navigating student life intelligently…….
Dec 01
Student Loans Q&A amp, private loan, Student Loans Q&A 3 Comments
I’d like to consolidate my student loans (Federal Stafford Subsidized & Unsubsidized; SELF Loans) without applying for a private loan. Is this possible?
Nov 27
Student Loans Q&A car loan, co signer, credit card, credit history, credit score, fafsa, family members, federal loans, job, last minute, money, private loan, private student, scholarships, several thousand dollars, signs, sophomore, student loan, t pay, wages 1 Comment
Here’s the situation:
1. I have about two months of credit history with one credit card, and I paid off the balance on time no problem.
2. I am a sophomore, have already filled out FAFSA, and am already taking out federal loans.
3. I need an additional private loan of 00 within three weeks.
4. My best candidate for a co-signer is my mother (My other closest family members are definitely unable to help me). Her credit score is good, but she has no job. She will have to get a loan of her own soon for a car, once she gets a job.
5. I have read on different websites that co-signing a loan affects the co-signer’s credit score. They all mention that a co-signer suffers if the borrower doesn’t pay payments, but I am assuming I will be able to get a job and continue to be responsible with my money. Does simply co-signing on a loan automatically hurt the co-signer’s credit score? Does this mean that my mother will not be able to get a car loan or refinance our home if she co-signs on my loan?
So my question comes in these pieces: Do I have to have a co-signer, given my nearly-non-existent credit history? Will my co-signer’s credit score suffer enough to prevent my co-signer from taking out her own loan? Also, does anyone have any recommendations on where I should go for a good private student loan?
Thank you in advance for any advice.
I am studying abroad; if I were to back out now I would be throwing away several thousand dollars. I didn’t know until last minute which scholarships I was getting (I applied to several scholarships, totaling 000, but am receiving just under half of it). The 00 deficit I am in now is after scholarships, wages, and federal aid.
Nov 22
Student Loans Q&A financial aid loan, job, loan default, parents, private loan, student debt 2 Comments
Will a private loan default affect my financial aid? I’ve never defaulted on a financial aid loan, only a private loan.
I totally want to pay back the default, but I can’t really get ahead until I get my degree. I’m not shady or anything, I’ve been killing myself without even making ends meet. My parents can’t help. If I could just get financial aid I could finish my degree and try to get a better paying job to pay off my student debt.
Nov 04
Student Loans Q&A 1098 e, plain jane, private loan, studen loan, student loan 1 Comment
My daughter and I refinanced her current student loan into a seperate private loan with a much better rate. However, is this new loan considered still a studen loan? By all appearanced on the outside of this, it is just a plain jane loan. I don’t get a 1098-E, or anything. So while I got a much better rate, did I lose the "student loan" status? I think I just inadvertantly lost a great deduction. Thanks
Oct 28
Student Loans Q&A interest rate, private loan, Student Loans Q&A 4 Comments
I have a few different student loans out; 3 private and 1 federal. Should I wait until I graduate to consolidate or should I do it now. I’m currently paying 0 on one private loan. The other loans have a 7.62% interest rate. Any suggestions?
Oct 27
Student Loans Q&A 1098 e, money, private loan, student loan 2 Comments
I refinanced my daughters student loan into a private loan with just my name on the loan that had a much lower rate and better terms. However, afterwards, I didn’t get a 1098-e, and I was just realizing that perhaps I just lost that deduction by changing it into basically a regular loan. I didn’t sneak other money into it. it was just rolled over into the loan. So, did I lose the deduction, or can I still claim it, or still claim it and hope I don’t get audited over it. Thanks
Oct 19
Student Loans Q&A financial aid, private loan 3 Comments
Like are they associted with one another. If you say one thing to get financial aid and say another thing for a private loan, both the financial aid and loan interconnected???? Help!
Sep 12
Student Loans Q&A freshman year, private loan, private loans, salliemae, teri, undergrad 2 Comments
I took out a private loan with TERI for my freshman year, and three more private loans with SallieMae for the last three years of undergrad. I called SallieMae to ask about my options and they were very unhelpful (not surprised). Is anyone in the same position or does anyone know of a company that could consolidate all of these loans so that I have only one monthly payment? Thank you !!
Aug 29
Student Loans Q&A bank one, consolidation, interest rate, law school education, mae, private loan, stafford loans, student loan 2 Comments
My student loan was consolidated in 1998-1999. They are stafford loans, used to pay for my law school education. My interest rate is at 8.25%, and apart from decreasing the interest rate by .25% with online payment, Sallie Mae/Bank One has offered me no other options, since my loans are already consolidated. Any options, other than to take out a new private loan for consolidation?
Aug 07
Student Loans Q&A college graduates, consolidation companies, economic condition, finding jobs, private loan, sallie mae student loans 5 Comments
I am getting ready to pay back my Sallie Mae student loans and they are expecting me to pay approximately 0 per month for my private loan. The only other alternative they gave me for a lower monthly payment was the Interest Only option, which I have heard is a horrible choice. Given today’s economic condition and the difficulty of college graduates finding jobs, I don’t know how they can expect people like myself to pay 0 per month. Are there any private consolidation companies out there right now that can significantly lower my monthly payment?
Thank you!
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