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http://leafgardenpress.com/ If Student Loans Were Not Guaranteed College Tuition Would Be Alot Lower - Gary Johnson Web Q&A 11-2
Sallie Mae's results were negatively affected by non-cash loan premium amortization in the quarter. It is attributable to federally guaranteed student loans of about $ 4.5 billion, which are anticipated to be integrated under the lately accomplished ... Sallie Mae Lags, Expenses Down - Analyst Blog
The cost of attending college seems to increase with every passing year and one way left for those participating to finance their education or handle their expenses is to apply for student loans. If you have adverse credit, you may find yourself with limited options but this does not completely cut you off as there are lenders who are now giving out bad credit student loans guaranteed approval and you only need to spare some minutes to find them.
Some common features with these guaranteed student loans include: � No collateral- the lenders who offer bad credit student loans guaranteed approval do not require collateral from the applicant and this makes the funds easily accessible to students since most of them do not own assets. The other reason why the lenders do not request for collateral is that most students usually apply for small amounts of cash and failure to make repayments will just see the lender lose some little amount of cash. � No credit check- the lenders do no check the credit history of the students applying for the loans and this makes qualification easy for some of them who do not have credit at all and others who have bad credit. This also presents a chance for such applicants to rebuild a bad credit or build some clean credit which they can easily do by: � �?� Ensuring that they make all repayments in time �?� Keeping true to all terms agreed on the loans �?� Keeping longer but clean credit periods �?� Maintaining their debts low compared to their credit limit � Expensive- the loans are quite expensive due to the high interest rates that are usually allowed by the lenders. This is a measure that is usually taken to limit the list of applicants only to serious borrowers and this helps the lenders to reduce the risk of losing the amount offered as the loans are open to people with bad credit and no collateral. Shopping around for the loans can help you to obtain some better terms. � Fast processing- by applying for these loans, you can stay assured of getting the funds even within hours of application. This is usually as a result of the few requirements on the loans and most lenders allow the borrowers to apply online. If you choose online lenders, ensure that they have a secure website to keep your personal details inaccessible by third parties. � Related Bad Credit Student loans Guaranteed Approval ArticlesQuestion by : Why shouldn't government guaranteed student loans be automatically dischargeable in bankruptcy? Other government guaranteed loans are automatically dischargeable, such as home loans. Government guaranteed student loans under former law were automatically dischargeable after 7 years. Now they are never automatically dischargeable. Best answer for Why shouldn't government guaranteed student loans be automatically dischargeable in bankruptcy?:
Answer by JC Forever
Because people would go to school rack up a ton of loans and then never pay them off. I have already had to claim bankruptcy and one thing I can say about my student loans is that I have been able to ask for forbearance this entire time, I haven't paid hardly any of it off because I haven't had any money, but they have worked with me and not made me pay any of it back. It's not like they are going to garnish your wages, all you have to do is ask and they will defer the payments for a year, and then all you have to do is ask again and they will defer if for longer. They work with you, Think about it, if you knew at some point you could blow off your student loans, why wouldn't you just rack them up and then blow them off. It's not really fair to the Government that is paying for you to go to school. Everything can't be free.
Answer by wizjp
Because the loans aren't secured. Every college student on the planet who ownes nothing will default on day one out of college and NO LOAN would ever be repaid.
Answer by dsw_s
All loans need some sort of protection against people just taking the money and walking away. Home loans come with a lien on the home. The closest you can come to a lien on someone's education is having a claim on their lifetime income, even after bankruptcy. At least that's the rationale as I understand it. I think they should be dischargeable in bankruptcy. Maybe not automatically, but there's no good reason to be completely merciless to someone about a bad decision they made twenty years earlier.
Answer by MARK
WHY? Because the government makes all the rules and they desperately need your money
