How do student loans work, and what are my options for applying for graduate student loans?
Q. I want to apply for a Master's Program at Copenhagen University... but have no money! Where exactly do I start? I know very little about student loans in general, and especially little about them when studying internationally, especially at the graduate level. Do I need to talk to the University? How do direct to consumer loans work? Is it super difficult to get student loans?
Asked by cassie c - Thu Jul 23 17:52:41 2009 - - 4 Answers - 0 Comments
A. To get a student loan, your first step is to fill out the Free Application for Federal Student Aid (FAFSA). You should submit your FAFSA as soon as possible you can make estimates and correct the details later. Once you ve completed your FAFSA, you ll want to visit your school s student aid office. Ask what kind of aid you might expect. Try this site Free College information on financial aid for students, scholarship, student loans and more.
Answered by unknown - Thu Jul 23 18:20:25 2009
Q. I want to apply for a Master's Program at Copenhagen University... but have no money! Where exactly do I start? I know very little about student loans in general, and especially little about them when studying internationally, especially at the graduate level. Do I need to talk to the University? How do direct to consumer loans work? Is it super difficult to get student loans?
Asked by cassie c - Thu Jul 23 17:52:41 2009 - - 4 Answers - 0 Comments
A. To get a student loan, your first step is to fill out the Free Application for Federal Student Aid (FAFSA). You should submit your FAFSA as soon as possible you can make estimates and correct the details later. Once you ve completed your FAFSA, you ll want to visit your school s student aid office. Ask what kind of aid you might expect. Try this site Free College information on financial aid for students, scholarship, student loans and more.
Answered by unknown - Thu Jul 23 18:20:25 2009
How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan?
Q. I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?
Asked by ronidl76 - Thu May 17 17:02:37 2007 - - 5 Answers - 1 Comments
A. In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home. However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they… [cont.]
Answered by Kim F - Thu May 17 17:11:35 2007
Q. I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?
Asked by ronidl76 - Thu May 17 17:02:37 2007 - - 5 Answers - 1 Comments
A. In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home. However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they… [cont.]
Answered by Kim F - Thu May 17 17:11:35 2007
Student loans not in repayment or in deferral included in a mortgage loan application as an expense?
Q. Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 0 Comments
A. Student loans that are deferred...need to be deferred for 3yrs in order to take it out of the expense ratio. If not, i would highly recommend that you find the original contract of the student loan. otherwise, the underwriter will use his own calculations of what you will pay...which is USUALLY higher than you will normally pay.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007
Q. Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 0 Comments
A. Student loans that are deferred...need to be deferred for 3yrs in order to take it out of the expense ratio. If not, i would highly recommend that you find the original contract of the student loan. otherwise, the underwriter will use his own calculations of what you will pay...which is USUALLY higher than you will normally pay.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007
What happens to the status of student loans if I transfer undergraduate schools?
Q. I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven't just stopped going to school (and thus cause my loan payments to become due)? Or must I obtain enrollment verification from my current school and send it to each loan agency myself?
Asked by Alex - Sun Sep 14 21:05:42 2008 - - 2 Answers - 0 Comments
A. Although most lenders find out if you transfer schools, it's best not to wait to hear from them, as they may have you in repayment status, and if you go too long without making a payment, you'll default which will ruin your chances of federal aid in the future. Best thing to do is call each loan servicer, inform them that you changed educational institutions, and ask if they need you to provide anything to them to keep your loans in good standing with them. Good luck with your education!
Answered by musicluvr - Sun Sep 14 21:26:24 2008
Q. I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven't just stopped going to school (and thus cause my loan payments to become due)? Or must I obtain enrollment verification from my current school and send it to each loan agency myself?
Asked by Alex - Sun Sep 14 21:05:42 2008 - - 2 Answers - 0 Comments
A. Although most lenders find out if you transfer schools, it's best not to wait to hear from them, as they may have you in repayment status, and if you go too long without making a payment, you'll default which will ruin your chances of federal aid in the future. Best thing to do is call each loan servicer, inform them that you changed educational institutions, and ask if they need you to provide anything to them to keep your loans in good standing with them. Good luck with your education!
