student loan

student loan questions and answers

More information about student card at Education News.

Q: What is the variable student loan interest rate forecast for the foreseeable future during a depression?
What is the variable student loan interest rate forecast for the foreseeable future during a depression WITH high inflation? Currently it is 1%-3% Hyperinflation could set at the rate the government is printing money. We are in a depression. It will not end in 2010. It may be the beginning of the end. Trillions in debt will not go away overnight.

A: You can expect something in the neighborhood of 5%. And - nobody said anything about a Depression.

Q: How much of my student loan interest do I get back from taxes?
I have made student loan payments in 2007 and have received a paper in the mail stating I had paid $500 in interest and to include it in my taxes. What percentage of it will I get back? 50% maybe? or less?

A: It depends on your tax situation - read the instructions for the 1040 at irs.gov.

Q: Can you explain student loan repayment benefits in the Army?
I have a lot of student loans from college and grad school. I have seen ads for student loan repayment upon joining the Army Reserve. Are these only for enlisted or officer, too? Any other details would be helpful. I'm also interested in any student loan repayment in other branches.

A: the military is not a good idea if you want to get to college money ure better off in the civilian world... military is not about getting you to college money it is about serving tho they will tell you they can but really no i dont think you should do that youll be in iraq and also id say you should get a summer job dont join the army for that reason... studant loans are not really that great just get a part time or summer job and work it off... the military will pay you some but not nearly enough needed for college... that part of the military is not really a reson to joing you can make more money at another job and if you do join the army youll probably be deployed since its war time... if you do join be and officer

Q: How do I remove a late student loan payment from my credit report?
Hi experts. Unfortunately I just found out that I had a very small obscure student loan that went into repayment last month and I missed the bill. I switched addresses and somehow forgot to have them forward that loan to my new address :( So I checked my credit report and it's there reported as an adverse account and it says TransUnion says it will not be taken off until 06/2014. However it seems like I've heard of other people getting these things removed from their report after they pay the amount overdue. Is this something I'm just imagining or can I really pay the amount due and then have the error removed from my credit report? Thanks so much for your help

A: Once an update is made on a trade it will stay on there for up to 7 years. If you only missed 1 payment then it will probably show up as 30 days del. Which truthfully is nothing. If you have really good credit, that shouldn't even faze it. You can always dispute it with the creditor and with the credit reporting agencies. If that doesn't work (because legitimately, its not a valid dispute), you are allowed 45 words on your credit report and you are welcome to state your claims. It does not change your credit score and most systems set up to determine credit will ignore it, but like I said, 1 30-day del mark on your credit will not even effect your score enough to change a potential interest rate on a mortgage/loan so I wouldn't sweat it too much.

Q: Tax question regarding default student loan and joint return?
We have a daughter with disabilities and have many many medical bills. Consequently, my student loan is in default. My husband has not student loans. I was wondering if my husband and I file tax together will the government take our income tax return?

A: If you file a joint return, they'll take it unless he files an injured spouse form. If he files that then they'll only take the part of the refund that is from your income and withholding, not his.

Q: How can I obtain a private student loan with bad credit and bankruptcy?
I am need to get a private loan of 7,000 to pay for housing and school and I get regected all the time. So you know where theres a bad credit student loan or a grant or 2 i can obtain?

A: try http://cheaploancheck.com they should be able to help

Q: Is it possible to get a student loan from a bank without a cosigner?
I need to get a student loan for school for around $40,000, but I have no one to cosign for me. Can I get a bank to cosign? Is there any other options for me to get a loan without having to have a cosigner? I really need help! I am 22 almost 23

A: You can get one if you have awesome credit along with a beautiful job. Which if you had that why would you need the loan or to go to school in the first place. So I guess the answer is yes....but no. :)

Q: How should I structure my student loan payments?
I have a LARGE amount of student loans, both federal (consolidated) and private. My private loans are on a variable interest rate. I feel like I am spinning my wheels paying each month to a balance that doesn't seem to move. What can I do? Should I put the fixed rate loans in deferrment and pay double on the variable rate loan?

