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Emergency Student Loans

Allan Said:

Student loans for a non accredited school?

We Answered:

Most if not all student loans will only pay for accredited schools. If they aren't accredited than a lot of places won't hire you..If it's not at least a 1 sem. course, they wouldn't cover it anyway..GL

Jennie Said:

What can I do about getting student loans with bad credit, and no co-signer?

We Answered:

My daughter is in grad school and I paif cash for her first semester which was hard. We were going to get a loan for the next semester. But she did some networking around the school, did a little research on line and landed a research position starting in January which gives her a full ride for tuition and $800 a month stipend in return for 20 hours a week of work.

She got this one at a transportation institute associated with the college because of her undergrad degree in economics (it involves a lot of stats work) and her passion for transportation and infrastructure.

She was also offered a full ride at another school (too late to take it this semester) where she had previously applied because her undergrad thesis finally got to the right people and they want her to continue her research there in Las Vegas.

And have you asked the school for an undergrad teaching position?

Veronica Said:

Savings vs Paying Off Student Loans?

We Answered:

First, paying off high interest debt is better making low returns on the same amount of money. Think of it this way: You owe $100 at 10% interest, and you have $100 in savings at 5% interest. After one year you will owe a total of $110, but will only have $105 in savings. You have lost $5.

However, this does not mean your best bet is to throw all of your savings at the higher-interest loan. This will leave you vulnerable to unforeseen expenses. You might be forced to take out an even higher interest rate loan to pay the unforeseen expenses.

So first, determine the minimum amount of savings you are comfortable with. Most advisors say 1 to 3 months salary is the minimum "emergency" savings you should keep. This is just a guideline, you need to determine how much savings YOU are comfortable with.

Take the rest of the savings (if any) and apply them to your highest interest rate debt. If you have high interest rate credit cards (> 8.5%), put the money there. If not, apply it to the student loan. Continue to pay the minimum on the 4% student loans (assuming this is your lowest interest rate debt).

Where to put the remaining savings? Savings accounts are notorious for the measely returns (sometime not even enough to keep up with inflation). Money market accounts usually provide greater returns (recently I saw a 5.05% rate advertised). You can still access the money in a money market account at any time (there are limits on the number of withdrawals you can make in a month, but not the amount). CDs (certificates of deposit) are another option. These also usually provide higher returns; but your money is tied up for a specified amount of time. Early withdrawal brings penalties that will wipe out any returns and then some. A stock index fund is a riskier option. There is the potential to lose money, but in the long run the returns are higher. A no-load index fund (such as Vanguard's S&P 500 fund) will pay close to the same as the market (somewhere around 8% over the long haul), with very low fees.

The primary question that will help determine where to put your savings is: What is your risk tolerance and time frame? If you can't stand the thought of losing any of your savings, you will want to take the lowest risk investment you can find (Money markets or CDs). If you don't mind losing money this year if you will likely make it back next year, then you can look at riskier investments (Stock index fund). A short time frame (is grad school in your five-year plan?) will neccessitate a safer investment as well since you won't have the time to "earn back" any short term losses. A longer time frame allows for a riskier investment, since you will have the time to recover those short term losses.

Hope this helps.

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I hope that I get Emergency Student Loans as well because they're a bit urgent. I hope to resolve this issue soon because I don't want to remain indebted to any firm. This is the biggest situation students are currently facing globally.

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I'm looking to get emergency student loans. I underwent a financial problem while in college and require it. I hope that it solves my massive financial debt as soon as possible.

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