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Student Loans in Default Consequences and Tips to Get Out

With the rising cost of college tuition along with lowering job prospects, it isn’t surprising that more and more people have difficulty paying off their student loans. There has been a marked increase in student loans in default since 2008 and the figures of defaulted student loans have risen for more than $80,000 from last year.

Delinquency and default

Failure in making your loan payments when they are due leads into delinquency. A delinquency period starts on the first day after you miss to make your loan payment. During the first 15 days you will receive at least one collection letter or written notice from your loan lender. After your student loans have been in delinquency for nine months (270 days), your loan holder will declare your loans in default (for the largest portion of private student loans this period is three months). In case you have trouble in making payments, it is strongly advised to contact your lenders as soon as possible, as they may have some special “default aversion” programs to help you during delinquency or you can negotiate with them to postpone your payments to help you find the solution for the problem. The most important thing is to contact your loan holder as soon as you receive their notice. Avoiding doing this can lead into deeper financial troubles and some of the student loans in default consequences are the following:

  • Damaged credit record
  • Cancellation of Federal Student Financial Aid eligibility
  • Restriction of Federal benefits like Social Security retirement benefits and Social Security disability benefits, but not Supplemental Security Income
  • Garnishments of your wages (up to 15% of your income)
  • Cancellation of certain repayment benefits
  • Extra fees and interest that are added to the original loan amount
  • Possibility of going to court
  • Cutting off of Tax Return
  • Loss of professional license.

Federal Student Loans in Default

Federal student loans offered by the US Department of Education such as Stafford Loans, Perkins Loans or PLUS Loans provide up to nine months grace period after graduation which is intended to help you find job or some other source of financing to begin repaying your student loans. In addition, federal student loans offer various repayment plans that are designated to meet different needs of the borrowers as well as student loan consolidation option. However, there is a large number of Federal student loans in default. After you have defaulted on your Federal student loan, the government goes for your wages garnishment without the court order and can independently take up to 15% of your paycheck because Federal student loans are not discharged in bankruptcy proceedings (except in limited circumstances).

Federal student Loans – Getting Out of Default

There are a few things that you can do to get yourself out of default. You have the option to:

  • consolidate your loans
  • rehabilitate your loans or
  • renew your loan eligibility.

Federal Student Loans Consolidation

Student loans consolidation option allows you to replace several loans like Stafford Loans, Perkins Loans or PLUS Loans with just one and to repay all loans with this one at lower interest rates and for extended period of time. Once you consolidate your loans your loan will be out of default. In addition, you will be able to get income sensitive repayment plans, you will no longer get collection calls, you will be eligible for deferments and forbearance, and you will be eligible for new loans.

Student Loans Rehabilitation

Rehabilitation can call off negative consequences of student loans in default. This program involves several steps. First, an officer from default Collections will arrange a monthly repayment plan for you and you will have to agree with the monthly payment sum required to participate in rehabilitation program. You have to make at least nine on-time loan repayments to qualify. After completing of rehabilitation agreement, the underwriter transfers the loan to the loan servicer and your loan is considered to be out default. Furthermore, you will be able to apply for deferment and forbearance as long as these haven’t been exhausted during the period your loan was in default.

Renewing Student Loans Eligibility

You can apply for new loans even though you are in default, but you have to work up your default status before that. First thing you should to is to call your loan lender and make a repayment agreement. After that you must keep up with payments and after six consecutive monthly payments you will reestablish your eligibility and be able to receive new student loans and grants.

Note: You must apply for any of these options to happen.

Private Student Loans in Default

With private student loans you do not have the advantage of a nine months period in case you miss payments on your private student loan. You should bear into mind that if you are a private student loan borrower, your loan will usually go into default as soon as you miss the payment, although some private loan lenders offer three months period before declaring your loan defaulted. This default period will be outlined in your loan contract. Therefore, you should carefully review your private student loan contract to learn what are your rights and obligations related to the loan. For the wage garnishment in case of private student loans, the lender must get a court order and the rules governing this sort of garnishment vary from state to state.

Private Student Loans – Getting Out of Default

There are fewer options for getting out of default for private loan borrowers like Sallie Mae or Wells Fargo than for people who have default on their federal loans. One of available alternatives is forbearance, which means that the borrower only has to make interest payments for a period of time approved by the lender. Although this may provide some temporary relief, it actually increases the sum you have to pay back, since the principal remains the same and the interest continues to accrue.

