by YoTuT

A question from ross.cook: Student Loans for people with bad credit that take only to co-signers credit into consideration?
I have bad credit, but need a student loan. Stafford loans only offer $ 200 because I am on scholarship, but I still need money for books and rent. I have a co-signer with good credit available. Are there any loans that will just look at their information instead of my own?
And where would I find these?

Most detailed answer:

Answer by MYRA C
I am a retired banker and the answer is yes. Some student loans are guaranteed by government while others are not. If not gov’t guaranteed then most likely a guarantor/s (co-signer/s) will be requested. Almost always this will have to be parents with sound credit. This is a requirement because a very great many students after they graduated declared bankruptcy and walked away from these loans. Now the guarantor/s (co-signers) must implement the guarantee and pay the loan. You then have the obligation to pay them back since they will likely be parents.

How about adding your own answer to the comments below!

Technorati Tags: consideration, cosigners, credit, into, Loans, only, People, student, take

by Medmoiselle T

Question posed by glamchika M: does the government disburse student loans on national holidays?
I’m supposed to get my student loan on the 21st of February but that is Presidents Day, will I get it before or after the Holiday?

Top answer:

Answer by Reena
After…. because money is moved only on what the banks consider “business days” and that means Saturday, Sunday and Monday are not business days this week and since you did not get paid on last Friday you will have to wait and see whether they put it in the account on Tuesday, the 22nd.

Whether you agree or disagree, why not leave your own thoughts below.

Technorati Tags: disburse, government, holidays, Loans, national, student

by Fergal Claddagh

A question from Diu L: Malaysia Government Student Loans (ptptn)?
Is PTPTN the only student loan available from the government?

Also, my friend qualified for almost $ 10,000.00 USD student loan from the Malaysian Government.

I thought the government only loans out to students who come from lower to average income families?

And regarding repayment of these loans: Is it true you can’t leave the country until the entire amount is paid for?

If my friend who comes from a wealthy family took out a government student loan and is still repaying it, does that mean my friend might be lying to me about coming from a wealthy family?

My friend said she refused to have her parents to pay for her university education, so she took a government loan. If you are wealthy, wouldn’t you take a loan from the bank instead?

I thought all government student loans are for lower to average income families?

My friend’s parents are wealthy, so how was this possible?

Selected answer:

Answer by FifthSonata
*Is PTPTN the only student loan available from the government?

That one confuses me a little. I’ve never heard of PTPTN, the only federal aid program I know if the FAFSA.

*Also, my friend qualified for almost $ 10,000.00 USD student loan from the Malaysian Government.

Why would the Malaysian Government give out scholarships? Is your friend in Malaysia? If not, it’s probably a scam.

*I thought the government only loans out to students who come from lower to average income families?

When you file the FAFSA, they calculate the expense of the college in comparison with your income (or your family’s income). This could give anyone the opportunity to get a loan.

*And regarding repayment of these loans: Is it true you can’t leave the country until the entire amount is paid for?

That one, I doubt it, but check the FAFSA website to be sure. If this is true, this means that any credit card debt would prevent someone from leaving the country, and that obviously isn’t true!

*If my friend who comes from a wealthy family took out a government student loan and is still repaying it, does that mean my friend might be lying to me about coming from a wealthy family?

Nope. Like I mention before, if your friend is rich, consider the school—does it have high tuition expenses? If so, then the calculated EFC (expected family contribution) is less than the tuition rates of the school.

*My friend said she refused to have her parents to pay for her university education, so she took a government loan. If you are wealthy, wouldn’t you take a loan from the bank instead?

No. Most banks don’t offer student loans unless you take it from a private vendor (Chase, Astrive) that don’t go through the government. Some have the option of giving you the money THROUGH the federal government so you have to pay back that BANK instead of the Dept of Education. Wealth has nothing to do with where you get the loan from.

*I thought all government student loans are for lower to average income families?

Nope. See my explanations above.

*My friend’s parents are wealthy, so how was this possible?

Like I said, their income and expected contribution to the child’s tuition is in comparison to the tuition rates of the college. If the tuition is really, really high, even rich people could get a loan. It would just be easier to pay the loan back!

Provide your own answer to this question below!

Technorati Tags: government, Loans, Malaysia, ptptn, student

A question from Brulia: 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.

Selected answer:

Answer by Xiomara
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.

Agree or disagree? Leave your own thoughts below.

Technorati Tags: companies, good, Loans, private, some, student

by B Rosen

A question from Anita: Can student loans prevent you from leaving the US?
If I am a US citizen with student loans (about 13k) will I be allowed to leave the States?
I am planning on moving to another country for a period of time in order to get married to my fiancee. However, I intend to return to the States and pay the loans in any case.

The top answer:

Answer by elean
I would not think so but what do I know

Do you know better? Why not leave your own answer in the comments below!

Technorati Tags: from, leaving, Loans, prevent, student

by Medmoiselle T

Question by Jimmbbo: Why is total government control of student loans a bad idea?
0bama wants the government to assume control of ALL facets of student loans, including WHO gets HOW MUCH for WHICH SCHOOLS… Why?

