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I'm thinking about taking classes in the summer. My original plan was to take them at a community college near me and transfer the credits over, but, after speaking with an adviser, she said the dean doesn't really accept those types of credits unless you're out of state or international. So if I get lucky and convince the dean to take community college credits, woohoo, if not, what are options for financial aid in the summer? My school's summer session is a little over $1000 per credit so we might be looking at over $8000, not including travel expenses.
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May 3, 2011 17:27
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Crazy Legs posted:I'm thinking about taking classes in the summer. My original plan was to take them at a community college near me and transfer the credits over, but, after speaking with an adviser, she said the dean doesn't really accept those types of credits unless you're out of state or international. So if I get lucky and convince the dean to take community college credits, woohoo, if not, what are options for financial aid in the summer? My school's summer session is a little over $1000 per credit so we might be looking at over $8000, not including travel expenses. From a financial perspective I would highly advise against summer school at a "real" university. I went 4 summers in a row, FT student (my school's cutoff was 9 hours for the summer session), and all expenses (including tuition) were about 6,000$/summer (large state public school). It doesn't sound like that much, especially compared yours (is that just tuition), but just consider 4 x $6,000 = 24,000$ or TWENTY FIVE GRAND to go summers for a four-year degree. I offset this a tiny bit by working 20-30 hrs a week as a research assistant, but 20-30 hours a week at $9.16 an hour is gently caress all compared to tuition at $350/credit hr. I did learn a lot more and get more research done but honestly I learned more from my job than from my classes. Also the community college way is a great way to cut costs; I also took a few classes at ACC the first summer. Their tuition was over 10x cheaper.
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May 3, 2011 18:33
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seacat posted:What specific classes are you looking at? It is indeed true that many credits won't transfer, especially stuff unrelated to your degree, and your advisor probably knows better than any of us. If it is basics requirements like math or English though you should be able to get them accepted. I'm just looking into Calculus I and Physics (Mechanics). If the option is available to take the courses at a community college I am definitely taking that option, but a fall back plan is good to have.
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May 3, 2011 18:50
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Wiggy Marie posted:Uziel, a spousal consolidation was available for federal loans that two spouses wanted to combine into one loan. The reason you see two loans there is that one is the unsub portion and the other is the subsidized portion. Without payment information I can't really say what you'd be eligible for, but your servicer definitely can! Also, would you be willing to give your opinion on eligibility if I shared some of the payment/financial info via PM? Please let me know, thanks.
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May 4, 2011 14:18
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I wouldn't mind to give my opinion, but it's been over 2 years now since I was in the servicing area of my company, which means I don't know what makes you eligible for which plan  They would know, though. As for approaches, just open the call with "I would like to lower my monthly payments". It is harder with a spousal consolidation, so be prepared just in case. Also, make sure your spouse is around, because they will need both of you to authorize any changes.
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May 4, 2011 21:56
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I'm going to be paying off a $35,000 federal loan on minimum wage and living with my parents. Are there any options to make it slightly less painful?
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May 5, 2011 01:27
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Assuming all federal loans, 1. consolidate and 2. contact your servicing agency and ask about the IBR program. You actually may not even need to consolidate, IBR alone may do the trick for you. Contact your servicer ASAP and ask about it. Explain your finances to them and be very specific about how much you'll be making.
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May 5, 2011 01:36
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I found out today that if I don't come up with $2200 by Monday (or at least proof I'm approved for a loan) I will have to drop my summer session course and, due to course progressions, be in college for an extra year. Unfortunately, my Stafford loans and Pell Grants are maxed out. Is it going to be possible for me to find private loans in this short period of time? I have reasonably good credit (only detriment to my credit score is debt to income ratio). Complicating factors: I have nobody to cosign the loan. ATP5G1 fucked around with this message at 08:20 on May 6, 2011 |
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May 6, 2011 07:57
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Schroedinger posted:I found out today that if I don't come up with $2200 by Monday (or at least proof I'm approved for a loan) I will have to drop my summer session course and, due to course progressions, be in college for an extra year. Unfortunately, my Stafford loans and Pell Grants are maxed out. What sort of proof do you need that you are approved? Do you have collateral like a car you can put up against a loan?
