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Good Student Loans

Zachary Said:

Are there any good student loans out there for someone with bad credit?

We Answered:

You should try Sallie Mae website or J. C. Bank I believe that's it or something to that extinct. Their really good and it is not based on credit like some banks. You can take out a private loan and go to whatever bank that is on the listing. My credit isn't all that great and I'm about to start building my credit back and I was approved for a student loan for fall semester. I understand where you coming from because school can become very expensive. Try to get some grants too if you can at least it will go towards your education and you wil not have to pay it back. I hope it works out for you, good luck on school this fall!!!

Mark Said:

Where is a good place to get student loans with a good co-signer?

We Answered:

Try to stick with federally insured student loans. They are cheaper and less restrictive in the long run. You generally don't need a co-signer with federal loans, but if you must go private, check with the financial aid office at the university you choose. They will generally have a list of possibilities. Also check websites like finaid.org and your state education department.

Carrie Said:

Where are some good sites for subsidized student loans?

We Answered:

Try http://financialaid.com . I think they can get you subsidized loans. Also, check with http://salliemae.com .

Good luck!

Jamie Said:

How much of a good idea are student loans?

We Answered:

It depends entirely on how much loan and how much you expect to earn once employed. Payments on $10,000 student loan for 10 years are manageable for almost anyone. It's about $115 per month. Payments on $80,000 for 10 years is $920 per month - a serious chunk of change for most people.

One rule of thumb is that you should not take out loans totaling more than you expect to earn when you graduate. That means if you expect to earn $42,000 as a public school teacher then $42,000 needs to be the max loans you take out if you want to be able to make the payments. Imagine making those $980 per month payments on a monthly income of only $3500, it makes a huge dent in income. But, how hard is a $115 monthly payment when you earn $3500 per month - no worries. What if your future occupation only pays $1700 per month ($10 per hour) to start though? Not going to be able to pay back much at all on that income.

One problem here is that a lot of young people have exceptionally inflated opinions of what they will earn on graduation. You have to work from realistic numbers if you're using this rule of thumb.

That said, it's best if you can avoid graduating with any debt at all. No student loan, credit card, personal loan, etc... debt at all. [have a credit card, just don't keep a balance on it] The reason is that you don't know how much you'll earn or how long it might take to find a job. That's where the nightmare comes in, people that draw $75,000 for a BA in Psychology (just an example, based on one I've worked on this week) find that they can't find a $75,000 per year job immediately after graduating. You end up trying to work out 25 year consolidation loans that are going to accrue incredible amounts of interest before you are able to pay them off, if you can ever pay them off.

Education is expensive though - some people have no choice but to take out loans. If you have to then take federal and state funded loans and not privates. Only draw what you need for your education (not living expenses or a new car) and keep track of what you're borrowing. Borrowing for actual education costs is usually a good investment. Borrowing to cover living expenses is always a bad investment. There is simply no valid justification for borrowing to cover living expenses - that's not what student loans are for and foretells a really bad future scenario.

The advantage to those state and federal loans are the really good payback options offered and the options for deferral and forgiveness that private student loans don't offer. Borrow if you have to but within limits and with a complete understanding of what you're doing. It's no different than borrowing for anything else, you need to be sure you know exactly what you're buying.

Edward Said:

How do international students get good student loans?

We Answered:

Bad credit student loan that is sponsored by the government is dispersed by the colleges and schools. The amount that could be acquired as government student loan varies dependent upon the requirement of the borrower. It is dependent upon the administration of the school and colleges,

Todd Said:

Are there any good student loans?

We Answered:

all student loans are good until u have to pay them back! If u graduate with over 50k in debt u will be living pretty slim for a while!

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