I'm looking to build credit for daughter by cosigning student loan for her, but i would like to pay interest only thru her 4 yrs and then pay off in full at end of 4 yrs...does the parent plus loan meet my needs??
131900
It's great that you want to help build your daughter's credit. Unfortunately, a PLUS loan can't help you meet this end:  The parent -- not the student -- is the primary borrower of a PLUS loan and the only person whose credit is affected by it (approval is based on your credit and the debt will appear on your credit report, not hers).\n\nMoreover, there are no Federal student loans on which the parent can co-sign while the student acts as primary borrower (Stafford and Perkins loans don't require a credit check, so while these are in her name and therefore can eventually add to her credit history, they don't help at the moment).\n\nIn theory, any private educational loan would help build your daughter's credit... Most of them would be in her name and would allow you to co-sign. However, most generic private educational loans tend to be at much higher interest rates, so I hesitate to recommend them.  Anytime a parent (who needs a loan) CAN borrow a PLUS, they should go that route first... Federal aid is always your best option... \n\nThat said, there are a handful of student loan companies out there that offer attractive rates on private educational loans, provided that the co-signer has good-to-excellent credit.  Check out MEFA's undergraduate loan as an example -- the credit criteria is tough, but the rates are great, relatively speaking.  (MEFA is a Massachusetts not-for-profit that also deals in private loans, which it makes available to all states' residents.)\n\nOne route you might want to pursue, if you are considering co-signing a private student loan, is to check out companies specific to your state.  Just like some states offer lower tuition to their residents, some companies offer special loans to their residents.  Vermont and Alaska come to mind as examples of states that offers low-interest student loans to its residents (www.vsac.org). The rates on these loans might come close to the PLUS interest rate (8.5% fixed starting in July).\n\nA non-loan option to consider: add your daughter's name to a credit card that you consistently pay in a timely manner.  You don't even have to GIVE her the card if you don't want to -- simply having her name on the account will attach the card (and all its payment history) to her credit report.  My parents did this for me many (many!) years ago (before I had even finished high school), and, as a result, I had a lengthy credit history well before I needed to obtain new credit on my own.
61110
I was in your position once.  You apply for FAFSA and they give you a Pell grant (or not) based on parent's income (family's calculated contribution).  Recently, Bush cut from the budget of Pell grants, so you may not be as lucky.  You do not have to pay back student loans until 6 months after you have left school, but college is worth every penny and every loan I took out, so I hope you will make a way. If I could, then anyone can.
627353
It sounds like you are a very responsible young man, and it is good to see that you are already working towards purchasing your own things. There is nothing more satisfying than having worked hard and having something to show for it. Unfortunately as stated, you aren't going to find any banks that are able to provide you the funds you are seeking to obtain your truck. But I am going to make a suggestion. You should consider having one of your parents purchase a nice used truck for you and then making the payments to them. It is almost as if they were the bank that you are paying to. Also, they will have to be strict and you would lose your driving privileges if ever there is a month you were unable to make payments. This is a great learning tool for you and I am sure your parents would be more than happy to help out. Good luck!
317662
Providing you havenet used it yet, student loans come wiht what is called a forbearnce. Its used in times of hardship. YOu need to call your loan provider and see if you can apply for them. You may not be able to now that you've defaulted but its worth a try. the forbearnce will bring you current, and maek it so you only have to pay the intrest on you loan. I had to use it.
68026
As an expert in Interest only loans; I think they are a good way to get "more bang for your buck".  As long as you are in a market that will continue to appreciate, you have nothing to lose and more to gain.  \n\nI don't think that there is a special circumstance that would permit you to get an interest only loan, because it's been my experience that no one ever has too much money.  However, it IS more beneficial for someone who wants to stay in their home for a period exceeding 7 years; that time period will be the most beneficial to someone with an interest only loan.
125952
When my son went to college, I got him a Capital One credit card.  They have ones especially for youth.  As a parent though, I had to be a cosigner on it.  I was also allowed to limit the amount of available credit he had on the card.
278056
If you can afford it, you might want to seek some legal advice right now, just to explore your options.  If they tell you that there may be no good way to obtain money from your son, you might want to speak to him to find out what his intentions are.\n\nAs far as Financial Aid: the federal methodology used to calculate your grand-daughter's EFC (i.e. her ability to pay for college) *requires* that she include parental income/asset information on the FAFSA.  The student who does not provide this information will be denied aid until the issue is resolved.  If your son leaves her with you, your information can't be used in the "parent" section unless you officially adopt her.  HOWEVER, she may be able to petition her school's Financial Aid Office to be considered independent, in which case parental information won't be required and she will probably be eligible for a good deal of financial aid.
