I would like to know if there are loans that are like the Federal Stafford Loan? (NO credit check) One that also works with private schools?
No, but the Sallie Mae Tuition Answer loan (www.tuitionanswer.com) is VERY easy to get approved for on a stand-alone basis, I got my loan from them when I was 19 with no co-signer. They send the check directly to you to pay your school fees and such. They do work with Private schools, so that doesn’t matter. I would apply for that, if you get declined then seek a co-signer, or switch to a cheaper school.
powered by Yahoo Answers
in 2001 i obtain a federal student loan for my son, i was always on time with the payments; in an unsolicited e-mail "I did not respond to" great lakes co. paid off the loan and is now asking me to pay them instead, 1. I did not sign any thing requesting a pay off 2. my ex husband was ordered in divorce judgement to make the payments way before the e-mailed me. What are my obligations to pay?
It’s probably a spam e-mail. I would E-mail the people you took the loan through to confirm, and let them know whats going on.
powered by Yahoo Answers
What Loan company will take over my federal student loans when the loans are in default so I can go back to school?
My loans are government loans from Saillie Mae. I owe them under $5000.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.
When your federal educational loans are in default, you have several options:
You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can "rehabilitate" your loan.
You can consolidate your loan.
Obviously option one is rarely attractive or possible for defaulted borrowers.
Option two (renegotiate) should be investigated fully - most borrowers skip this step, but it’s probably the best option for most people. Call your lender and ask to speak to someone in the "Workout" Department. Explain your situation to them (there’s nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.
Option three (rehabilitation) is really a specific form of a workout agreement. It probably won’t help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.
Option four is everyone’s favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple - a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt - a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you’ll make many additional monthly payments, and - in the end - you’ll pay far more back than you would have paid on the original loan.
As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren’t going to be able to afford to pay me $50 - is there something else we could do? "Oh, absolutely," I’d say, gallantly. "Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?"
See - in the end, you’ll pay me back $170 instead of $100 - that’s how a consolidation loan works. But remember - we’re not talking a $100 loan for a couple of weeks - by the time you pay that $5000 loan of yours back over many years, you’ll pay a few thousand more than you might have paid if you didn’t consolidate that loan.
Try this site
http://free-college-information-usa.blogspot.com/
Free College information on financial aid for students, scholarship, student loans and more.
powered by Yahoo Answers
I have a credit report on hand and don’t know what some of this gibberish means, especially about the transferred or sold comments about my student loans. My loans are from 1999 and a last payment was made in 08/03. Would they have been written off?
In truth it doesn’t mean much to you, you still owe the money but now the debt may have been sold to someone else. Even written off doesn’t mean anything positive to you, as the debts would have then been sold to some third party collection company for pennies on the dollar, and they’ll continue trying to collect them.
Best to contact the original creditor directly and find out who you need to contact regarding the debt.
Good luck!
powered by Yahoo Answers
I’m a college student and financial aid, just ain’t cutting it, does anyone have anything to recommend for me, loans wise?
if you are asking about alternative loans, check with your financial aid office for some advice. They should have a list of suggested lenders that are well know and legitimate. WATCH OUT FOR FEES!!!!!!!!!!!!
powered by Yahoo Answers
Stafford loans are based on income right? If I don’t get any government aid, what is the best loan for me if I have somewhat bad credit. I need something with a low interest rate. My tuition is going to be about 21,000 a year. I am also an undergrad student.
Ace:
No, Stafford loans are not based on income or credit. That’s why the Stafford lending program is such an important part of the financial aid system, and why so many students rely on them.
To become eligible for a Stafford loan, all you need to do is complete the Free Application for Federal Student Aid, better known as the FAFSA. You will only be denied a Stafford loan if:
You are not a "regular" student (as opposed to conditionally enrolled)
You are not working on a degree or certification granted by your school
Your school is not a participant in the federal student aid program
You are not a US citizen, or eligible non-citizen
You are in default on a previous federal student aid loan
You owe an overpayment on previous federal student aid
You were convicted of certain drug offenses that occurred while you were receiving federal student aid.