A: It's a guessing game when you are trying to anticipate how much a variable rate loan will cost. I have a calculator on my website www.wfwellness.com that you can use. If either loan has a minimum payment that is a percentage of the balance, that's the bad one and the one to get rid of first. The best plan is usually to do a comprehensive budget including annual expenses, figure what you can pay to debt repayment and make sure there's savings too. Pay as much as you can very very consistantly. You need to be debt free as soon as possible, then there are other options avaialble than trying to figure out how to get out from under a huge debt.

Q: Can I get a student loan in addition to my company tuition reimbursement?
My company will reimburse up to $5250/year for tuition. Would I be also be able to take out a student loan or do I have to pay the tuition with out-of-pocket money? I didn't have to go through the student loan process during my undergrad years so I am unfamiliar with the process.

A: Yes. Anyone can get student loans. Just apply and fill it out and go to Fa office and they will help you out. You have to take a test to make sure you understand the terms. Then you set. Good luck.

Q: Does students get a student loan for a gap year for example travel to south america ?
I am planning to go but if i dont get a student loan how much money will i need for the total cost of my travel.

A: There are many different websites out there that have knowledge on this subject. I just did a google search and found this website : http://studentloanconsolidation.instant-info.info Hopefully it is helpful for you. -TheAnswerGuy

Q: What is the easiest private student loan company to qualify with?
I have only a little credit history and my parents credit is horrible, but I desperately need a private student loan. What company is most likely to qualify me?

A: I think Astrive. You should not get a co-borrower.

Q: Is there a student loan that dosn't hold the cosigner responsible for repayment?
I am trying to apply for a student loan, but I don't have any credit. My aunt said she would cosign for me if I could find a loan that didn't hold her responsible. Is this possible?

A: The definition of a co-signer is an individual who is responsible for the loan if the primary applicant is unable or unwilling to pay the loan off. So if you stop making payments, the lender will turn to your co-signer, and your co-singer is legally responsible for all interest and principle that you borrow. Even if you do not have any credit, you can still take out a Stafford Loan through the Federal Educational Loan Program. You need to be enrolled in school and have completed a FAFSA application to be eligibile. That's it, you don't need a job, and you don't need credit and it will be in your name only. Talk to your financial aid office, this is what they are there for. This is their job to help you get educational loans, and also see if you are eligible for any other financial aid.

Q: How easy to get a student loan with the economy situation right now?
I'm planning to continue my education to a 4-year college. However, I'm not sure with the tough economy right now. Everything is going up, including books and tuition. Do you think it's easy to get a student loan these days? Do you think it's a good idea to go back to school now or wait later? Please I need all advise and opinion. Thank You.

A: There's no money left, the banks have given it all away to people who cannot pay it back. About time these so called bankers began to occupy our jailhouses.

Q: What is the best way to get a student loan if I don't have the best credit score?
I have made some credit mistakes in the past, and have a mediocre credit score. Right now, I don't get approved for new lines of credit. However, I am in need of a student loan to cover living expenses for the remainder of this semester at a private university. Does anyone out there have any suggestions for how to go about getting an "emergency" student loan in the middle of the academic semester? I appreciate any helpful advice or suggestions, thanks.

A: ask your mom

Q: How often does interest accumulate on an unsubsidized Stafford student loan from the government?
The interest rate on an unsubsidized Stafford student loan is 6.8%. How often does interest acculumate on such a loan? For example, if my loan is $5000, how do I calculate when and how much interest is capitalized onto the loan. Thank you for your help.

A: every quater. they send you a letter every year with dates and estimated payments of the interest that accumultes with every semester. however if they offer you 3000 more and you only use 1500 the interest is less accordingly. i personally just pay 100 every 6 month. i know it was more than needed before, but it might be what it is now, or more, but i checked my credit its all green:) so, as long as you make estimated payment every quater you will be ok.