student loans

[d112crzy]

I've been thinking about going back to college lately. I don't have a job anymore, and I really think this is a step in the right direction for me right now.

With that said, what organizations do you guys go through?

I received some Sallie Mae thing in the mail today, that's what sparked the question.

I never liked the idea of loans, but right now it looks like it's the only way for me.

I know I can get scholarships and grants, but not right now. I fucked up my last quarter at UW and I'm currently paying off all the financial aid they gave me that quarter. So, I doubt financial aid would help me out right now. Maybe after a quarter or so, but not right now.

Do you guys just go through whatever your school offers?

I want something that I won't have to pay back immediately, or right after I graduate. Maybe after a few months after graduation, but the later the better, lol.

I have decent credit. My mom will be my co-signer, which she has excellent credit.

Any help is appreciated.

[ACC0RD22]

I use sallie mae with my parents as cosigners, Its reasonable, but i cant say I did any research. My mom did it all for me (Im totally independent! )

[lil_dcb7]

let me guess, you mom buys absoloutely nothing on credit, but yet has like three credit cards, right?

lol

my mom does that too.


you're an extremely smart guy, joser, and honestly, I wish i could be more like you.

Im heading back to school today, first day of my Senior year in HS.

You're head is screwed on tight bro, You'll figure something out financially.

sorry for cluttering up your thread, im not really good on loans and shit.


good luck bro!

[deevergote]

I didn't get loans. I put myself through community college for 4 years (takes a while when you're making less than $7 an hour). Graduated with my AS in Business. Within the last year of my time at CCC, both of my remaining grandparents passed away (my mom's parents). They were very thrifty, and my grandfather was a big-shot chemist for a big company... so they had some dough socked away. My mom got her third of it (3 kids) and felt so bad that she didn't help me at all for CCC that she paid for the next 2.5 years of Rutgers

Check into federal loans. Government loans have the lowest interest rates, I believe. Get a cosigner and you'll be even better off.


If you haven't completed 120 credits / 2 years yet, I would suggest going to a community college that has transferable credits to a 4 year university of your choosing. It saves money, and in my experience, the community college was a better education! (of course, CCC is one of the best community colleges in the nation... they've been approached to become a 4 year school, and they refused... it was WAY harder than Rutgers!)

[d112crzy]

Yea, I'm actually going to apply to the community college here. I have like 35 credits or so from University of Washington.

Danny, thanks for the compliments dude. But my head isn't as "screwed on" as you think. It's taken a lot of suffering and pain for me to get it screwed on the correct way. I've made so many mistakes, it's not even funny.

But no, my mom only has 2 credit cards, and she uses them all the time. She always pays a lot more than her min. payment requires, but not so much that she pays it off at once. She's also buying a house. By herself, she was qualified for a loan for up to $150k, 8 years ago. And that was mostly due to her credit, because job stability was poor for her at the time.

Anyways, keep it coming guys. I probably won't start school until winter quarter anyways.

I have some legal issues I gotta deal with before I can even make any short term goals.

Fuck the system is all I gota say.

[DhN]

never EVER get sallie mae..EVER...EVER

[ckyskater733]

i have wachovia and they arent too bad, but i think 95% of the people there are retarded. im switching to bank of america next year.

[phatdoughnut]

Yea, I'm actually going to apply to the community college here. I have like 35 credits or so from University of Washington.

Danny, thanks for the compliments dude. But my head isn't as "screwed on" as you think. It's taken a lot of suffering and pain for me to get it screwed on the correct way. I've made so many mistakes, it's not even funny.

But no, my mom only has 2 credit cards, and she uses them all the time. She always pays a lot more than her min. payment requires, but not so much that she pays it off at once. She's also buying a house. By herself, she was qualified for a loan for up to $150k, 8 years ago. And that was mostly due to her credit, because job stability was poor for her at the time.

Anyways, keep it coming guys. I probably won't start school until winter quarter anyways.

I have some legal issues I gotta deal with before I can even make any short term goals.

Fuck the system is all I gota say.

That is right, screw the system, all my and my wife qualified was for Loans. O wells gotta get an education one way or another..

I think I got my Fed loans from Wells fargo, and my "other" Loans Through College loan. Never had a problem with them, but you have to show proof of enrollment of atleast half time. So you might have to Pay for your first quarter and get good grades and then get proof of your enrollment for your next terms loans..

