Author Topic: Student Loans  (Read 6298 times)

Offline rm

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Student Loans
« on: August 01, 2010, 05:01:24 PM »
Any one have had experience with student loans? Any info. on Sallie Ma, Federal Loans, or any others? I plan to start a masters program and not sure where to turn as far as loans.

Offline elikay

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Re: Student Loans
« Reply #1 on: August 02, 2010, 04:30:25 AM »
Any one have had experience with student loans? Any info. on Sallie Ma, Federal Loans, or any others? I plan to start a masters program and not sure where to turn as far as loans.
I believe that you do it through the school, and they'll guide you through the process.

Offline mordylich

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Re: Student Loans
« Reply #2 on: August 02, 2010, 01:14:38 PM »
The school will guide you through it.  There are different types of loans.  The government-subsidized loans are generally just
for tuition and are paid by the lender (e.g. sallie mae) directly to the school.  The are usually very low interest, and it's possible
that interest won't start accruing until after you graduate.   You may also be eligible for private "cost of living" loans- though they
also are through lenders like sallie mae, they are not subsidized and the interest rates fluctuate and can get pretty high.

Something interesting to keep in mind that when i was in school was in effect:  subsidized student loans are wiped clean upon the death of the borrower...unless someone co-signs.  This is something to keep in mind when you're borrowing $100,000 and asking your relative
to co-sign so that you can save 1/2 a percentage point.

Offline good sam

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Re: Student Loans
« Reply #3 on: April 28, 2015, 07:17:54 PM »
Here's what I was offered. Need help deciding.
If you don't care why would you comment?
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Offline lunatic

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Re: Student Loans
« Reply #4 on: April 28, 2015, 08:18:41 PM »
Here's what I was offered. Need help deciding.

Definitely do fixed. Difference is not so much and interest rates are not likely to drop much more

Offline yitz-ee

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Re: Student Loans
« Reply #5 on: April 28, 2015, 08:57:45 PM »
Any one have had experience with student loans? Any info. on Sallie Ma, Federal Loans, or any others? I plan to start a masters program and not sure where to turn as far as loans.
Im not sure if you can borrow directly from them or your loan gets serviced by them but "Great Lakes" accepts credit card payments so when you start paying or wanna pay them off you can sign up for a bunch of cards and get the bonus spend points to defray some costs!

Offline good sam

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Re: Student Loans
« Reply #6 on: April 28, 2015, 09:00:49 PM »
Im not sure if you can borrow directly from them or your loan gets serviced by them but "Great Lakes" accepts credit card payments so when you start paying or wanna pay them off you can sign up for a bunch of cards and get the bonus spend points to defray some costs!
They do??
If you don't care why would you comment?
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Offline yitz-ee

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Re: Student Loans
« Reply #7 on: April 28, 2015, 09:04:21 PM »
They do??
They do they do!
I just completely paid off my loans with multiple cards.

Offline good sam

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Re: Student Loans
« Reply #8 on: April 28, 2015, 09:07:14 PM »
How is it done? I don't see the option anywhere.
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Offline yitz-ee

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Re: Student Loans
« Reply #9 on: April 28, 2015, 09:14:50 PM »
How is it done? I don't see the option anywhere.
You have to call them.

Offline good sam

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Re: Student Loans
« Reply #10 on: April 28, 2015, 09:17:21 PM »
You have to call them.
Interesting. What made you think to do that?

From the website:

Do you accept credit card payments?

No, we don't accept credit card payments except for loans in default.

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Offline yitz-ee

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Re: Student Loans
« Reply #11 on: April 28, 2015, 09:21:02 PM »
Interesting. What made you think to do that?

From the website:

Do you accept credit card payments?

No, we don't accept credit card payments except for loans in default.
Yea I know it says that.
I figured it doesn't hurt to ask.

Just not sure how to make sure your loan gets serviced by them...

Offline ayman

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Re: Student Loans
« Reply #12 on: April 28, 2015, 09:43:15 PM »
I don't believe you can pick your loan servicer (except for FedLoan by requesting PSLF)
Great Lakes accepts cc over the phone, been making payments for over a yr w cc.
Sallie Mae/ Navient also accept cc over the phone.
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Offline CS91

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Re: Student Loans
« Reply #13 on: April 28, 2015, 10:37:53 PM »
Something to think about for after you graduate is refinancing your loans with companies such as: https://commonbond.co/refinance-loan

I believe that they refinance all types of loans, but I specifically looked at it for my law school loans. They're able to give really good rates because they look at other factors that federal loans don't such as the school that you are graduating from, whether or not you have a job lined up, and what your earning power is etc. So if you're going to a high-ranked school and will have a job upon graduation, you can save a few points compared to what your fed. loan rate will be.

Also, with fed. loans (at least for graduate school), interest accrues while you are in school, and upon graduation, all the outstanding interest turns into principal so if you're not refinancing, you may want to try to pay off the interest before you graduate (if possible).

Offline jackofall

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Re: Student Loans
« Reply #14 on: April 29, 2015, 12:50:56 AM »
Something to think about for after you graduate is refinancing your loans with companies such as: https://commonbond.co/refinance-loan

I believe that they refinance all types of loans, but I specifically looked at it for my law school loans. They're able to give really good rates because they look at other factors that federal loans don't such as the school that you are graduating from, whether or not you have a job lined up, and what your earning power is etc. So if you're going to a high-ranked school and will have a job upon graduation, you can save a few points compared to what your fed. loan rate will be.

Also, with fed. loans (at least for graduate school), interest accrues while you are in school, and upon graduation, all the outstanding interest turns into principal so if you're not refinancing, you may want to try to pay off the interest before you graduate (if possible).
Keep in mind that they currently only offer to refi student loans from a select group of schools.
Anybody know any other lenders that provide this type of refi?
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Offline CS91

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Re: Student Loans
« Reply #15 on: April 29, 2015, 12:54:48 AM »
Keep in mind that they currently only offer to refi student loans from a select group of schools.
Anybody know any other lenders that provide this type of refi?

If you look on Abovethelaw.com, there are advertisements for a few of them. Two more that I recall seeing off the top of my head are SoFi and DRB. I know a couple of Wharton students have a refi startup but it may be one of these three. Not sure.

Offline Fan of Dan

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Re: Student Loans
« Reply #16 on: April 29, 2015, 01:43:07 AM »
My wife who is a social worker and has graduated and now works has her original studen loans. I was wondering if anyone knew of a good place to go for a refi.

Thank you

Offline CS91

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Re: Student Loans
« Reply #17 on: April 29, 2015, 02:16:11 AM »
My wife who is a social worker and has graduated and now works has her original studen loans. I was wondering if anyone knew of a good place to go for a refi.

Thank you

Start with the three that I mentioned upthread. I think they refinance for all types of student loans, but may be limited to certain schools. Worth a call.

Offline Welder

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Re: Student Loans
« Reply #18 on: October 20, 2015, 01:04:55 PM »
So I'm just starting my higher education now and might need, now or in the future, to get loans. Does anyone have current experience with this and know what the best options are? Can I do this without hurting my credit score?
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Offline theduke

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Re: Student Loans
« Reply #19 on: October 20, 2015, 01:15:41 PM »
I don't believe you can pick your loan servicer (except for FedLoan by requesting PSLF)
Great Lakes accepts cc over the phone, been making payments for over a yr w cc.
Sallie Mae/ Navient also accept cc over the phone.
were there any fees to pay by CC, most places accept CC but then charge additional fees...