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Student Accommodation Loan

Kent Said:

Am i entitled to a STUDENT LOAN in America?

We Answered:

If you are coming to the United States to study, you must apply for financial aid in the country you are coming from.
You will not be eligible to take out student loans in the US; there's no way to collect if you default. And because you are not a US resident, you will not likely be eligible for many grants.
There may be some academic scholarships you will qualify for. Contact the university you will attend and talk to their Financial Aid office. Financial Aid is part of the distribution process for all aid, so they will know what's available.

Edwin Said:

How much would an average student loan be if living away from home?

We Answered:

The amount of your loan is determined by your school financial aid office. They use your EFC from the fafsa form and the cost of attendance for attending the school. Every school has their own cost of attendance so the only way you will find out how much your loan(s) will be is talking to the financial aid office of the school you choose and also finding out what your efc is.
To get your efc and find out what kinds of financial aid you qualify for fill out the fafsa form at www.fafsa.gov

Felix Said:

My student loan doesn't cover my accommodation?

We Answered:

Get a job.
Sad but true.

Jay Said:

i want to apply through clearing but have no student loan?

We Answered:

Its not too late to apply for a student loan. Contact your local education authority for the forms.

Bill Said:

can your accommodation costs be more than the maintenance loan?

We Answered:

Of course it can. Student loans are based on a number of factors, including how much you made last year, how much your parents made last year, estimated costs, etc. If the government determines that you are only entitled to a certain amount of financial aid, then that figure could very well be less than your costs of living, etc. Unfortunately, it is up to the loan agency to determine what you should be allowed. They may think that since you are in a better financial standing, that you only need a certain amount of money.

It also depends on what state you are in. Here in CA, we're broke haha. So obtaining large loans will be very hard to come by. Also, the economy is kind of crazy, so I think lending institutions are going to be much more cautious about how much they lend. Student Loans are special because they are at a reduced interst rate, which means the banks won't be making as much money off of you as they would if they were to loan that money to regular borrowers at regular rates. That is why they scrutinize loans.

Troy Said:

What is the average student loan repayment time?

We Answered:

You pay back 5% of your salary only if your earning over 15k year, if you do not pay it back over 15years (or 20 i forget) then it gets completely wiped out

if you wish you can pay more than 5% in order to get it paid off faster

It is absolutely nothing to worry about at all, it doesn't even count towards your credit rating or look negative to banks like an ordinary loan would

So it basically depends on how much your earning, but as long as your earning over 15k you shouldn't really need to worry about it at all, it will just automatically be taken off and you won't need to concern yourself with it

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