Even with Congress coming to its senses last month and agreeing not to double student loan interest rates overnight, America s future workforce still is more than $ 1 trillion in debt. For-profit colleges are feeding the student loan crisis
Debt-Free U author Zac Bissonnette says student loans are not "good" debt. He offers 3 better ways to finance a great education.
http://leafgardenpress.com/ Students: Graduate Without College Loans
There are a number of different lenders when it comes to college loans. In fact any bank in the US has at one time or the other offered student loans. With the current economic status, not all banks are able to lend money for college. There are also private institutions that lend money. We will examine the best college loans for students to help you determine where you might wish to apply for your funding.
Top of the list is the Stafford Loan. The Stafford Loan is a federally funded loan. They have a certain amount of money each year that they will award students. This money is broken down on a need basis. In other words if you have funding from scholarships, your parents, and other sources you are generally awarded less than what a student without parents help will obtain. There is a down side to the Stafford Loan. The loan may not pay for your entire yearly needs, such as housing.
However, the Stafford Loan provides the lowest interest rate of all loans. If you can make do with the loan amount awarded it is the best loan on the list.Wells Fargo college loans can also be a great option. They are technically a private student loan, which means they will ask for a co signer and have a higher interest rate than the federal program. Wells Fargo is a very solvent bank right now. They are stable and still able to lend money for student loans. Like most private student loans they have a few repayment options, deferment abilities, and in general the money to cover all of your college expenses.
Student Loan Liquidity Corp is another option in student lending. They are a one stop shop for your funding needs. This corporation provides the information regarding federal programs as well as the many lenders who award student loans.
Through Student Loan Liquidity Corp you have more options in lenders than just one.Astrive Student Loan Company is another option. They are privately funded to offer you $ 3,000 to $ 45,000 a year for your education. You will be able to pay the tuition, for books, housing, and living expenses with Astrive.
These four institutions mentioned above are the best college loans you can find. There are other lenders that are also on the best college loans list. To find the best college loans you really need to research your options.
Related Best College Loans For Students TopicsQuestion by happydawg: Does the parents of college students usually co sign for loans? My friends son and his ex wife has asked him to co sign for a college loan which is not re payable until the year 2012. I do not understand college loans and he has asked me what I think of it. He believes he may be getting himself into some kind of a financial trap. I did not know a college loan required a co signer. Does it? He already payed for his 1st years tuition and his dorm fees and all that stuff. I do not want to give him mis information, but clearly he is concerned. Who do we ask about this for sound financial advice? Do you know anything about college loans for an 18 yr old child? Do you think he is being ripped off? Do the parents co sign a college loan for $ 6K not repayable for at least 5 yrs? Best answer for Does the parents of college students usually co sign for loans?:
Answer by pplz1st
the co signer is obligated to pay if the student doesn't, I've seen it, and if they don't they could lose their house .Said student should apply for FAFSA or a grant
Answer by Ken W
My parents co-signed for loans when I was in college. Students do not have to repay the loans until they are out of college and have good paying jobs. I still have one child in college and I support her every way that I can. Signing for a 6 K note is a small thing. Supporting a child that you helped bring into this world to get a college education is a big thing. Encourage him to to the big thing. Ken W baldyken2001@yahoo.com http://wolff2001.googlepages.com/home
Answer by Found-1
Most Federal financial students loans, usually called Subsidized and Unsubsidized Stafford loans (the first loans offered to students) do not require a parent cosigner. If your friend is being asked to cosign on a loan, there could be a couple of reasons. 1. the school isn't eligible to receive federal fin aid. In this case, the student and your friend should RUN not walk away from this school. 2. the student hasn't applied for federal student loans yet at www.fafsa.ed.gov and doesn't know he can get a better government backed loan without his parents as cosigners. 3. the school is eligible for federal student aid but the school is wickedly expensive and the student has maxed out all other loan types and therefore has to take out other private loans to cover the cost. 4. the student has taken out the "good loans" as mentioned above AND covered the cost of his education because it isn't an expensive school. But is taking out yet another loan to "live off" of and this money isn't going to the school to pay for tuition and fees. Note: Many school loans that don't require a cosigner go directly to the student and NOT the school. If trust is an issue, look into this. My advise to your friend regarding cosigning. Have him ask his son for a copy of his "Award Letter" from the schools financial aid office, it has a detailed amount and types of fin aid the student is being given. Also ask his son for a copy of the bill from the school. Then he/she can make a more informed decision about if they want to "possibly" pay for their child's education. Below is a link for the different types of federal student loans and the minimum and maximum amounts. The student needs to utilitze these first before he goes to the others.
Answer by jml167
I would advise your friend to go with his son to the financial aid office at the school and speak to a financial aid officer. They can help him understand why he needs to cosign for these student loans and exactly how much his son needs for college. If your friend has already paid for dorm fees and tuition, then why does his son need more money? Did his son fill out a FAFSA? These are all questions that the financial aid officer can answer. If this man's son won't take him to the financial aid officer, he should be very concerned for the motive behind his son's need for a loan.
Answer by naughty_triks
Yes, a parent needs to co-sign a student loan. Usually you don't have to pay loans back until you graduate from school. I know City Bank has that.
