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Lawrence Said:Is it smart to consolidate your student loans?
We Answered:I don't see a reason to do it - at all.
I wouldn't do it in case some time in the future you land a job at the goverment that offers to pay part or all of your student loans.
Penny Said:Question on student loans?
We Answered:No - If your parents do not sign the PLUS loan, you will not get that money! The parent PLUS loan requires payments immediately, which is why they probably can't afford it if they're already struggling. The only way to get that amount of money now is to apply for A TON of scholarships and get most of what you need OR you can take out a private student loan from a bank. Most banks (chase, wellsfargo, citi, etc) don't require repayment of anything until after you graduate..The downside would be needing a co-signer... But you still wouldn't have to pay anything during school and the six months afterwards.
Alexander Said:10 points for best answer! Question for students/parents that use student loans?
We Answered:All federal and private student loans can be used to cover these costs including off campus housing or dorms, books, computer, transportation costs, misc (cause you can't go to school naked-lol, computer falls under this category too)... etc.
You can borrow UP TO the schools published "Cost of Attendance" and that includes ALL of these things. So just because a schools tuition is only 3,000 does not mean you can't borrow more, because you can!!
Here is an example of a schools "COST OF ATTENDANCE" and how much you and your parents can borrow UP TO. Note the line item: "personal", your computer and other would fall under this category.
ALL student and parent loans go directly to the school first. I repeat ALL student and parent loans go directly to the school first (this is private and federal). This is why you aren't finding anything.
Anyway, just because your schools cost of attendance is high does not nec mean you will be able to borrow this much (unless your parents are willing to take out a parent PLUS loan) because federal loans have limits on them (dependent freshman can only borrow 5,500 a year). If you want more, your parents are going to have to borrow, or you are going to pick a cheaper school.
Also be sure you realize you aren't going to get any excess aid (if any) until 4 weeks or more AFTER the school has started. If you need cash for deposits on apartment or bills you won't have that money before schools starts.
For example: Choose a school that costs 2,000 a year. You are a dependent freshman so can borrow 5,500 a year. Your loan money and your tuition is split in half, so you'd get 2750 a semester in loan money and your tuition and books would only be about 1,500... this would give you 1200 excess each semester for living expenses, misc, computer, transportation etc.
Hope that helps! This is why community colleges are so popular. Many students don't have parents willing to take out PLUS loans for them. But they are definitely a good option if the folks are willing. PLUS loans are your parents loans to repay, not yours.
Jessie Said:Why do parents of emancipated children need to sign for government student loans?
We Answered:A child's parents are not signing the loan as a parent as much as they are co-signing as someone else who will take the responsibility of seeing to it the loan is paid if said child slacks off. Mostly, it has to do with the fact that most 21 year olds haven't built up enough credit or they don't have enough collateral to back up a student loan that is often quite substantial, depending on where they are going to school.
By no means is a parent REQUIRED to co sign. If you don't want to, don't. Junior can work his or her way through college, or pick one that is a bit less expensive, or find someone else, like grandparents or anuties and uncles to co-sign.
Terry Said:Can I transfer student loans my parents owe for my education into my name?
We Answered:colleges.mywebcommunity.org - it provides some tips about applying to US federal and state grants for college students.
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