Student Loans – help!!!

posted 3 years ago in College
Post # 3
Member
1018 posts
Bumble bee

@ToTheRiot:  

I can’t answer all of your questions but I can answer based on what I know of student loans. For private student loans I went with chase. My highest interest rate is 7.25% and it has never gone up. I have graduated and I am in the process of repayment.

With Chase, you apply each year. You can find out how much you need per semester and apply for double that amount (2 semesters) and the give you the option to get it all at once at the beginning of semester one or get half for semester one and the other have at the beginning of semester 2.

I don’t think applying affects your credit score. Unless maybe you’re rejected I don’t really know.

As far as making payments in school I never had anything officially set up but I was allowed to make payments to the principal without penalty or starting me into “repayment mode”. You’ll have to ask your specific lender about that.

Post # 4
Member
11722 posts
Sugar Beekeeper
  • Wedding: November 1999

Any time someone runs your credit, with some exceptions, it dings your score.  It may be a small change, but they will add up!

Are you in the US?  Can you apply for federal backed student loans through FAFSA?  (Stafford, PLUS, etc)?  Your interested is deferred while you’re in school for some and all payments held as long as you are at least half-time enrolled. Federally backed loans generally have interest rates between 6 and 7%, which is better than what you’re looking at.  The financial aid office at your school will be the best place for you to discuss options – they know your specific area and programs that are available.

Post # 6
Member
1147 posts
Bumble bee
  • Wedding: October 2012

@ToTheRiot:  I did my student loans through my FASFA application (not sure if you are in the US or not) – but they determined my financial need based on income, student aid, etc. Some of my loans were subsidized and some unsubsidized. The subsidized ones the government covered the interset payments while I was in school, I was responsible for the intersted on the unsub ones. My highest interest rate was 6.75%. I refilled out my FASFA each year to get the loans isssued for that school year. When my sister and her husband went to nursing school they did private loans through SallieMae and had a pretty high interest rate (over 10%, they were in their wearly 20’s w/out much established credit.) 

Post # 8
Member
1018 posts
Bumble bee

@ToTheRiot:  

“My parents aren’t much help, We’re never home at the same time.”

 

I know how that goes, I lived 3 hours away from either of my parents at college and neither of them ever went so they didn’t know the process of applying for student loans either.

A PP mentioned talking to your financial aid office and that is one of the best things you can do. First they’ll try to get you “free” money (grants, scholarships, etc) then they’ll steer you in the direction of lower interest private loans.

 

Post # 11
Member
2783 posts
Sugar bee

@abbie017:  if your government loans are unsubsidizied, you have to pay interest while you’re in school. If they’re subsidized, the interest is deferred. 

 

 

@ToTheRiot:  I’d recommend applying for financial aid and then getting loans through the government. I only have 3500$ in student loans but I took out subsidized loans so there is no interest while I’m in school and then it’s 3.5% when I enter repayment 6 months after I graduate

Post # 12
Member
11722 posts
Sugar Beekeeper
  • Wedding: November 1999

@Ninteenthchance:  I know, I said that ”  Your interested is deferred while you’re in school for some” when referring to federal loans.  Trust me, between my private grad school and DH’s private law school, I’m very well versed in student loans 🙂

Post # 13
Member
1018 posts
Bumble bee

@ToTheRiot:  Re: Chase, they don’t? Really? Wow that’s crazy! I guess it has been a couple years but I used them all through college! With the interest they get from me they should be able to fund some student loans 😉

Post # 16
Member
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

My advice – go part time and work to pay for it. Loans SUCK!  Especially at 8.5%

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