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Well I used a lot of my federally subsidized award to attend college for this last year. I, however, did not budget properly and according to my financial AID office I would need to use an "alternative loan" to attend a summer field school. What is the deal with these loans? Credit based so I will end up with a giant $6000 20% interest loan? Should I avoid these and put off my field school for another year because of this situation? *Edit: Ahhh I caught a great post a few pages back. I take it an "alternative loan" is a private loan then? Dr. Fraiser Chain fucked around with this message at 05:27 on May 19, 2010 |
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May 19, 2010 05:09
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Holy crap so according to finaid.org's calculator my EFC will be in the ballpark of $15,000! That's more than my assets, how can they possibly expect me to contribute more than I have? I assume I can talk to the financial aid office and get that reduced? I haven't even filed FAFSA yet I guess I need to do so ASAP? edit Ha Fafsa says $18,000. Tyro fucked around with this message at 13:42 on May 19, 2010 |
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May 19, 2010 13:30
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antwizzle, if it makes you feel any better before July 1st 2008 there was not any deferment built-in to PLUS loans which paused payment while the student attending classes. There was, however, a PLUS forbearance that lenders had the option of offering. It is possible your lender didn't offer that. You might not want to ask to spare yourself. (Or you might want to ask, to see if you can pause payments now). Also, your mother is an awesome and brave woman. Despite how "kind" the PLUS loan is compared to private loans, there are a ton of parents in her situation who would've made their kid go the private loan route. Massive kudos to her. Goodpancakes, that's correct. And no matter how it's spun private loans are the devil. However, if you have no other options, they serve their purpose. I can't say whether you should put off school for a year just to avoid one, but antwizzle might have more insight into that on a personal level. (Private loans are the devil). Tyro, according to the FAFSA I on my own will be able to contribute over seven thousand to my own education. Which is kind of amazing since I have barely any spare income each month and very little savings. The calculations for your financial need are both complicated and simple - they budget ALL of your potential expenses, including board (even if you live off-campus), travel costs, fees, books, etc, and that is the total they use to determine how much they give you. Yes, you certainly can contact the financial aid office to appeal your awards package if it's not enough for whatever personal reason.
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May 19, 2010 13:41
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Wiggy Marie posted:Goodpancakes, that's correct. And no matter how it's spun private loans are the devil. However, if you have no other options, they serve their purpose. I can't say whether you should put off school for a year just to avoid one, but antwizzle might have more insight into that on a personal level. (Private loans are the devil). Well the upside is that I can acquire the private loan through the Bank of North Dakota which is a government entity. I suppose I will apply for one and see if I can land favorable terms. If they seem unreasonable ill have to put off my field school for another year :/
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May 20, 2010 09:30
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Good luck to you! If it helps, in the long run if you need to take out a private loan $6000.00 isn't THAT bad.
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May 20, 2010 12:15
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Wiggy Marie posted:Good luck to you! If it helps, in the long run if you need to take out a private loan $6000.00 isn't THAT bad. One last question. The loan is offered in two options. fixed at between 6 to 7, or variable (LIBOR 3 month + 1.5 - 2.5 and never to exceed 10%). Which of these two options is generally considered the best?
