college loans

college loans questions and answers

More information about college loans at Education News.

Q: How can I refinance my college school loans?
Actually it's my girlfriend who needs her college loans refinanced. They're about 60 thousand. Shes paying over $500 a month for her loan, and some of my friends have the same if not more of a total loan amount and they are paying hundreds of dollars lower a month. How can she get her loan refinanced to get a lower payment? Is this possible? Her current loan is through a company named Sallie Mae.

A: She can try. You can consolidate loans together so the amount doesn't change but the monthly payments are lower. Depending when she got them, my rate is around 3%, though I know they are higher now. You can't really refinance a student loan. Have her call Sallie Mae or try Nelnet as well.

Q: How do you get loans for college?
I'm a sophomore and my parents are not helping me with college. I want to start thinking about how I'm going to pay for it. I don't exactly know what you have to do to get college loans and all of that stuff. Could someone give me some info on the process please?

A: Well it's a pretty easy idea but yet, it's very hard to do. Your best bet is the government, go to www.fafsa.gov and apply there, they will do either two things 1)Give you money for college if you have low income, or 2) give you a loan. You can try them or private lenders (I don't recommend that) private lenders charge you high interest (about 6.2%) but you only have to pay 6 months after you leave/complete school. But FAFSA is your best bet because they charge low interest and you really don't owe them anything until after 6 months you complete school. Private lenders lie to you and charge you once you are in school

Q: Is it smart to get loans on a car and college?
I don't have a car. I know that I will get loans on college. BUT I really need a car... I have a job... I don't need a NEW car just a descent running car. Is it dumb to get loans for a car knowing that I will have college loans as well?? Any Advice?

A: Depends, doesn't it. what you earn? how much your loan for college would be? how much a decent pre-owned car would cost? how much would running it cost? how would you pay for it if you are gonna pay your instalments for college loan aswell? I think what would be sensible is to beg to your parents to get you one. :D if you get it out from them, you look good for college loan. and if you don't you would just have to do some math.

Q: Is it better to get college loans or do what you can afford for college?
I'm wanting to know if I'd do better getting loans from my college now and paying them back after I get the degree or just gradually take the cources as I can pay for them. Defently will apply for a pale grant though. Just wanting your input or experience on it. At the moment I'm just taking cources as I can afford them at my local community college.

A: a lot of it depends on your age- if you are still very young then there isn't too much reason to rush- and it can help you avoid being one of the millions of american's that will be paying back student loans until they are dead- at the same time if you are unable to spend extra time getting your degree I would get the loans- despite the cost of paying them back you will still have a greater quality of life including more financial stability having gone to school

Q: What bank is the best bank to get college loans from?
My undergrad. sent everyone to Wachovia, but I had a horrible time with them. A lot of things were done to my account by the bank without me knowing it until months later. Is there a really good bank out there to get college loans? What are the main points that I should look at when getting loans? (Example. Interest rates, time to pay them back, etc?)

A: In general, stick with a large, reputable company with extensive experience in student loans. Your financial aid office should be able to recommend some, but also do your own research. Some questions to ask when choosing a lender: How long have you been in student loans? Are you a financially secure company? Who services your loans? Who guarantees your loans? Who performs customer service for you? What kind of training or qualifications do they have? Do you certify your compliance with applicable regulations? Where? May I get a copy? Do you charge an origination fee? Do you charge a default aversion fee? If you rebate the loan fees, when and based on what principal amount? How do I earn any interest rate or fee reductions? When do I earn any interest rate or fee reductions? Is your rate reduction immediate? Is your fee reduction immediate? Do I have to do anything to keep my benefits? Do I lose any benefits if I make one late payment? Do I lose those benefits forever? What happens to my eligibility for benefits if I consolidate my loans? Do I have to repay earned benefits if I consolidate my loans with another lender? Where do you disclose the terms and conditions for your loan discounts and benefits? Will you provide/confirm the terms and conditions in writing?

Q: If the bank handling my college loans goes bankrupt, how will I be affected?
I am a first year college student at Dartmouth College and have taken out a hefty amount of loans for my first year tuition. I know with the recent Wa Mu bankruptcy, that many other banks are in danger of following in Wa Mu's footsteps. If by chance Citibank were to collapse what would become of my loans. And with our recent recession, how will I be affected in my ability to attain loans and secure a job post graduation?

A: The loan won't go away. It'll simply be sold to a new bank. From your perspective, the only thing that would change is the address on the payment stub or however you make the payment. The amount, interest rate and other terms for the loan remain the same. Even if Citibank were to get bought by another bank, as Wamu did, the merger will take a few years to fully complete. In the meantime, you would still deal with Citibank. Your branch, account #, and all other information would remain the same for now. Eventually you will get a letter explaining how your accounts and everything will be merged over to the new bank, but access to your accounts and all that would remain uninterrupted. Even if this didn't happen, I had my student loans sold off to new banks while I was repaying them. All that happened was I got a letter from the old bank saying they'd sold my loan to a different bank. I then got a letter from the new bank explaining they had purchased my loan, and any differences I needed to be aware of. For instance, one bank used a book of repayment coupons I would just mail in with my check each month, whereas the other bank would send me a monthly statement. Trust me, "they" want their money! Even if the actual name of "they" changes, they will make sure you know where to send the money. As for the post-college economy...don't worry about it too much right now. A lot will happen in the next 4 years - both to our country and to you personally. Just worry about getting through college as best you can. Once you've decided on a major, try to get an internship, co-op, or part time job in your field. This, more than any class you will take, will help you get a job after graduation.