Being into default does not have necessarily negatively to affect your finances, career or life. All you have to is not to panic but to take the first steps in the direction toward solution of your problem. Contact your loan servicer and ask for assistance. Loan forbearance, consolidation or rehabilitation program may help you to get out of default.

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Information on Nelnet Student Loans

Nelnet student loans are one of the numerous U.S. private student loans. Nelnet works together with the Department of Education, helping college students to pay to their tuition and other education-related expenses and to achieve their educational goals. Nelnet has favorable and simple terms and application conditions and are among the most popular private student loans because of their low interest rates.

Nelnet Student Loan Servicer

You can borrow your student loan directly from the Nelnet, but they also provide customer service for other lender’s loans, including student loans issued by the Department of Education. Nelnet provides customer service on your account if: you borrowed money directly from them, if Nelnet services your Direct Federal student loan borrowed from the Department of Education, your lender selected Nelnet to service your loan, sold out your loan to the Department and selected Nelnet to service the loan or in case your lender sold your loan to Nelnet and Nelnet is now the owner and servicer of the loan.

Nelnet Student Loans Eligibility Requirements

To qualify for Nelnet student loans, you must meet the following eligibility requirements:

  • You must be enrolled in an eligible school at least on half-time basis;
  • You have to apply with the creditworthy cosigner;
  • You as a borrower, as well as the cosigner must be at least 18 years old;
  • You must be a U.S. citizen;
  • You should not have any of your student loans into default and no bankruptcies for the previous 7 years.

Nelnet Student Loans Benefits

The main advantages of this private student loan option are favorable borrowing terms and conditions. Furthermore, applying with a co-borrower may increase your chances of getting the loan and help you to save some money. In addition, Nelnet offers the loan consolidation program which allows you to replace multiple student loans with just one and to make one singly payment a month which will decrease your monthly repayments.

How to Apply

To qualify for Nelnet Student loans you will have apply by to filling out the FAFSA (Free Application for Federal Student Aid) application. You will need to file in a new FAFSA after January 1 each year you go to school.

Nelnet Student Loan Stages

During your student loan’s life, from the time you take it out to the time you pay it back, there are generally three stages: in school period, grace period and loan repayment period. Borrowers of the Federal Stafford Loans typically go through these three stages. Borrowers of other student loan options such as parent PLUS loans or GradPLUS loans for graduate and professional students have somewhat different experiences.

However, your school will work directly with Nelnet to make sure your lender knows which stage you are in. Your servicer will be in touch with you and communicate based on your needs at that time. To help you understand the student loan life process, there is an overview of the stages of the student loan life cycle below.

Federal Stafford Loan Stages

In School Period

No payments are required during your period in school, as long as you are enrolled att least half time, which could take two to four years.

Grace Period

After leaving school, you’ll be provided six months grace period. This period is intended to help you get ready to make your student loan repayment, by finding a job or fit the loan payment in your budget in other way.

Repayment Period

Repayment period can take one to twenty years. In general, Stafford and PLUS loans must be paid off within 10 years from the start of loan repayment. Nevertheless, a grace period, periods of postponing your payments due to deferment or forbearance, and  time  when the payments weren’t due (while you were in school)  will not count toward the 10-year repayment term. You may extend the repayment term if you meet the requirements for the Extended Repayment plan, Income-Based Repayment plan, or Income Contingent Repayment plan. On a consolidation loan, the repayment period may extend up to 30 years depending on the initial balance of the loan.

Federal GradPLUS Loans

Federal GradPLUS loans are loans for graduate and professional students. There are no payments required while you are enrolled in school at least half time, but you can make early payments if you like, there is no early payment penalty. Also, you’ll enjoy six months deferment period after you graduate or drop below half-time student status (for GradPLUS loans loan postponement is called a six-month deferment, not grace period). You’ll receive your monthly student loan billing statement about three weeks before your payment is due. When you start making payments, your Nelnet student loan is considered to be in repayment.

Federal PLUS Loans for Parents

Federal PLUS student loans are designated to parents of dependent students to help them with their child’s education costs. PLUS loans are typically disbursed in groups of funds directly to the school, usually in two installments, half during a fall semester and the other half during spring semester.

