how do i choose a college loan?
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Focus on these three things: interest rates, fees, and customer service.\n\nThe cheapest college loans are going to be the ones with lower interest rates and low (or no) fees. These, however, are the loans that require the borrower (or the co-borrower) to have pretty good credit.  If this sounds like you, you might be in a good position. To obtain a list of loan companies, try checking with your school's Financial Aid Office to see if they have a list of recommended private loan lenders.  Schools are approached *all the time* by lenders looking to obtain their business.  If your school has an existing relationship with a lender, they might have worked out some additional benefits to you, the student, for borrowing with that lender. [You should still do your research, though.]\n\nOnce you have a list of lenders, check their websites for rates and fees.  These should be laid out clearly and, if they are, not give that lender a call.  Some lenders will offer one rate for all borrowers. Other lenders might say things like "rates as low as..." which should immediately signal to you that your rate *could* be higher.  This "as low as" statement implies that the interest rates are "tiered," meaning that YOUR rate will depend on your (and/or your co-borrower's) credit.  A good example of this is Sallie Mae's Signature Loan, the most popular (or, at least, the most often borrowed) private educational loan.  With this loan, students are given a lower interest rate for having applied with a co-signer. \n\nRE: Loan fees.  These aren't desirable, per se, but they aren't the end of the world either.  Sometimes, the only way that a company can offer a really good rate is to take a couple hundred off the top (example: MEFA offers super-low rates on some loans, but they do charge a fee).  There are borrowers that absolutely refuse to borrow a loan that has fees and, if this is your philosophy, that's fine. But weigh all your options and do the math.  Make sure that the up-front savings are worth it. (Try a loan repayment calculator like the ones on www.finaid.org -- these will give you a good sense of how much money you might save [or not] in the long-term).\n\nAnd while you're looking at the up-front benefits, make sure you ask either your lender or your school about any "back-end" (repayment) benefits.  Many companies will offer you a discount of .25% for having your monthly payments automatically (or for setting up online billing).  \n\nSo, what else differentiates one company from the other?  Well, nothing that you can see in writing on your promissory note... BUT, you might want to consider the following customer-service related questions:\n\n* Can I make my payments (view my statements, see tax information) online?\n* Will this company sell my loan or will you be my contact for the life of the loan?\n* What kind of options do I have for forbearance or deferment if I am having trouble making a payment later on?\n\nWhile a company with good customer service may not save you money, they make save you a lot of heartache and hassle down the road...\n\nSome loan companies to research:\n* Sallie Mae (or one of their subsidiaries, such as Nellie Mae, AMS, etc.)\n* Citibank\n* Citizens Bank\n* Sovereign Bank\n* Wells Fargo\n* Bank of America\n* Access Group\n* Key Bank\n* EdAmerica\n\n[Above, I only listed companies with whom I've had positive experiences -- there are countless others, of course, that may also be a good fit for you]:\n\nNote: Before you choose any of these companies, do a quick check to make sure that there isn't a company in your state that offers low-interest loans to their residents.  Some states so this and, very often, the rates are unbeatable.  [Some examples: MEFA (Massachusetts), VSAC (Vermont), and the Alaska Commission on POstsecondary Education.]
