When you apply for a loan you will be asked about any other loans you may have. This question will appear on your loan application. It is an offence leagaly to lie on a loan application. However if you are desprate for money and need two loans you could probably get away with it, in USA however Id be slower to chance it as there is credit rateing ect which will probably have it tracked.
Student loans are exempt from discharge because too many others had the same idea.
In the USA, all Federally Guaranteed student loans have the same interest rate and same benefits. It does not matter if you get the loans from a private bank or directly from the government. Private student loans differ in interest rate and benefits for each bank. Federal Student loans have lower interest rates and better benefits than private student loans.
Yes, you can have as many loans at as many banks as will give you credit. "Student Loans" are simply loans that have an additional requirement that you attend school while the payment portion is deferred. Of course you will have a tough to impossible time getting a second bank to give you a loan because they would want to understand why you did not go back to the original student loan bank.
yes and no
Same way you get loans for all other educational expenses. You do actually need to be a stuident.
OP here with more details: the private student loans they are cosigned on are current/paid on time, but other private student loans (with the same lender) are about to default. Can this in any way cause problems for my cosigner?
YES! It is the same, i say this because the appeal of doing either one of those are going to be the same "paying your student loan." Refinancing student loans will take advantage of a better interest rate and consolidating your loans 'lumps' all of them into one. Instead of having several loans with different bills, in consolidation you only have one bill. When you consolidate student loan you are refinancing it but you can refinance without consolidating.
The best student loans to get are government student loans.Of the government loans, the best one is a Federal Perkins Loan. These have low interest rates and the government will help you pay it back as long as you stay enrolled in school. You also don't need a cosigner or good credit for it.The next best loan is a Federal Subsidized Stafford Loan. This has many of the same benefits as a Perkins Loan.Finally, the Federal Unsubsidized Stafford Loan is available to all students, regardless of financial need.
One can usually get student loans after bankruptcy so long as they meet the other eligibility requirements for those loans. Public policy mandates that a "well-educated" society is a "better" society, so for that reason student loans are protected from bankruptcy so lenders will freely give student loans without fear of being filed on. And, since student loans are excepted from discharge in bankruptcy, they're not generally too skittish about someone who has filed before. I have had several clients ask me that same question, and I tell them what I said above and I ask them to let me know if they ever do have a problem getting a student loan due to bankruptcy. So far, no one has ever called me saying the bankruptcy caused them any problems in getting student loans... for what it's worth. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. that is not necessarily true. i filed bankruptcy and have had a steady job and even paid off a car loan that was applied for after the bankruptcy and I still cant get student loans. When you file for bankruptcy, you're still eligible for government loans, but not for private loans. These are the two basic types of loans. You should be able to qualify for government loans because these loans are based on need rather than credit
There are some differences in student loan consolidation programs but most work the same way. The program combines different loans to lock in a small interest rate.
The interest rate on federally guaranteed student loans are set by the government and change on July 1 of each year. Every lender must offer this same set interest rate. Rates are going down this July 1, so it is a good time to take out new loans. There is no need to shop around at different lenders for Stafford loans, since the rates are all the same. Beware of private student loans, the interest rate is always higher and benefits are always lower.
A fixed rate loan, like the Federal Unsubsidized Stafford Loan, are loans whose interest rate stays the same during the entire duration of the loan and during the time of payment.