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Tony Said:What can be done about predatory lending practices in the student loan industry?
We Answered:The government has to regulate these debtors to within a certain percentage
(example: canada government student loans will do prime + 1% - always.)
it is harder in the us because all the statutes that make america what it is say that government regulation is wrong. this way the rich get richer and the poor get worse.
a free market is a free market and to regulate would change the entire american way of life.
if you've already got your education, claim bankruptcy and screw those guys.
Bruce Said:Stafford, Perkins loans, Banks, Interest rates?!!! HELP!!!!!?
We Answered:OK, first off, somewhere you must have checked on your FASFA that you were interest in student loans or else there was a mix up somewhere. Usually, the Fin Aid office doesn't just offer student loans; you have to ask for them. Secondly, just pick a bank. As stated before, you loan will likely be sold at least once before you finish paying for it. They all have to follow the same rules and regulations set down by the Fed Gov to provide Stafford Loans (Gov subsidized student loans). Thirdly, a sub loan means it will not accrue interest while you are in school or deferment. *Deferment is when you meet certain criteria to stop making payments temporary. Such as you go back to school or are unemployed.* As for accepting the loan, that is up to you. You can take the loan and use it to pay for any credits your grants don't cover and buy books and send the rest back (you have 120 days to do this) with no penalties. Or you can open a high interest savings account and store the money in there while you are in school. If you need it, it's there. If you don't, well, you've just been given free money. The Gov is not charging you interest on the money, but it is earning somewhere around 3-4% while you are in school. When you are out, you take the money you borrowed and pay back a big part of your loan. Bottom line is, read everything they give you. What you don't understand, ask about. If the Fin Aid office can't give you an answer, call the lender. Talk to someone there, they are usually more up to date on the changes being handed down by the Gov anyway.
Leonard Said:Is my credit good enough for a private student loan?
We Answered:you should be fine for a loan.
Christian Said:Loan Consolidation question with NextStudent??
We Answered:It should be written in your contract that they are allowed to "sell" your loan. Whatever stipulations are stated along that line are legal, as long as you agreed to it by signing your name to the contract. Therefore, I would check my contract to see if selling your loan was stated. If it was, and you signed, then you only have 2 options: either pay it off or accept the new terms.
Have you checked around to see if you can refinance that loan into a fixed rate? Do you own a home? If you own a home and refinance your mortgage, you can get that student loan paid off.
Willie Said:Student Loan Consolidation?
We Answered:It's good you’re looking at your options. There are some pros and cons of the various lenders.
(full disclosure I work for one of them Student Aid Lending)
First understand that the rates and programs are virtually all the same. The Dept. of Education came up and administers the consolidation program so the rate/payment/etc. are all the same from one lender to the next as they do not decide what your rate is the Dept. of Education does.
Secondly you can not (and should not) combine your private and federal loans into one consolidation. If you do so you'll loose all the benefits (deferment, tax deductions, ect.) that come with your federal loans. In fact I wouldn't be in a rush to consolidate your private loans. Since many students have begun taking out private loans new programs are coming out late summer to offer you better rates and discounts on these loans so it would be good to wait till at least July.
So what's up with the 1.85% off - Cash Back - 2% discount after 24 months???
Lenders are competing for your business by offering other bennies. All make good on their offers but all of them will offer you the same benefits, all offer cash back or rate discounts or both. The question is do you have to ask for them or do they just offer them to you. Understand one benefit may be better than another. What's more important to you, cash today or paying less interest money and lower payments for the life of the loan?
Here's the break down
Cash Back = Money Today
Rate Discount = Less % Spent
Cash Back & Rate Discount = A little of each
Pick a lender you feel comfortable with. Someone you can call when you have a question and who you know will manage your account best.
Remember they are all truly the same the question comes down to service.
Ivan Said:Student Loan Xpress?????
We Answered:Do not trust any of those places. It is so easy to get a student loan that you do not need to get involved with anyone but a welknown back. Anyone applying for a student loan must file
FFASA form for financial aid. Though you may be denied, you still need them. You can do it online. Go to http://ffasa.us
Every student who has them, gets the loan. If you don't, you will not get a student loan at all from a trusted source. So, have your parents file the necessary papers.
Then get the student loan papers from a bank in your area and file them. You will get the loan.
Roger Said:What is the average interest rate for consolidated student loan interest?
We Answered:Check it out here. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
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