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May 20, 2010 19:06
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Wiggy Marie posted:Goodpancakes, that's correct. And no matter how it's spun private loans are the devil. However, if you have no other options, they serve their purpose. I can't say whether you should put off school for a year just to avoid one, but antwizzle might have more insight into that on a personal level. (Private loans are the devil). IANAL, so perhaps someone else can comment on this, but I do believe Stafford and Perkins lenders are required by federal law to offer financial hardship options (such as 12-month deferment with interest paid by the government). Please correct me if this is not the case, but I've never heard of any federally-backed loan not offering these options, and I know many, many students who hold such debt. I am on one of those right now. Private loans may offer a voluntary forbearance, but those typically last 3 months at the longest, require a fee, and are really just a way for the lender to tack more interest on your account. At this point, let me say a few words about Sallie Mae. Sallie Mae (also known as SLM) holds an almost-monopoly on the private student loan business. SLM has a hardline stance when it comes to paying your bill. This company has godlike collection powers rivaled only by the IRS. I graduated into a gigantic recession in 2008 and was unable to find work immediately, although I was employed within 8 months and started paying them. Here is a list of things SLM and their representatives have done: - Accidentally waived part of my 6-month grace period after graduation (imagine my first shock at seeing my first payment due a month after I walked the stage) - Misapplied my forbearance fees as regular payments, racking up $500 in late-fees over a three-month period - Autodialed me 7-10 times daily as soon as I was a day late on a payment - Called my parents in an attempt to collect (my parents were not cosigners or in any way affiliated with the loan, and I never gave them my parents' information) - Charged my bank account without my authorization, after one of their representatives told me explicitly (!!!) that they weren't even allowed to keep bank account info on file for privacy reasons. This resulted in $100 of overdraft fees, which were generously refunded by my bank. I only pay them with money orders now. - Threatened me with lawsuits, seizure of assets, and wage garnishment after I told them that I was willing but simply unable to make payments. If you don't believe me, or believe I am a special case, just read some testimonials at http://studentloanjustice.org/ Why should you care? You're not borrowing from Sallie Mae. Well, neither did I. I borrowed from a different company, whose loans were later sold to SLM. This happens all the time in the private loan market, and you have no choice in the matter. I won't mention my balance for fear of identifying myself, but I will say this: 2 years after graduation, my amount owed is 50% higher (!!!) than the principal borrowed, and this is after paying them over $4,000. Thats right, I flushed 4K down the toilet to keep the wolves at bay. My Sallie Mae statement has this wonderful breakdown of principal paid, interest paid, and late fees paid. My total principal paid after 2 years and 4K: $0. Meanwhile, I have paid $0 on my Stafford loans due to my financial hardships, and the amount owed is less than 1.4% higher than the principal. I went to college as a bright-eyed teenager with perfect credit, a strong work ethic, and no idea what the job market would be like at graduation. I hung myself with private loans at age 18. I will be paying Sallie Mae for the rest of my life, and probably after I die. According to their calculations, by the time I have made all scheduled payments, I will have paid 250% of what I borrowed. Do not do this. By the way, before someone busts it out, I didn't major in English. I started off in EE (a well paid, highly employable field), switched majors quickly, and got a BS in Chemistry with a focus on instrumental analysis (a less paid, but still highly employable field). I'm sure the "pay what you owe" crowd will grunt "BOOTSTRAPS" at me, but to be honest, this is ridiculous. And Wiggy, $6000.00 might not seem that bad, but remember that once they have your name on that contract, they can generally charge whatever they want, and once your loans get gobbled up by Aunt Sallie, you will be paying $18,000 on that $6,000 loan, and that's assuming you don't run into any financial trouble. Happy Borrowing 
seacat fucked around with this message at 02:29 on May 21, 2010 |
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May 21, 2010 02:24
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Why is the disbursement of Summer financial aid delayed until mid-July, effectively halfway through classes? At least, that's what the financial aid office told me. It also seems to be that way with other schools as well. Is financial aid for the Fall/Spring summers disbursed halfway through those semesters as well?
Bachelor Numpad fucked around with this message at 04:28 on May 21, 2010 |
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May 21, 2010 04:22
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Goodpancakes, I will let antwizzle's post speak for itself. The only aside I will add is that his situation/complaints are NOT original about private loans - meaning these are extremely common practices and the consumer has very little rights in these particular debts. As for fixed vs. variable rate, fixed is always better, bar none. Bachelor Numpad, it depends on the school's policies. I always tell students to NOT rely on their student loans for personal bills such as rent because of the timing involved. You will not get the money when you think you will. The school determines how much and when the money is sent, and then can take their time dividing it among their students. Fun!
