You guys always know everything.... just need a quick answer... college funding for my son... going to a private school, I found out how much he can get with the cheap Federal loan but need a supplemental loan... tried credit union but since it's a private school, they won't cover it... I guess I'll have to go Federal PLUS loan, which is no problem, other that the percentage rate.... any other quick ideas????
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You might also want to inquire with the school's financial aid office - they should be aware of any funding sources that could potentially be available for their students.
I talked with the school... they're pushing the PLUS loan.... I have a call into the credit union to see if there's any other loan, short of an equity loan
Sallie Mae is who I have my student loans through. So far they haven't been bad to deal with.
If you must take out an additional loan, do the PLUS loan. Never use private loans... ever.
I'd recommend an HVAC (or other trade) apprenticeship though.
Agree I have a "private" loan with CitiBank "citiassist" and it's really putting a pickle in life $76k is no laughing matter.
Student loans are also not bankrupt-able. So it doesn't matter what happens to you in life you have to pay it back.
So it doesn't matter what happens to you in life you have to pay it back.
Small caveat to that INC--if you work for the government, teach, or do other work for non-profits for 10 years, your student debt can be forgiven.
Public Service Loan Forgiveness (PSLF) is a new program for federal student loan borrowers who work in certain kinds of jobs. It will forgive remaining debt after 10 years of eligible employment and qualifying loan payments. (During those 10 years, the Income-Based Repayment (IBR) plan can help keep your loan payments affordable.)
oldhometown: aye nice link :) but sadly it only applies to Federal student loans. So I'm in the process of getting that applied to my $27k federal loan, but for my $76k private loan I'm up a creek ;)
Hate student loans - consolidated mine a few years back - I swear I will be 60 by the time I'm clean. Considering pulling my SEP IRA to get them paid off...
We ended up going with PLUS loans to fund our son's school debt. They used to loan the extra to the kids but since the financial crisis they put it on the parents. It is a painful amount of money to borrow when your kid is in private school. The other bad thing is that for most PLUS loans, once the funds are disbursed you have to start repayment.
No... well should be no.
I had to take out PLUS loans for law school. PLUS loans should not have to be repaid until graduation. Perhaps you're thinking of interest? Interest accumulates on the loans during school, but you don't HAVE to pay it.
Thanks for all of the info... I've been trying to get more info from Sallie Mae but, when I finally was able to talk with a real person, I couldn't understand her thick accent... I'll try one more time with them, then on to the PLUS loan, I guess...