Answered by musicluvr - Sun Sep 14 21:26:24 2008
What can u tell me about business loans to start up a new business?
Q. In the process of opening a new business. How do business loans work - I know I need a business plan etc before I can apply for a loan, but what's some other info? What's the interest rate range, what's the range of how many yrs u can have the loan, range of amnt they can loan, will they include the first yrs lease amnt in the loan if needed...etc, etc? We have good credit.
Asked by curious - Wed Apr 9 22:04:20 2008 - - 3 Answers - 0 Comments
A. A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for… [cont.]
Answered by Initial Underwriting Group - Sat Apr 12 15:32:29 2008
Q. In the process of opening a new business. How do business loans work - I know I need a business plan etc before I can apply for a loan, but what's some other info? What's the interest rate range, what's the range of how many yrs u can have the loan, range of amnt they can loan, will they include the first yrs lease amnt in the loan if needed...etc, etc? We have good credit.
Asked by curious - Wed Apr 9 22:04:20 2008 - - 3 Answers - 0 Comments
A. A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for… [cont.]
Answered by Initial Underwriting Group - Sat Apr 12 15:32:29 2008
What types of loans are out thier for first time home owenrs with good credit?
Q. What types of loans are out thier for first time home owenrs with good credit? The place that I want to buy is about $185 can I still get a zero down loan? If not what is the next best thing?
Asked by JJ - Mon Mar 31 10:52:34 2008 - - 3 Answers - 0 Comments
A. JJ I would be very careful asking for help with your financials on this venue. What you are most likely to get are solictations, like you've already gotten. Do business with local lenders. Should something go wrong at least you can visit them to make sure they correct it. As for the actual question, FHA and USDA have good programs, the VA as well especially if you were wounded. Best of luck!
Answered by Alterfemego - Mon Mar 31 11:29:57 2008
Q. What types of loans are out thier for first time home owenrs with good credit? The place that I want to buy is about $185 can I still get a zero down loan? If not what is the next best thing?
Asked by JJ - Mon Mar 31 10:52:34 2008 - - 3 Answers - 0 Comments
A. JJ I would be very careful asking for help with your financials on this venue. What you are most likely to get are solictations, like you've already gotten. Do business with local lenders. Should something go wrong at least you can visit them to make sure they correct it. As for the actual question, FHA and USDA have good programs, the VA as well especially if you were wounded. Best of luck!
Answered by Alterfemego - Mon Mar 31 11:29:57 2008
How do construction loans work?
Q. My husband and I are working with a builder of a subdivision we are planning on building in. We chose a home from the options this builder has for the sub. To get started on the house, we need to give him $5,000 down. However we do not have the funds saved so we are able to do a construction loan. I've heard so many things about construction loans and how the fees are horrible. Yet, its been so hard for me to find any information. Would the fees be that steep, even though we only need $5000 down? Is there any specific banks/companies out there that make this process easier that anyone would recommend? Any help or information would be greatly appreciated. Thank You!
Asked by amber - Thu Aug 16 13:15:30 2007 - - 3 Answers - 0 Comments
A. It doesn't sound like you are being required to get a construction loan. The builder is asking for an earnest money deposit. Typically, builders require $5,000 to start the home and would ask for an additional 5 or 10 during different phases of the project. If they are going to build something to your specifications, they want you to have enough money into it so you don't back out. The only financing you will need is a normal mortgage, once the house is complete. You will be able to use the money given to the builder as the down payment. Otherwise, you can buy the model.
Answered by RickRN - Thu Aug 16 13:53:54 2007
Q. My husband and I are working with a builder of a subdivision we are planning on building in. We chose a home from the options this builder has for the sub. To get started on the house, we need to give him $5,000 down. However we do not have the funds saved so we are able to do a construction loan. I've heard so many things about construction loans and how the fees are horrible. Yet, its been so hard for me to find any information. Would the fees be that steep, even though we only need $5000 down? Is there any specific banks/companies out there that make this process easier that anyone would recommend? Any help or information would be greatly appreciated. Thank You!
