I'm in a financial mess and need help

[SampSon]

Originally posted by: archcommus

Originally posted by: kranky
If your mother is a member, then you can join.

And they'll let me take a loan out the same day I became a member? Eh I dunno.

Depends on the credit union. You won't necessarily GET the loan that day, but you can apply for one. The whole point of joining a credit union is to loan money.
The company I partner with joined a local credit union, so I joined it personally, then applied for an equity loan that same day.

The details of you current PNC loan would help this thread out a lot. No one here knows about the loan you took out with PNC so it's hard to comment on how to handle it.

A general suggestion is to find another loan source with a lower interest rate with long term educational purposes. Adding more jobs to your life really won't do you that much good during the haul if you plan on loaning your way through school anyway.

 

[Tiamat]

Finishing school with 30k$ in loan debt is not unbearable. Most people that I know either do not have any loans, have 12k$ in loans, or have over 90k$ in loans.

My present roommate has 138k$ in loans and the interest is quickly adding on that.

30k$ debt is nothing to sneeze at, but its a lot better as school loan debt than say, credit card debt of 30k$. Just be sure to pay off your high interest loans as fast as possible. You will not be able to get away from working part time jobs during your schooling. As said above, talk to your financial aid department. Sometimes, they have endowed scholarships that you can apply for each semester each amounting to 500$. While 500$ is not a lot of money, it really helps for chipping away at old loans, or even making your life a little more comfortable.

 

[archcommus]

Originally posted by: SampSon

Originally posted by: archcommus

Originally posted by: kranky
If your mother is a member, then you can join.

And they'll let me take a loan out the same day I became a member? Eh I dunno.

Depends on the credit union. You won't necessarily GET the loan that day, but you can apply for one. The whole point of joining a credit union is to loan money.
The company I partner with joined a local credit union, so I joined it personally, then applied for an equity loan that same day.

The details of you current PNC loan would help this thread out a lot. No one here knows about the loan you took out with PNC so it's hard to comment on how to handle it.

A general suggestion is to find another loan source with a lower interest rate with long term educational purposes. Adding more jobs to your life really won't do you that much good during the haul if you plan on loaning your way through school anyway.

What kind of information would you like to know about it? I'll see what I can provide.

 

[archcommus]

My mom's calling the CU today, I'll update with information about that.

If you want to know anything about the PNC loan please ask!

 

[archcommus]

Oh yes, and, my credit history is spotless but only about 14 months old. Is that enough history to get a loan on my own?

 

[kranky]

Before you commit to a particular credit union, look at this site and search for credit unions (1) in your area; and (2) that have a TOM Code of "00-Community Credit Union". Those CU's will let you join if you live, work, etc. in their area - you don't have to have any other qualifications to join.

When you see your CU options, check their websites or call for current loan rates and compare them to the one your mother belongs to. Might find a better deal.

 

[Doboji]

if all else fails.... go to prosper.com. I'm pretty sure you will get a loan there... probably at a horrendous interest rate... but it'll get you the money quickly...

-Max

 

[amddude]

Originally posted by: JS80

Originally posted by: Baked
BTW OP, what were you thinking paying back college loan when you're still in school? I don't know what kinda loan service you used, but my dept of education college loan doesn't require me to pay back any loan when I'm in school at least half time. And what were you doing taking a college loan from a bank?

Originally posted by: JS80
Credit Card

I don't know about his school, but my school doesn't take CC for tuition. Check or cash only.

CC cash advance @ 28% ftw

I actually found a way to get cash without the crazy interest off a CC. I have my wife's cc attached to her paypal account. I paypal money from her to my paypal, then turn around and deposit in the bank. Works pretty decent, aside from some fees on paypal's part.

 

[Doboji]

Originally posted by: amddude

Originally posted by: JS80

Originally posted by: Baked
BTW OP, what were you thinking paying back college loan when you're still in school? I don't know what kinda loan service you used, but my dept of education college loan doesn't require me to pay back any loan when I'm in school at least half time. And what were you doing taking a college loan from a bank?

Originally posted by: JS80
Credit Card

I don't know about his school, but my school doesn't take CC for tuition. Check or cash only.

CC cash advance @ 28% ftw

I actually found a way to get cash without the crazy interest off a CC. I have my wife's cc attached to her paypal account. I paypal money from her to my paypal, then turn around and deposit in the bank. Works pretty decent, aside from some fees on paypal's part.

You're assuming he has a credit card with a limit that high.... My first CCs topped out at like 1k.

 

[archcommus]

Okay, my mother called the CU and it turns out I can apply for membership and apply for a student loan the same day, of course using my own credit rating. I should have a perfect record but again only about 15 months of history. If it's anything less than 7%, I'll take out $2500, thus refinancing and at the same time getting my $800 back (I'll of course pay off the remaining $1700 on the PNC loan unless they take care of that for me).