At the earliest, your first PLUS loan payment would be due 60 days after the school receives the last set of funds. Although Federal PLUS Loans don’t have a grace period, you can postpone payments while you or your student is in school—but note that the loan will continue to accrue interest. Nelnet servicer is going to send your monthly student loan billing statement about three weeks before your loan payment is due. When you start making payments, your loan is considered to be in repayment.

Nelnet Student Loans Forgiveness Options

Teacher Loan Forgiveness Program

Nelnet student loans offer loan cancellation option for teachers for Federal Stafford loan borrowers with the intention to support growth of the teaching profession. You can qualify for this loan forgiveness opportunity if you teach full-time for at least five consecutive academic years in so called low-income schools that serve low-income families. You may qualify for up to $17,000 of student loan with this loan cancellation option.

Public Service Loan Forgiveness (PSLF)

If you work in public service, you may be eligible for cancellation of your remaining federal student loan balance after making qualified 120 payments made under the Income-Based Repayment Plan, Income-Contingent Repayment Plan, or the Standard Repayment Plan. Eligible loans for this forgiveness option include Direct Stafford Loans (subsidized and unsubsidized), Direct PLUS Loans (for parents and graduate or professional students), and Direct Consolidation Loans.

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Guide to CitiBank Student Loans – What You Should Know

CitiBank private student loans are one of the best student loan alternatives available for college students and their parents. CitiBank student loans include CitiAssist ® Loans which are provided to undergraduate and graduate students and cover all college costs. There is also CitiBank student loan for law students and Health Professions Loan available.

CitiBank Student Loans Benefits

CitiBank private student loans are very popular among students and their parents because of their favorable borrowing conditions, such as the following:

  • Low interest rates with interest rate reduction of 2% for on-time online payments,
  • No application fees or early payment penalties apply,
  • No repayment while student is in school,
  • Citibank student loans can be utilized at almost any accredited college in the U.S.A.,
  • There is a deferment option available.

CitiBank Loans for Undergraduate Students

CitiAssist ® Loans are the best choice if you need assistance paying for your educational costs which are not covered by other types of student financial aid like federal student loans or college scholarships and grants. CitiAssist ® provides a competitive interest rate, flexible repayment term, and no required payments while in school.

CitiAssist ® Advantages

CitiAssist ® student loan for undergraduate students is designed for students who are enrolled in school at least half-time. It can be used to pay for tuition, books, or other school-related expenses when other sorts of financial aid fall short.

Undergraduate Students can benefit from this private student loan in several ways. Firstly, CitiAssist® Loans cover all college expenses and allow students to borrow up to $120,000 with the repayment time of 15 years. Secondly, you will be able to receive a 0.25% interest rate reduction when you enroll in CitiAssist ® auto-debit payment program. Furthermore, no payment is required while in school and during grace period. There is a grace period of six months after you finish the school.You can choose to interest while in school; there is no prepaying penalty. Note that any not paid interest will be capitalized to your principal loan balance when repayment begins.

With CitiAssist® student loans you can also take an advantage of safe and easy application process, handy online account management which helps you track your loan application, update your contact info or view disbursement information easily online.

CitiAssist ® Loan for Graduate Students

In case you are a graduate student enrolled in a graduate program at least half-time, then this private student loan may be the right for you. It offers a favorable interest rate, generous repayment conditions and no required payments while you are in school.  CitiAssist ® loans for graduate students offer a borrowing limit of $150,000 and a 20 yeas repayment period.

Their main benefits include:

  • Covering all of your college costs; you can borrow up to full cost of your education minus any other financial aid received,
  • 0.25% interest rate reduction when you enroll in CitiAssist ® auto-debit payment program,
  • No payment is required during your time in school and the grace period,
  • You can choose to interest while in school – there is no prepaying penalty,
  • Secure and easy application process, handy online account management helps access and manage your account easily online.

Application with Cosigner

Most of the undergraduate and graduate students need to apply with a creditworthy cosigner in order to meet the eligibility criteria for this student loan option. Applying with a cosigner usually increase borrower’s chances of application approval and helps in getting a lower interest rate. Applying with a creditworthy cosigner typically will increase your chances of application approval and will help you to get a lower interest rate.

