Comments on: How can I take out a College Loan if my family doesn’t own a house? http://studentloanquestions.org/student-loans/how-can-i-take-out-a-college-loan-if-my-family-doesnt-own-a-house Answers to all of your student loan questions. Thu, 29 Jul 2010 07:57:33 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Suddenly Human http://studentloanquestions.org/student-loans/how-can-i-take-out-a-college-loan-if-my-family-doesnt-own-a-house/comment-page-1#comment-1362 Suddenly Human Fri, 05 Feb 2010 03:49:37 +0000 http://studentloanquestions.org/student-loans/how-can-i-take-out-a-college-loan-if-my-family-doesnt-own-a-house#comment-1362 The interest rate for student Stafford loans is 6%. That is the one you want. The 8% is probably for the parent PLUS loan. They need to have decent credit, it doesn't have to be great, but if they are denied for bad credit, the school will offer you an additional Stafford loan to help you pay.. it will be the lower rate. You do not need (and should not) ever put anything up as colateral - especially your family home. It is not necessary. Private loans are sub-prime and have VERY high variable interest rates, high processing fees, prepayment penalties and should be avoided at all cost. This book has a great table in it with the different kinds of federal loans and the interest rates for each. Good luck. The interest rate for student Stafford loans is 6%. That is the one you want. The 8% is probably for the parent PLUS loan. They need to have decent credit, it doesn’t have to be great, but if they are denied for bad credit, the school will offer you an additional Stafford loan to help you pay.. it will be the lower rate.

You do not need (and should not) ever put anything up as colateral – especially your family home. It is not necessary.

Private loans are sub-prime and have VERY high variable interest rates, high processing fees, prepayment penalties and should be avoided at all cost.

This book has a great table in it with the different kinds of federal loans and the interest rates for each. Good luck.

]]> By: stacey http://studentloanquestions.org/student-loans/how-can-i-take-out-a-college-loan-if-my-family-doesnt-own-a-house/comment-page-1#comment-1361 stacey Tue, 02 Feb 2010 06:25:32 +0000 http://studentloanquestions.org/student-loans/how-can-i-take-out-a-college-loan-if-my-family-doesnt-own-a-house#comment-1361 I'm not familiar with the process in New York. if your family is financially strapped for cash and do not make a lot of money you might be qualified for grant money or different types of loans that might be offered. I highly suggest you call or email the financial aide dept. at NYU and ask them if they can help you out and find a solution to your problem. The best information will come from them. I’m not familiar with the process in New York. if your family is financially strapped for cash and do not make a lot of money you might be qualified for grant money or different types of loans that might be offered. I highly suggest you call or email the financial aide dept. at NYU and ask them if they can help you out and find a solution to your problem. The best information will come from them.

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