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Private School Loans

Katrina Said:

Need to find Private School Loans with bad Credit?

We Answered:

Depending on whether you can prove that you can pay back the loan, a few lenders might cnsider you - though as usual, folks forget to let us know what country / state / city they are in - so it makes it almost impossible to help.

In short, if you cannot show that you are able to repay the loan (to their satisfaction, not yours), then they are unlikely to want to "throw their money away".

If you repaid your uncle, perhaps he would consider a larger loan next time? what's that? You didn't repay him?. Ahhh, squadged that plan then.

Raymond Said:

Are private student loans better than loans from the school?

We Answered:

No, private loans almost always carry higher interest rates and give you less wiggle room when you are in a financial crunch. Always look for the Perkins Loans and other types of loans offered through you school. Also, apply for as many private scholarships that you can.

Lafango is currently hosting a scholarship essay contest

Hope this helps!

Barbara Said:

What can happen to me if i decide to stop paying my federal and private school loans?

We Answered:

School loans are not forgiven. You will eventually have to pay them. If you are having trouble paying what they want you to, contact them and see if they will lower the payment due.

Warren Said:

Can anything be done about consolidating private school loans?

We Answered:

After I consolidated my student loans, I discovered that I had additional private school loans directly from the university. I was able to consolidate them with Sallie Mae. I would not fail to repay any of your student loans, whether private or federal. Contact a consolidation company and ask for a deferment, if you need some time before you begin making payments due to financial hardship. Good Luck.

Brad Said:

Do private school student loans (not federal) count as unearned income, if you're using it to pay for rent?

We Answered:

You have to pay loans back, therefor it is not considered income.

Christine Said:

Why are private school loans exempt from IBR plans and hardship deferments?

We Answered:

Private student loans are just that...PRIVATE and they are not subject to government loan program rules. Therefore, they are not eligible for any of the forgiveness or forebearance programs for your government student loans.

The laws about this are not going to change because they are not regulated by the Department of Education. Private student loans are consumer debt. As long as they give the appropriate disclaimers for consumer debt (interest rates, terms of repayment, etc.) they are not subject to any other regulations by the government.


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