Asked by amber - Thu Aug 16 13:15:30 2007 - - 3 Answers - 0 Comments
A. It doesn't sound like you are being required to get a construction loan. The builder is asking for an earnest money deposit. Typically, builders require $5,000 to start the home and would ask for an additional 5 or 10 during different phases of the project. If they are going to build something to your specifications, they want you to have enough money into it so you don't back out. The only financing you will need is a normal mortgage, once the house is complete. You will be able to use the money given to the builder as the down payment. Otherwise, you can buy the model.
Answered by RickRN - Thu Aug 16 13:53:54 2007
difference amortized housing loans and refinancing of arrears housing loans, what is the principles behind?
Q. my housing loans is for 30 year amortized monthly. arrear for several months and want to restructure loan. what is the best options. Difference between amortized housing loans and re-financing of default housing loans?
Asked by ching - Sun May 4 00:59:11 2008 - - 1 Answers - 0 Comments
A. It boils down to several factors, all of which will cost you money. Both are esentially new loans. The first is starting over again for 30 years with your existing mortage, your arrears, points, and origination fees. This gives credit for what has been paid towards principal. A re-fi is also a new loan. You must requalify. Considering that you are in arrears this might affect your credit rating, but you may be able to get a better rate. You should talk to a processor and have them determine when a break even point would be with each loan. The break even point is when you have paid off the extra that the new loan cost. The shorter the time, the better the loan. You might also consider taking out a signature loan and just pay off the… [cont.]
Answered by ttpawpaw - Sun May 4 22:19:12 2008
Q. my housing loans is for 30 year amortized monthly. arrear for several months and want to restructure loan. what is the best options. Difference between amortized housing loans and re-financing of default housing loans?
Asked by ching - Sun May 4 00:59:11 2008 - - 1 Answers - 0 Comments
A. It boils down to several factors, all of which will cost you money. Both are esentially new loans. The first is starting over again for 30 years with your existing mortage, your arrears, points, and origination fees. This gives credit for what has been paid towards principal. A re-fi is also a new loan. You must requalify. Considering that you are in arrears this might affect your credit rating, but you may be able to get a better rate. You should talk to a processor and have them determine when a break even point would be with each loan. The break even point is when you have paid off the extra that the new loan cost. The shorter the time, the better the loan. You might also consider taking out a signature loan and just pay off the… [cont.]
Answered by ttpawpaw - Sun May 4 22:19:12 2008
How do I get loans to go to school without a cosigner?
Q. After the completion of Fafsa and such, I only need $11,000 or so to pay for my upcoming freshmen year of college tuition. My parents are unwilling to sign loans for me to go and I can't guarantee that the private scholarships I've applied for will be enough to cover the remaining costs. Is there anyway at only 17 I can get loans myself or come up with the money before my freshmen year begins in august. Please help.
Asked by Georgia_Rulex91 - Wed May 6 14:56:35 2009 - - 3 Answers - 0 Comments
A. A minor cannot enter in to a legal contract, so no lender will give you a loan until you are at least 18. Even then, without a co-signer, it will be very difficult to secure a loan without equity. You will need to have a job earning more than $1,000 and to be able to prove that you can pay back the loan. You can however get a federal student loan (without a cosigner) that you will never have to pay back as long as you meet regular admission standards. Apply at Student Loan.Gov at: or - or You won't need a cosigner for a federal student loan. Be aware that the max you will be able to borrow is about 3,500 a year as a freshman. This will likely pay for your tuition and books. Best of luck to you!
Answered by Meesh - Thu May 7 05:34:22 2009
Q. After the completion of Fafsa and such, I only need $11,000 or so to pay for my upcoming freshmen year of college tuition. My parents are unwilling to sign loans for me to go and I can't guarantee that the private scholarships I've applied for will be enough to cover the remaining costs. Is there anyway at only 17 I can get loans myself or come up with the money before my freshmen year begins in august. Please help.