Top answer:

Answer by I’M A LIBERAL!
Obama is a Marxist. Obtaining control of student loans is a way of controlling students…..forcing them into certain majors and coursework just like in the Soviet Union.

You see, the Marxist forces you to do what they think is best for “the people.”

What do you think? Leave you answer below!

Technorati Tags: control, government, idea, Loans, student, total

by Ohio University Libraries

A question from GMan: Why can’t you reconsolidate federal student loans a second time?
Why can’t you reconsolidate federal student loans a second time when interest rates drop without taking out new loans if your credit is good? What is the reasoning behind it? Anyone know?

No 1 answer:

Answer by robert w
that is the rule.
want to change it ? spend some money to ur local politician.

What do you think? Leave you answer below!

Technorati Tags: can't, federal, Loans, reconsolidate, second, student, time

by Medmoiselle T

A question asked by Lala: Will the government pay back student loans?
I recently graduated from college in May and I was hired by the federal government. I just started with the government agency a few days ago. I have heard that the government will pay off student loans if you work for them; however, are there stipulations to this? Do you have to work there for a certain amount of time before this takes effect?

The best answer:

Answer by holtonmusicman
I do not know of any federal government program to pay back loans unless you are working in an area of specific need or in an area of low income.

Specifically there are programs for Doctors and Teachers who choose to work in areas of low pay or that have jobs that cannot be filled. These are typically in low income or rural areas where it is difficult to attract highly qualified individuals.

Typically you would have to remain at one of these jobs a minimum of five years to have part (or all) of your student loans forgiven.

The Federal Government does not pay them back . . . they simply “forgive” a portion (or all) of the loans that are Federally Insured . . . if you have loans that are not Government insured there are no known programs for re-payment or forgiveness of those loans.

How about adding your own answer to the comments below!

Technorati Tags: back, government, Loans, student

by Medmoiselle T

A question asked by chrs: Is a government student loan better than a private student loan?
I am currently in the process of getting a student loan and see that my school is directing me towards a government loan. I have looked into loans in the past and was told that private loans are better than government, but now I would really like to know if this is truly the case and why it is or is not.

Best answer:

Answer by Harry Ball
The only reason private loans are better than government loans is because the government can hold that loan over your head and you can’t fight them. So if for some reason you are late paying it back, they can withhold tax returns, garnish paychecks, etc. etc. A private loan company doesn’t have that ability. They can sue you if need be but that is a long process and you can fight it in court. The government can start ripping money out of your check without even telling you if they just up and decide that they want the money right now.

How about adding your own answer to the comments below!

Technorati Tags: better, government, loan, private, student, than

by Embajada de Estados Unidos en Bolivia

Question posed by gwynn: How to pay student loans you can not afford?
I owe nearly 54000 in student loans and I have 2 children and work 50-60 hours a week making barely above minimum wage. They are currently in deferrment and I’m not paying anything on them now, but they’ve been deferred for almost 2 years now and I know you cannot continue to defer student loans forever. I know I will probably never be able to afford a student loan payment, as I can barely make ends meet as it is. What does one do in this situation?

The top answer:

Answer by Suddenly Human
Believe it or not you have many options.

But what you ultimately do is dependent upon what you value the most, and the least. These are just some suggestions. You can do one or I would recommend a combination of several. But the most important thing to remember is that you must pay your student loans first, before ANY AND ALL other bills are paid. This is the one that is the most important and the one that will ruin your and your kids quality of life the most if you don’t repay it. Student loans never go away. Ever. So… here goes.

1. Work more hours per week than what you are already.
2. Get a second job (or a third) if you must.. in order to accomplish this.
3. Get a higher paying job, min wage is horrible for someone with 54K in debt.
4. Simplify. Get rid of anything that takes away from the approx 600 a month in student loan payments you will be making. This means sell the car, get rid of the house… move in with relatives and turn off the internet. You certainly don’t need a cell phone. Food, clothing and shelter… this is what you need to survive.
5. Manage your money very wisely. Account for every penny and again… simplify. Example: Many people think this means cutting out excess like not buying those things like dryer sheets to get your clothes soft… but I’m talking about a totally different approach here. Don’t use your dryer.!
6. Remember that if you don’t make your loan payments they will garnish your wages. If you think you are not making money now… just wait til that happens. Don’t let it. If you do it willingly at least its willing. Once you go into default that loan of 54K could easily skyrocket to a debt of 75K or more depending on how long you don’t pay on it, because the lender can (and will) charge you all kinds of penalties and fees for defaulting and hike your interest rates to double what you are paying now. They will start seizing your income tax returns (say goodbye to the EIC) and any other money you might get from the IRS.

Seek assistance (even non-monetary) from relatives, esp those who may have cosigned on those loans for you. A relative may be unable to give you cash, but more than willing to babysit for you to help out.. or better yet, let you crash in the basement for the next…. well… until the loans are paid off or you get a higher paying job to where you CAN afford the payments.

If you know better then please let us know below.

Technorati Tags: afford, Loans, student