Loan Limits

  • For each CitiAssist ® Loan a minimum loan amount of $1,000 is required,
  • The increasing amount you can borrow throughout your college is up to $150,000; this includes all other types of student loans.
  • Your school will be asked to certify or verify the amount for which you qualify which means that the final approved loan amount could be less than the amount that you requested.

Eligibility Requirements

To qualify for CitiBank private student loans, you must meet certain eligibility requirements:

  • You must be enrolled at least half-time in a graduate program at an eligible school,
  • You must be looking for a degree, no certificate programs,
  • You must be making acceptable academic progress, as defined by school,
  • You must be at least 18 years of age, 19 in Alabama and Nebraska, and 21 in Mississippi and Puerto Rico at time of loan application,
  • You must successfully pass a credit check.

For CitiAssist Loans, the interest rate charged is based on the your credit scores and other factors. You may apply for CitiAssist ® loan on your own. Nevertheless, if you do not have an established credit history you may apply with a qualified cosigner to increase your chances for approval and potentially receive a lower interest rate. International borrowers are always required to apply with a U.S. citizen or permanent resident cosigner.

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Chase Student Loans – What You Should Know

About Chase Student Loans

Chase Select is a private student loan program offered to undergraduate, graduate and graduate students who are going to gain career in health occupations. This student loan option is a great alternative for students who have exhausted other types of student financial aid like federal loans or college grants and or need extra money to cover their educational expenses. However, students are strongly encouraged to try to obtain federal student loans, grants or other sort of student financial aid first.

Chase Private Student Loans are provided by the JPMorgan Chase Bank, N.A., commonly known as Chase Bank. It is one of the leading commercial consumer banks of the United States. Chase student loans include different financial aid plans. Students can obtain financial aid alternatives such as Graduate Student Loans, College Student Loans, Parents Students Loans and even High School Student Loans. In addition, Chase Student Loans include Medical School & Health Education Loans offered to students who plan to enter the healthcare sector after graduation.

How to Apply for a Chase Student Loan

In order to apply for this student loan opportunity, first you have to complete and submit the FAFSA application for student aid, which will help the loan provider to evaluate your eligibility for this type of financial aid. The FAFSA or Free Application for Student Aid can be filled out online, on the Department of Education’s website. In addition, you will be asked to provide documentation related to your educational plans, current assets and your tax returns. Upon receiving your application the issuing authority will assess your capability to provide guarantee and your long term potential in returning the loan. It is not required to have a cosigner on your application; though having one can get the process of approval faster and may even get you a better interest rate.

Benefits of Chase Student Loans

The most important advantage of this type of student loans is that no repayment is required while you are still in school. You don’t have to return the amount borrowed while you are pursuing your education. Furthermore, these loan programs don’t call for any origination or repayment fees. They are also up to the cost of your studying plan, as certified by the school. Chase Student Loans are paid to your school directly.

Repayment Options

Chase Select student Loans Offer three repayment options: Immediate Repayment, Interest-Only Repayment and Deferred Repayment.

  • Immediate Repayment Plan –  Under this plan you have to make payments of principal and interest while in school, which may be beneficial in the terms of savings- it gives you the most savings when compared to other repayment options.
  • Interest-Only repayment Plan – You can choose to make interest-only payments while in school, which can save you money because it will help you to avoid having all the interest accrued on your loan balance (capitalized interest).
  • Deferred Repayment Plan – This plan is good for those who cannot afford to make payments while in school, you can opt to make no payments while in school. The main drawback of this repayment option is that it will increase the total cost of the loan, as compared to other repayment alternatives.

Applying with a Cosigner

Despite the fact that providing a cosigner is not necessary in order to apply for Chase student Loans, a creditworthy cosigner may increase the chances of approval, make the approval process faster and even help you get a better interest rate. The borrower must meet Chase’s minimum credit criteria and additional established cosigner release eligibility requirements at the time of the request for cosigner release.

Advice

Even if you opt for the deferred repayment alternative, making even small monthly payments while you are still in school will reduce the overall cost of your student loan and also can help you to graduate with less student loan debt. There are no early payment penalties, so you should consider making smaller payments before graduation.

Important Note

Effective July 1, 2012, Chase Select Student Loans will be available exclusively to Chase customers and employees. It will be required that either student borrower or cosigner are a Chase customer with a qualifying account or loan relationship, or be a Chase employee.