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May 21, 2010 18:23
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Man, I was looking at transferring to a private school for my last two years, but it would cost me something like... $32,000 - $10,000 (scholarship) - $10,500 (fed loans) + 6-8,000 (rent) or nearly $20k/year in private loans (so $40k total). Their placement is 99% and starting salary is around $65k, but that is still a LOT of debt, and my credit is not super so my rates wouldn't be great. This thread has definitely made me rethink things.
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May 23, 2010 06:42
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Rescue Toaster posted:Man, I was looking at transferring to a private school for my last two years, but it would cost me something like... $32,000 - $10,000 (scholarship) - $10,500 (fed loans) + 6-8,000 (rent) or nearly $20k/year in private loans (so $40k total). Their placement is 99% and starting salary is around $65k, but that is still a LOT of debt, and my credit is not super so my rates wouldn't be great.
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May 23, 2010 16:26
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@ antwizzle Having worked for the company, and probably hating it more than you, I can assure that you're spreading misinformation. I'm not some PR guy trying to spin something out of nothing and I have no allegiance to the place but I hate it when people stretch the truth. Waving the grace period: Some private loans (remember there are literally hundreds of different types) do not have a grace period, some do not have an in-school period, and some people don't realize that they use their grace period if they fall below half-time for any reason. Read the prom note. I hate to say it but 99% of the issues I dealt with as a supervisor there were due to people signing prom notes they never read and not having a clue of what was in them. I'm not saying you're an ignorant dolt that did so but the vast majority are. Mis-applying forbearance fees: This one I have a little harder time believing because of the prevalence of forbearance(s) and the taking of those fees. Forbearances (at the time of my tenure) were almost universally $50/loan up to a maximum of $150 dollars. Anytime we saw $50.00-$150.00 increments on the account, you knew it was a forb fee. If the forb fees were collected on such and such a date and they were mis-applied, a phone call and a supervisor can fix the whole thing and get the forb going, cancel the late fees (which took about 48 hours) and get you in the forbearance. If you were out of forbearance time (common) or the loan type was goofy (also semi-common), the forbearance might require you to pay some kind of partial payment, on top of the forb fee. If that was the case, I could see the payments being mis-applied but even then, a phone call and speaking to a super would fix it 99% of the time. Auto-dialer: One of my buddies was actually in charge of the drat thing. It was hard-coded to call no more than 3 times. What will happen, however, is that individual reps will call accounts on their own volition and/or the auto-dialer goes down and the list gets reset. The combination of the two might create a situation where you're called more than, say, 5 times but it shouldn't happen regularly. I know people have been called multiple times, even after their account is brought current but that's the nature of the beast. It doesn't make it any more palatable but that's how it goes. My sister had a sallie mae loan when I was in high school and my parent's home phone was called frequently. I do know how much of a nuisance it is. Called your parents: In the dept. I was in, you only called non-cosigners when you were trying to locate the person. That parents were called is not uncommon. Talking about the debt shouldn't happen, though I know it does. Often times, parents want to know the situation because they want to help. We'll take their money but protocol is to never actually ask for payment nor tell them how much the borrower owes. I've had parents say "Just tell me how much they owe and I'll pay it" and I couldn't do it. I could only say, "I'll take whatever you're willing to give me but I can't give you specific numbers." This usually made them irate but the fact of the matter is that it's illegal to discuss the debt with those not attached to the loan. Now, all bets are off if the loans are charged-off. If you went more than 180 days overdue, the loan is sold to 3rd-party collections (however they're still subsidiaries of SLM) and they're the ones that strong-arm you. Still, calling parents is illegal (if they're not co-signers). Charging a bank account without authorization: We actually don't save account information. We used a form of Western Union to take over-the-phone payments but the service would only save the last 4 digits of the