Loans

Eligibility for Federal Stafford loans are not based on your credit so yes, it is possible to get a student loan even with "frightening" credit. The exception to that is if you have previously defaulted or are significantly past due on a previous student loan. Even in this case, there are options to clear this up pretty quickly, so you may continue your schooling. Finally, most private student loans are credit-based so for those, you will at the very least need a co-signer.

Federal loans limits are too low. The "non-credit" based loans like Stafford need to raise their limits to approx. $10,000-$15,000 per year. Then a student has a chance to fully fund their own college tuition at a State College without help from parents.

It is every child's right to go to at least a State college of their choice.

If you are at your maximum limit for student loans, you can pay some of it back in order to regain eligibility. I know that probably doesn't help you much - but also consider some private loan types (although be sure to read all the documents first - some are not good deals). Finally, there may be some scholarships or grants out there you may be eligible for - talk to your financial aid office.

Probably, but you are unlikely to be granted a large enough loan to refinance your consolidated loans. Yearly loan amounts are usually capped to your need for the current loan period (a year, usually) and you might not be able to borrow more than your current yearly educational outlay. But that depends on how large your conslidated loan is.

Usually once your application is reviewed and accepted the student loan agency will disburse the money to your school a week or two before you semester starts. However, larger student loan agency�s have on-line process that the whole process is done within a week or sooner.

Yes, federal loans can be used for bills but they have to be school related, such as upkeep and gas for your car to get you to and from school, also things such as food and rent are acceptable while you are in school. Ask your financial advisor through your school, or contact the company that holds your loan. They will be able to provide you with everything that is acceptable to use the loan money for.

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Interests rates for both Subsidized and Unsubsidized Stafford loans as of July 1, 2006, are not at a fixed rate of 6.8%; Parent PLUS loans are also now fixed at 8.5% not matter if you use Direct Lending or FEELP. Hope this helps. For loans borrowed as of this day, Sept. 6, 2004, the interest rate is "variable". It is determined once a year in June and can go up and down. Find out what the interest rate on the 91-day T-bill sold for the prior June 30th and add 1.7%. That will be your new interest rate for the year beginning July 1.

Minimum age for federal student loans is 16. Federal loans don't require a co-signer.

Cosigning on any debt makes you just as responsible as the other borrower. The balance of the debt will be on both of your credit reports, regardless of whether payments are due now, 4 years from now, or past due. The creditor can take any action against you that could be taken against the other borrower, and they do not have to go after the other borrower first.

A parent plus loan is exactally that. A loan for parents to help their children with college expenses and can only be given to parents under the parent's name. You also need to begin to repay that loan while your child is still in school, usually within 60 days.

No... as soon as you re-enroll in school your previous student loans go into in-school deferment because you are in school. Just call your loan servicer and let them know when you get enrolled just in case.

In my case I defaulted, then got a forebearance, then defaulted again... I had to consolidate... at least that's what I was told... after that I got my financial aid.

hope that helps!

In most cases no, because student loans offer advantages that many other types of loans do not have. For example, in a number of cases, student loans can be forgiven (e.g., for certain jobs, or when the person who owes the loan dies, the student loan is forgiven). In most cases (depending on your tax bracket, other expenses and loans, etc.), it would be better to invest the money (e.g., in a tax-deferred plan, in real estate, etc.) or to pay off other loans, especially those with high interest rates and/or that are not tax-deductible. Of course, many factors have to be considered before making a final decision about this, such as opportunity costs, interest rates, if you have dependents, etc. <a rel="dofollow"href="http://www.studentauto1insurance.com" rel="dofollow">student car insurance</a>

Consider obtaining a private loan, also known as an alternative student loan. According to http://www.onesimpleloan.com/private_loans.asp, "Compared to federal student loans, private student loans typically have slightly higher interest rates. However, the interest rates on private student loans are substantially lower than conventional credit products such as personal loans, credit cards and even home equity loans."

Now this is a complicated question.

The Stafford Loan has maximums of $3,600 for freshman/sophomore $5,200 junior/senior standing (if I recall correctly - if I'm in correct it's +/- a few hundred dollars)

Now in order for you to qualify for the maximum on a Stafford, it is based on what the University has determined the 'need' is for you to be a student. This dollar amount in theory covers residence, computer, books, etc.

On many occasions - this number is very high. For example at my University (state school), I paid approx 500 a credit hour. So roughly speaking 4 classes to stay full time was approx $2,000. The University's determined need was around $20,000 a semester. So it would be very rare for the loan ceiling be prevented by the University's 'need'

Now in regards to Parent PLUS or other 'private' loans - that is determined by your credit. Just as you would on many loans they qualify you for a maximum (or your parents in the PLUS case). The downside of private loans is that the potential for interest to be higher, stricter payment terms, etc.

At the point of private loans your maximum would be what you qualified for vs. the school's determination of your need.

I'm sure in most occasions - the bank providing the private loan would have a lower dollar amount, in which would be your maximum.

Only if the bankruptcy is currently discharged.

it doesnt go by semesters... it goes by hours... and sometimes even hours attempted... i think its like 150% of total hours in the degree program you are in. so if the degree takes 120 hours then you are allowed 180... it could be 125%... i know its one or the other, but I don't remember if that document came from the government or the school itself.

When you apply for FAFSA, the school you will be going to gets this copy, the school then determines their cost of tuition and they (the school you will be going to) automatically offers it to you.

Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.

The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money!

It is rare, and would be exceptional, for a creditor to allow a co-signer to be released from liability from an outstanding debt. Usually, the only way this can be accomplished would be for the primary borrower party to refinance the loan in their name only.

Call the creditor to see what options are available. At the very least, let this be a lesson you learn from. When you co-sign for someone else, you are taking a risk that a creditor (who lends money as a business) is unwilling to take. There is always a reason they won't take that risk. Why would you?

Only the two consumer's who signed the contract are responsible. The debt will show on your husbands credit report. If you apply for joint credit in the future, any accounts held individually or jointly with anyone else will be reflected on your credit report and may impact the score. So, if you anticipate wanting to get an account, or loan, with your husband in the future; it may be in your best interests to ensure this loan is paid as agreed.

Yes, someone can co-sign on multiple loans. If you are investing in several properties than I would suggest using hard money or bridge loans. These are private lenders in most cases and lend based on the value of the property not the credit score of the borrower. This is not available in all states mostly coastal communities both East and West.