What are some good places to get full student loans from.

[yhelothar]

I looked at a few, but most of them seem like they only cover tuition. I know there are a few that covers a basic standard of living too.

I'm thinking about one that gives about $800 a month on top of tuition. I'm thinking about $400-500 a month to rent a room, and $300 for food and gas.

 

[yhelothar]

No one here got their college living expenses from loans?

 

[elbosco]

If you haven't already, you should talk with your school's student financial office. They can help you determine what student loans would best suit you as well as point out additional sources of income such as scholarships, pell grants, work-study programs, etc.

Additionally, don't confuse tuition with cost of attendence (COA), which is what most loans will cover up to minus any financial aid received. Your school should be able to provide you with an estimated COA that would include tuition, room/board, supplies, as well as any transportation and personal expenses.

Basically, there are two types of student loans available to students; federal and private. Federal loans typically have the lowest interest rates (currently capped at 6.8%) and require you to fill out a FAFSA but have low annual limits relative to your academic and dependency status. Private lenders such as Sallie Mae and Citibank typically offer more money but at much higher interest rates, sometimes as high 18% and often require a credit check and/or co-signer.

If you ultimately decide on students loans, be responsible and don't borrow more than you need for it can, and probably will, come back to bite you in the ass later on in life.

 

[bennylong]

It's called the Bank of M & D

 

[Syringer]

Get a job on campus at the library or something..

 

[GeekDrew]

Originally posted by: bennylong
It's called the Bank of M & D

What happens when the Bank of M & D is borrowing money from the United Bank of Me?

 

[yhelothar]

Originally posted by: bennylong
It's called the Bank of M & D

I would.. but at this point, I want as little to do with mom as possible.

 

[yhelothar]

Originally posted by: elbosco
If you haven't already, you should talk with your school's student financial office. They can help you determine what student loans would best suit you as well as point out additional sources of income such as scholarships, pell grants, work-study programs, etc.

Additionally, don't confuse tuition with cost of attendence (COA), which is what most loans will cover up to minus any financial aid received. Your school should be able to provide you with an estimated COA that would include tuition, room/board, supplies, as well as any transportation and personal expenses.

Basically, there are two types of student loans available to students; federal and private. Federal loans typically have the lowest interest rates (currently capped at 6.8%) and require you to fill out a FAFSA but have low annual limits relative to your academic and dependency status. Private lenders such as Sallie Mae and Citibank typically offer more money but at much higher interest rates, sometimes as high 18% and often require a credit check and/or co-signer.

If you ultimately decide on students loans, be responsible and don't borrow more than you need for it can, and probably will, come back to bite you in the ass later on in life.

Thanks!
I'll check with my school's financial aid office.

 

[EagleKeeper]

Some people actually work to go to school to support themselves.

 

[Gibson486]

The problem is that loans that cover beyond just tuition cost alot. The interest rate is usually much higher, and the approval rate is lower. In these loans, you get the check, not the school. Sallie Mae has one, but the interest rate is around 14% with fair credit. It's called the Tution Answer loan. Your best bet would be to take a loan to just cover eductation, then take out a higher interest loan to cover living.

 

[yhelothar]

Originally posted by: EagleKeeper
Some people actually work to go to school to support themselves.

Loans is a better choice IMO. Why pay for tuition when you're making $10/hr, barely struggling to make a living when you can make a loan and pay it off later when you're raking in the big bucks? Factor in the fact that the loan rates are usually about the same as inflation, you're not really losing any money going through the loans.

 

[meltdown75]

Doesn't your federal or state gov't offer you low-interest student loans?

 

[SagaLore]

Well, start with a Stafford loan.

There were a few semesters where I wasn't eligible for Stafford, so I went through a private lender called Campus Door. The rates are higher but still reasonable. A lot less red tape to go through than with the federal loan.

 

[Gibson486]

Originally posted by: SagaLore
Well, start with a Stafford loan.

There were a few semesters where I wasn't eligible for Stafford, so I went through a private lender called Campus Door. The rates are higher but still reasonable. A lot less red tape to go through than with the federal loan.

Is this a educational loan only (school must approve amount) or expense related (only proof student status needed and the check is cashed by the borrower).

 

[SagaLore]

Originally posted by: Gibson486

Originally posted by: SagaLore
Well, start with a Stafford loan.

There were a few semesters where I wasn't eligible for Stafford, so I went through a private lender called Campus Door. The rates are higher but still reasonable. A lot less red tape to go through than with the federal loan.

Is this a educational loan only (school must approve amount) or expense related (only proof student status needed and the check is cashed by the borrower).

My wife was always to pay for her apartment and expenses almost all with loans, so I think you can include more than just classes and books.

 

[Gibson486]

Originally posted by: SagaLore

Originally posted by: Gibson486

Originally posted by: SagaLore
Well, start with a Stafford loan.

There were a few semesters where I wasn't eligible for Stafford, so I went through a private lender called Campus Door. The rates are higher but still reasonable. A lot less red tape to go through than with the federal loan.

Is this a educational loan only (school must approve amount) or expense related (only proof student status needed and the check is cashed by the borrower).