account. If you authorized some kind of post-dated check or debit card extraction (which was pushed hard), that's one thing but going in and just taking money out of some schmuck's account isn't actually possible without the info. Threatened lawsuits, garnishment, etc. This is within a 3rd-party collector's power. They actually do have every right to do this, though asset seizing wouldn't ever happen. Most of the 3rd-party collection agencies don't go to lawsuits for some time but it's perfectly within their power to do so. That's the ultimatum. Whether you're "willing" to pay or not, the checks aren't being sent. Good intentions are meaningless in this business because people will feed you loads of BS to get you off the phone. Money is the only thing that means anything. Paying 250% back: Not uncommon. I've seen $30k accounts balloon up to $100k before they even start repaying it. We have a calculator that tells you what the person will ultimately pay if they keep on track with all their payments and most "best-case scenarios" are around a 100% return on the initial loan. If you had bad credit, look to pay back 200%. If you used a bunch of forbearance time, took interest-only payments, extended the life of the loan, etc., you'll easily pay 250% back and then some. As I say to every borrower that I possibly can: "Making payments is the fastest way to get rid of this. Anything else we offer you will make you owe more." You really want to make SLM pissed? Make double-payments. Totally serious. You'll pay the loan off in half the time and they'll get 1/3 the interest. Paying nothing but interest: This is incredibly typical. This is how a loan works. While in-school, your loans are collecting interest. That they're not being capitalized to the loan principle is the small measure of mercy you're being given. After 2 years, there's 2 year's worth of interest that has to be taken care of before any is applied to principal, that's how it works with almost every loan out there. That you paid $4k, wasn't "flushed" because that's $4k of interest not being added to the principal balance (that ultimately determines how much interest you're accruing daily). You might have saved yourself $10k over the life of the loan by spending the $4k initially. Loan payments typically go through the following process: Fees first, interest second, anything leftover - principal. If you've got $10k of interest on your loans, you're going to have to pay that off before touching the principal balance. Staying current and paying down the principal ultimately results in less interest being accrued at the daily rate. Paying more than required means you pay of the principal faster. It's a snowball effect. This is simply how all loans work, at least the vast majority. SLM isn't being particularly evil in this regard. All this to say that SLM is evil but isn't as evil as you're making them out to be. To be fair, the only part of SLM that is egregious is the collections dept, which is notorious for being militant. The actual loans, rates, options etc. are actually par the course (maybe slightly better because the company is huge) for private loans in general. Just remember, no car loan or mortgage is going to give you 48 months of forbearance. It's still a student loan. It's a sucky student loan compared to the federal but it's more lenient than any other private loan out there.
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May 24, 2010 03:49
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I am in the middle of getting student aid for the last of my 2 years of medical school. It seems to cover the final two years I'm being lent close to $110,000. To my understanding, it's like $16,000 subsidized Stafford and the rest unsubsidized and PLUS. Does that mean I'll only be accruing interest on the unsubsidized/PLUS portion of my loan while I'm a full-time student?
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May 27, 2010 13:39
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I have roughly $8500 in OSAP loans for my final academic year; will the OSOG shave it down to $7000 even though I've graduated? They have some clauses in there, one of which is "does not apply if you're no longer eligible for OSAP" which is incredibly vague. The NSLSC isn't being very helpful about it. I'm worried because OSAP tells me I can see an estimate of OSOG I'll receive by login in, but I don't see it anywhere.
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May 27, 2010 15:50
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EAT FASTER!!!!!!, as long as you are on a deferment of any kind you will not accrue interest on the subsidized loans. This includes in-school deferment (for at least half-time or more status), economic hardship deferment and unemployment deferment (which you would use once in repayment if you qualify). Zo, I've never heard of OSAP or OSOG. Can you clarify what those are?
