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Computer Financing For College Students

Thomas Said:

Mom college students.. read!!!?

We Answered:

I understand your concern - I finished school with 2 kids myself. First, you need to relax. Nothing is going to happen overnight.

What matters for the FAFSA is the income claimed on your last tax return. If you and your husband filed jointly, then that is income that can be attached to you. That said, your spouse's income would have to have been rather high in order for it to negatively impact the amount of funds available to you.

Remember that student loans acquired from lenders with government help are not free money! You will need to pay these funds back. The only impact your husband's income could have on you is how much help for tuition you can get at this moment.

Good luck with your education.

Agnes Said:

Financing a laptop for college?

We Answered:

I remember being in college and being in the same boat as you. I literally did not have 2 pennies to rub together. As far as getting approved for a best buy credit card goes.........with no credit to speak of and no money being put down unfortunately I do not see them approving you for it, but you can try. One thing I would encourage you to not do is go into a flurry of applying for credit cards or financing. Too many applications can actually lower your score and lead to staring out with poor credit. Did you apply for any financial aid? If you did chances are you probably at least qualified for stafford loans either subsidized or unsubsidized. These are given out by need and not based on credit. (Keep in mind that you still need to pay them or they will give you bad credit.) If you did and there is an amount that is in excess of what it costs for your fall tuition you can use this to pay for a laptop when the school dispurses excess financial aid. Most schools do this electronically into a bank account. Most schools do this 2 weeks after the start of the semester, but varies by school. Your schools financial aid office can tell you more about when this would happen. If the stafford loans is not an option the only other way would be to save up your money and buy one outright. In the meantime you can use the computers the school has as I am sure they have many computers for students to use.

Jim Said:

College financing options in Ontario, Canada?

We Answered:

You may be able to get OSAP again. Over your lifetime and based on getting your first OSAP about 2 years ago, you can receive 340 weeks of OSAP funding. So I bet you have not used up 340 weeks of funding.

Your problems with getting OSAP are going to be:
(1) what is the status of your current loan? Is it in good standing (ie you have been making regular payments and the loan is not in collections?) If it is, then go to item (3)

(2) if your loan is not in good standing, then you can contact NSLSC and ask for "loan rehabilitation". Generally speaking you would be required to make at least 6 months of regular payments and then they would move your outstanding loans into "good standing".

(3) are you on academic probation? If you started in police foundations, changed to computers and failed both, then you probably are. You have to write a letter explaining why you chose police, what happened, why you thought computers would be the answer, what happened, what have you been doing since then, what do you want to take now, why do you want to take it, what are your career goals. Then you have to supply documentation to support the facts you state in your letter. You must also provide transcripts for both programs and job postings showing that there are jobs available in the program you are going into. You must also explain how you are going to repay your loan when you are finished school. The school that you are going to may have to write a letter of recommendation -- if so, you will have to impress the financial aid officer at the school that you have changed and you are now determined to complete the program.

(4) and finally -- what is your credit like? In the last 3 years have you had 3 or more accounts worth more than $1000 that are more than 90 days in arrears? If so, then you are likely to fail the credit check. There is an appeal process for that. See the financial aid officer at the school you are planning to attend.

In fact, you should start by checking the OSAP website and doing as much research as you can. Then make an appointment with the financial aid officer. Speak to him/her and tell them about your past history with OSAP. Bring your transcripts with you. Be serious. Listen carefully to what they tell you to do. And then do it. Most FAOs are really busy so they can't do stuff for you -- you have to do it for yourself. But if you make the effort, most FAOs can find 15-30 minutes to go over your letter and other stuff and tell you if you need to add/change stuff. They can generally make a pretty good prediction about whether you will be successful.

Good luck!

Melanie Said:

How do I build credit? I keep getting denied.?

We Answered:

Good Morning to you. First I want to congratulate you on being a full time college student.

Now to your question.

1. If you have a parent, who will add you to their credit card, that will show up on your credit report. That is one way. Or have them on the credit application that you fill out, that is another way also. That will give you a just start.

2. Do a credit card search - there are many out there - but be carefull in having lots of companies pull your credit - I know, sounds frustrating.

3. There is such a thing as alternative credit. If you are paying for your auto from a pay day place, or if you have a cell phone, auto insurance (anything you are paying on monthly, this can be added to your credit report).

4. And yes, there are cards out there that are called "secured" credit cards - It is like a debit card from your checking account. You put money on the secured visa account, you make monthly payments on your purchases (even though it is your money) but that is reported on your credit report as being paid ON TIME. It is a start...ok

Once you get your credit card and other bills down the road - always remember to pay your bills on time.

Different portions of your credit file are given different weights. They are:
35% - Previous credit performance (specific to your payment history)
30% - Current level of indebtedness (current balance compared to high credit)
15% - Time credit has been in use (opening date)
15% - Types of credit available (installment loans, revolving and debit accounts)
5% - Pursuit of new credit (number of inquiries)
The most important factor for a good credit score is paying your bills on time. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you may want to: keep balances low on credit cards and other "revolving credit;" apply for and open new credit accounts only as needed; and pay off debt rather than moving it around. Also don't close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.
Recent changes minimize the negative effects that rate shopping can have on a mortgage applicant. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for scoring purposes for the first 30 calendar days; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.
Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that you did not score higher. The reason codes can help a lender describe the reasons for higher than expected rates or loan denial. Scores are not part of the credit profile and are not covered by the Fair Credit Reporting Act.
Your credit report must contain at least one account which has been open for six months or greater, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.

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