1130081
What kind of funding sources?  Federal? Private? Loan? Grant?\n\nFederal Loans & Grants:\nIf you don't have an allocation of Campus-Based Aid like Federal Perkins, Federal SEO Grant, and Federal Work-Study, apply for it using the FISAP (it's not a fun application and you may not get much, but every dime helps, right?) Apply here: http://www.ifap.ed.gov/IFAPWebApp/currentCBPMaterialsListPag.jsp?p1=FISAP+Form%2FInstructions&p2=c\n\nPrivate Loans:\nFor private loan options, FinAid.org has a great list of private loans that your students can select from: http://www.finaid.org/loans/privatestudentloans.phtml . And if you need loan brochures, contact your lender rep and you'll get more than you could ever imagine needing.  For our students, we weighed all our options and picked Sallie Mae's Signature Loan, Citibanks' CitiAssist, and the TERI loan through Citizens Bank.  Every school seems to pick different loans, though -- your choices have to reflect the lifestyle of your students.  Are they going to enter high-paying jobs?  Or are they likely to have difficulty keeping track of their payments.  I picked one loan (not listed above, since it's specific to Massachusetts schools) specifically because it offers a fixed-rate option that I thought would benefits our students who won't take the time to monitor their every-changing interest rates.  But it really depends on your and your students.  You should, however, keep your students' interests at heart, as tempting as it can sometimes be to focus on what you as a school might prefer (i.e. ease of processing).\n\nPrivate Scholarships/Grants:\nThere are so many of these that you can't possibly spend all your time tracking them down for your students.  You can give them a taste of what's out there by sending them here: http://www.finaid.org/scholarships/ (to click on all the links)\n\nThen tell them to look for their own private scholarships at their local libraries, churches, clubs/associations, and high schools, as well as online at any of these sites.\nhttp://www.fastweb.com\nhttp://www.srnexpress.com\nhttp://www.scholarships.com\nhttp://www.scholarships101.com\nhttp://www.finaid.org/scholarships\nhttp://apps.collegeboard.com/cbsearch_ss/welcome.jsp\nhttp://services.princetonreview.com/default.asp?RUN=%2Fcollege%2Ffinance%2Fscholar%2FscholInterview%2Easp&RCN=auth&RDN=7&ALD=http%3A%2F%2Fwww%2Eprincetonreview%2Ecom\nhttp://www.collegeanswer.com/paying/content/pay_free_money.jsp\n----------------------\nFor advice of this ilk, I highly recommend joining up with a professional financial aid association.  Every state has their own and there are regional and national (NASFAA) associations.  These associations provide wonderful forums for sharing ideas, solving problems, establishing outreach programs, and networking. For a list of these associations, try: http://www.nasfaa.org/annualpubs/regstateweb.html
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You did not say if you have subsidized or unsubsidized loans. I think  there is a difference between the both in terms of your repayment options.\n\nBut the following link would be a good start.\nhttps://www2.eac-easci.org/resources/RepaymentBro.pdf\n\nThe Estimated Student Loan Monthly Payment Chart and \nLearn About Repayment Plans sections provide an idea about your monthly payments and various repayment plans.\n\nYou might also want to look into consolidating your loans. ( Note: rates go up, on July 1st ). ( If you want to consolidate your loans, do it before then ).\n\nThe best thing would be to talk to your financial aid department if you are still in school. They will discuss the various options available, and you could choose the best one for you.
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Community college is the best choice.  It is usually anywhere from 1/2 to as low as 1/4 the price of a regular state school, and much much less than a private university.  Be sure to look into options like Pell Grants, FAFSA (financial aid), scholarships, and work-study programs.
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www.collegeanswer.com for scholarships. \n\ntry www.salliemae.com for loans
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Loans must be repaid.  Grants do not require repayment.   \n\nThe best start is to complete a Free Application for Federal Student Aid available from the website below. \n\nYou can also speak with the financial aid professionals at the schools you are considering.
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Hello There,\n\nYES there are plenty of federal student loans available that you can use for anything!! Not just living expenses, but anytihing you need to use them for..\n\nIve used student loans to pay for miscellaneous items many times in the past because its your money... You need to buy what ever you need at the time you are going to college.. Your loans are money you are borrowing to do so...\n\nI work with Student Aid Lending, we are a nationwide lender administed by the department of Education (We have a title IV license)\n\nTake a lok at my yahoo 360 profile.. You can find alot of information about student loans and also direct links to my companies website...\n\nhttp://360.yahoo.com/my_profile-hluduhmi...\n\n\nFeel free to call or email me and i can process the entire consolidation for you in just 10 minutes over the phone..\n\nI hope this helps, and again, do not hesitate to call or email me with any additional questions!\n\nAnd congratulations to you for wanting to make someting great out of your life... I commend you for it! There needs to be more people like yourself that have the drive to want something more!\n\nJason Fry\nFinancial Advisor\nStudent Aid Lending\n1-800-964-0642 ext. 114\njasonf@StudentAidLending.com
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Is someone willing to co-sign for you? If not, ask your school which lenders can help; they should have a list.
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You could apply for a Stafford Loan. They come subsidised where the government pays the interest while you are in college. \n\nhttp://studentaid.ed.gov/students/publications/student_guide/2004_2005/english/types-stafford.htm
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At a certain point in everyone's life they must choose to do what is best for them which may not be what their parents wish. If your father is unwilling to pay college expenses explore other available financing offers. Going against parental wishes is difficult. You must decide which is more important - your desire for higher education or maintaining family harmony!