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Guide to ACS Student Loans and Things to Consider

About ACS Student Loans and Application Process

There are numerous student financial aid options available for college and university students in the USA and millions of students every year apply for student loans, grants or other types of financial support. If you are student looking for the best private student loan option for you, then you should consider applying with ACS Student Loans which can help you to find the suitable loan plan for you in order to pay your educational related expenses in the easiest way.

Affiliated Computer Services or abbreviated ACS is in essence an online financial assistance service that can catch potential borrowers (students) with the most appropriate lenders (e.g. the US Department of Education) for their particular financial need connected to their education. It is a company with more than 20 years of experience providing information technology services.

ACS has extensive experience in providing assistance to student loan borrowers through numerous government and private student loan programs. ACS clients comprise government, private lenders and institutions of higher education and they provide support to more than 450,000 college and university students. Applying for student loan with ACS is very secure way to obtain a student financial aid, since they have rigorous student loan scam prevention measures.

When you apply for the educational loan and after your student loan application is approved by the federal government or the private loan lender, it is obvious that you will have to pay off your loan after a period of time. ACS student loans are of assistance in repaying process by providing access to their online tools. In fact, one of the most advantageous features of a borrowing ACS is the online application that is available to students through their user friendly website. Borrower can view his or her loan details online, make payments online, and numerous other things that can be done in the most convenient way.

Online Payments

One of the most beneficial functions available for ACS users is ExpressPay system which is purposely created for making online payments and it is very easy to use. After creating your account you just have to log in and you can easily make online payments.

Notification

Notification is another useful feature. ACS will let you know when the time is to start paying off your student loan which will ensure that you start your repayments on time.

Deferment Assistant

ACS developed Deferment Assistant program to make the repayment process easier and to prevent going your student loan into default. This is confidential and secure service and it enables you to apply online for deferments and learn in reasonable period of time whether you qualify.

ACS allows you to apply for and submit an on-line forbearance and deferment in case of unemployment online simply by using your e-Signature.

The other useful services available with ACS include: Inbound/outbound communications with students, Transaction Processing, Document and Workflow Management, Document and information collection, payment counseling, Default aversion, etc.

ACS Student Loans serve both, federal student loans like Federal Stafford Loans, Perkins Loans, etc. and private student loans like Penn Guaranteed Loans, Key Bank Private Loans, JP Morgan Chase Private Loans and etc.

In order to apply for ACS student loan, the first thing you should do is to complete a FAFSA application form to help the Department of Education estimate how much financial aid you might be eligible for. It also helps them determine if you qualify for other forms of student financial aid such as college grants. After applying you will get the SAR or Student Aid Report with your FAFSA results and details on your eligibility, amount of loan you are going to receive and other important information on your student loan application. Than you can begin looking for the best loan provider for you, which can be one of the federal loan plans, private lending agency, college or university. ACS will summarize all the details and make it clear what the best alternatives are according to particular requirements.

To sum up, ACS is not a student loan lender, it is an online financial service that helps students find the best student loan plans. Helping students to find the most appropriate student loan program ACS make this complicated process easy.

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Guide to Astrive Student Loans – What You Should Know

Nowadays a wide variety of educational loans is assessable to college and university students, so they can complete their higher studies. These student loans include federal and private student loans. When federal student loans aren’t enough to cover all the educational costs, students usually seek for private loans.

One of the most popular private student loan lenders are Astrive student loans. They are similar to federal student loans: they also offer different repayment plans, the same six months grace period after graduation and the application process is very similar. The difference is in the amount you can borrow; under the federal student loan you can take a certain amount of loan, but the Astrive Student Loans offer more flexible loan amounts per student. Students enrolled in undergraduate programs can borrow a minimum of 3,000 dollars to 45,000 dollars per academic year. The maximum limit permitted is 75,000 dollars.

Repayment Plans

The Astrive Student Loans offers three repayment options. Under the first repayment alternative, you have to repay the full loan amount after graduation and you have to be considered at least as a part-time student. The second repayment option also requires at least a half time attendance and it allows you to pay only for the interest during your period in school. Under the last repayment plan, you can choose to pay off the lower amount of interest for your loan. The interest rates are variable, but the Astrive student loans do not include any penalty charges for early payments.

