0
Some students assume they can use their low interest student loans to buy anything and everything. The truth is there are strict guidelines over how a student can use his or her low interest student loans. A student should be sure that he or she is only spending the money on living expenses and school expenses.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
How do you cancel student loans taken out prior to 1990?
I took out student loans (Stafford) in the early 1980's, they defaulted and then I consolidated them with the Federal Government, been paying forever, but it only keeps paying on the interest since it is sky high - original amount of loans were $10,000., but with continuous interest they remain at $23,000.00 (I have paid over $10,000. on them at this point; I did apply for the waiver given to teachers who teach in Title 1 schools and it was denied because loans were prior to 1994. Help me, pls., I am 66 yrs. old and don't know how much longer I can keep working.
Are there student loans with a grace period of 6 months after graduation to begin paying them back?
Yes, I know all Federal Student Loans start repayment 6 months after graduation.
If a school closes do student loans get cancelled?
If the school closed and there were unused student loans, they would be cancelled. That would probably be an unusual circumstance since they probably would know in advance that they were closing.Any outstanding loans that were used would not be cancelled.
What is a banks customer's share of the profit made on loans?
The bank customer's share of profit made on loans by the bank is called the "interest." It is the money the bank pays the customer for having their money deposited with the bank. As you know, the bank earns an interest income from loan customers for the money they lend them, and since this money they lend is taken from the deposits placed by customers, banks share the profit by paying interest to the customer who has placed the deposit with them.
What companies offer free loans for individuals with no credit?
There are very few companies that offer free loans for individuals with no credit. It would be best to get a personal loan from someone you know, as they will not charge interest.
How Students Can Finance With Education with Low Interest Student Loans?
No student wants to start off their career drowning in student loan debt. Making student loan payments can be a struggle, especially with an entry level salary. High interest rates will only make these loans even less affordable. This is why it's important for students to finance their education with low interest student loans in order to begin their career on the right foot. To begin looking for low interest student loans, you will first want to fill out the FAFSA, or Free Application for Federal Student Aid. This form will require you to fill out income and tax information, as well as information regarding your parent's income. After this form is processed, you will find out if you qualify for financial aid and will be given a few different student loan options. Once you know how much you need to borrow, it's time to begin looking for loans. Take the time to research both federal and private loans. For many students, federal loans will provide the lowest interest rates. Students that are considered to have a great financial need may even qualify for subsidized Perkins and Stafford loans, which means that the government will pay the interest on the loan until you graduate. However, students that have already established a good credit rating or have a cosigner with good credit may benefit more from private loans. When researching private loans, check the interest rates available at banks, through social lending, and through peer to peer lending. Make sure to get a good idea of the interest rate that you could qualify for through a variety of lenders. Do not just take the first offer you are presented with, even if it seems like a good deal. If it's still the best deal after shopping around, it will still be available to you. The lower the interest rate you get on your student loans, the lower your monthly payments will be. While payments may seem far off, your college years will fly by faster than you think. Low interest rates will also lessen the amount you'll pay in interest over the life of the loan. Taking the time to find the best low interest student loans will definitely pay off in the long run.
How do you know how much you will get in refunds off student loans?
I'm not sure what your asking...student loans cost, they don't get money...nor do they provide any tax benefit.
What is the interest rate for Wachovia student loans?
Wachovia has been know to offer student loan rates for as little as four percent. They are one of the industry leaders in student loan lending. Their rates do vary so it is best to check with your local branch to see what today's rate is.
What should every student know about student loans from the US Dept. of Education?
Here's a link to a website that offers information on student loans from the US Department of Education, and if it's right for you or not. http://www.ed.gov/
Education Loans Explained?
Prospective or current college students who are interested in education loans will find there are many different options and resources. The key to taking advantage of educational loan opportunities is to know what is available in terms of loan types. First, it is important to understand the various types of education loans. Student loans fall into three primary categories. They are federal student loans, private education loans and consolidation loans. A federal student loan is the loan that most students are familiar with. These loans include Perkins loans, Stafford loans and PLUS loans. Each of these educational loans is government subsidized; however, they are taken out through banks and financial institutions. Two of the most common used for types of education loans for undergraduate students are Perkins and Stafford loans. These loans provide the benefit of low interest rates. This is because the interest rate on these loans is established by the government and is then controlled based on the current basis of the economy. Private student loans are not subsidized by the government and are instead offered by private banks and financial institutions. Students who are not able to demonstrate financial need and receive federal aid, may be able to receive the funding they need through a private lending program. Interest rates for these loans can vary based on a variety of factors, including the current economy and the student's credit background. It is important to note that in order to be approved for most private student loans you do need to have acceptable credit. Consolidation loans are most commonly used by students who have several educational loans and who wish to combine those loans into a single loan with one interest rate. The benefit to a consolidation loan is that you may be able to save money on interest. In addition, you can also benefit from paying the loans together in one payment each month, rather than in separate payments throughout the month. For students who wish to attend college, or continue their pursuit of a degree, education loans can provide the funding necessary to achieve one's goal.