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May 28, 2010 00:16
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quote:Waving the grace period: quote:Mis-applying forbearance fees: quote:Auto-dialer: quote:Called your parents: quote:Charging a bank account without authorization: quote:Threatened lawsuits, garnishment, etc. quote:Paying 250% back: . My balance is in the five figures but nowhere near 100K, so I guess I actually probably shouldn’t be complaining as much as I am. You’d better believe I’ll be making extra payments as soon as I can afford it, assuming my loans don’t carry a prepayment penalty as these things tend to.quote:Paying nothing but interest:  ). I’m glad my thousands of dollars aren’t wasted. Since I’m sitting on a pretty low (for private loans) 5.5 interest rate, things could definitely be worse. I hate to think what the folks at 15% are paying.quote:All this to say that SLM is evil but isn't as evil as you're making them out to be. To be fair, the only part of SLM that is egregious is the collections dept, which is notorious for being militant. The actual loans, rates, options etc. are actually par the course (maybe slightly better because the company is huge) for private loans in general. Just remember, no car loan or mortgage is going to give you 48 months of forbearance. It's still a student loan. It's a sucky student loan compared to the federal but it's more lenient than any other private loan out there. By the way, before the “pay what you owe” crowd goes on the offensive, I am current and paying on my Sallie Mae and every other single credit account that I’ve had, and they are all in good standing. My point in posting is basically to warn any potential student loan borrowers from private loans, SLM or otherwise. My EFC on the FAFSA was high, disqualifying me from very much Stafford loan aid, but due to their own obligations the amount my parents actually gave me was 0$, sending me to private loan land. I still have NFI how my Mom qualified for a PLUS loan with her subpoverty income ( ). Am I bitter and pissed off? Yes. Am I spreading misinformation? I don't believe so. These events have happened to me and are 100 % factual - I am not implying that they will happen to anyone else. I am sure there are plenty of people who borrowed from SLM and had bubbly experiences and paid off their loans in full and are driving Maseratis. I just don't want people to expect any leniency from any private loan lender (as you can expect from any Stafford lender) in case you run into financial difficulty.
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May 28, 2010 02:21
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Wiggy Marie posted:EAT FASTER!!!!!!, as long as you are on a deferment of any kind you will not accrue interest on the subsidized loans. This includes in-school deferment (for at least half-time or more status), economic hardship deferment and unemployment deferment (which you would use once in repayment if you qualify). Sorry, I should have clarified it's for Canada, Ontario specifically. Well, anyone in Ontario would know what they are, but basically OSAP is the catch-all loan that pretty much every college kid applies for, and OSOG is a grant that SHOULD keep your OSAP repayment to a maximum of $7000 per two terms. I'm just wondering if I will get shafted for my final year since I've graduated. I guess I'm not asking you specifically, just throwing the question out there!
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May 28, 2010 03:30
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Is it possible for your parents AGI to be to high to receive fed unsubsidized loans? My financial aid office processed my fafsa and I don't see an option to receive any loans like the last 4 years. They make 200k together, and I'm in my 5th and final year for 2010-11. They still claim me as a dependent because they make my car insurance payment, cell phone, along with health insurance, but I'm not living at home and don't get any help money wise with college so I really need those loans...
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Jun 1, 2010 23:06
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cheese eats mouse posted:Is it possible for your parents AGI to be to high to receive fed unsubsidized loans? My financial aid office processed my fafsa and I don't see an option to receive any loans like the last 4 years. They make 200k together, and I'm in my 5th and final year for 2010-11. I don't believe that how you parents claim you on their tax form matters. Student loans have their own stupid system to determine if you are a dependent or not, regardless if you are actually dependent or not. There is a whole list of things that will let you use your tax information without your parents. Things that come to mind are if you are married, if you are 24 or older, if you are a veteran, or if you are in graduate school. There are other options but if you don't make the short list then I believe it is extremely difficult to have that status changed (In your case probably impossible if they still make payments on some of your bills). It is a rather unfortunate system and if it was actually based on dependency then I would have managed pell grants years ago and probably saved myself 10 grand of school expenses.