Asked by Georgia_Rulex91 - Wed May 6 14:56:35 2009 - - 3 Answers - 0 Comments
A. A minor cannot enter in to a legal contract, so no lender will give you a loan until you are at least 18. Even then, without a co-signer, it will be very difficult to secure a loan without equity. You will need to have a job earning more than $1,000 and to be able to prove that you can pay back the loan. You can however get a federal student loan (without a cosigner) that you will never have to pay back as long as you meet regular admission standards. Apply at Student Loan.Gov at: or - or You won't need a cosigner for a federal student loan. Be aware that the max you will be able to borrow is about 3,500 a year as a freshman. This will likely pay for your tuition and books. Best of luck to you!
Answered by Meesh - Thu May 7 05:34:22 2009
How many US auto loans and home mortgages financed by banks are out there?
Q. I'm trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It's for a school project.
Asked by khulet - Thu Aug 30 09:44:47 2007 - - 1 Answers - 0 Comments
A. Go talk to an officer at your local bank. There are many tens of millions of each, but I don't have exact data.
Answered by rhsaunders - Thu Aug 30 09:50:23 2007
Q. I'm trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It's for a school project.
Asked by khulet - Thu Aug 30 09:44:47 2007 - - 1 Answers - 0 Comments
A. Go talk to an officer at your local bank. There are many tens of millions of each, but I don't have exact data.
Answered by rhsaunders - Thu Aug 30 09:50:23 2007
What kind of Private loans should I look into?
Q. I am a full-time student, and I eventually might have to look into Private loans to help fund my college education and living expenses. What loans should I look for, and where should I look?
Asked by Jnaujo - Fri Mar 27 11:53:50 2009 - - 2 Answers - 0 Comments
A. Jnaujo: Honestly? Any kind you can get. The news is taking a long time to trickle down through the affected students, but the private educational loan market was eviscerated by the worldwide banking and lending crisis. At least 80% of the lenders who once made these loans have either folded, or are no longer accepting private loan applications. The lenders that have folded were many of the most active participants in this market - names like Astrive, Campus Door, My Rich Uncle, and NextStudent.. Other lenders have failed and been merged into other banking institutions - Wachovia is now part of Wells Fargo, but Wachovia had long since pulled out of the private educational loan market, anyway. There are a handful of major lenders who… [cont.]
Answered by NotAnyoneYouKnow - Fri Mar 27 12:35:55 2009
Q. I am a full-time student, and I eventually might have to look into Private loans to help fund my college education and living expenses. What loans should I look for, and where should I look?
Asked by Jnaujo - Fri Mar 27 11:53:50 2009 - - 2 Answers - 0 Comments
A. Jnaujo: Honestly? Any kind you can get. The news is taking a long time to trickle down through the affected students, but the private educational loan market was eviscerated by the worldwide banking and lending crisis. At least 80% of the lenders who once made these loans have either folded, or are no longer accepting private loan applications. The lenders that have folded were many of the most active participants in this market - names like Astrive, Campus Door, My Rich Uncle, and NextStudent.. Other lenders have failed and been merged into other banking institutions - Wachovia is now part of Wells Fargo, but Wachovia had long since pulled out of the private educational loan market, anyway. There are a handful of major lenders who… [cont.]
Answered by NotAnyoneYouKnow - Fri Mar 27 12:35:55 2009
What are in-school deferments in reference to student loans?
Q. I just checked my loan balance page, and it says for the two loans from undergrad, there are in school deferments for a period of time. I'm currently in school again right now, and will be for the time frame of these two loans. Does that mean, while I'm in grad school, I don't have to pay the undergrad loans? Or, is there more to it? Thanks!
Asked by judithsr - Sat Oct 18 10:23:45 2008 - - 2 Answers - 0 Comments
A. You have the idea exactly right. While you are in school the loans are still in deference (or you do not have to pay back at that time). You indicated that it will be defer(ed) while you are in grad school- that still works out fine because that means you will not be required to pay anything until at least you are out of school! I don't believe that there is anymore to it then what you posted and I hope this helps!
Answered by Motivated&Educated10 - Sat Oct 18 11:26:00 2008
Q. I just checked my loan balance page, and it says for the two loans from undergrad, there are in school deferments for a period of time. I'm currently in school again right now, and will be for the time frame of these two loans. Does that mean, while I'm in grad school, I don't have to pay the undergrad loans? Or, is there more to it? Thanks!