592784
I can answer this from experience. I used to be a financial counselor in Orlando for a consolidation company. We were always advised to tell the consumer to contact your lender first to see if they would accept payments from a third party. Remember that you would be paying the consolidation company, who in turn pays the lender on your behalf. If you are looking to consolidate your private loans for a reduction in the interest rate, you probably won't get it. \nAlso, if you are looking to consolidate them for the convenience of one monthly payment, I would be careful. Alot of times private student lenders won't allow you to change the payment date for the convenience of the consolidation, and they won't be happy when your payments start coming in a few days late because of it. The possible late fees aren't worth the headaches. I would consolidate just the high interest debt (such as credit cards) and leave the private student loans alone. Continue to pay them seperately.
448898
If you pay them back with 36 monthly payments (3 years) at 8% interest you will need to give them $344.70/mo so be a good kid and get going on repaying that debt.\n\nIf you want them off your back sooner you can pay them 12 payments of $956.87/mo.
666759
Sallie Mae, the school will handle it. Your son or daughter gets loans, grants, aid, work study in some combination. The loans are like 3 to 5% i think. You only pay them when he or she drops out or graduates.
677034
There are Federal loans, such as the Stafford, that tend to be lenient.  Sit down with one of your school's financial advisors/counselors and discuss this.  Federal loans don't cover the entire tuition if your school is a proprietary school (tuition starts at 24,000 and higher), but they  may accept payments.   If you've got the GPA, look into nurse-specific grants and scholarships.  I'm a nurse and this is what I did.  The only other thing I can think of is to find out from your bank if they offer student loans for folks with "iffy" credit.  Having nursing as a goal may make you a better risk.  Of course, now you're obligated to pass boards!  Yikes!
666040
Sorry homey. I look at credit reports all day. You can pay it till your blue in the face and no one cares. Credit is when you OWN something (like your house, your car, the shoes you bought with your credit card) and pay it off later. You pay your rent UP FRONT for the next month. If you don't pay, you get your ass kicked out onto the street. The best way to build credit at your young age is to purchase things on your credit card that you ALREADY HAVE THE MONEY FOR and pay it off right away. You're max will go higher and your credit will too. Don't ever keep your card higher than 50% of your limit for too long. If you can get someone to co-sign for you right now (like a parent) and you buy what you want and pay it off, that looks good too. It's a lot harder to build credit than it is to knock it down. It just takes a while. Your young I'm guessing- so heres the best advice I can give you. Care more now about what your credit score is and what's on your report than what it can get you. You can ruin your credit now by buying a 2000 dollar plasma and then it will hurt you a lot when you go to buy a $300,000 home.
421376
Check the loan to see if it has a pre-payment penalty clause in it.  If it does, I'd take the extra payment and put it in an interest bearing savings account created specifically for your car loan.  After 4 or 5 years, you should be able to make payments using just your special savings account.\n\nIf your car loan doesn't have a pre-payment penalty clause, I'd just go ahead and pay additional each month towards your car loan.
14313
I would have suggested you to approach your parents. But I feel they should not be penalized for your debt which is your own creation .   Better you earn the money yourself and pay off the debt .  May be instead of two months you will take couple of months more .   This way you understand the value of money .   More importantly this will avoid further reckless spending which should have been the cause of borrowing .   Finally and it is more important , it will protect your self respect .
488343
I  don't know  if  there  is  any kind of    educational  grant  you might   be eligible to apply for,  but you would have to  find that out locally.       One thing you a re   right about....   nobody   is  ever  going to give  a   19 year  old  unemployed "college  student"  with   zero  credit   and  no collateral    an unsecured   loan.      Only  way I know  would be   if your parents, or   other   family  member or    family  friend could be persuaded to sign  a note   for you  at   the bank,  for    some not  too   huge  amount,   just to     get  you a leg up.   But   that  would mean   that if you defaulted on the loan, your co-signer becomes  responsible for paying   it  back.    Only you know     if   there is somebody in your life  who would be  willing to  take   a  chance  on you.     I hope   somebody  else might have   a  better answer  to offer.
164351
Your best bet would be to ask your parents to co-sign a credit card for you with a good credit card company of your choice.  This, of course, means that your parents would need good, established credit, and that you would have an arrangement with them.  They don't screw you, you won't screw them.  Meaning; you pay all the bills, on time, no mess ups that could damage their credit, and they won't chrage things on your account there by messing with your credit.  You keep this up for a few years, thereby establishing credit for yourself.  At this time, you should have no problem opening a credit account for yourself without them.  Once that is done, your parent and you will close the joint account and you are on your own.  Hope things work out for you!\nPS - If a parent won't do this for you, try a trustworthy aunt, etc. but I would stay away from friends with an issue this big.
465936
Most student loans (unless they are private) require no co-signer. There are several different deferrments based on your income, employment status, school status, etc. Jue research "student loans"..your local banks can probably help. You will need to fill out the FAFSA and the school has different lendors they work with..just pick one