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Sallie Mae's consolidation product is great (http://www.salliemae.com ).  So is Citibank's (http://www.studentloan.com ). \n\nWhen picking a company to consolidate with, their web capabilities are important, but it's also important to get a company with a good reputation who's been in the student loan business for a while. Both of these companies fit this criteria.  Additionally, neither of them will ever sell your loans, so you can feel fairly confident that you won't get bounced around or miss a payment (which often happens when companies sell their loan portfolios a lot).
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It's true that Federal Stafford Loan interest rates are set by the government.  While there isn't much negotiating anyone can do there, there are features that help to differentiate one loan company from another AND save you money.\n\n1) Loan Fees: Find is a company that offers a 0% Guarantee fee AND a 0% Origination fee.  These are costs that CAN be high but which the guarantor and lender have the power to waive, usually as part of their arrangement with your school's Financial Aid Office. Talk to someone in Financial Aid at your school.  Most offices only have a handful of lenders (at MOST) and only 1 guarantor with whom they work.  Loan fees change all the time and MUST be disclosed to you, so you have every right to request this information.  Truthfully, these companies are ACHING for your business, so many of them have been advertising "zero fee Stafford Loans" for some time now.  Examples: Sallie Mae, Citibank, Bank of America, EdAmerica. {Note: fees may vary by school, so double check before committing.}\n\n2) Back-end repayment benefits.  If you are very good about repaying your loans on time, this is where you can really "score."  Many companies (again, sometimes as part of a deal with your Financial Aid Office) will offer additional benefits to students who have borrowed with them.  For example, some companies offer to credit you a certain percentage of your principal loan balance after you make a certain number of payments on time.  Anywhere from 3 to 4% cash back after 33-48 on-time payments (Examples: Citizens Bank, EdAmerica, Bank of America). Other companies go the interest rate route and make offers such as "2% interest deduction after 48 on-time payments."  Of course, these offers often vary by state or by school, so check to see if they apply to you (Example: Citibank).\n\nWhy can they offer these things when student loan rates are already lower than, say, mortgage and car loan rates?  Well, because most students don't get to the point where they can actually take advantage of the benefits.  Generally, if you miss even one payment, the "48 consecutive payment" offer becomes null and void. Similarly, if you  consolidate (which so many people have done lately), the benefits cease to exist. The utilization rate that many companies report for these benefits is about 20%... not bad.  If you know that you're the kind of person who has a good grasp on your finances and will pay on-time for a few years, go for it!\n\nOne last thing: it's important to shop around but it's just as important to ask your Financial Aid office for guidance before you make your final selection.  They will be able to tell you if an offer is too good to be true or if a company is tossing around benefits because they won't be around long enough to have to make good on their offer (some companies aren't as established as others).
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I myself have quite a few student loans through a private college.  Our financial aid department did most of our loans through Citibank, which offers a consolidation of your loans w/ minimal monthly payments that I'm paying now (about $5 a month for every $2,000).  Most banks want to take your debt and consolidate it (it's how they make their money), so I'd shop around or ask your financial aid department for suggestions of banks that will work in your favor.  Also, try looking into the bank your checking or savings account is at, they usually offer discounts to customers.  Hope this helped a little.
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Through the college.  Just go to, or call, the office and ask for the person who administers student loans.  There will be forms for you to complete and you will probably, but not always, need an in-person appointment.  Ask what their procedure is.
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The way student loans work (or at least federal ones) is that you have to apply for them, through the Financial Aid office at your school.  After you apply, you will find out what kind of Aid you are eligible for - subsidized loans, unsubsidized loans, grants and workstudy.  Grants and workstudy do not have to be paid back.  After you graduate, unless you defer repayment, you are given a 6 month grace period before you must start to repay your loans.  There are 3 different categories for repayment, they each are a different monthly payment.  It all depends on what you can afford.  The longer you drag out repayment, the more you end up paying because of interest.
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The college ought to have a financial aid office.  That would be the most important place to start.  If they are aware of other agencies to which you should apply, they'll give you points of contact.
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student loans. try the guidence office at your school