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May 6, 2011 18:09
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baquerd posted:What sort of proof do you need that you are approved? Do you have collateral like a car you can put up against a loan? They said even the printout of an email that says I'm approved would be enough to keep them from dropping my classes. Unfortunately, I have nothing I could put up as collateral. I can understand why I would not be given a loan, as I am poor as gently caress, only just got a job and it's low-paying, and I have no assets to speak of.
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May 7, 2011 00:02
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Schroedinger posted:They said even the printout of an email that says I'm approved would be enough to keep them from dropping my classes. This "pre-approval" might be enough for your finaid office, I don't really know. Unless student loan slimebags have become technologically savvy as gently caress you can't apply for a loan on Friday and get a final response by Monday. Does your university offer a "tuition loan" or any sort of bridge loan to hold you over while your external private loans come through? Sorry to be the bringer of bad news, but "reasonably good credit" doesn't qualify you for private student loans the way it used to. Also places like MyRichUncle "Need money for school? As long as you haven't defaulted on $100,000 of debt I'll cut you a check!" are gone. Go ahead and apply, I guess. You will most likely need a creditworthy cosigner with a high income; as you do not have one, you are probably hosed since you presumably have no income.
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May 7, 2011 03:20
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Y'all rock, I so appreciate other posters helping out a fellow goon. Just to throw my thoughts in here, if you're approved for a private loan you've applied for you will generally receive an instant screen saying so. There's no pre-approval like a mortgage, they check your credit and give you an immediate answer unless there's a suspension on the account - for example, a name mismatch or credit check flags can cause a suspension. All you can do is apply online and hope to be approved immediately.
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May 7, 2011 04:37
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So I'm in a semi-screwed up situation that I'm getting myself dug out of. I left school in Spring '09, I wasn't doing well and I didn't exactly have cash/loans to keep the habit of screwing up going. I withdrew, set up deferments/forbearances on the loans I knew about, and ended up beating around the country for a bit. I return this year with a desire to finally finish my degree since I'm turning 24 and can finally file my FAFSA/PHEAA as an independent along with the school recognizing me as an adult learner. Welp, turns out I had Federal Perkins loans go into default while I was bumming around, $2,200 worth (2 loans of $1,100). Now, I'm speaking with the Office of Loans/Scholarships on Monday about it further, but I'm assuming that with the immediacy I want to return (Fall 2011, doing online courses in August) that I would require a Federal reconsolidation loan. I know I'm going to take a hefty credit hit to do it versus doing loan rehab for 6 or 9 months, but I need the issue resolved sooner rather than later since I really, REALLY don't want to wait until Spring 2012 to return. So I guess the question is this: Am I right in using a Federal reconsolidation loan in this situation? And in the same vein, should I just reconsolidate ALL of my federal loans at this point (I mean, I've been keeping them in check pretty decently so I don't think it's urgent). Also, as I said I finally did my FAFSA as an indie. My EFC ended up being around 950 despite only making around $14k last year. Mind you, my EFC was constantly 0 when I was a dependant. Should I worry about it or just go along with the new number?
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May 7, 2011 10:27
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I can't answer the loan questions, but the EFC is about right. That was mine when I made that much. For whatever reason FASFA assumes if you're independent you have more money to spend to college than if you make the same amount of money but are acting as a dependent. 
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May 7, 2011 15:16
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So confused  Trying to consolidate my loans using Direct online, but I'm not sure where to find all the account numbers and lender info for all my loans. Too many numbers...
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May 8, 2011 03:25
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T=Shaped, EFC sounds normal. With an EFC like that you should still be ok, I had an EFC over 7 grand and still got everything I could as an independent. It just depends on their cost of tuition. As for consolidation, you can certainly do so but there's really no need if you're about to go back to school. Your federal loans will all be put into an in-school deferment as long as you'll be at least half-time or more. Consolidation in no way changes your total aggregate limit eligibility; those are lifetime limits and are recorded by the Department of Education, so having a consolidation loan won't reset your eligibility, so to speak. anaaki, go here and register: http://www.nslds.ed.gov/nslds_SA/ If you don't know all of your servicers off the top of your head, this website will have them. It will give you the opportunity to find all of your loans. They don't have the account numbers, but it will give you a place to start if you need help searching.