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Jun 1, 2010 23:14
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Goodpancakes posted:I don't believe that how you parents claim you on their tax form matters. Student loans have their own stupid system to determine if you are a dependent or not, regardless if you are actually dependent or not. There is a whole list of things that will let you use your tax information without your parents. Things that come to mind are if you are married, if you are 24 or older, if you are a veteran, or if you are in graduate school. There are other options but if you don't make the short list then I believe it is extremely difficult to have that status changed (In your case probably impossible if they still make payments on some of your bills). Yea but I'm not even being offered federal student loans this year and I have been for the past 4 years, which is making me wonder what the hell is up. The last 4 years have been all different AGI's lower than what my dad and step-mom made this pass year. They never hit the 200k mark until last year so I've always gotten something, which makes me wonder if now that finances have stabilized if they make too much for to qualify for any aid. Year 1 &2 my mother and father were together, but only hitting the 130k mark. Year 3 Parents split Year 4 dad loses job then remarries (Year I get subsidized loans) Year 5 dad has job back and now claiming step mothers income info, which puts the AGI at 200k UPS is paying for this coming semester, but I was considering quitting work for the spring to focus on making an amazing portfolio (I'm a graphic design major) so I can get a job right when I graduate. Class mates have had jobs thrown at them. Or even having the option to break my UPS contract and pick up more internship experience. cheese eats mouse fucked around with this message at 23:27 on Jun 1, 2010 |
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Jun 1, 2010 23:18
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It is indeed because of your stepmother's income information that you wouldn't qualify for anything this year. They use the tax info to determine your estimated family contribution, and if your EFC is more than the total they estimate you need for the year, they will show you as 0 eligibility. If your parents don't/won't help you can contact the financial aid office in order to ask if there's an appeal you could file. Zo, I didn't mean to neglect you! I just have no idea what the answer to your question is. Every now and then a Canadian goon stops in to give some advice, hopefully someone will come. There is actually some Canadian information in the OP as well. I wasn't sure if you've already browsed through that.
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Jun 2, 2010 01:34
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Wiggy Marie posted:It is indeed because of your stepmother's income information that you wouldn't qualify for anything this year. They use the tax info to determine your estimated family contribution, and if your EFC is more than the total they estimate you need for the year, they will show you as 0 eligibility. If your parents don't/won't help you can contact the financial aid office in order to ask if there's an appeal you could file. Could I resubmit with my mother and stepfathers information?
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Jun 2, 2010 02:04
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You can only do a correction like that if your mother and stepfather provide over 50% of your support, primarily financial (as in you live with them, they feed you, etc.).
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Jun 3, 2010 00:41
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Shitfucker fucked around with this message at 17:43 on May 2, 2012 |
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Jun 3, 2010 01:23
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A non-US citizen cannot take out federal loans, so the situation should never apply. Otherwise, I don't answer questions about dodging payments. Sorry!
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Jun 3, 2010 01:50
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Wiggy Marie posted:A non-US citizen cannot take out federal loans, so the situation should never apply. Otherwise, I don't answer questions about dodging payments. Sorry!
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Jun 3, 2010 04:59
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How do I take full advantage of the public service loan forgiveness program? Seems to me like I have to consolidate my loan for the longest term possible, since it's forgiven after 10 years. Also, seems to me as though I have to have over 10k in student loans, as loans up to 10k aren't eligible for repayment plans over 10 years. So, if I have $20k in loans, I can consolidate that mofo into a 20 year repayment and get it forgiven after 10... yeah?
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Jun 3, 2010 05:32
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antwizzle, you're right - permanent residents with an alien id can indeed take them out. It was a long day, my apologies guys. Private loans of course don't count as federal loans, though. fivetwo, that would be a far better question to ask of Direct servicing, since they would handle the loan repayment as well as the forgiveness program. I suggest you give them a call and ask what your best options are. Guys, it's really down to the wire now. I now officially do jack shizzle with federal loans at work, which means my knowledge will be relegated to basics and what I learn from dealing with Direct myself. So I want to ask - Do you think we should keep this thread open? I've never had a problem with others coming in and helping with questions or giving advice, and all of the same rules apply to Direct loans that I've outlined in the OP. So it could still be a good resource for students. Maybe. It's gotten to the point where I may more often just pass the buck. If we could get a Direct employee up in here, we'd be fine... I leave the decision up to y'all!
