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Jessie Said:How likely is to get a home loan from a bank when having over $60,000 out in school loans?
We Answered:It all depends on your Debt to Income ratio. Basically, if you are making $4,000 a month before taxes, a bank will try to make sure that your total payments (student loans, car, and house payments) does not exceed 35% of your pre-tax income. So if your total payments of long term debt would exceed about $1,400, chances are that you will get turned down. Also, a lot of banks are requiring 75% loan to value on properties. So unless you have 25% to put on a down payment, or can obtain a virtually unsecured loan for the downpayment,you might be out of luck at the moment.
This is all assuming you have a good credit score of 700+.
Ricky Said:What school loans and grants are available to me?
We Answered:You should definitely apply for federal financial aid at http://fafsa.ed.gov but be aware, college is about sacrifice. You can get student loans, but you aren't going to get rich doing it. Depending on how expensive the school is, your loan money is given to you (to do with as you wish) after tuition and fees are paid.
So depending on your lifestyle and financial commitments, you MIGHT pay some bills, but rarely is anyone able to simply quit and go to school full time and live off loans. Not without selling the house, the cars, cancelling the cell phones, internet and anything else.
Remember, if it were easy everyone would do it and no one would need it. My Mom moved in with her mother with her two kids so she could afford to go to college. She was in her 30's at the time.
If you have a spouse, perhaps they could take a second job if you feel the need to quit work entirely or they (or you) feel that cell phones, Internet, is an absolute necessity. I find that this transition is hardest for folks like you. Who've had a life (and earned some money and have the debt to show for it).
Good luck. And good for you for deciding to go back to school.
Adrian Said:What is the US policy towards forgiving school loans after the age of 65?
We Answered:I have included some readings below on it.
Sheila Said:Question for homemakers who used college loans to go back to school?
We Answered:if you plan on having a career then yes. There is no investment better then education. If your not sure if your going to go back full time it still may be worth it in case something happens to your spouse. If you can guarantee that you'll never use it then don't do it.
Robin Said:What should I do with all these school loans?
We Answered:A high number of school loan lenders will work with you in the event you are going into a financial crisis, typically by reducing the premium but extending the payments years past what you currently contracted when you received the loans.
If you set aside $1000 a month, you'll have the loans repaid in 15 years or so. At $600 a month, it'll be roughly 25 years before the loans will be paid. This does not include interest.
Don't ever stop paying your student loans. They are typically at a low rate of interest, and lenders are more than willing to extend the period of the loan. Your credit score will drop like the Hindenberg if you stop and then decide to pay after medical school. I would simply call the lender and then ask the lender to grant an extention.
Good luck on medical school! I hope you have a long and lasting career as such!
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