Astrive Student Loans Eligibility

To qualify for the Astrive student loans, potential borrower must meet some requirements, such as credit score, cosigner on student loan application, school information and other.

Credit Score

The most important condition is your credit score. To be eligible for this type of student loan, you must have at least twenty one months of an established credit history.

Cosigner

Since the majority of college students haven’t got credit history, the large number of them applies for Astrive private student loans with a cosigner. Cosigner must have a good credit history and he or she can be a family member or person you know well. Having a cosigner can be helpful in the terms of getting a good line of credit, usually with lower fees and rates. In addition, having a cosigner on your application may help to attain Astrive loan in the short amount of time; you can have your student loan approved in just five business days.

Other requirements

To be eligible for Astrive student loans, you will need a proof of enrollment; you will have to provide the name of the school you are going to attend as well as your student status. You must have at least a half-time status in order to qualify. In addition, you will need to provide the proof of income, citizenship status, etc.

Astrive Student Loans Benefits

Students can benefit from taking Astrive student loan of loan in a number of ways. Firstly, the loan application process is easy and approval process doesn’t take long. Secondly, this student loan covers all other educational operating expenses which are not covered with other types of student financial aid. And l, it includes procedure for loan deferment and a deduction in loan repayment options as well as some other services.

Astrive Lending Suspension

Unfortunately, similar to many other private student loan programs, the Astrive Student Loans has been affected with the unstable financial circumstances. As a consequence, the Astrive Student Loan program is incapable to accept a new student loan application as of November 3, 2008.

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Examining Wells Fargo Student Loans

The Essential Information

Student loans are type of financial aid to students who cannot afford to pay for their higher education. These loans can be obtained through federal or private lenders. Students can apply either for federal or private loans or for both. If you are thinking of taking a private student loan to support your studies, you should consider applying for Wells Fargo Student Loans since it is considered to be a very safe and secure way of borrowing.

About Wells Fargo

Wells Fargo company with the seat in San Francisco, USA is a one of the leading lending companies in the USA that besides loans, offers banking, investment, mortgage, insurance and other consumer financial options in North America and worldwide alike. It serves online millions of customers all around the world today and gives assistance to large number of undergraduate and graduate students to acquire higher education.

There are numerous benefits Wells Fargo’s borrowers can enjoy and the most important advantages of Wells Fargo student loans include following:

  • Interest rates on your loan are going to be reduced if you make regular payments
  • You can borrow approximately $25,000 every academic year
  • The loan amount is available to parents/guardians without delay
  • Loan repayment can be done in a period of 15 years
  • There are no charges applied for application, origination and loan repayment.

Wells Fargo Student Loan Options

Wells Fargo offers three types of student loans options with different interest rates, repayment options and borrowing terms, but they all are dependent on borrower’s credit.

• Wells Fargo Education Connection Loan

This version of Wells Fargo student loans requires no loan repayment while student is still in school. The annual maximum amount that student can borrow is $25,000. This student loan option has interest rate of 5.68% and you are going to need a cosigner when apply. There is an application fee of 0.02% required with under this student loan option.

• Wells Fargo Student Loan for Parents

Under this student loan plan parent or guardian applies for the loan. Loan is issued immediately and the interest rate is about 3.50%. There is no application fee, but there aren’t graduation benefits offered. The annual maximum amount you can borrow is 25,000 dollars. Loan repayment is parent’s responsibility.

• Wells Fargo Collegiate Loan

This type of Wells Fargo student loans is accessible to fur-years undergraduate students and you are going to need a certification from your school in order to qualify. Your loan will be disbursed directly to the school. This loan type provides the highest loan amount with the cap of $120,000. The Wells Fargo loan option has the lowest interest rate which starts at about 3.40%. You are not required to make payments until you leave the school which gives you an additional graduation benefit of 0.50%. There is no application fee, but the cosigner on application is required.

Wells Fargo Loans for Undergraduate Students

If you are an undergraduate student attending a four-year school and you find that you need to borrow money to pay for your books, tuition, living costs and other education-related costs, we recommend to consider applying for Wells Fargo loans for undergraduate students. With this loan option you are not required to make payments until six months after leaving school, and no origination and application fees apply. You can choose from fixed or variable interest rate; variable rates are offered as low as 2.45% APR and fixed rates at 5.72% APR and you can enjoy a repayment discount benefit of up to 0.50% interest rate reduction.

