Does anybody know anything about Student Loans?

[RSI]

I don't know if it works differently down in the states than it does here, but I'll ask anyway, y'never know. I'm a first year college student, going into computer science next year. Next semester I will be in intro to programming and I'm pretty sure I'll need a computer. At the moment I don't have anything adequate for programming, especially additional to the amount of homework I'll already have. So, in case I don't get a job soon to pay for it w/hard cash; how do student loans work? Can anyone get one? Can I get one? Are there prerequisites? What happens... when do you have to pay it back... etc? Does anybody know anything about student loans?

Thanks in advance.

-RSI

 

[bunker]

Always helps to do an Online Search

 

[StageLeft]

For government loans, the best kind, you need to either claim independence (personally I could not because I had to be out of highschool for 4 years - what a crock), or your parents have to have a sufficiently low income. If you can't meet it this way you're screwed! Unless you pick door #2:

Door #2: Get a student line of credit from royal bank. Your interest rate is reasonable (Mine was prime +1 which is like 7% or so now now). You will need your parents to co-sign this. Interest will have to paid from day one (with gov't loan you wait I think until 6 months after graduation), but once interest is being paid off you can pay the credit line off as fast as you want or as slowly as you want instead of being stuck in a forced pay scheme like a gov't loan. Chances are good that you can get a student line of credit if yor parents co-sign.

 

[RSI]

Hey thanks a lot bunker.

-RSI

 

[kikokam]

i have a student loan right now, it's a stafford loan, meaning the government pays your interest while you're in school. i don't have to pay back till after i graduate, and there's a 6-months grace period of paying no interest after graduation. i don't know how much this will help you since you're not in US...... but asking a local bank wouldn't hurt either. BofA and wells fargo both have student loans available. try asking your school's financial aid office too, they are the most helpful people i would know

 

[RSI]

<< For government loans, the best kind, you need to either claim independence (personally I could not because I had to be out of highschool for 4 years - what a crock), or your parents have to have a sufficiently low income. If you can't meet it this way you're screwed! Unless you pick door #2:

Door #2: Get a student line of credit from royal bank. Your interest rate is reasonable (Mine was prime +1 which is like 7% or so now now). You will need your parents to co-sign this. Interest will have to paid from day one (with gov't loan you wait I think until 6 months after graduation), but once interest is being paid off you can pay the credit line off as fast as you want or as slowly as you want instead of being stuck in a forced pay scheme like a gov't loan. Chances are good that you can get a student line of credit if yor parents co-sign. >>

Thanks for the info. I'm hoping I won't have to take a loan, but if I do, I'm pretty sure my parents wouldn't have any problem signing it.

-RSI

 

[StageLeft]

Do your best not to take out a loan. I know people with $40k in debt and just a half-assed degree to show for it. At the same time if you are pretty sure you'll have a good income after university there is no reason to live like a pauper just to save yourself $5-10k in debt, which can be paid off reasonably fast once you're employed.

 

[kami]

I got $7.5k/year from the gov't...interest free. Didn't have to claim independence and the parent I live with has a $55k salary.
Not sure if this is only available in ontario or not....
This goes to tuition and residence....but it doesn't cover it all. Plus materials and books, so quite a bit still had to come out of my own pocket.

 

[RSI]

<< Do your best not to take out a loan. I know people with $40k in debt and just a half-assed degree to show for it. At the same time if you are pretty sure you'll have a good income after university there is no reason to live like a pauper just to save yourself $5-10k in debt, which can be paid off reasonably fast once you're employed. >>

That's the thing. I don't know if I'm going to quit at College or continue on at University. It all depends on if I find a job I like soon or not. If I'm not satisfied I may continue, etc. I'm doing computer science so I PROBABLY will have a good job PRETTY easily, but I've heard some people have lots of trouble, so you never know. I don't *need* a loan, but it sure would be nice if I don't get a job soon.

-RSI