What is the best way to get a college loan with no cosigner or credit?
Taking out more student loans than Federal Direct Loans is a big red flag.A couple years ago I researched the protocols used for determining a manageable level of student loan debt. (This isn’t rocket science. It took about thirty minutes on the Internet.) There are three conventions commonly used:The Mad magazine “What—me worry?”Percentage of targeted first year salary.The 8% Rule.I am going to dismiss #1 out of hand.Number two comes in two flavors: 100% and 50%. One hundred percent, commonly presented by financial experts as a simple “rule of thumb,” is way, way too risky in a world where your career outcome is so uncertain. Even if your career/salary expectations are met allocating 15% of your monthly income to loan payments is going to pinch when you are paying for your first apartment, a used car, and that first trip to IKEA. I wouldn’t spend a lot of my time trying to argue you out of using that simple 50% rule of thumb—as long as interest rates remain relatively low.The best practice and my preference is the 8% Rule—limiting monthly payments to 8% of the projected monthly salary of your targeted job.For example:($40,000/12)X.08=$267 which translates to about $25,000 in student loan debt.Estimate Your Student Loan PaymentsThe Penn State website linked to here uses the 8% Rule.I refer you to the documentary, Broke, Busted, and Disgusted, to see how student loans are working out for recent grads.THE FILMYou have probably chosen a post-secondary education choice you can’t afford. Go to the library and get the book Right College, Right Price. Start your search over looking for an affordable school that wants you.Addition free advice, worth every penny you are paying for it:If you don’t choose a marketable major, you are just wasting your time and your money.Consider community college.
Is there any other way for paying for college, beside a private student loan?
I have an academic scholarship from the college and also apply to fafsa but that only covers about 45% of my college bill. (the college bill is still very high, that no part time job could cover) My scholarship is covering most of it. I am getting state help, however i do not qualify for fafsa pell grant. Not going to college this coming year is not an option? Is there any scholarship programs out there that you can apply to this late??
What are some good companies to get private student loans?
A large number of college students receive financial assistance from a grant, work-study program, or Federal student loan. However, due to rising college tuition, traditional financial aid doesnt always the expense. When there is a difference between the education costs and financial aid received, students must find a way to pay the excess. Some people choose to use personal savings or a credit card when neither option is available, a private student loan from a private bank can fill in the gap.Private student loans are beneficial because they provide a quick solution to a tuition problem. Unlike Federal student loans, which can take several months to process and disburse, private student loans offer quick processing, and the money is normally distributed to the student within five business days. Once the student acquires the funds, the money can be used for multiple purposes such as tuition and books. http://best-loans.awardspace.com/student-loans.htm Federal student loans place limits on how disbursed money is used. However, a private student loan can pay for a variety of education-related expenses such as a laptop, rent, transportation, etc. While private student loans offer flexibility and quick processing, getting approved for such loans is no easy task. Federal student loans and grants do not require good credit, which is a nice feature since many college students have little or no credit history. Private student loans are quite the opposite. Because private banks approve the funds, loan requirements include a solid credit history and verifiable income. Plus, the interest rate on a private student loan is generally higher than a Federal student loan, which can equal a higher monthly payment.
How do I pay for college loans as a Computer Science student?
I’m going to assume that you are a US citizen because I don’t have much to go on here. If you plan on enrolling in college, you should be filling out the FAFSA (Free Application for Federal Student Aid) form.The 2019–2020 FAFSA is currently available for filing, having been available since October 1, 2018. The deadline to submit it is midnight, Central Standard Time, June 30, 2020.You want to file as early as possible because once those freshman classes start to fill up, there becomes less of a need to grant money. In fact, you could lose a lot of financial aid applying after October 1st.Paying for collegeYou can pay for college a number of ways, you can cash flow the payments (pay as you go). Or you can borrow. With borrowing, there are a couple of options. You can take out federal student loans, or you can take out private student loans.Federal student loans are offer by the federal government. And they are the best way to pay for college if you have to borrow. They offer programs like student loan forgiveness, and many features that protect you.Private student loans are offered by banks and financial institutions. Private student loans don’t offer many consumer protections. There is no way to discharge them. You pay them off until they’re gone.The federal government allows students to take out a maximum of $27,000 for all four years of college. Disbursement of loans looks like this:First-Year Undergraduate: $5,500Second-Year Undergraduate: $6,500Third-Year Undergraduate: $7,500Fourth-Year Undergraduate: $7,500If you require more than that, you’ll have to either cash flow payments or take out private student loans (in addition to any federal student loans you take out).I host a monthly “How to pay for college” webinar. If you’re interested in joining the next one, you can register at clearpathria.com/events. We just completed one for November, so check back in a week or so for when we schedule our next one.Cheers!Tommy Martintommymartin.com
I need a private student loan?
