Monday, January 31st, 2011 at
11:41 am
A question from Brittaney: If you consolidate student loans, what happens to the responsibility of the cosigner?
I am looking into consolidating my student loans. I have 2 separate cosigners on the loans. If I consolidate, does that release them of their responsibility to the loan? Or are they still attached as cosigners?
Selected answer:
Answer by trh2000_2000
Consolidating means you are using a bigger loan to pay off smaller loans.
So, in short, the old loans are now done and the previous co signers are no longer bound to the new balance. Unless they co sign for the consolidated loan, they are not responsible anymore.
Whether you agree or disagree, why not leave your own thoughts below.
Technorati Tags: consolidate, Cosigner, happens, Loans, responsibility, student
Sunday, January 30th, 2011 at
6:38 am
Question posed by alliesmom: Do you know of any fixed interest private student loans?
My husband is in college and we are looking for a private student loan to help pay for some of our living expenses while he is in school. We are looking for a private student loan with fixed interest, but I can’t seem to find anything. The only loan that we are remotely interested in is a private loan by Chase bank which is a little more lenient on how the money can be spent, but it has a variable interest rate. Do you know of any similar loans with a fixed interest rate?
The best answer:
Answer by Suddenly Human
Private loans are the sub-prime loans of the student aid world. Avoid them like the plague. You won’t find one with a fixed interest rate. Only federal loans have fixed rates. I would suggest your husband get a job or increase his hours to pay for his living expenses while he is in school. He can work weekends, or nights, or lots of other places. He’s not at school 24/7.
Campus work is an excellent way to have extra spending money. Either that our you could get a second part time job. Either way, it would be cheaper and a better option than a substandard, private student loan that YOU would have to pay back regardless of what happens to him…(should he die or become disabled, the cosigner …i’m assuming it would be you) still has to pay back those loans.
What do you think? Leave you answer below!
Technorati Tags: fixed, interest, know, Loans, private, student
Saturday, January 29th, 2011 at
1:37 am
A question from toneykuhnz: Is it possible to transfer private student loans into a federal student loan?
I have about 50,000 in private student loans and it todays economic environment, no one will consolidate or refinance my loans. I was wondering if its possible to “roll them over” into a federal student loan. Any help is appreciated!
Most detailed answer:
Answer by Suddenly Human
No. Sorry.
What do you think? Leave you answer below!
Technorati Tags: federal, into, loan, Loans, possible, private, student, transfer
Thursday, January 27th, 2011 at
8:41 pm
A question from Hollo: How many kinds of federal student loans are there?
How many kinds of federal student loans are there besides Perkins, Stafford and PLUS Loans? When do you apply for the loans?
Most detailed answer:
Answer by jjc92787
Try to avoid loans if possible. You end up paying much more than you were given. Use grants and scholarships instead since those do not need to be paid back.
What do you think? Leave you answer below!
Technorati Tags: federal, kinds, Loans, many, student, there
Wednesday, January 26th, 2011 at
3:43 pm
Question by RockiesFan: How do student loans work? Once I start paying them back, do I have to pay back consistently?
Like if I have $ 1000 now gathered from working as a student for 2 years, can I use that to pay some of the loan back? Or, is it that once I start paying back loans, I can’t stop, and I must consistently pay them back every month?
Also, do student loans have minimum sums we are allowed to pay every month? Like can it be that i’m only allowed to pay if i’m paying in a minimum sum of $ 800 or $ 1000?
P.S. this is not for me, so its not like I can look over a contract or anything like that.
Best answer:
Answer by Aleema D
i hope this site helps a bit
http://www.eioba.com/a31894/how_student_loans_work
What do you think? Leave you answer below!
Technorati Tags: back, consistently, Loans, once, paying, start, student, them, work
Tuesday, January 25th, 2011 at
10:37 am
A question asked by LovelyMe_0927: What are the better private student loans offered?
I am a 2nd year college student looking for a private loan but I have no idea where to start looking.
Thanks for the responses…
If any one has taken out a private student loan, I would like to here from you.
Most comprehensive answer:
Answer by JennAside
Try Nellie May first and Key Loans secondly.
Agree or disagree? Leave your own thoughts below.
Technorati Tags: better, Loans, offered, private, student
Monday, January 24th, 2011 at
5:39 am
Question by Matt: What options do I have for a student loan with bad credit. My company will pay back as soon as I get grades.?
I need a student loan and I have bad credit. My company will pay back as soon as I get grades, but I need an initial approx. 3000K loan to start. What are my options for a bad credit student loan? I’d like to do it without a cosigner. I could use 401K funds but would like to avoid penalties.
The No 1 answer:
Answer by Brother Otter
Please for goodness sake do not borrow against your 401k except in dire emergencies.
A home equity loan may be an option to ‘prime the pump’. You’ll want to make payments on it all along though so you can actually get caught up at some point and not have to borrow at the beginning of each term.
You may also be able to arrange an unsubsidized loan through the school. Ask the Financial Aid folks what’s available; they’ll know since they’re involved with all financial aid anyway.
And – while you’re in School Mode, find and attend a Dave Ramsey “Financial Peace University” course. Bad credit is almost always a sign you lack skills for managing money. Ramsey’s course will teach you important stuff about keeping track of your finances so you get ahead and eventually have a good credit record to show for it.
Agree or disagree? Leave your own thoughts below.
Technorati Tags: back, company, credit, grades., loan, Options, soon, student
Sunday, January 23rd, 2011 at
12:48 am
Question posed by Flicka S: Why do parents of emancipated children need to sign for government student loans?
When a child is over the age of 21, and child applies for student loan, the parents should not be on the hook for any pay backs if it’s in the adult child’s name right?
The No 1 answer:
Answer by fangtaiyang
The age cut off for student assistance counting parents income is 24
Whether you agree or disagree, why not leave your own thoughts below.
Technorati Tags: children, emancipated, government, Loans, need, Parents, sign, student
Friday, January 21st, 2011 at
7:39 pm
A question from Daniel Tyrrell: Does the government subsidize student loans for new teachers?
For example. If I get a degree in education, then go teach in high demand area where there aren’t many teachers (inner city or rural area), are there any government programs that will subsidize my student loans?
No 1 answer:
Answer by paapaa
just math teachers
Do you know better? Why not leave your own answer in the comments below!
Technorati Tags: government, Loans, student, subsidize, teachers
Thursday, January 20th, 2011 at
2:41 pm
Question by joshysway: When I can I apply for private student loans? I start fall 2009?
I have tried to apply for a private loan, this is after I did the FAFSA, but I can never find the Fall 2009 option in any of the applications for student loans, am I too late to apply for one?
The top answer:
Answer by Need2knowbasis
Private(alternative) educational loans actually have nothing to do with the FAFSA form….that form is for need-based aid…
You need an alternative loan application and should be able to secure one from your financial aid office. If not, get one from the bank and have your school certify it……………
Agree or disagree? Leave your own thoughts below.
Technorati Tags: 2009, apply, fall, Loans, private, start, student
