September 8, 2015

Student Loans - Approved Loans

Student Loans FAQs


A good education is your best bet for a bright future. With the high cost of education nowadays, it is getting harder to get into a decent school and get a rewarding job afterwards. What are your options then?
What is a student loan and is it necessary to get for enrolling in college?
Student loans are funds that are available to help finance your education. If you have enough savings to pay for school, then you do not need one

How does a student loan affect your credit?

Student loans affect your credit score like any other loans. As long as you pay on time, your credit should be fine.

Does a student loan and a bank loan affect your credit the same way?

They are both installment loans on your credit report. It is not advisable to take a bank loan since this is most likely not tax deductible like the student loan.

What happens to your credit score in you default on a student loan?

You can’t actually default in making payments. This doesn’t go away. While you may have stopped making payments, you will have to resume because it does not "age" off the credit reports, can not be discharged in bankruptcy and the interest keeps getting added to the outstanding balance.
Somebody with a huge outstanding student loan balance and no job to pay it off... can be set back decades in achieving their financial and social goals.

How do you fix a student loan that is over what you originally borrowed?

Have you exhausted all forbearance or deferment options? Or have you inquired about income-based payment plans? If you haven't, this can be your first consideration.

What happens after your student loan application has been approved?

They usually don't give you the money until right before the semester starts.

How does student loan forgiveness work?

Interest accumulates on any loan any time there's a remaining balance.

Is it possible to get a student loan from a bank without a co-signer?

If you have a good credit history, it is possible to get a student loan without a co-signer. You should go to your bank and discuss this with your personal banker.

How can i get a student loan if i have bad credit?

For private student loans, you can only be approved on your own merit or you have to have a cosigner. Local banks might give you a loan but with a higher than normal interest rate.

Is there a difference between a regular loan and student loan?

Student loans don’t have to be paid until you finish school.
Loans have to be re-paid immediately with monthly payments.

What is the fastest way to get rid of student loan debt?

In order to attack this debt you first have to write out a budget and pay off your consumer debt on a "snowball method" which is you roll over the payments to the next step and add it to the minimum payment and that will add to the point it will be a big chunk of money to be applied to the student loan. But you have to really be diligent on getting this paid off. Otherwise it will take you forever.

Better to pay off student loan debt or invest in a home?

As long as you both have (relatively) stable employment, buy a home and buy one you can afford while paying on your loans. After awhile your student loans will be paid off and you'll have equity in your house to upgrade to a bigger one if you want.

Is there a student loan available before actually enrolling in college?

No you can't. And if you have any excess loan money you won't get it until well after the semester has already started... at least 2 weeks in. Sometimes even longer depending on if you met the schools deadlines for turning all your paper work in.

How do I take out a private student loan?

Try to avoid private student loans unless you absolutely have to. They have higher interest rates, substandard extra fees, and require cosigners or good credit history.
I have a student loan payment but I want to go back to school. Is it possible to have my payments deferred?
Its possible, but most loan providers only let you defer it for the 4 years your in school, your going to have to contact your loan provider to see what there policy is if you go on to grad school.

How long do you have to pay off a student loan?

Budget your finances. It is essential to create a budget so you can keep track of how much money is coming into your bank account, and how much money you are paying to cover expenses. Identify areas in which you can cut back on spending. Consolidate your student loans. Ask for student loan payment deferrals if you are unable to make your student loan payments on time. Focus on paying off your student loan sooner than later. Check to see what tax benefits you can get from paying your student loan.

How can I lower my monthly student loan payments?

If you have been paying them on time, there should be a way. Call them and ask if it would be possible to combine all the loans to gather with one interest rate. and ask them what they can do to lower your Payments. if that dose not work go to a bank or a credit union and ask if they can help you by giving You a loan to pay off the loan and just have one payment to them.
Study now, pay later seems like a good thing. After seeing all the facts, you will know for yourself if a study loan is the product for your requirements. One thing is for sure though –a good education is your guarantee for success.

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