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May 8, 2011 03:58
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Wiggy Marie posted:T=Shaped, EFC sounds normal. With an EFC like that you should still be ok, I had an EFC over 7 grand and still got everything I could as an independent. It just depends on their cost of tuition. Ok, cool. I was just making sure since I was so used to it being 0. But am I right in reconsolidating to "erase" the defaulted Perkins loans? I hate to say, I just don't have the time to rehab them since I just want to be back ASAP.
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May 8, 2011 04:55
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Well, it would pay them off to stop the defaulting now, however it doesn't remove the default from your record. Frankly, you should ask a financial aid advisor about if that will help your cause. In servicing, we were taught that defaulted loans = NO MORE LOANS UNTIL REHAB!!1111!11! However, I have since learned that if the student can show that the default is "resolved" - by say, a consolidation - financial aid may be disbursed. The cases I've seen involve the student sending a letter from the Department of Ed stating that the defaulted loans were paid in full by a consolidation. Definitely call your financial aid advisor to ask if it will help you, and go ahead and get the consolidated anyway. You don't want defaults to keep rolling over on your credit. PS - I totally missed about the defaulted loans in your previous post, which is why I said not a word about them. My reading skills suck! I'm sorry about that!
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May 8, 2011 05:32
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Wiggy Marie posted:Well, it would pay them off to stop the defaulting now, however it doesn't remove the default from your record. Frankly, you should ask a financial aid advisor about if that will help your cause. In servicing, we were taught that defaulted loans = NO MORE LOANS UNTIL REHAB!!1111!11! However, I have since learned that if the student can show that the default is "resolved" - by say, a consolidation - financial aid may be disbursed. The cases I've seen involve the student sending a letter from the Department of Ed stating that the defaulted loans were paid in full by a consolidation. Yeah, I did digging about it on a couple sites and the Federal ones and it seemed that the major difference was either I got a "Default, Paid in Full" (which still sucks, but means I still get financial aid back ASAP) versus just a flat return to "Paid On Time" after X amount of months of rehab. I mean it'll still fall off my credit after 7 years and I know it'll gently caress it over for awhile, but I just want to get back into school ASAP.
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May 8, 2011 06:00
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Are there any independent student loan counselors available to talk about consolidation options, or should I call Sallie Mae and discuss my options? I'm always leery of taking financial advice from a company making money off of me.
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May 9, 2011 15:36
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Called Sallie directly. They don't get commissions off of it as far as I know, so they have no reason to BS you. In this biz, "independent counselors" are the ones trying to take you to town.
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May 9, 2011 22:32
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Wiggy Marie posted:Called Sallie directly. They don't get commissions off of it as far as I know, so they have no reason to BS you. In this biz, "independent counselors" are the ones trying to take you to town. On the same note, is there any chance of me getting a fixed rate consolidation on ~150k in student loans? I can easily make my payments right now, but am scared to death whats going to happen when interest rates atart going up.
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May 10, 2011 17:24
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I just made a big fuckoff payment on Friday to pay off two of my loans owned by the same company, it withdrew from my bank account and the account summary says "STATUS : Paid in Full" Do... do I have to do anything else??? I feel like I should have gotten a "Goodbye, thanks for paying!" email or something. Maybe it's on the way in the mail? I did get a phone call from an 800 number recording saying my account was flagged for security reasons and asked for my customer service PIN number which I of course did not have at the restaurant that they called me at. No extra calls today, and my online account seems to check out... I guess it fixed itself? This post is just a general  and  wondering if I've missed a step anywhere.
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May 10, 2011 20:42
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Xeus, all federal loan consolidations have fixed rates. I can't speak for private loans, but one of the perks of federal loan consolidation is a fixed interest rate. drat Bananas, you should have a letter coming to you in the mail showing that your loans are paid off. If you don't receive anything in 5-7 business days call up your servicer and specifically request a paid in full letter. Also, CONGRATULATIONS!
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May 10, 2011 23:25
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So here is my question. I was going to go to a community college this summer for 6 hours credit and did the FSFSA. I found a private school that will take my previous credits from the late 90's (28 hours) and bridge me to 60 hours so I can then work on a BS in CompSci. Should I decide to go to the private school, how would I proceed to cancel the MPN for the community college? I have only had an estimated amount of $2500 and it hasnt been finalized yet. Would I just call them up or wait until it is disbursed then return the amount or what? I want to ensure I get the maximum amount of loan available as work will reimburse about 92% of the ~$8700 the remaining 32 hours would cost.