[d112crzy]

That is right, screw the system, all my and my wife qualified was for Loans. O wells gotta get an education one way or another..

I think I got my Fed loans from Wells fargo, and my "other" Loans Through College loan. Never had a problem with them, but you have to show proof of enrollment of atleast half time. So you might have to Pay for your first quarter and get good grades and then get proof of your enrollment for your next terms loans..

yea, I was reading through some stuff last night. It looks like you have to be enrolled already for some of these loans.

Oh well. The college I plan to attend is pretty inexpensive, so I'm sure I can pay for a few classes, then I'll get the loans.

[Rusty]

never EVER get sallie mae..EVER...EVER

Why?

I'm in the middly of the application process with them now for a Law plus loan and I don't seem to be having any problems.

[owequitit]

Sallie Mae, Key Bank, and Citibank all have really good programs for student loans.

I have tons of money in Sallie Mae loans, and have not had a single problem with them. It beats not going at all, let me tell you.

I believe the limit is 100K for undergrad, non med students. Keybank is 80K, and I think Citibank is also either 80K or 100K. I have borrowed from all 3, and haven't had any real trouble with any of them.

The cool thing about student loans, is that they are designed to be manageable. You just have to verify enrollment in order to qualify. So if you are enrolling in the spring semester, then you would need to submit proof of enrollment with your application. Often times, that is all handled automatically by the school's financial aid department, since the school code will be one of the things you put on your app.

If you are certified as enrolled, then the money should become available the first day of school assuming you do the paperwork early enough.

All of the student loans mentioned above, have a 6 month grace period after graduation, and as long as you are enrolled at least half time, and working toward a degree, they remain in deferrment. Basically, if you go for 1 semester, the countdown starts as soon as you are no longer enrolled (a start date and end date is given by the school). As long as you resume at least a 6 hour load (the usual definition of half time), the grace period resets and starts over, and starts over the next time enrollment lapses.

Once the 6 months expire, they are gone for good.

Interest on most of these loans is capitalized, which is basically the same as subsidized Federal loans. With a Subsidized Federal loan, the government pays the interest while you are in school, and then you pay it back when you are out. With capitalized interest, the interest accrued is added back to the principal, while you are in school. It has the same basic result.

Also, most of the loans mentioned have other options once you get out. Most include at least 1 year of forebearance, which is basically them forgiving the payment for up to 6 months at a time, until you can make payments. Again, if you don't pay the interest every month, it is capitalized back into the loan.

They also usually have things like graduated repayment plans, that give you a smaller payment in the beginning, and a larger payment later on when you are making more money. They typically can be selected for repayment over 10, 15, or 30 years.

You can also always consolidate at the end of your schooling if you have more than 1 major lender. This is a benefit because you get one payment, and overall, you typically save money. Sometimes, the consolidation firm may elect to reinstate a 1 year forebearance or deferrment period, even if the other one was gone. That varies company to company.

You are unable to escape from having to repay student loans, unless you die, or are permanently incapacitated. So you don't have to worry about them not being able to get you. The reason that is important is because it allows them to keep the rates lower, and also allows a nice steady flow of money under circumstances where default would otherwise be high.

I would fill out a FAFSA, and get as much Federal Aid as you can. The rates are typically lower, and if you are lucky, you may get most of what you need in the form of grants that don't have to be paid back.

Overall, even if you need student loans, it is worthwhile if you finish, as the average earnings of a college graduate are several times what the average earning for a high school graduate are.

As long as you understand everything before you borrow or sign papers, you should be just fine. I have more student loan debt than all but a few professions can fathom, and I haven't had a single problem.

All in all, it isn't as good as free money, but it sure beats spending the rest of your life doing something that you don't like to do everyday.

[owequitit]

Why?

I'm in the middly of the application process with them now for a Law plus loan and I don't seem to be having any problems.

I have never had any trouble with them at all.

[d112crzy]

Damn, I think this is the first time I entirely read one of your essay's, lol.

Thanks.

[sackingz123]

u dont qualify for a fee wavier? or probably thats only a CA thang

[10thcb7]

damn in texas its super hard for a dependent your adult to get grants. eh... maybe you can say you are black ?