 

[Ausm]

Originally posted by: Baked
Male escort service.

FTW!!



Ausm

 

[archcommus]

QUESTION.

The person at the CU said the loan is through AES, same as the PNC loan. Does that mean I'll get the same damn rate PNC's giving me?

 

[sandmanwake]

See if you can get one of those 0% for a year balance transfer credit cards. There will probably be a finance charge for doing the transfer, but that'll only be around $75. After you do the transfer, put the card in a safety deposit box and do NOT charge anything on it. Continue to work part time during school and pay off the card as soon as you can. Working part time, you can easily make the $3k needed to pay off the card by the end of a year if you're frugal and have enough self control to save towards paying off the card.

If you're the kind of person how have no financial self control, don't get the credit card. You'll be better off working as a male escort or something to get the 3k.

here:http://www.fatwallet.com/t/52/633723/

 

[Reckoner]

Originally posted by: sandmanwake
See if you can get one of those 0% for a year balance transfer credit cards. There will probably be a finance charge for doing the transfer, but that'll only be around $75. After you do the transfer, put the card in a safety deposit box and do NOT charge anything on it. Continue to work part time during school and pay off the card as soon as you can. Working part time, you can easily make the $3k needed to pay off the card by the end of a year if you're frugal and have enough self control to save towards paying off the card.

If you're the kind of person how have no financial self control, don't get the credit card. You'll be better off working as a male escort or something to get the 3k.

here:http://www.fatwallet.com/t/52/633723/

I doubt he'll get approved for that. Maybe the student version, but I don't believe the student one offers 0% BT

 

[archcommus]

Okay I'm terribly confused. I called and asked someone from AES if AES or the loaner sets the rate - in other words, if there's any chance I can get a lower interest rate from the CU than PNC is giving me. He said the BANK sets the rate, but then he said it's impossible for me to get a lower rate from the CU. It can only be the same or higher. This is because interest rates are going up.

But isn't it possible that the CU adds a smaller percentage to prime than PNC does? This is why I don't understand why it can't be lower. Any ideas?

 

[amdforever2]

The PNC loan may be fixed...

 

[archcommus]

Originally posted by: amdforever2
The PNC loan may be fixed...

No far from it. It started at around 5.6% last year when I got it and is now at 7.14%.

I don't understand why the credit union rate CAN'T be lower. Sure interest rates are rising, but can't my credit union base the rate off something other than prime or the 91-day T-bill? Plus, the credit union ITSELF said AES determines the rate, and then AES tells me the bank determines it.

Assuming I get this new $2500 loan, and get a $2500 Perkins loan for each of my remaining three years, and for each of those years get $4000 in unsub Stafford and $3500 in sub Stafford, that would leave me with about 35 grand in debt when graduating. Thank you, Excel.

Anyone have a gun?

 

[amdforever2]

Well the variable must be prime minus margin.

At any rate, with the prime rate rising margins rise too.

I'm not sure why that is, but it's what I see......

 

[archcommus]

Prime is 8.25% right now, what is margin?

 

[Fingolfin269]

Jobs + Cheaper School

 

[archcommus]

Originally posted by: Fingolfin269
Jobs + Cheaper School

Got jobs.

Hard to find anything cheaper than a semi-state school for engineering.

 

[Reckoner]

Have you called and asked what type of rate they can offer you?

 

[archcommus]

Originally posted by: PaulNEPats
Have you called and asked what type of rate they can offer you?

My mother's bringing home the loan application today. And although I don't understand it, I fear after talking to the AES guy today that it will be 7.14% OR HIGHER.

 

[archcommus]

Alright I feel more fvcked now than before. Apparently the CU only gives out Stafford loans, that's all the application says on it, and I'm already maxed on those. So doesn't look like the credit union can help me at all. My bank (Citizens) offers the TERI loan, however if you have less than two years of credit history they required a co-signer, and my parents have bad credit, meaning I'd get about a 10.5% interest rate. It seems like I'm going to run into this problem with any private loan.

What other sources can you recommend? Sallie Mae or something along those lines? I just need to find a lender that will be okay with MY credit rating alone, about 14 months of should-be spotless history.

 

[Reckoner]

Originally posted by: archcommus
Alright I feel more fvcked now than before. Apparently the CU only gives out Stafford loans, that's all the application says on it, and I'm already maxed on those. So doesn't look like the credit union can help me at all. My bank (Citizens) offers the TERI loan, however if you have less than two years of credit history they required a co-signer, and my parents have bad credit, meaning I'd get about a 10.5% interest rate. It seems like I'm going to run into this problem with any private loan.

What other sources can you recommend? Sallie Mae or something along those lines? I just need to find a lender that will be okay with MY credit rating alone, about 14 months of should-be spotless history.

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