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Jun 3, 2010 11:53
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Edit: Nevermind
Jive One fucked around with this message at 20:16 on Jun 5, 2010 |
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Jun 5, 2010 19:58
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I posted in this thread before but here's the lowdown. I attended School A for a semester before transferring out to School B for the summer semester, I had a loan with Sallie Mae to School A but when I withdrew as a student after the semester was over Sallie Mae decided they were not going to send my money because I was not a student. I cannot get a student loan now with any private lender because I'm not enrolled in the school and I can't get a regular loan to start paying off now because I'm a dirt-poor student. I was wondering if I would be able to take the $11K I owe School A (or a portion of it) and put it on the student loan I take out this year for school B. But if I did this would my loan application go through? If there any other option I could take where I could get a loan and not pay until after I graduate?
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Jun 5, 2010 22:43
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Here's my situation: I have basically three types of loans going. Grad PLUS, Stafford, and an old Signature Student loan. The SSL is way back from undergrad, and the other Federal loans are for the last two years of grad school. I just graduated a few weeks ago. Sallie Mae has informed me that my first year of grad school loans (12k unsub Stafford, 8.5k sub Stafford, and 3k Grad Plus) have been "sold to the Dept of Education." I had to make a new Sallie Mae account to manage them. I was mistaken on the existence of a grace period for the Signature Student loan, so that bill is due as we speak. The others are all in grace periods. I have a total of $57k in loans, with 8 of that being the SSL. My questions revolve around consolidation, which I don't know too much about just yet. Is there any way to consolidate ALL of these loans, including the SSL? Or would it be smarter to work on the private loan separately over time and look into consolidation of my federal loans when the time comes to pay them later this year?
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Jun 6, 2010 19:50
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Shitfucker fucked around with this message at 17:43 on May 2, 2012 |
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Jun 6, 2010 20:44
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rivid, federal regs state Sallie Mae couldn't send the money after you withdrew from school A. These loans are school-specific, so when they received notice that you withdrew they were obligated to cancel the second disbursement. Otherwise, I'm honestly not sure what you're asking. Do you have the $11K that you owe to school A and are instead thinking of putting it toward B's tuition? You're still eligible for the remaining funds that weren't disbursed, you'd just need to have your FAFSA forwarded and the new school needs to recertify. Unless you're talking about a private loan, which is credit based. There's no way to say whether a new private loan app would work, but if you were able to take one out before and nothing bad has happened credit score-wise, you should be able to take out another. 68k, congratulations on graduation! Yes, you may consolidate all of your federal loans with Direct Education (just google them, they're the Department of Education). In fact, Sallie is one of their servicers, so they might be able to do the consolidation for you right there. They should even be able to hold off the consolidation until after the grace period. Give them a call and ask! You can't consolidate the private loan (s) along with the federal loans, though. Wells Fargo is the company I'm aware of that does private loan consolidations, but other than that I couldn't tell you what terms they might have or if they have a minimum balance. Shitfucker, yes that's correct. You just wanted to see your name bolded, didn't you? Guys and gals, my questions still stands! Do you think we should keep this thread open? I've never had a problem with others coming in and helping with questions or giving advice, and all of the same rules apply to Direct loans that I've outlined in the OP. So it could still be a good resource for students.