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May 11, 2011 00:08
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Contact the financial aid office and tell them you would like to decline the loan. If they can't cancel it soon enough, you can refund the amount to have the new school disburse it, it'll just take a while longer.
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May 11, 2011 00:42
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Wiggy Marie posted:drat Bananas, you should have a letter coming to you in the mail showing that your loans are paid off. If you don't receive anything in 5-7 business days call up your servicer and specifically request a paid in full letter.
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May 11, 2011 02:00
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Which is preferable in the majority of cases: consolidation, or IBR? In my case, I *can* afford to pay what I'm paying now, but is is a significant strain on the finances. In fact, I'm paying a little more than the minimum (rounding to the next hundred), and at my current rate I should be paid off in 4 more years rather than 7. I'm assuming then that consolidation would probably be best for me, but IBR would knock my payments down to about half what they currently are. In any case my plan is to call Nelnet tomorrow morning and ask them to help me with my options. e: guess consolidation isn't an option: "Effective 10:00 p.m. (Eastern) on January 23, 2008, Nelnet no longer offers its customers the federal consolidation loan product." teknicolor fucked around with this message at 05:02 on May 13, 2011 |
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May 13, 2011 04:55
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So I read the OP and I still don't really understand subsidized loans. I'm going to be a medical student in a fully funded + stipend program but I also got offered $8,500 in subsidized stafford loans (I have no undergrad debt due to scholarships/grants). I don't need the money per se to get by, but it would make for a nice emergency fund in case something goes on during the year. I know the government pays the interest during the time I'm in school. So if I pay it in full before I graduate, I only have to pay the exact amount I borrow? ($8500) not more due to inflation adjustment or some hidden interest? So there doesn't seem to be any good reason not to take it besides more paperwork, but it helps build my credit I guess.
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May 13, 2011 16:30
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I currently have the following loans through Sallie Mae (or managed by Sallie, says the Lender is CAVALIER FUNDING 1 LLC in the loan details): Unsubsidized - $2,538.44 2.47% Subsidized - $2,513.62 6.8% Unsubsidized - $2,571.11 6.8% Subsidized - $4,694.65 6.8% Unsubsidized - $1,601.90 6.8% Would it be worth it to call Sallie Mae and talk to them about consolidating my loans or are my interest rates decent enough? Seems like 6.8% might be a little high.
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May 13, 2011 17:20
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Anyone who has multiple loans through Nelnet know how to make their "Kwik-pay" thing automatically withdraw from one bank account for one loan account, and from a different bank account for another loan account? My parents agreed to pay one of my loans while I pay the other 3. Loans 1 & 2 are payed off as noted in my previous post, 3 was the parents' loan owned by Nelnet, and 4 was owned by another company that recently sold it to Nelnet. I would just make a payment for "mine" but it's asking me to pay the combined amount that is due for both accounts, and doesn't seem to differentiate the two anywhere except the account summary page. I freaking hate Nelnet's website, and their "chat now" thing requires an "unknown plugin" Edit: Jesus this company is ...something else. Sent an email via their Contact Us page and received an email with the title, literally, "N!!!" which contains my answer in an attached .html document. I open the document and it sends me to register (security question and all!) for "Voltage SecureMail", which has now emailed me a confirmation link. I click it and finally find out that no, you cannot have it set to withdraw different bank accounts. THANK YOU OH SO HELPFUL NELNET. I still don't know how to make a payment to just one loan account. Damn Bananas fucked around with this message at 02:44 on May 14, 2011 |
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May 13, 2011 18:43
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singe posted:So I read the OP and I still don't really understand subsidized loans. You've got it right: if you pay the loan back before you graduate (and maybe even after that - I'm pretty sure they default to a 6 month grace period once you're done and you don't earn interest for this, either), you pay zero interest. And it builds your credit to boot. The key thing is not to get cocky and let stupid poo poo qualify as an "emergency" and spend the money when you shouldn't. You know yourself and how well you manage money, so it's up to you to decide if the "risk" of having the money sitting around is worth the potential interest on the back end. Vilkata posted:I currently have the following loans through Sallie Mae (or managed by Sallie, says the Lender is CAVALIER FUNDING 1 LLC in the loan details): 6.8 is a little high compared to the market at large, but the way it works out with student loans it really doesn't matter. When you consolidate your loans they