Asked by judithsr - Sat Oct 18 10:23:45 2008 - - 2 Answers - 0 Comments
A. You have the idea exactly right. While you are in school the loans are still in deference (or you do not have to pay back at that time). You indicated that it will be defer(ed) while you are in grad school- that still works out fine because that means you will not be required to pay anything until at least you are out of school! I don't believe that there is anymore to it then what you posted and I hope this helps!
Answered by Motivated&Educated10 - Sat Oct 18 11:26:00 2008
What happens to 401k loans when you change jobs?
Q. If I am planning to leave my job in the near future and I have 30k in my 401k and approx. 12k in loans, how will the loans be repaid? Do I pay the taxes at year end? Also what if I decided to cash out the rest?
Asked by Flying J - Wed Jun 20 19:04:28 2007 - - 4 Answers - 0 Comments
A. It depends on the requirements of your 401(k) plan. Some 401(k) plans allow you to continue to make payments on loans after you leave your job. Others require you to pay back loans within a certain number of days (often 30, 60 or 90) after you leave, or the loan will become a distribution. If you have the money and want to pay back the loan, you can call the 401(k) administrator to find out where to send the check. The administrator should also be able to tell you about how the loan can be repaid - if it is within a certain time period, or if it can be over the original life of the loan. If the loan becomes a distribution, you will owe your marginal tax rate plus a 10% penalty, when you file your taxes for the year the loan was… [cont.]
Answered by aj485 - Wed Jun 20 20:11:35 2007
Q. If I am planning to leave my job in the near future and I have 30k in my 401k and approx. 12k in loans, how will the loans be repaid? Do I pay the taxes at year end? Also what if I decided to cash out the rest?
Asked by Flying J - Wed Jun 20 19:04:28 2007 - - 4 Answers - 0 Comments
A. It depends on the requirements of your 401(k) plan. Some 401(k) plans allow you to continue to make payments on loans after you leave your job. Others require you to pay back loans within a certain number of days (often 30, 60 or 90) after you leave, or the loan will become a distribution. If you have the money and want to pay back the loan, you can call the 401(k) administrator to find out where to send the check. The administrator should also be able to tell you about how the loan can be repaid - if it is within a certain time period, or if it can be over the original life of the loan. If the loan becomes a distribution, you will owe your marginal tax rate plus a 10% penalty, when you file your taxes for the year the loan was… [cont.]
Answered by aj485 - Wed Jun 20 20:11:35 2007
besides bank loans what are other ways to get help financially when trying to start a business?
Q. i know i can set meeting with investors and hopefully get their blessings. but what else besides loans and investors, especially since we are crawling out of this recession.
Asked by Business Affiliated - Thu Jun 4 03:00:46 2009 - - 3 Answers - 0 Comments
A. get a benefactor.
Answered by answer - Thu Jun 4 21:41:04 2009
Q. i know i can set meeting with investors and hopefully get their blessings. but what else besides loans and investors, especially since we are crawling out of this recession.
Asked by Business Affiliated - Thu Jun 4 03:00:46 2009 - - 3 Answers - 0 Comments
A. get a benefactor.
Answered by answer - Thu Jun 4 21:41:04 2009
How can I consolidate private and federal student loans?
Q. I have 1 federal loan for $16,000 and 2 private loans for $3200 each. I would like to consolidate all of these to 10-12 year loan. Does anyone know anyone who can do this with any nice incentives?
Asked by Total Ruckus - Wed Apr 15 15:25:54 2009 - - 3 Answers - 0 Comments
A. You can't consolidate private loans with federal ones. Sorry. Your rates will be higher than what you are paying on that federal loan anyway. It is not in your best interest to consolidate for that reason. Just put your payments on auto draft so you don't have to worry about making 3 payments. Most of the lenders will give you a break in interest if you do this. Good luck.
Answered by Suddenly Human - Wed Apr 15 15:37:29 2009
Q. I have 1 federal loan for $16,000 and 2 private loans for $3200 each. I would like to consolidate all of these to 10-12 year loan. Does anyone know anyone who can do this with any nice incentives?
