student loan
Student loans
are loans offered to students to assist in payment of the costs of professional education. These loans usually carry a lower interest rate than other loans and are usually issued by the government. Often they are supplemented by student grants which do not have to be repaid.
Alex K.
asked:
"I know I'll need to get a student loan sometime during my university studies. I was just wondering how they work, what you need to get one and how long you have to pay it back. Any extra details would be much appricated.P:S I am a planning on studying in the U.S but I live outside the U.S."
Question posted courtesy of:
danetteed replied:
"Most student loans are limited to citizens or resident aliens of the US. You do not mention whether you are a US citizen living outside the US, or a citizen of another country. If you are a US citizen, or resident alien (there are a couple of other types of non-citizens that are eligible...refugees for example) then you need to apply each year. The first step is the FAFSA and you can apply on line at. After that, there is more to do, but it varies depending on the answers on your FAFSA.Good luck."
Found-1 replied:
"like mentioned earlier, you must be a us citizen or eligible non citizen to get student loans. Here is a good book that describes everything including the definition of us citizen and eligible non citizen. (look in the index in the back)"
gui replied:
"The Student Loan can help to finance your study. It's made up of three parts - compulsory fees, course-related costs and/or living costs. And if you are a international student who are planning to study in US. Students can apply for the loan program online or through internationalstudentloan.com website . You can borrow annually up to $70,000 for medical, dental, law or business school, and up to $50,000 for graduate and undergraduate study. International students are required to have a US Citizen or permanent resident as a co-signer to apply for this loan. These loans also offer: * Funds are disbursed directly to you! * Loans are accepted at thousand of approved schools * Competitive interest rates * No application fees"
Andrew M
asked:
"My daughter has two very high interest student loans. Her credit won't let her do anything, but I can "refinance" it with me getting the loan using my credit. But is it still a "student" loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the "chain of custody" still makes the new loan interest tax deductable. Hope this made sense and thanks for your help."
Question posted courtesy of:
PepsiLime replied:
"Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest."
mechbasket replied:
"It wasn't that very clear, but from what I understood your co-signing on the loan. She'll pay for the loan's premium and interest. and that's about it ... Remember: Who ever pays the student interest, that person will have the right to deduct those interest payments on their tax return (up 2,500). The only thing that I can figure that will absolutely confirm that you are paying a student loan is that if at the beginning of the tax season, you receive a 1098-E "Student Loan Interest Statement" from your Lender."
Whats my Name replied:
"You post your profile on this webiste and then lenders come to you. I recommend trying"
videogamer1979
asked:
"I have one credit card ( revolving credit ) and I have one student loan ( fixed monthly payments ). I want to keep one revolving account and one fixed account. Would a bank loan that pays off the student loan look better as a fixed loan? I guess my question is: Do they both count as fixed loans or is the bank loan a more "authentic" fixed loan?"
Question posted courtesy of:
CreditAlignment.com replied:
"doesnt matter....they're both 'installment' loans on your credit report. i wouldnt take a bank loan because MOST LIKELY the interest isnt tax deductible like the student loan.i would advise to have 2-3 credits...2 installment loans....can be student loan, auto loan or other loan...and a MORTGAGE!make sure you keep low balances are on revolving accounts...and you should be go to go."
dolly blaine replied:
"Credit card debt affects the studies seriously. Lack of concentration, focusing on excessive debts can lead to lower scores and GPA.Lack of proper attention to studies, lower GPA's, increased debt pressure can all lead to a point where student drops out from the college.A high credit card debt can force a student to take up a part time or regular job, which often has a degrading effect on studies.Though the student credit card is designed to give a good beginning to a person's credit history but, excessive debt can cause a serious dent to credit score this factor alone can cause serious problems for students.Due to a bad credit score which is the result of credit card debt, a student can face difficulties in finding apartments for rent.Same factor can make insurance rates higher or unaffordable for students, because insurance companies find it risky to insure people with poor credit.Getting a job also becomes difficult when a credit card debt causes poor credit history. The employer also shy away from people with poor financial skills and money management. Read more from:"
Emily
asked:
"I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?"
Question posted courtesy of:
bostonianinmo replied:
"Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan."
workingmywayback
asked:
"I recently defaulted on my student loan and contacted the student loan company to before they started garnishing my wages. I agreed to a reasonable monthly payment and made the payments on time when I noticed that my wages were being garnished as well. I contacted the student loan company several times and they kept saying that they would remove the garnishment and that my employer had recieved the paperwork. I contacted my employer's payroll and the stated that they never got the paperwork and I should ask for a copy myself to fax it in myself just in case. The student loan company wouldnt give me a copy of the garnishment letter to the employer and claimed to have faxed the paperwork in. It has been 4 straight pay periods and nothing has been done meanwhile im still making monthly payments directly from my bank account. Is there anyway to stop this? PS: I dont need smart remarks about you should have paid in the first place, i know that much but i couldnt afford to at certain points."
Question posted courtesy of:
W replied:
"W"
5 replied:
"5"
U replied:
"U"
F replied:
"F"
2 replied:
"2"
1 replied:
"1"
My Perkins loan has been forgiven 100% because of where I work.
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This article discusses everything that you should know about student loans. If you don’t want to hire a student loan counselor then you should read this article!The first thing you need to consider is your credit rating or credit history. A poor credit history can adversely affect your student loan application. Some lenders will look at your cred
