A question asked by Nicole C: What are the best ways to get student loans with a decent interest rate?
I have been in community college for the first 2 years of my schooling so I have not had to take out any student loans yet. I have been applying for loans for this next semester and I have been getting really high interest rates. Some are over 15% which I feel is riduculous. I am 21 years old with good credit and I have used my parents as co-borrowers when applying. They do not have great credit and my dad makes too much money for me to get any government help, but they don’t pay for anything. Where should I go for lower interest rate on loans? Also, what is a good amount to take out if I decide not to work next semester? Thanks!
My parents are married so any information I use goes for both parents.
Chosen answer:
Answer by Denise D Don’t get into debt if you don’t have to. There are so many scholarships and grants out there. This is the cheapest way to go. Reapply and just use your moms information. Dad is out of the home. Those interest rates will break you, I know. Been there done that and still paying. There are ways around the system I just don’t know where to get the information from.
Good luck with your schooling. Try scholarships.com or grants.org.
Question posed by BeenThereDone That: 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.
No 1 answer:
Answer by Worldly25 Pay off the loans. Pay as much as you can afford each month. Once paid, keep writing a check for the same amount and deposit into an emergency savings account first. This should equal 8 to 12 months of salary. This is in case of job loss you can afford to live till finding another. Once that is done. Start your retirement savings.
A great visual look at the subject of federal student loans.
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A question from killerkid420420: I wanna join the air force but they say I cant have bad credit. Would old student loans prevent me?
Its 4,000 worth which im willing to work off but I dont wanna spend months paying that if I could just join and continue my education…does that make sense?
The best answer:
Answer by Jennifer M Coruption… you may be tempted to “sell out” for money. Same with Law Enforcement
A question from majax79: Did housing market affect private student loans?
I saw that many private student loan compaies stopped offering student loans to 2 year colleges and some got out of the market all together.
Is this directly related to the housing crisis?
If so, then why not also bail people out of their massive student loan debt if they’re gonna help people with their houses? I don’t see how it’s anyone elses fault other than the people who got the housing loans.
I couldn’t figure out what section this question belonged in so I made an educated guess.
Most comprehensive answer:
Answer by SDD That would be the “two wrongs make a right” contention.
No, they’re not directly related, but the credit markets are all skittish about higher risk lending, so indirectly they feed on one another.
Whether you agree or disagree, why not leave your own thoughts below.
A question asked by Jess F: 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.
No 1 answer:
Answer by Elle S 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.
Question posed by Love is great: Are federal student loans and state student loans the same thing?
Just wondering if they are the same or if federal loans are funded through the state and state are funded through the state?
I meant if federal are funded through the government….. sorry
The No 1 answer:
Answer by krollamyben They are both threw the govenment, but people from your state look at your info and the fedural is givin on a need basics
Question posed by lonestarfj40: What happens to my government consolidated student loans if I go back to graduate school?
I am looking into going to graduate school next year and I have recently submitted my paperwork to consolidate my undergraduate student loans with the government. My question is what happens with this new consolidated loan when I go to graduate school? I had both subsidized and unsubsidized loans that were consolidated into one new loan. Can I defer this new loan while in graduate school and will the entire loan accrue unpaid interest while in school or only the portion that was unsubsidized to begin with? Thanks.
Chosen answer:
Answer by Bluekittie When you go to graduate school, your loans will go on deferment. Just call them and let them know you are taking half time or more. They will reactivate your account.
Do you know better? Why not leave your own answer in the comments below!