Asked by Total Ruckus - Wed Apr 15 15:25:54 2009 - - 3 Answers - 0 Comments
A. You can't consolidate private loans with federal ones. Sorry. Your rates will be higher than what you are paying on that federal loan anyway. It is not in your best interest to consolidate for that reason. Just put your payments on auto draft so you don't have to worry about making 3 payments. Most of the lenders will give you a break in interest if you do this. Good luck.
Answered by Suddenly Human - Wed Apr 15 15:37:29 2009
Can student loans prevent you from leaving the US?
Q. If I am a US citizen with student loans (about 13k) will I be allowed to leave the States? I am planning on moving to another country for a period of time in order to get married to my fiancee. However, I intend to return to the States and pay the loans in any case.
Asked by Anita - Tue Jul 14 09:28:48 2009 - - 4 Answers - 0 Comments
A. Anita: Don't be silly. Your creditors can not prevent you from leaving the country. "I'm sorry, ma'am, you'll have to step out of this flight check-in line. We've received a report that you owe Shell money on your gas credit card bill." Let's put it this way - though they can't keep you from leaving the country, it's to your benefit to stay on good terms with your lender. One way to fall out of favor with your student loan holder is to fall behind on your payments and become unreachable. When that happens, they make (perfectly reasonable) assumptions about your intentions. If you're going to be leaving the country for an extended period of time, make the necessary arrangements to have your loan payments made while you're away. If you're [cont.]
Answered by NotAnyoneYouKnow - Tue Jul 14 11:13:26 2009
Q. If I am a US citizen with student loans (about 13k) will I be allowed to leave the States? I am planning on moving to another country for a period of time in order to get married to my fiancee. However, I intend to return to the States and pay the loans in any case.
Asked by Anita - Tue Jul 14 09:28:48 2009 - - 4 Answers - 0 Comments
A. Anita: Don't be silly. Your creditors can not prevent you from leaving the country. "I'm sorry, ma'am, you'll have to step out of this flight check-in line. We've received a report that you owe Shell money on your gas credit card bill." Let's put it this way - though they can't keep you from leaving the country, it's to your benefit to stay on good terms with your lender. One way to fall out of favor with your student loan holder is to fall behind on your payments and become unreachable. When that happens, they make (perfectly reasonable) assumptions about your intentions. If you're going to be leaving the country for an extended period of time, make the necessary arrangements to have your loan payments made while you're away. If you're [cont.]
Answered by NotAnyoneYouKnow - Tue Jul 14 11:13:26 2009
Can student loan interest be used as a tax deduction if the loans are in deferment/forbearance?
Q. I know that student loan interest can be deducted. My student loans are all either in deferment or forbearance. I'm accruing interest on some of them, but I haven't actually paid any interest yet. Can I deduct the interest that accrued? Thanks!
Asked by AG - Sun Apr 13 22:04:25 2008 - - 5 Answers - 0 Comments
A. No, you can only deduct the interest when you actually pay it, not when it accrues
Answered by Judy - Sun Apr 13 22:11:05 2008
Q. I know that student loan interest can be deducted. My student loans are all either in deferment or forbearance. I'm accruing interest on some of them, but I haven't actually paid any interest yet. Can I deduct the interest that accrued? Thanks!
Asked by AG - Sun Apr 13 22:04:25 2008 - - 5 Answers - 0 Comments
A. No, you can only deduct the interest when you actually pay it, not when it accrues
Answered by Judy - Sun Apr 13 22:11:05 2008
What kind of student loans are there besides stafford?
Q. already receive stafford loans, but I know that some people take out tens of thousands of dollars worth of other loans for school. Im probably going to need around 20,000 beyond the stafford loans altogether. Also, my parents have no money and I think they have bad credit, so will that affect me? What are some good loans out there?
