Dismiss Notice

Welcome To CK5!

Registering is free and easy! Hope to see you on the forums soon.

Score a FREE t-shirt and membership sticker when you sign up for a Premium Membership and choose the recurring plan.

Loan Help

Discussion in 'The Lounge' started by TSGB, Aug 9, 2006.

  1. TSGB

    TSGB 1 ton status

    Joined:
    Apr 22, 2002
    Posts:
    12,527
    Likes Received:
    0
    Location:
    Centralia, Washington
    I need a student loan to go to school, but I also need money out of it for a vehicle, to get to work from school. Any tips? Speak slowly, please! :haha:
     
  2. ARAMP1

    ARAMP1 Aviator Extraordinaire

    Joined:
    Sep 1, 2005
    Posts:
    3,983
    Likes Received:
    55
    Location:
    Memphis, TN
    You'll need to apply for the loan. Depending on your eligibility, you will qualify for an unsubsidized, where the government doesn’t pay the interest while you are in school or/and a subsidized, where they do. Depending on how much your school is, you’ll be able to use the subsidized loan and then apply for other unsubsidized loans to cover remaining costs (tuition, books, living expenses, even a vehicle if need be). I'm really no expert, but you can check out this site for info.
     
  3. TSGB

    TSGB 1 ton status

    Joined:
    Apr 22, 2002
    Posts:
    12,527
    Likes Received:
    0
    Location:
    Centralia, Washington
    Well, I'm going to a community college, and expenses for that shouldn't top 6000. I can get a decent vehicle for less than $3000. The problem is, I didn't qualify for any financial aid because my expected family contribution was $18000 a year. :doah:


    I think I'm looking for a private institution that can set me up with a good deal.
     
  4. ARAMP1

    ARAMP1 Aviator Extraordinaire

    Joined:
    Sep 1, 2005
    Posts:
    3,983
    Likes Received:
    55
    Location:
    Memphis, TN
    You should still qualify for an unsubsidized loan. It shouldn't matter how much the "family contribution" is.
     
  5. Capman2k

    Capman2k 3/4 ton status

    Joined:
    Jun 22, 2001
    Posts:
    5,070
    Likes Received:
    0
    Location:
    dg
    Family Contribution is bullcrap when your family doesn't contribute squat :doah:

    But yeah, the way I understand it, you should be able to get an unsubsidized loan up to the cost of school related stuff... That might include a car, I dunno... There are private loans too, but I don't think you can defer those until you're done with school...
     
  6. TSGB

    TSGB 1 ton status

    Joined:
    Apr 22, 2002
    Posts:
    12,527
    Likes Received:
    0
    Location:
    Centralia, Washington
    Where Can I look online? I don't want to get scammed.
     
  7. wraenking

    wraenking 1/2 ton status

    Joined:
    Apr 30, 2003
    Posts:
    1,493
    Likes Received:
    0
    Location:
    Toms River, NJ
    salliemae.com

    we use them for the wifes grad school.

    just got our payment details

    500 a month for 30 years


    100000.00 loan though


    good grief
     
  8. TSGB

    TSGB 1 ton status

    Joined:
    Apr 22, 2002
    Posts:
    12,527
    Likes Received:
    0
    Location:
    Centralia, Washington
    So doesn't this translate to $1254 a month? Or is it $125.40 a month?



    And wait, you're paying $80,000 in interest? :yikes:
     
  9. ARAMP1

    ARAMP1 Aviator Extraordinaire

    Joined:
    Sep 1, 2005
    Posts:
    3,983
    Likes Received:
    55
    Location:
    Memphis, TN
    Damn! That's a lot of zeros!
     
  10. ARAMP1

    ARAMP1 Aviator Extraordinaire

    Joined:
    Sep 1, 2005
    Posts:
    3,983
    Likes Received:
    55
    Location:
    Memphis, TN
    After you're done with school, you'll be able to consolidate all your loans into one payment. The cool thing about that is that it is a pretty low interest rate. I've seen anywere from 0.9% to 5%. I had over 22K in student loans and the payment was not too much over $100 a month for 30 years. Of course, the smart thing to do is to pay it off as quick as you can. And, student loan interest is tax deductable.
     
  11. Fubeca

    Fubeca 1/2 ton status

    Joined:
    Dec 18, 2002
    Posts:
    2,100
    Likes Received:
    2
    Location:
    Denver Area
    Check out the new rules - the days of super-low rates are over. People who consolidate right now are paying just over 7%.
     
  12. cbbr

    cbbr 1 ton status GMOTM Winner

    Joined:
    Jul 17, 2004
    Posts:
    14,681
    Likes Received:
    0
    Location:
    High velocity, Low altitude
    And that tax deductible thing comes and goes. All of mine was deductible for a while, then a little of it, then none and I think now I am back between some and a little.
     
  13. ntsqd

    ntsqd 1/2 ton status

    Joined:
    Nov 28, 2002
    Posts:
    3,381
    Likes Received:
    0
    Location:
    So. CA
    Apply for all of it, Grants and Loans. You can always turn down what you don't want or need. Do it now though as it usually takes a semester to kick in. Grants alone got me a looonnnggg ways thru my degree.
     
  14. TSGB

    TSGB 1 ton status

    Joined:
    Apr 22, 2002
    Posts:
    12,527
    Likes Received:
    0
    Location:
    Centralia, Washington
    I had scholarships to pay my first year, but those are out now. Didn't get any new ones.

    Hang on ARAMP, I didn't get the answer to this:



    So that comes out to 125 a month in interest?



    And consolidate my loans after school- this is my only loan. :dunno:
     
  15. wraenking

    wraenking 1/2 ton status

    Joined:
    Apr 30, 2003
    Posts:
    1,493
    Likes Received:
    0
    Location:
    Toms River, NJ
    the 100000.00 is just for her graduate school. we still owe a little on her other college.

    however it works out, for the first 2 years, we are paying 387 a month, and then 500 for the remainder of the 30 years

    i think we got in at 4.25 percent.

    but only cause we refinanced before july 1st. rates are way high now
     
  16. TSGB

    TSGB 1 ton status

    Joined:
    Apr 22, 2002
    Posts:
    12,527
    Likes Received:
    0
    Location:
    Centralia, Washington
    Come to me, my pretty...

    My check for $8500 should be here tomorrow.

    Went with Sallie Mae.
     

Share This Page