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Student Government Loans

Phyllis Said:

Will government student loans pay for supplies and equipment as well as tuition?

We Answered:

You can do whatever you want once your basic bills are paid.

Mike Said:

What non-government student loans can you get under 18 with no cosigner?

We Answered:

Natasha, this is one of those terribly unfortunate situations with no good answer. You sound like a really responsible person who absolutely should be in college and working towards your degree. You are being penalized for graduating early and being a hard-working, intelligent person. There is most likely no lender that will let someone under 18 take out a loan with no co-signer.
Having said that, i think you need to try your hardest to get a relative or close family friend to co-sign for the loan. I would suggest taking some time to write up some kind of contract or at least, think of how to approach these people in a way which will make them see just how important it is to your future. Co-signing for a responsible person is not as dangerous as most people think. Stick with it and find a way, you are exactly the type of person that colleges and companies need.
Good Luck and if you find someone that agrees and will co-sign, check out http://www.thinkfinancial.com for a private student loan.

Amber Said:

Why use up government student loans before private?

We Answered:

Most college students don't have good enough credit and sufficient income to do private without a cosigner. Unless you have a full time job and plan on keeping the full time job your interest rates and terms they quote on their sites won't always be what you actually are offered.

Read their materials very carefully... does it say "as low as 4% interest" then has asterisk by it saying a disclaimer like... "your interest may be more depending on creditworthiness" or something similar? Just be cautious.

Variable rate loans are VERY scary. Have you been hearing all the talk about the mortgage crisis? Those folks took out variable rate loans and now their payments are double what they were paying. Variable rates also may include them being able to spike the rates if you miss a payment deadline. One auto draft miscalculation or mistake by even a day might make your interest spike for whatever reason they want. What once was 10% is suddenly 32%.

Also, federal loans have mandated deferment, forgiveness and forbearance policies. If you were to die or become disabled that private loan (remember they are not regulated by anyone so it could be anything) may STILL have to be paid back. Kind of a bummer for your cosigner or your children!! Some private loans also have "Prepayment Penalties". Meaning even if you pay it off in a year you are still responsible for the interest for the rest of your term. Can you imagine having to pay 14 years worth of interest even though you paid the original loan off? It's crazy.

What happens if the school suddenly closes and you can't finish your degree? You become pregnant and can't pay for a year. Federal loans REQUIRE your lender to give you mandatory relief from paying for certain situations. I think it's a total of like 3 years if you add it up. Private may do whatever they want.

Gloria Said:

What is this I hear about the Obama administration picking up the tab on government student loans?

We Answered:

Wow...I so hope this is true. GOODBYE LOANS!

Lydia Said:

what do you think of private student loans vs government student loans?

We Answered:

The private lenders have basically took over the government student loans and are making huge profits from our taxes and the interest on the loans themselves. It's disgusting. And, they now have the largest lobbiest agency in D.C. So all the bills being passed supposedly for students these days is actually being passed for the lenders. I wouldn't blame anyone getting student loans these days to say 'fck it, I refuse to pay them back' just on principle. It may hurt their credit score for 7 years but the fact remains it beats paying back $150,000 for a $40,000 student loan. It's become way too corrupt. It's indentured servitude and they are a rip off. Just my opinion.

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