weight the amounts against their rates to determine the net rate, and that becomes your new rate. Since 81% of your loans are at 6.8% and the remainder is at 2.47%, you'll net out to a rate of 6.010369%. This means that if you're already on a payment plan and you were to maintain your payment size, the amount of interest you paid both before and after consolidation would be identical. You neither gain nor lose any value by doing this on its own. This isn't to say that it's not worth doing: the benefits of consolidation are that you lock down rates to a fixed number (nice if you've got a variable rate loan that you're concerned about), and since the loan becomes one big one you're eligible for longer payment terms if you need them. Also if your loans were with different companies it would save you from having to go multiple places to manage things, though that's not the case for you. The disadvantage is that you only get to consolidate once, so you need to be smart about it. Also, if you had any special terms on your loans (discounted interest rate if you allow electronic drafting/slight refund after 48 on-time payments/etc.), you could lose this after the loans are consolidated. You may get new ones, but at the very least the timing would start over, so you'd need to ask about it. Finally, once the loans are put together you can't break them up again. Right now, for instance, if you were to overpay your loan, you could target one of the 6.8% loans and pay it down faster. This would enable you to focus your payments on the higher interest rates and lower your total interest expense, since the high ones would be paid off faster - can't do this if you consolidate. If you're already paying them fine now, I'd probably leave it alone and keep consolidation as an option for the future in case something came up.
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May 13, 2011 21:33
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I posted this in it's own thread, but someone mentioned I would probably get a faster answer here:NoCleverName posted:So I have a question about student loans. I'm looking to take some required prep courses for a degree program that I want to enter into. I need to take about 6 courses and I need to take out student loans in order to cover the cost of the classes. When I contacted the school I'm going to be taking the courses at they directed me to this website: http://www.finaid.org/loans/ which seems like a good website. My question centers around how to pick a bank from the list of possible loaning banks. I called cuStudentLoans today and they only offer loans for degree seeking students, so I don't think that they would work for this loan. Is there any easy way to tell whether the company offers loans for courses that aren't directly part of a degree?
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May 18, 2011 18:07
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Sorry about the crazy wait everyone, I was off having fun in another state! Now then... teknicolor, you can actually consolidate with Direct, so all hope is not lost. Honestly, IBR might be the better deal depending on your income. You should call them if you haven't already and ask about your payments under either program. Consolidation is always an option later if IBR doesn't help. The only benefit to consolidation over IBR is that it fixes any variable interest rates you might have. Otherwise, IBR generally has the better payment plan. singe and Vilkata, I have nothing to add to what T0MSERV0 already said. drat Bananas, you likely can't make payments directly to one loan automatically. You'd need to go in manually every month and make a payment to the specific loan, and that is only available if their system allows those sorts of payments (some do, some don't). The best way to do it is to send a paper check with the account number and loan ID for the money to be applied to - and even then they can apply it incorrectly because that's a manual process which leads to human error. Basically it's really hard to do, even for a company who is good like mine. You can try calling them and telling them you want your payment applied specifically to whichever loan, but there's probably a convenience fee for phone payments. Sorry NoCleverName, why aren't you matriculating? Just curious. Private loans are the devil and are to be avoided whenever possible, so if there's any way to get yourself into the federal loans door, I highly suggest you take it. However, if you absolutely must take one out, the website I recommend shopping through is https://www.simpletuition.com .
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May 18, 2011 23:57
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I plan on calling my financial aid office to answer this, but I thought I'd ask here anyway. I'm currently working towards a second bachelor's degree full-time. I have the ability to sub a couple of my undergrad classes for graduate classes if I apply and am accepted to the grad program. If I do this, will I be ellgible for graduate level stafford loans (i.e. $20,500 yearly instead of $12,500)? I'll only be taking 3 credits per semester worth of grad classes, and probably around 12 credits of undergraduate classes.
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May 19, 2011 22:45
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You would need to actually be considered a graduate/professional student in order to qualify for the graduate/professional loans. Since you'd still be an undergraduate, I'd think the school would report you as such, but it never hurts to ask.
