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Student Loan Advice
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Eric Said:Need some advice on what student loan to take?
We Answered:Private loans usually carry higher interest rates, and some of them you have to pay back while you are in school. They will also run your credit, and you might have to have a co-signer. Now if you can get a stafford loan that is your best bet.
Jack Said:Private Student Loan Advice?
We Answered:Wow, that interest rate is SCARY! I did some quick calculations and it looks like you can expect it to accrue just over $3000 in interest over two years, assuming that the lender will capitalize the interest at the end of the first year. Is making interest only payments the first two years an option? 11% interest on 15,000 is about $1650 a year, or about $137.50 a month. If there is any way you can fit that into your budget you should REALLY try to do that. Capitilization is a KILLER, and it will cost you A LOT in the long run. If not, expect it to take you a really long time to pay this loan back. With capitalization, after four years, the loan will already be up to over $22000! Then it will continue to grow after you graduate, too.
Here's what you have to consider: is this loan worth it? Will I be able to afford this loan with my anticipated earnings for my field of study? For example, if you are earning a Bachelor degree to become a teacher, but your loan payment is $500 a month, is that really worth it? On the other hand, if you are becoming say, a nurse, then $500 a month might be more worth it. Use the loan calculator at www.finaid.org. You can enter in your loan debt and interest rate to determine what you can expect your monthly payments to be.
Enrique Said:Student loan advice please help me?
We Answered:At the beginning of the year (calendar year, not school year), you need to file FAFSA. This is how the Federal government says your eligible for a student loan. This is the best one because you do not pay back until 6 months after graduating (unless you drop out early, or go part-time).
It's 2500 for first year, 3500 for second year, 5500 for last 2 years. And amounts are higher for even higher education.
If you did not do this, contact your school's financial aid office to see if you're too late, or how you can still get a student loan.
Don't get a regular loan from a bank...you have to start paying back 30 days from taking it (most of the time).
Dana Said:Student Loan Goodwill Adjustment advice?
We Answered:The creditor will route the letter to the correct department, just make sure and use the correspondence address. Below is a link to sample letter.
Sue Said:What is the best approach to finding a student loan? ANY/ALL advice is needed!?
We Answered:Go to a good bank, or to the financial aid dept at the college ur wanting to attend, those are your best bets...be leary of these infomercials and radio stations talking about how easy it is to get money, you can get in over your head in debt and end up being in the poor house with a college degree!
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