student loans

student loans questions and answers

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Q: Is it possible to consolidate student loans that come from different banks? And how would I do that?
I have undergrad student loans from one bank that I consolidated, and then graduate student loans from another bank. I am graduating in August and at that point I would like to have them all consolidated so I am not paying 3 different people each month.

A: Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

Q: How do student loans for college work?
Is there such a thing as a student loan that you wont have to pay until your job starts? Are there better options to student loans?

A: There you go : http://index-go.com/student-loans-finance.asp Good luck !

Q: Will deferring student loans affect my credit?
I am planning to go to law school in the fall and want to stop paying my student loans to save up some money. Would getting a deferment/forbearance affect my credit and/or ability to get future student loans?

A: Getting your current student loans deferred will not affect your credit score or your ability to get future student loans. As long as you have not been in default on a student loan you should be fine. Your credit score may not be affected, however, your debt to income ratio will be higher and they may affect your ability to get other types of loans. If you were looking at financing a house or a car in the near future, your deferments could come up as an obstacle.

Q: can you get graduate student loans with home foreclosure on your credit report?
I know that you can get federal student subsidized and nonsubsidized loan, but these non-credit based loans only goes up to $20,000. The school I want to go to cost $60K. Are there any other types of loans out there available to grad students with bad credit? My FICO score now is 445.

A: For graduate school you should be looking at the GRAD PLUS loan, but you are right about them falling well short of the 60k you need for school. Have you considered a cosigner? A private student loan, often referred to as an "alternative loan" will lend up to $45k annually as long as credit and debt to income stipulations are met. Each loan is unique in its own way, but the general credit criteria needed is in the mid 600s. If you are not "hard denied", meaning that you will not be able to get the loan even with the help of a cosigner, you may be able to get the funds required. You can try this site to see what your options are, http://www.CollegeLoanCampus.com. Good luck.

Q: Are there any student loans that include the cost of paying off a car?
I need to buy a new car, but I'm also planning on going to law school in Sep of 09. I'm planning on buying a modest entry level car for around 17-19km and planning to put 5000 down. However, when I go to school I wont be working and will still have payments. My question is, are there student loans available that could include the cost of paying off the remaining balance of the car at the time?

A: From what I know....you can use a student loan for anything you want. My boyfriend's parents used theirs back in the day to pay for their apartment when they were living and going to school together. I'm sure it's still that way but you gotta make sure you ask first! Also make sure that it has a low interest rate so they don't screw you over after you are done with school....I've seen that happen and it's not pretty! Anyways, I hope this helps! Good luck in law school!

Q: How can a student with several loans get approved for a home loan?
I am currently a student with several student loans out in my name. I have a good credit score but am only able to work part time due to school. I make enough money to cover monthly rent with my boyfriend. We want to get into a house but I fear my loans and low income will make it difficult if not impossible for us.

A: Please follow 2 things: 1. Try your best to put 20% so you don't pay that nasty PMI. It is not tax deductible, and does not apply towards interest or principal. Like throwing away thousands a year. 2. Don't let the banks bully you into any mortgage that has the words "variable or indexed" interest rates. Stick to 15 or 30 year fixed. /

Q: I want to consolidate my student loans that are taken over by a creditor and start making payments?
I had two student loans each about 2,500 dollars each. I have been out of work for 5 years raising my duaghter and haven't been able to afford any kind of payments on the loans. Since then a creditor has taken over. I now owe 8,000 to them. Is there any student loan companies that will take it over and I can make payments to them at a low interest rate. I am now working and would like to start paying on my loans. Thanks

A: Besides consolidating loans you should also sign up for those grocery rewards programs that give you education dollars when you shop. These programs can assign the money to exsisting loans.

Q: What are some good companies to get private student loans?
I am in the process of looking for a private student loan to help cover the cost of living and being a student. I'm probably going to apply for an Astrive Student Loan. Are there any other good companies where you don't need tons of credit? Or do you know anything about the Astrive loans? Thanks.

A: A large number of college students receive financial assistance from a grant, work-study program, or Federal student loan. However, due to rising college tuition, traditional financial aid doesnt always the expense. When there is a difference between the education costs and financial aid received, students must find a way to pay the excess. Some people choose to use personal savings or a credit card when neither option is available, a private student loan from a private bank can fill in the gap.Private student loans are beneficial because they provide a quick solution to a tuition problem. Unlike Federal student loans, which can take several months to process and disburse, private student loans offer quick processing, and the money is normally distributed to the student within five business days. Once the student acquires the funds, the money can be used for multiple purposes such as tuition and books. http://best-loans.awardspace.com/student-loans.htm Federal student loans place limits on how disbursed money is used. However, a private student loan can pay for a variety of education-related expenses such as a laptop, rent, transportation, etc. While private student loans offer flexibility and quick processing, getting approved for such loans is no easy task. Federal student loans and grants do not require good credit, which is a nice feature since many college students have little or no credit history. Private student loans are quite the opposite. Because private banks approve the funds, loan requirements include a solid credit history and verifiable income. Plus, the interest rate on a private student loan is generally higher than a Federal student loan, which can equal a higher monthly payment.

Q: Is it possible to transfer student loans to a different school?
I've become rather upset at the school I am currently at. I am looking to change schools very soon if possible. Does anyone know if student loans to another school as long as the new school is accredited? Or do I have to reapply for loans?Can you even transfer to another school that isn't accredited but is the same course material? I love mistyping. That should have asked whether anyone knows whether the loans can be transfered.

