign you're fine, they can't give you anything without a contract. Yes you may apply elsewhere and there's no telling what sort of deal you'll receive elsewhere. I'm rather biased against private loans but it can't hurt to shop a little, just beware doing a bunch of credit checks because they all hit your credit score (and any co-signer you might have). I Wish I Was, that's correct. Are you considered undergraduate or graduate level? GradPLUS loans are available to graduate/professional students, if you happen to be graduate/professional level. Kneel Before Zog, are you asking if you're ineligible because your parent makes so much? The answer is you may be. The processing depends on the FAFSA department and the school, so there's no guarantee either way. You can always call FAFSA and ask their opinion on your situation.
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Jul 24, 2009 01:21
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I'm going to be going back to school this in order to earn some more credits in order to apply to graduate degree programs later. I think I have take out a private loan since I'm not in a degree or certificate program and I'll likely be going less than half time. I guess my question is this: I don't know how many credits I'll be taking because I'm doing a directed study that can range from 3 to 6 credits. My professor wants to meet the first day of classes to discuss everything, including that I suppose. However, tuition is based on credit hours, so I don't know how much I need to take out. Can I take out a loan that is for more than what my tuition will actually be, and then just pay back the extra if need be? Is this going to be a big problem and I should make my professor giv me a real answer sooner?
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Jul 24, 2009 19:47
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You can take out as much as the school will certify (this also applies to private loans) and pay back whatever you don't need. I suggest getting a solid figure to work with though, instead of guessing. With private loans there may be interest to satisfy on whatever principal you returned so you want to return as little as possible.
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Jul 25, 2009 02:57
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wiggy, can you link me to a site that has a tutorial on how to consolidate my student loans? i searched but it came up with some pretty sketchy sites telling me to sign up through them..
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Jul 25, 2009 21:14
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Through Pell and state grants, I technically have school paid for since I'm living at home and all. My question is if accepting Stafford loans would ever effect the amount of aid you get through stuff like Pell or grants say the next year?
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Jul 25, 2009 22:15
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I apologize but I cannot read through 30 pages I am taking a year off of school to save up for another three years, is there any way to defer my loans for a whole year instead of just the six months? I have both alternative and federal loans, in excess of $30k I'm pretty sure. I might be taking a couple classes next semester but I don't know if I'll be at least half-time. It's possible. I understand that going half-time would restart the deferment period?
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Jul 26, 2009 02:59
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hibachi, I can help you with that. First off, what kind of loans? Federal or private? Or both? Your steps are pretty simple. For federal loans (Staffords, GradPLUS, Perkins) contact Direct. For private loans we've had Wells Fargo recommended in this thread. Either one of those companies will walk you through the necessary process and guide you through the application. You were right to ignore those websites!!! ketchup_burrito, the only way it affects you is that the total you receive in Staffords goes toward your total aggregate limit, the amount of federal funds you can receive while attending school. Your eligibility and the amount you'll receive is evaluated annually using the FAFSA form so you have the potential to receive the same amount as usual district 12, there are deferments/forbearances available for your federal loans but I couldn't say about your alternative loans. I've never heard of one with a year-long deferment available. As for the in-school deferment you're correct on the federal loans, they'll go right back into the in-school deferment when you start at least half-time again. The alternative loans, however, may not. Every alt loan is its own beast so you'll need to call the servicing agency and ask how that would work.
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Jul 26, 2009 13:01
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Wiggy Marie posted:hibachi, I can help you with that. First off, what kind of loans? Federal or private? Or both? Your steps are pretty simple. For federal loans (Staffords, GradPLUS, Perkins) contact Direct. For private loans we've had Wells Fargo recommended in this thread. Either one of those companies will walk you through the necessary process and guide you through the application. You were right to ignore those websites!!! hey thanks for the reply wiggy, just to verify, "Direct" is the bank that is in charge of my loan right? It's all stafford and perkins loans.
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Jul 26, 2009 18:26
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Your loans might already be with Direct, but that doesn't mean you can't consolidate them. Your Perkins loan is through the school. Here's Direct's site if you want to contact them: http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
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Jul 26, 2009 19:29
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Wiggy Marie posted:Your loans might already be with Direct, but that doesn't mean you can't consolidate them. Your Perkins loan is through the school. Here's Direct's site if you want to contact them: Ah I see, you've been a big help and I will look into this. I figured it was Wells Fargo who I should see because I've been paying them for my stafford loans.
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Jul 27, 2009 02:00
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Wiggy Marie posted:You can take out as much as the school will certify (this also applies to private loans) and pay back whatever you don't need. I suggest getting a solid figure to work with though, instead of guessing. With private loans there may be interest to satisfy on whatever principal you returned so you want to return as little as possible. Good to know. Luckily it's not going to be a huge loan either way. Thanks so much for your help!
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Jul 27, 2009 02:47
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No problem guys (or gals!) I hope everything works out!
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Jul 27, 2009 21:51
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my boyfriend's school is backed up on financial aid and he hasn't turned in all of his forms yet. First question, do you have any idea what a form w-6 is? We can't find it on the IRS website or on any North Carolina website. Second, is it possible for him to take out a Stafford loan before his financial aid package has been completed? His school starts in 3 weeks and they might not have it done in time. If it is not possible to take out a Stafford Loan, what do you suggest? Tuition is only about 1k a semester and he'd only need the loan for about 3 weeks. Thanks
Fatty Patty fucked around with this message at 08:21 on Jul 28, 2009 |
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Jul 28, 2009 00:59
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I went to MU for a semester, transferred to a local CC for last spring and this fall, and I'm planning on returning to MU for spring 2010. I haven't applied yet, but I'm looking at getting a Stafford loan. Is it possible to use the max I can get, $6,500, for a single semester (Spring 2010) and get another $6,500 for the following school year?
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Jul 28, 2009 07:06
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Fatty Patty, I've never heard of a W-6 but I'm no tax adviser. Google also reveals nothing. Contact a tax adviser and ask about that. The Staffords are based on the awards package so no, he can't take out a loan earlier than the package being completed. He'll need to look into a personal loan. Thowwy derwalrus, yes it is possible but it may not happen. The school determines the amount you receive and if you're coming in during the Spring semester they may very well decide that you don't need the full Fall/Spring amount. You'd need to contact financial aid for details on what they can do for you.
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Jul 31, 2009 01:31
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I'm entering as a freshman this fall, and after my student aid and federal loans I'm left paying about $2k a semester. What should I be looking for in an alternative loan? I realize that this is a pretty broad question but I have zero experience loan-wise and the thought of being in deep debt frightens me to no end.
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Aug 1, 2009 23:31
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