How do you cancel student loans taken out prior to 1990?
I took out student loans (Stafford) in the early 1980's, they defaulted and then I consolidated them with the Federal Government, been paying forever, but it only keeps paying on the interest since it is sky high - original amount of loans were $10,000., but with continuous interest they remain at $23,000.00 (I have paid over $10,000. on them at this point; I did apply for the waiver given to teachers who teach in Title 1 schools and it was denied because loans were prior to 1994. Help me, pls., I am 66 yrs. old and don't know how much longer I can keep working.
Are there student loans with a grace period of 6 months after graduation to begin paying them back?
Yes, I know all Federal Student Loans start repayment 6 months after graduation.
Can you get Student loans as a felon?
Only if one has a felony drug conviction may they not qualify for student loans. Otherwise, with good credit or a cosigner you can still qualify. If you want to know more, go here: http://www.financialaidfinder.com/financial-aid/seeking-financial-aid/student-loans/
If a school closes do student loans get cancelled?
If the school closed and there were unused student loans, they would be cancelled. That would probably be an unusual circumstance since they probably would know in advance that they were closing.Any outstanding loans that were used would not be cancelled.
Can you still receive student loans to continue pursuing graduate degree while having wages garnished on previous student loans?
Absolutely not. You know that phrase "there are no stupid questions"? It's a lie.
Taking Out Subsidized Student Loans?
When taking out student loans, there are certain things that any student truly needs to remember. It is very important for a student to have his or her documents in order, before applying for student loans. A person truly needs to take the process of applying for student loans in a serious manner, or else he or she may never be able to receive the loans that one needs. A student also needs to make sure that his or her credit score is good, before applying for subsidized student loans. It is very important for any student to get a copy of his or her credit report, before applying for student loans. If a student does not do this, then he or she runs the risk of applying for loans and being rejected for such loans, due to a poor credit rating. It is also important for a student to be as honest as possible when filling out the FAFSA. A student should remember to turn in his or her application for federal aid as soon as possible. It is very important for a student to know exactly when the FAFSA is due for the given state in which he or she lives. If a student does not turn a FAFSA in by the given deadline, then he or she may be rejected for loans by the government. A student may be unable to qualify for loans, since all of the money may already by disbursed. It is incredibly important for a student to do whatever it takes to get the FAFSA turned in on time. It is also a good idea for a student to have all of the necessary information he or she needs, before applying for the FAFSA. A student will likely need to know how much money he or she made for the previous year. The FAFSA will take this amount into consideration, when it determines how much scholarship money the student should receive. If a student makes too much money, then he or she may not be able to qualify for subsidized student loans as well. It is truly important for a student to do all of these things.
Taking out Loans for College ?
Many students are unable to afford college without a student loan of some sort. Student loans are necessary for a good majority of students that attend school. For the student that wants to attend college but does not have the financial means possible, student loans can open up a world of opportunity. If a student wants to know how to find some great student loans for college, then there are all sorts of resources he or she can consult. First off, a person will want to look for loans for college that have a good interest rate. It is a good idea for a student to apply for loans through the government. One of the smartest choices that a person can make is to apply for loans through the government. The government can truly be a great aid and rescue to any person that is applying for student loans. The government is here to help as many students go to school as possible. A student should never underestimate the government as a resource for disbursing student loans. The majority of students with loans receive all of their loans directly from the government. A student will likely pay for all of his or her tuition with loans from the government. Some people do not like this, while others do not really care. A student truly needs to be careful that he or she does not take out too many loans for college. Taking out too many loans for college can truly be risky for any student. When a student takes out too many loans for college, then he or she can end up in a tremendous amount of debt. A student may never be able to repay all of the loans that he or she takes out. It is never a good idea for a person to take on more debt than he or she can handle. If a person can not handle all of the debt that he or she faces, then this can be a very stressful situation. A person may end up having to declare bankruptcy as a result of having so much debt. It really is stressful for people.