My wife was always to pay for her apartment and expenses almost all with loans, so I think you can include more than just classes and books.

So, she cashes the check?

 

[SagaLore]

Originally posted by: Gibson486
So, she cashes the check?

The lender sends the money to the school, and after your credits are paid for, the school reimburses you a check of the remaining.

 

[elbosco]

Originally posted by: virtualgames0
Loans is a better choice IMO. Why pay for tuition when you're making $10/hr, barely struggling to make a living when you can make a loan and pay it off later when you're raking in the big bucks? Factor in the fact that the loan rates are usually about the same as inflation, you're not really losing any money going through the loans.

You really need to do some research on student loans before getting one. The absolute lowest interest rates on student loans are ~3 times higher than inflation. On the flip side, it's not unheard of for a student with less than favorable credit to be stuck with exorbitant rates. Given your lackadaisical attitude towards these loans I'm inclined to place you in the latter.

 

[yhelothar]

Originally posted by: elbosco

Originally posted by: virtualgames0
Loans is a better choice IMO. Why pay for tuition when you're making $10/hr, barely struggling to make a living when you can make a loan and pay it off later when you're raking in the big bucks? Factor in the fact that the loan rates are usually about the same as inflation, you're not really losing any money going through the loans.

You really need to do some research on student loans before getting one. The absolute lowest interest rates on student loans are ~3 times higher than inflation. On the flip side, it's not unheard of for a student with less than favorable credit to be stuck with exorbitant rates. Given your lackadaisical attitude towards these loans I'm inclined to place you in the latter.

OK, I was wrong, it is higher. But 3 times higher doesn't seem right either judging by the current inflation rate of 3.8%. The federal loan rates are at 6.8%. That's still less than double.
My fairly new credit, 2 years, is pretty clean. I have a credit rating of 691. Would you call that low for such a young record?

 

[Gibson486]

Originally posted by: virtualgames0

Originally posted by: elbosco

Originally posted by: virtualgames0
Loans is a better choice IMO. Why pay for tuition when you're making $10/hr, barely struggling to make a living when you can make a loan and pay it off later when you're raking in the big bucks? Factor in the fact that the loan rates are usually about the same as inflation, you're not really losing any money going through the loans.

You really need to do some research on student loans before getting one. The absolute lowest interest rates on student loans are ~3 times higher than inflation. On the flip side, it's not unheard of for a student with less than favorable credit to be stuck with exorbitant rates. Given your lackadaisical attitude towards these loans I'm inclined to place you in the latter.

OK, I was wrong, it is higher. But 3 times higher doesn't seem right either judging by the current inflation rate of 3.8%. The federal loan rates are at 6.8%. That's still less than double.
My fairly new credit, 2 years, is pretty clean. I have a credit rating of 691. Would you call that low for such a young record?

With that record, you'll be labled as 'fair credit' by most lenders. You will be approved, but they will add another 3% to the standard interest rate. The onlything that may prevent your approval is your current job and you lack of history (did you have any credit cards for more than 1 year?).

 

[yhelothar]

Originally posted by: Gibson486

Originally posted by: virtualgames0

Originally posted by: elbosco

Originally posted by: virtualgames0
Loans is a better choice IMO. Why pay for tuition when you're making $10/hr, barely struggling to make a living when you can make a loan and pay it off later when you're raking in the big bucks? Factor in the fact that the loan rates are usually about the same as inflation, you're not really losing any money going through the loans.

You really need to do some research on student loans before getting one. The absolute lowest interest rates on student loans are ~3 times higher than inflation. On the flip side, it's not unheard of for a student with less than favorable credit to be stuck with exorbitant rates. Given your lackadaisical attitude towards these loans I'm inclined to place you in the latter.

OK, I was wrong, it is higher. But 3 times higher doesn't seem right either judging by the current inflation rate of 3.8%. The federal loan rates are at 6.8%. That's still less than double.
My fairly new credit, 2 years, is pretty clean. I have a credit rating of 691. Would you call that low for such a young record?

With that record, you'll be labled as 'fair credit' by most lenders. You will be approved, but they will add another 3% to the standard interest rate. The onlything that may prevent your approval is your current job and you lack of history (did you have any credit cards for more than 1 year?).

I've had my credit card for just over two years, in which I consistently spent near the max and paid it off monthly on time and in full. My credit report says never late.

 

[ViviTheMage]

Originally posted by: EagleKeeper
Some people actually work to go to school to support themselves.

me, its rough!

 

[MetalMat]

I used a loan to help me out through college. I now have a 23k loan locked in at 2.5% which will drop to less than 2.1% in a year or so.

 

[b0mbrman]

Originally posted by: MetalMat
I used a loan to help me out through college. I now have a 23k loan locked in at 2.5% which will drop to less than 2.1% in a year or so.

That's awesome. I'd take as much as they'd give me and put whatever I don't use for education in some kind of account that earns more than that much after taxes.

 

[b0mbrman]

Originally posted by: MetalMat
I used a loan to help me out through college. I now have a 23k loan locked in at 2.5% which will drop to less than 2.1% in a year or so.

BTW, where did you get this and are they still available?