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May 20, 2011 02:30
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My girlfriend has about $20,000 in Stafford loans. She called Direct Loans to ask about IBR vs. their Income-Contingent plan, and she was told that the only difference is that IBR can't be changed down the line if she decides to choose another payment plan. My girlfriend went with Income-Contingent over IBR. Did she get swindled? Is it even true that with IBR you can't switch to another repayment plan?
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May 21, 2011 03:26
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So I guess here's a mini-update to what I had been doing previous: Turns out the $2200 in defaulted Perkins Loans ballooned up to around $4312 while I wasn't paying attention. Oops. Either way, the consolidation is in progress, in the Loan Cert part where they do all the digging for the exact amounts and such. I'm guessing I got another week or two until it's all finished up. Although I filed for my state grants late on my school's advice (PHEAA), apparently I can appeal because my student aid office was dumb in telling me to file my paperwork after May 1st. Just faxed it in today, hope it comes back approved. Now here comes the funky part: I talked to the bursar and I asked if I had to do anything else with my loans, to which I was told everything was fine, short of one problem. Apparently I was charged a total amount of $660 to my bursar account while I was gone and the account was written off and sold to a debt collector, Eastern Revenue. They told me they won't release the hold until "it's cleared up with them, here's the number". My google site brought up a rather shady site, but I guess if I have to do the whole debt process with them, I will. (I don't have $660) Should I try to deal with the debt collector as per usual (DVs, pay for delete, standard procedure - etc) or should I attempt to appeal it with the bursar and then mop up the debt collector issue later?
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May 21, 2011 11:20
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T-Shaped posted:So I guess here's a mini-update to what I had been doing previous: I don't completely understand your situation. From what you typed it looks like your debt is owned by a collections agency (or does the Uni still owe the debt and are getting a third party collector to annoy you into paying?). Debt collection is a scum business where they will add arbitrary fees (in your case $660 + other "fees"). This is why your loan went from 2K to 4K with no apparent explanation. My advice to you, IF the debt has been charged off, is to call your Student Accounts Receivable office, use whatever phone number is on your statements if still have them, and try to get them to recall the debt from the debt collector. This IS possible, and I DO know people who have done it with credit cards, although I'm not sure about student loans. It looks like you don't have any money -- try to negotiate with them to pay SOMETHING. Try this several times with several people. Have you received a dunning letter (see Debt Collection thread) in the last 30 days? If so, and even if not, DV the bastards and fight them as much as possible. They may give you a PFD (but honestly I DO NOT think this will work due to the nature of student loans) if you can come up with $800 on your "4K", really 2K debt. Most likely you;'ll be able to settle which is not any better for your credit report than an unpaid tradeline but at least you'll dodge threat of lawsuits, etc (IANAL and I do not know if charged-off loans still count as student loans, that is bankruptcy proof). Also with a chargeoff of that size you are already hosed. As always, "this is my opinion" disclaimer. If anyone wants to hop in feel free. TL;DR: Charged off student loans are a REAL BAD THING, but Perkins people are generally reasonable.
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May 21, 2011 18:04
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seacat posted:Dude, Perkins loans have been the MOST generous out of all my financial hardships. Even more than Stafford loans. Perkins loans are always owned and given by the university you go to, I believe, please correct me if this is not the case. I skipped three payments (no job lol) and I didn't contact my lender (the university) until these skipped payments which was completely my fault for being so depressed that I couldn't pick up the phone and explain the situation. They didn't even report the nonpayments to the CRAs and gave me a 9 month (!!!!) interest free deferment. I am paying them now and it is the ONLY student loan account I have where the balance is actually going down rather than all payments going to interest... The initial $2200 (now $4k) in Perkins is separate from the $660. I'm doing a Federal reconsolidation on it in order to return for the fall. I know it was a fuckup but as I said, the feds are digging up the exact amount so I can just sign off and be eligible for aid again. Loan dept was cool about it and said I was correct. On the other hand, the $660 I'm assuming is just leftover charges from withdrawal or major fees or something along those lines. Those were done completely separately, no loan involved. The $660 was never a student loan, apparently just dregs left over from when I departed.
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May 21, 2011 22:34
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