Q: Is there a website where I can see how much interest I paid on college loans last year?
For tax purposes, I'd like to find out how much interest I paid on my college loans in 2007. Is there a website where I can see how much interest I paid on college loans last year?

A: by January 1 you were supposed to get a form from your collector or loan company so that you could file that with your 1040 income tax. If you didn't get one then call your lender and ask for it. Did you by chance change address that they couldn't reach you? Better check to see that they have your correct address. If you didn't get them in the past you might want to also ask them for a copy of those as well. Anyway, maybe they could email you a copy of the form they sent you, or maybe their email to you could suffice. Give them a call or an email and ask.

Q: Can you get college loans for just one academic quarter?
Some of my financial aid will be running out my spring quarter of school and I'm going to be a little (well alot if you ask me) short. Are there any college loans that will let me borrow for just one quarter of school and possibly still not have to pay while I finish school. I'll also probably need loans for next year as well but won't know how much until the end of spring quarter.

A: You can get an additional loan from any student loan provider, as long as you don't borrow over the amount that your school has designated as the cost of attendance for a year. You can find that on your school's website, there will be two numbers, one for living on-campus and one for living off-campus. The main difference with this secondary loan is that it is not a government loan, but a personal one. You may need to have a co-signer if you don't have a good credit score or enough credit history. The loan will still go into deferment while you are in school, but the interest will accumulate. Personally, since all of my Stafford loans were through Citibank, I used them to get my secondary loan. Good luck!

Q: Will Massachusetts help with college loans if you teach in the state?
I was told Deval Patrick signed a bill into law that will pay off some or all of your college loans if you teach in MA for a few years after you graduate college. I would like more information, but I'm having a hard time finding any on the internet. I tried mass.gov and multiple search engines.

A: You should talk to a financial aid officer at the school you are attending/want to attend for more information regarding loan forgiveness for MA. Or search on http://www.mefa.org . Good luck!

Q: where can I find out who services my college loans?
I have Stafford college loans in a few places, and I remember seeing a website that listed who owned those loans, the amount and interest rates. Can anyone remember or tell me what that site is?

A: If your loans are Direct Loans you can use the previous poster's listed website. However if you have loans that are from other lenders you might find more information at www.nslds.ed.gov, which is the National Student Loan Database, where you can look up any loans that you do have. Many of the lenders have websites or emails addresses listed for quick contact, along with mailing addresses and phone numbers. Once you know your lender you can use their websites to gain even more additional information on your loans. You will need your Dept of ED PIN to look up loan status. If you cannot find your PIN, you can request a duplicate at www.pin.ed.gov.

Q: Is it true that some police agencies will partly reimburse you for your college loans?
I read some where, I cannot remember where, that some police agencies will actually help you pay back your student loans for college. I was wondering if this was true or not.

A: I've heard of tuition assistance for continuing your education after you are hired, but I'm not aware of any agencies that reimburse you for past expenses.

Q: Whats the age that you can claim yourself for college loans 23 or 24?
Going to college is expense! I believe it is 23 or 24 years of age when you apply for college loans that you do not have to put you parents income on the application. whats the age?

A: The age is 24. For this year it is "born before January 1, 1984" to be exact. I am waiting for 3 more months before I can start, too. But make sure your not wasting your time! Even though your not in school, make sure you are doing something worthwhile to improve your character. That way it doesn't appear you've wasted the 6 years of you life after High School, and you can show off on the College Applications, and it looks better for future employment. Good luck, and apply early for scholarships as an "nontraditional student" !

Q: Do you know of any help with paying off college loans?
I went to college and graduated with a degree in elementary education. I am a single mom. My loan payments are way out of my financial range, and they are as low as they can be. Does anyone know of any grants or ways I can get help paying my loans off? My next step is to get a 2nd job, and I will hardly ever be able to see my son. Thanks!

A: Consolidate if you haven't already and check to see if you can get a different payment plan. Depending on how much you borrowed/owe you may be able to stretch the payment out and have lower monthly payment. Here's a link to different loan forgiveness programs http://www.finaid.org/loans/forgiveness.phtml

Q: Is it doable to pay for college just on loans themselves?
Here's the deal...my bf's mom wants him to go to the college she wants him to go and won't let him go where he wants to go. He wants to move out and go where he wants. Is it very possible to do this by using college loans only, while attending full time with a part time job? He fears his mom will enroll him in the college of her choice, but he intends to enroll in the college of his choice, what is there to do?

A: It depends on on the lifestyle he wants to live when he graduates. If he wants to attend a private school, he could have nearly $100,000 or more in student loans between the tuition, textbooks, and room and board. He needs to start applying like crazy for scholarships starting now besides filling out the FAFSA.ed.gov and hope for some grants. Also search Google.com and Yahoo.com for scholarships based on his potential college major. With the interest rates rising, it could make it pretty hard to live on a decent salary and student loans. There are families who used student loans in college not able to save for their child's college education. The idea to work a part time job to help with expenses is good, but wages tend to be very low in a college town due to the number of college students and jobs available.

Q: is their a government fund that pays back for college loans if you go to college and then enlist?
like if you finish all your college, and then enlist, do they help you pay your existing student loans? or are you just S*** out of luck and have to pay them back on your own?

A: In 1996, after a few years of college, I enlisted in the Army. I can't remember what the program was called, but while I was still in the inprocessing phase, I was asked if I wanted the G.I. Bill or if I want to pay off my college loans. It was one or the other but I did have an option. I opted for the G.I Bill and paid of my loans in three years (could have deferred them). Since it is another incentive to join the Army I am sure it is still offered.