A large number of college students receive financial assistance from a grant, work-study program, or Federal student loan. However, due to rising college tuition, traditional financial aid doesnt always the expense. When there is a difference between the education costs and financial aid received, students must find a way to pay the excess. Some people choose to use personal savings or a credit cardstudents have little or no credit history. Private student loans are quite the opposite. Because private banks approve the funds, loan requirements include a solid credit history and verifiable income. Plus, the interest rate on a private student loan is generally higher than a Federal student loan, which can equal a higher monthly payment.
Getting student loans in order to pay for a more expensive private college and not working while you go to sc?
Even at most public universities, paying for everything with loans is going to give you an amount of debt you wouldn't be able to pay off. The general rule of thumb is that you should not take out more in loans than you would expect to make your first year working after graduating. For most majors that's at most $40k, going up to maybe $55k for higher-paying fields like engineering. That means at most $10-$13k in loans per year if you finish in 4 years. At a private university, assuming your parents aren't rich, you need substantial scholarships and/or grants from the school. Most of the good (top 50 or so) private universities also have good financial aid. If they don't offer you anything, it means it's probably not that good of a school, or you're under-qualified to go there.
Getting student loans in order to pay for a more expensive private college and not working while you go to sc?
Even at most public universities, paying for everything with loans is going to give you an amount of debt you wouldn't be able to pay off. The general rule of thumb is that you should not take out more in loans than you would expect to make your first year working after graduating. For most majors that's at most $40k, going up to maybe $55k for higher-paying fields like engineering. That means at most $10-$13k in loans per year if you finish in 4 years. At a private university, assuming your parents aren't rich, you need substantial scholarships and/or grants from the school. Most of the good (top 50 or so) private universities also have good financial aid. If they don't offer you anything, it means it's probably not that good of a school, or you're under-qualified to go there.
Best place to apply for student loans for college?
The best place to start is the federal government. Apply by completing the FAFSA--the Free Application for Federal Student Aid--at www.fafsa.gov. If you are a dependent student, you should automatically be eligible for $5,500. If you are an independent student, you should receive $9,500. (a dependent's parent can also borrow a PLUS loan on student's behalf for an amount up to the cost of attendance at the college. If the parent's credit is denied, then the student can borrow additional funds, up to $9,500). If you qualify, part of that amount may be awarded as a subsidized loan that has no interest until you graduate. As for private loans, you need to shop around. Most colleges have a list of lenders that they work with, so ask your financial aid department.
How can I bypass my college's financial aid office and take a Federal Student loan? All private loans require a cosigner with a good credit score.
The short answer is: you can’t.All Federal Student loans are handled through your college’s financial aid office.You go online, and fill out the FAFSA form late this fall if possible, and you tell the system to send the processed form to your college.And then your college’s financial aid office sends you a ‘package’ which includes (usually) some federal student loan funds. Then you either a) accept the loans or b) turn down the loans.That’s really it. You don’t actually get any money. The financial aid office will apply any federal student loan money your accept to your college bills.For instance, if your tuition is 10,000 dollars, and you are awarded a federal loan of 2500, then your tuition will be reduced to 7500.The money from the loan goes directly to your college.
Can you pay your entire college tuition with student loans?
Can you get more then one loan? My dad is telling me im going to have to pay my way through college but i dont really want to have to work and be a student full time and still make sure i have time to study, i know i wont be able to handle that. How could i be a independent student because i know my parents make too much for me to qualify for much federal aid but if im independent ill show strong need wont i? and also could you tell me anything about paying back loans, im trying to get ahead of all this stuff so im prepared because i dont have any family thats went to college so i dont really have anyone to ask questions all help is appreciated :)