Asked by JessSR - Tue Jul 29 16:30:39 2008 - - 2 Answers - 0 Comments
A. There are grad plus, parents plus and perkins loans available. Do a google search for others.
Answered by inspired007 - Tue Jul 29 16:39:48 2008
Q. already receive stafford loans, but I know that some people take out tens of thousands of dollars worth of other loans for school. Im probably going to need around 20,000 beyond the stafford loans altogether. Also, my parents have no money and I think they have bad credit, so will that affect me? What are some good loans out there?
Asked by JessSR - Tue Jul 29 16:30:39 2008 - - 2 Answers - 0 Comments
A. There are grad plus, parents plus and perkins loans available. Do a google search for others.
Answered by inspired007 - Tue Jul 29 16:39:48 2008
Are there any student loans that include the cost of paying off a car?
Q. I need to buy a new car, but I'm also planning on going to law school in Sep of 09. I'm planning on buying a modest entry level car for around 17-19km and planning to put 5000 down. However, when I go to school I wont be working and will still have payments. My question is, are there student loans available that could include the cost of paying off the remaining balance of the car at the time?
Asked by RameelRaymundo - Tue Apr 8 20:37:10 2008 - - 2 Answers - 0 Comments
A. From what I know...you can use a student loan for anything you want. My boyfriend's parents used theirs back in the day to pay for their apartment when they were living and going to school together. I'm sure it's still that way but you gotta make sure you ask first! Also make sure that it has a low interest rate so they don't screw you over after you are done with school...I've seen that happen and it's not pretty! Anyways, I hope this helps! Good luck in law school!
Answered by SusiQ - Tue Apr 8 20:46:36 2008
Q. I need to buy a new car, but I'm also planning on going to law school in Sep of 09. I'm planning on buying a modest entry level car for around 17-19km and planning to put 5000 down. However, when I go to school I wont be working and will still have payments. My question is, are there student loans available that could include the cost of paying off the remaining balance of the car at the time?
Asked by RameelRaymundo - Tue Apr 8 20:37:10 2008 - - 2 Answers - 0 Comments
A. From what I know...you can use a student loan for anything you want. My boyfriend's parents used theirs back in the day to pay for their apartment when they were living and going to school together. I'm sure it's still that way but you gotta make sure you ask first! Also make sure that it has a low interest rate so they don't screw you over after you are done with school...I've seen that happen and it's not pretty! Anyways, I hope this helps! Good luck in law school!
Answered by SusiQ - Tue Apr 8 20:46:36 2008
Do i have to have good credit for federal loans and private loans for school?
Q. I am applying for financial aid to pay for school, but I might need loans to help me besides the grants. Do I need good credit for me to get any type of loan to help pay school?
Asked by Cameron C - Thu Feb 8 03:28:34 2007 - - 7 Answers - 0 Comments
A. There is no credit check for the Federal Stafford loan - after all, it was created specifically because the typical student hasn't had a chance to establish a credit history. There is a credit check required for a Federal Parent PLUS loan, but it still has a relatively high approval rate. Private student loans, since they are not guaranteed by the gov, are credit-based. Your interest rate will be determined by your credit rating. If you have a co-signer with good credit, that can help. In general you want to max out your federal loans (start by applying for the FAFSA) since they usually have the best interest rates and most generous repayment terms. Then, get private loans to cover the rest. As always, be conservative and borrow only… [cont.]
Answered by Sallie Mae - Thu Feb 8 08:54:22 2007
Q. I am applying for financial aid to pay for school, but I might need loans to help me besides the grants. Do I need good credit for me to get any type of loan to help pay school?
Asked by Cameron C - Thu Feb 8 03:28:34 2007 - - 7 Answers - 0 Comments
A. There is no credit check for the Federal Stafford loan - after all, it was created specifically because the typical student hasn't had a chance to establish a credit history. There is a credit check required for a Federal Parent PLUS loan, but it still has a relatively high approval rate. Private student loans, since they are not guaranteed by the gov, are credit-based. Your interest rate will be determined by your credit rating. If you have a co-signer with good credit, that can help. In general you want to max out your federal loans (start by applying for the FAFSA) since they usually have the best interest rates and most generous repayment terms. Then, get private loans to cover the rest. As always, be conservative and borrow only… [cont.]
Answered by Sallie Mae - Thu Feb 8 08:54:22 2007
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