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Jun 8, 2010 00:59
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Wiggy Marie posted:rivid, federal regs state Sallie Mae couldn't send the money after you withdrew from school A. These loans are school-specific, so when they received notice that you withdrew they were obligated to cancel the second disbursement. I don't have the $11K that I owe the school. What is the precess of recertifying? I've already collected all the federal aid I could get for that semester though, what is left I need to cover with private loans. Every time I contact School A they just tell me to sign up for a new specific loan, Last time the loan I tried to get was a Chase Select Loan, which once again I was declined because I'm not enrolled in School A. This was for the fall semester, and now the school is threatening to sell my debt to a collection agency, even though I have every intention on paying them back and I have even cut them a few cheques from time to time for good measure. When I get a letter from one of the banks two weeks later they always say that the information was filled out wrong and I'm assuming that's because I put School A's information on the loan. quote:Guys and gals, my questions still stands! Do you think we should keep this thread open? I've never had a problem with others coming in and helping with questions or giving advice, and all of the same rules apply to Direct loans that I've outlined in the OP. So it could still be a good resource for students. Totally. Most people who go to college need to take out a loan at some point. I defiantly don't/didn't know anything about loans and I feel as if most people I talk to (even the ones in the financial aid office) really don't know too much about them either.
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Jun 8, 2010 01:22
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Ah ha! Now I understand. You owe A money and need to take out a loan in order to cover the expenses? Well, if you can't take out the loan they've directed you to, you need to call them again (I know, I know) and tell them that you CAN'T take out a new loan but WOULD like to make payment plans rather than have your debt sold to a collections agency. If they again try to tell you to take out the loan you've already shown you can't, ask them if they're retarded and - Sorry. Have had some fun times dealing with a school's silliness myself lately. Seriously, these people run schools?! Anyway, if that doesn't work what you need to do is look for a private loan that specifically says you may use it for previous expenses, and tell the school that they drat well better certify the loan if they want their money. Maybe without the curse word.
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Jun 8, 2010 02:34
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Does FAFSA eligibility ever run out? I received two years of federal pell grant money while at county college, and then three more years of federal + state grant money + 15,000 subsidized loans while at Rutgers. When I was trying to go back for a 4th year at Rutgers, FAFSA sent me a letter with no reward money. I figured the grant money would be gone, but shouldn't I be eligible for stafford loans?
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Jun 8, 2010 20:55
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I took out a $2,000 Federal Stafford Loan. If I drop out of college in like July do I have 6 months from then to start paying it off or 6 months after may to start paying it off?
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Jun 9, 2010 10:47
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I am enrolled in summer classes. I will be able to attend for the first summer semester, then in August I am being called back to the Army(or getting out, based on my loving legit medical issues). I took out a short-term loan(~$1600) from my school, to be paid by 21 June 2010 so that my classes wouldn't be dropped. I won't be paid anything from the chapter 33 GI Bill until after the semester most likely. I won't receive any grants from FAFSA until after I need to pay for my short-term loan. I've read up on Direct Loans for undergraduates a bit, and I've completed my Entrance Counseling. I can't complete a MPN because I have not received any awards from my school's financial aid office. So here's my question: What is the best way for an independent undergraduate student to get between $3000 and $4000 by Monday? I only need this money to give me a buffer for a month. I want to pay this loan back in full in the next 2 months(selling my car = ~$10000). edit: I'm going to talk to my school tomorrow morning, but time is money so I'm looking for an informed decision after/before business hours.
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Jun 10, 2010 01:10
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Artie Ar Ar, yes, there is an aggregate limit to how much you may receive, but if you have 15 grand in federal loans you're nowhere near the aggregate limit yet. I have the totals per year and lifetime listed in the OP. Too Poetic, you have six months from the date the school reports you dropped out. So if you drop July 15th and they report that you dropped June 3rd, you would have 6 months from June 3rd. It would be best to ask the registrar what your last date of attendance will look like once you've withdrawn. Isaac Asimov, frankly I wouldn't count on any federal loan having that type of turnaround time, especially since the school has to first certify a loan for you. They also have to certify a private loan for disbursement. You might be looking at a personal loan directly from a bank...best to ask the school what you can do before you pursue that option.
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Jun 10, 2010 01:53
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I'm entering a Master's program at the Naval Postgraduate School in Monterey - I know they have a federal school code, so does that mean I can get a deferral on my undergrad loans? Entering as a civilian, not military.
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Jun 10, 2010 02:04
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