A: How embarrassing, but I've switched colleges three times. I have all kinds of different loans out there. Stafford,Sally Mae, pell, you name it. They don't care they just want your dam money. The government loves making money that way. Especially for dum asses like myself who keep switching or quitting. Sorry to be so blunt. Yes, you can tranfer anywhere. All it takes is communucation with loan people. Or not. I just applied at other schools and they tranferred me right over.

Q: What are the best student loans to get prior to joining the Peace Corps?
I am going to begin college soon & I will be financing it through student loans. I am attending college with plans of joining the Peace Corps. Any help on this subject would be great.

A: The best student loans are Subsidized Stafford Loans which are given out by your school. They usually have an interest rate between 2-5 percent. So aim for those, Next is Unsubsidized Stafford Loans which have higher interest rates. Talk to a financial aid counselor at your school to discuss these options. Good luck in college and Peace corps.

Q: What types of student loans can a person get that allow you to use them how you see fit?
I am a returning undergraduate student at a tribal college in central Montana. Anyone who has lived in or visited Montana knows that transportation is extremely important. I would like to know the best places to review for student loans which allow a person to spend the money freely and without the cash going to the school first. I am aware of the isues involved in repayment and debt problems of students nationwide. I just really need to have my car up and running again. Apparently I was misunderstood so I will clarify. This would not be for debt consolidation, nor would it be used to purchase a car. It's use would be to replace the engine in my car because it's on it's last leg. I have parked it due to the knocking in the engine. People have told me that it's the rods so the engine must either be rebuilt (this process is risky and there is no guarantee that it will fix the problem), get a used engine from a junkyard, (very risky with little to no guarantee that it will last), have the dealership put in a new engine (comes with a waranty and guantees that the car will last me for quite sometime) or purchase a new car (I have already spent alot of money to buy this one and I know what's wrong with it. This option is out of the question.) I hope that this makes my question more clear.

A: It actually can't be a student loan as far as I know. I just signed my promissory note yesterday and "not for use to purchase or lease an automobile" is an implicit condition. Then again, you are FIXING a car. You can always borrow the maximum, let them deduct tuition and then use the remainder to fix your car.

Q: Should I pay off student loans or start a retirement account?
I just graduated from college and will start to have to pay student loans within the next 5 months (about $13k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as $50 a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.

A: Start your IRA. Student loan interest is soo low, and doesn't really affect your credit.

Q: When do student loans begin accumulating interest?
I'm going to be starting grad school in the next year and have no experience with the student loans I'll probably end up taking out. I've searched for details via several student loan websites, and perhaps no one mentions it because it's taken for granted that interest accumulates immediately, but are there any loans available that begin accruing their interest after the student graduates school? Or is this "pay six months after you graduate" just a phenomenon with when the required payments begin? If there are loans that do not accrue interest during school, do they have fines for early payment? Thanks for your help answering (probably obvious) questions for a student-loan newbie!

A: Many student loans, especially private student loans, start accumulating interest as soon as you take them out. If you want to get a student loan that you don't have to pay interest for then you should apply for a Federal Perkins Loan or a Subsidized Stafford Loan, which are both federal government student loans. Here are the steps you need to take to get them: 1) Fill out the FAFSA. This will determine if you are eligible for financial aid. Go here: http://www.fafsa.ed.gov/ 2) The best loan to get is a Federal Perkins Loan. These have low interest rates and the government will help you pay it back as long as you stay enrolled in school. You also don't need a cosigner or good credit for it. For more info go here: http://www.studentfinancedomain.com/student_loans/perkins_student_loans.aspx 3) The next best loan to get is a Subsidized Stafford Loan. This has many of the same benefits as a Perkins Loan. Learn more here: http://www.studentfinancedomain.com/student_loans/subsidized_stafford_loan.aspx Also, have you thought of grants or scholarships? These are free money that you don't have to pay back. Here are some good sites to check out: http://www.fedmoney.org/ http://apps.collegeboard.com/cbsearch_ss/welcome.jsp http://www.freegovmoney.net/ http://www.educationplanner.com/education_planner/paying_article.asp?sponsor=2859&articleName=Grants_and_Scholarships http://www.studentawards.com/ http://www.college-scholarships.com/ Good luck!

Q: How can I get around my husbands student loans?
Ok heres the thing, I want to go to college. I had a child in highschool so never applied then. I married & now that the kids are older (12, 10, 9) I want to go back to school. Every time I apply for aid I get turned down because of outstanding student loans. I have called them and they are my husbands not mine. They told me that I married him, hence I also married the outstanding loan. I know we are married but its not my fault he never paid the loan back once he was out of school. Its a 40,000.00 dollar loan and its just not in the butget right now to make 250.00 monthly pmts, which is what they want. All we can afford is about 50.00 a month, which will take a lifetime to pay back to 0.00. Is there any way aroun his student loan besides divorce?

A: Try a William D Ford consolidation, it will pull the loan out of default in 30 days and set you up in an income contingent repayment plan, the payments will be based on your disposable income not the balance of the loan. Its a federal program for people who have good intentions on the loan but cant afford to make the full payment. You will get all of your title IV benefits back (financial aid, student loans) so you will be able to go to school. Get started here: http://loanconsolidation.ed.gov/borrower/borrower.shtml