If none of those things apply to you, you will automatically be offered an opportunity to borrow from the Stafford lending program. The catch is that the Stafford program has annual borrowing limits.
A financial aid dependent freshman can borrow a maximum of $5500 for the entire academic year. Sophomores can borrow $6500, and juniors and seniors can borrow up to $7500.
The Stafford loan has THE lowest interest rate of any educational loan (other than the Perkins, which is only offered to the neediest of financial aid applicants). You’ll pay a 6.8% fixed rate for the entire life of the loan - and you’ll have 10 years to repay. The repayment obligation does not begin until 6 months after you leave school.
The Stafford application asks no questions about your income, your debts or your credit history, and the loan is entirely in your name. There are no questions about your parents, and you will never be asked for a cosigner.
The government offers another lending program that complements the Stafford, the PLUS loan program, but that program is only available to the parents of undergraduates. If your parents are looking for a way to help you with the costs of school, they can borrow up to the full cost of your attendance with a PLUS loan. The PLUS program is different in that it IS a credit-and-income loan - your parents’ application would be subjected to traditional lending analysis, to determine whether they qualify for the loan.
If the Stafford (and possibly the PLUS) is not going to solve your financial need, you have a significant problem. The only other type of loan is the so-called "private" or "alternative" loan - educational loans that are offered by banks outside of the government’s programs. First of all, these loans are almost always far more expensive, with higher interest rates and higher fees, second of all, these loans are all credit-and-income loans, which are only approved for applicants who can satisfy the bank’s conservative lending criteria, and finally, there are a small handful of banks that are still making this kind of loan at the present time. If you go to Chase or Citi or Wells Fargo, it is nearly 100% likely that you will be required to provide a cosigner if you are going to be approved for a "private" educational loan.
I hope this information helped you - good luck!
powered by Yahoo Answers
If both spouses have asked for loans , does it make any difference to make a deduction if one or both are working after they graduate ?
The student loan interest deduction can be taken in a year you make loan payments which include interest. It can be a year in which you or your spouse are working. It does not have to be a year in which you or your spouse were a student.
The maximum student loan interest deduction per tax return is $2,500. If both you and your spouse have loans, and you can control when you pay, you would want to limit the interest paid to $2,500 per year if possible.
Your deduction is limited if your income is too high. If you file a joint return, you qualify for the full deduction if your adjusted gross income is below $105,000. The deduction phases out completely if your income is $130,000 or more.
There is a worksheet on page 30 of the following publication which will figure your deduction.
http://www.irs.gov/pub/irs-pdf/p970.pdf
powered by Yahoo Answers
I want to go back to school for Photography, but will need to buy a computer and better camera. Will government student loans cover those expenses?
You can do whatever you want once your basic bills are paid.
powered by Yahoo Answers
I have bad credit and need additional loans for school this year. I’ve tried 3 co-signers with no luck and I don’t qualify for a loan on my own. Does anyone know of any loans for students with bad credit. I already have Stafford loans and they don’t cover nearly enough. I need about $25,000. I don’t have time to apply for grants and scholarships as school starts in two and a half months. Unless anyone knows of any that are really quick.
It shouldn’t take 2 and a half months for you to find out if you qualify for a grant. Go on-line and file your FASFA. You can even go to a bank and try to get a student loan with them but your rate will be really high.
powered by Yahoo Answers
I will be studying next fall in Budapest, Hungary at the Loránd Eötvös University. That school doesn’t have a FAFSA school code and so I’m forced to find an Alternative Student Loan. However, I’ve been unable to find many for students who’re studying outside of the US or Canada; the ones I do find only support a limited number of overseas universities and mine is not one of them. Can anyone point me in a good direction?
Sally Mae doesn’t perform loans for this university and neither the hungarian or american embassies have any infomation about overseas loans.
try your embassy in Hungaria
powered by Yahoo Answers