To qualify for Wells Fargo loans for undergraduate students, you must:

  • Be enrolled undergraduate or graduate student seeking degree at an eligible school;
  • Have a cosigner;
  • Be a US citizen, US national, permanent resident or international student with a temporary resident status. In the last two cases a US citizen cosigner is required.

Wells Fargo Loans for Graduate Students

This group includes graduate, MBA and Health student loans. The main benefit of this type of Wells Fargo student loans is that you don’t need a cosigner when you apply for the loan. In addition, you can choose between fixed and variable interest rates options and variable interest rates starts as low as 3.71%, fixed at 5.56%. You will also take an advantage of repayment discount of up to 0.50% interest rate reduction. Furthermore, loan repayment begins six months after you leave school.

To be eligible for this student loan option, you must:

  • Be full-time enrolled at an  eligible school;
  • Make continuous academic progress in an eligible program;
  • Have a good credit history and
  • Be a US citizen, US national, permanent resident or international student with the temporary = resident status. In case you are permanent or temporary resident, a US citizen cosigner is required.

Wells Fargo Bar Exam Loans

This student loan option is offered to law students looking for finances for their examination expenses and related costs. There are variable and fixed interest rates offered; variable rates with the interest of 6.61% and fixed interest rates of 8.47%.

There is available discount of 0.50% interest rate reduction in repayment. The maximum loan amount offered is $12,000.

Wells Fargo Repayment Plan

There is a grace period of six months after student leaves school and you will be allowed to start your repayment after that period. There is an auto pay program offered, which means that its debits the money for the payment from your bank account or you can even choose an online payment option.

Wells Fargo Uncertified Student Loan

Lots of students seek for Non Certified Student Loans since they find them beneficial in several ways. These loans do not require any authorization from your college or university in order to get the loan, they offer much higher loan limits than Certified Student Loans and you can attain the whole loan amount at once. Their main drawback is related to rather higher interest rates.

Wells Fargo offers Uncertified Student Loan opportunity and in order to apply for uncertified Wells Fargo student loan, you need to have an excellent credit history. However, you may still need a creditworthy cosigner. In case you are planning to obtain Wells Fargo uncertified student loan, it is strongly recommended that you borrow a reasonable amount and repay your loan in a rational period of time.

Summary on Wells Fargo Student Loans

Generally speaking, the Wells Fargo student loan is a great opportunity for those looking for private student loan options. It is easy and convenient online loan borrowing alternative many students today take advantage of. However, before you apply, make sure that you’ve checked out all the other financial student aid options available.

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Examining No Credit Check Private Student Loans – How to Get It

The reality of getting a no credit check private student loan

Student loans are a type of student financial aid provided from the federal government or private lenders with the intention to assist students in managing to pay for their college education. Because these loans are adapted to students, most of them have flexible repayment terms and low interest rates that make it possible for college student to pay off the borrowed amount.

When federal student loans aren’t enough or student for any reason cannot obtain this type of financial aid, private student loans can be very helpful in paying for education-related costs. If you are in this category of students, and the private student loans are the only obtainable option, you have to be aware of the fact that is almost impossible to get a private student loan when you have a bad credit. Nowadays credit is playing a large role and credit history takes important place when it’s time to plan your financial aid tactic. If you apply for private student loans, your credit score is going to be used by the loan lenders to determine your loan eligibility. Most of private student lenders offer a loans based on borrower income and credit history and unless these two conditions are met, it is very complicated to find a private loan lender that can provide borrower with the financing him without much of harassment. In case you have no credit or bad credit than you will need a creditworthy cosigner to get your private student loan approved. And since most of the students do not have an established credit history, a cosigner may be required when applying for private student loan. You can apply for private student loan with no cosigner in case you are working and have a good credit. You should be aware that many bad credit lenders who are offering you a no credit loan in fact are probably offering some type of personal loan or even a payday loan. These types of loans are not suitable for students and you should avoid them if possible.

No credit check student loans are loans designated to help students who don’t have a good credit history. There are many loan options that do not take borrowers credit history into consideration when assessing a potential borrower’s student loan application.

