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Lois Said:Private 'direct to the student' graduate loans.?
We Answered:The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestude…
I am suprised that you are having difficulty with deferrment as most private student loans have an in-school deferrment.
Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.
Becky Said:can anyone suggest inexpensive private graduate student loans?
We Answered:Hands down, the Federal PLUS loan. A lot of people still don't know that graduate students can borrow PLUS loans now. Grad PLUS loans have been available for about a year, but there are hardly no down sides to the program when compared to private loans.
Graduate students are eligible to borrow PLUS loans up to their Cost of Attendance (tuition, room, board, transportation, books, etc.). PLUS loan rates are fixed at 8.5%, but many lenders offer benefits that will knock this rate down to 7.25% or less. Most private loan lenders can't even come close to this rate, which is well below today's Prime rate.
Better still, PLUS loans can (if you wish) be consolidated with your other federal student loan (Stafford, Perkins) and they're eligible for many of the same deferment benefits. Many lenders will also schedule your PLUS loan repayment so that it begins at the same time at your Stafford loans (it's not exactly a grace period, since interest will be accruing -- more like an automatic 6 month forbearance).
PLUS lenders to consider:
Sallie Mae http://salliemae.com/get_student_loan/fi…
College Board http://collegeboard.com/student/pay/loan…
Bank of America http://www.bankofamerica.com/studentbank…
Joanne Said:When should I consolidate my federal and private student loans?
We Answered:It concerns me that you are paying on your Student Loans while still attending school. Private Loans are always a tricky thing to work with since the terms vary from Lender to Lender so it is rather difficult to answer your question accurately.
When dealing with you Federal Student Loans you are not able to consolidate those until you graduate school or drop below half time status as a student. As of July 1st, 2006 students with Federal Loans are no longer able to consolidate them while in school at least half time. In addition, you need a minimum balance of $7,500 in order to consolidate your Federal Student Loans together.
Dealing with your Private Loans, are they Private Student Loans or just a Private Loan? If they are strictly Private Loans that would explain why you are in repayment before you are even out of school. If you are interested in consolidating your Private Student Loans I would wait until after July 1st, when programs are expected to improve. Also keep in mind that you are unable to consolidate your Private Student Loans and Federal Student Loans together under the FFELP Consolidation Loan Program. If you were to consolidate your Private Student Loans and Federal Student Loans together, you would lose all your Federal Benefits on your Federal Student Loans.
For more information on Private vs. Federal Student Loan consolidation please visit the source below. Hope this helped you out! Good luck!
Gerald Said:I am starting graduate school this Fall. What are the better private student loan options?
We Answered:Non profit enterprises and private financial organizations are the federal institutions that offer loans to students. The offered amount will help students to pay for their tuition, their books, their accommodation and any other school related expenses.
In many cases, the amount can hardly cover the entire amount for the education forcing the student to ask private institutions for loans. Before granting the loan the company checks the credit score for each student.
Edith Said:Are private student loans renewed yearly until you graduate?
We Answered:You have to GET A NEW one every year until you graduate, as needed... That's why you should avoid getting one unless you absolutely have to (& yeah, I get it, 'cause I need them, lol) and they CAN cause problems for your credit, and they CAN turn you down for later loans if you "borrow beyond your means"... So always borrow the lowest possible amount you can...
But yes, you have to get a new one (can't really "renew") EVERY year.
Jimmie Said:I need simple info about private student loans for living expenses I don't have to repay til I graduate?
We Answered:If you apply for financial aid through FAFSA, they will send you information of Stafford Loans. These are Government loans with low interest rates that don't need to be paid until after graduation. They ave very flexible after wards, giving you grace periods if you are going through a rough financial time, can't find a job, or any financial hardship you are experiencing later on. Sometimes you are able to pay down on the interest, by sending small payments during your school years.
Go to www.fafsa.ed.gov they will not only give you options for loans, but financial aid and grants that you do not have to pay back. Keep in mind these loans mainly cover, tuition, room & board, plus a bit of extra money for books & supplies.
Best of luck.
Lori Said:Help with private student loans!!! I'm graduating this may and I don't know what do with my private loans.?
Unless you have very unusual private educational loans, the in-school deferment that you have been enjoying until now will continue to apply while you attend graduate school. Your payment obligation will not begin until you have been out of school for 6 months. That is definitely the case with all of your federal loans.
As far as your question about consolidation - the difficulty that you have experienced in finding consolidation options for your private loans reflects the reality of the market - there are few, if any options for consolidating private loans at the moment. Once again, the government loans trump the privates in terms of flexibility.
(However, you should not need to consolidate right now, so that's really a moot point).
When consolidation loans become more readily available (and of course, when you finish grad school), you will have to deal with the fact that the loans are credit-based - but the good news, we can hope, is that your new master's or doctorate will have enabled you to find a great, higher-paying job. If you have flaws in your credit history, your grad school years will provide an opportunity for you to address them - get your credit report cleaned up before you have to apply for a credit-based loan.
With any luck, your post-graduate employment will enable you to afford your existing loan payments - consolidation is a VERY expensive alternative. The underlying principle, that you must understand about consolidation, is that consolidation cuts your monthly payments by stretching your repayment period out over a very long period of time. Sure, that can cut your monthly, but you will pay back tens of thousands of dollars more in interest - and I'm not using "tens of thousands" as an exaggeration. That is exactly what you'll pay.
So - deep breath. Spend the next 2-7 years focusing on your graduate work - that's challenging enough. Your loans will be waiting for you on the other side. Use the time to get your financial affairs in order - in case you do need to refinance the loans. And whatever you do - please - don't add a penny more than you absolutely need to your existing debt.
Good luck to you in grad school!
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