Federal Student Loans

The only true type of no credit check student loans are federal student loans which do not depend on borrower’s income and credit and don’t require you to submit a credit check and provide money on need basis. Students can apply for subsidized and unsubsidized federal loans to pay for their college education.  Federal student loans do not require a credit check or cosigner since the loans are guaranteed by the federal government. For the reason that there is no risk involved in lending to student on a federally guaranteed loan, there is no credit needed. In order to apply for federal loan, student first has to fill out the FAFSA application.

Private Student Loans

There are also no credit check private student loans available for students, and they require students-borrowers to have a creditworthy cosigner, which means that he or she need to have a strong credit history. Cosigner can be a family member, a relative or a friend and he/she agrees to pay any debts if the borrower is not able to do that. In addition, a cosigner must:

  • Have credit score over 700
  • Be someone who you know well and can trust
  • Be aware that his/her credit is going to be affected by the loan

If you have repaid some installments of a previous student loan independently, in some cases you would be given the ability of applying with no cosigner or co-borrower and you ensure that the loan repayment will be entirely your responsibility.

How to Improve Your Credit Score

In case you have a bad credit score, there are some things you can do to try to improve it and improve your chances for student loan to be approved. Firstly, you should review your credit report and make sure there aren’t any mistakes and inaccurate information occurred on it. To start fix your credit, you also should sign up for student credit card, make regular payments and put down your present debt.

Think three times before you take your student loan. Before applying, put an effort to learn about all available borrowing options and then choose the one that suits your needs the best. If you are going to take a private student loan, examine all accessible alternatives and try to make the best possible deal.

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Defining Uncertified Student Loans

Uncertified student loans, also referred to as direct-to-consumer education loans (DTC loans), are private loans that do not require confirmation from the college in order to be approved. With these loans, the college or university does not need to be aware of the fact that you are looking for more financial assistance.

If you have a Pell Grant or other type of federal loan, it might not be adequate to cover all of your entire expenses, so you would need to apply for a private student loan. You will need money for tuition, books, room, computer and other fees that might be involved. If you apply for a certified loan, the college needs to verify the amount of the loan; however, with non certified student loans, the college does not need to confirm the amount. All of the money must be repaid after college, so do not borrow more than the cost of the education.

Finding uncertified student loans can be difficult. The availability of these loans has declined during the struggling economy. College students were taking out student loans and then using the money for other reasons; therefore, they would eventually default on the loan. As a result, these types of loans are not as widely available.

In order to find a lender who will provide non-certified student loans, you might try searching online. Wells Fargo and Chase are the two most popular lenders offering these types of loans. No documents are sent to the college, and you will not be observed to see where you spend the money. All the lenders care about is whether you make your payments on time.

Be careful about applying for non-certified student loans with lenders online. Some lenders are not legitimate, and they will charge you large interest rates. You need to make sure the lender you choose is reputable, or you could end up in further debt. It is always wise to check with the Better Business Bureau before applying for a loan.

Lenders will mainly look at your credit score before approving you of a loan. You need to have a good credit score, strong income and good credit history. If your credit profile is not great, you might consider having a creditworthy co-signer for the loan. If you obtain student loans without a cosigner, you need to have a good credit score, clean credit history and be able to prove to the lender that you can repay the loan, a solid employment history is an important fact that the lender probably will consider. If you are approved, the money should be sent straight to your address. In order to obtain non-certified school loans, the school does not need to be notified in order for you to have access to the funds.

With uncertified loans, the interest rates are affordable, and the terms of repayment are flexible. In addition, you can normally borrow more money with these types of loans, and you are not required to pay the money back while you are in school.

The main difference in an uncertified student loan and a private education loan is that you do not need verification from the school. However, because people have taken advantage of these education loans, availability has decreased. If you would like to apply for an uncertified education loan, you need to search around for lenders who can provide you with a loan. College is very expensive and in particular medical schools or law universities, so a loan can help you be able to afford higher education.

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How To Get Private Student Loans Without Cosigner

Many studies have shown that individuals with a college degree earn much more money over their lifetimes than individuals with only a high school degree. Because of this fact, many people who want to earn more money go to college to get a degree. While attending college can provide you with a valuable education, it is definitely not free for most people. Although a few people qualify for scholarships and grants, the majority of people have to pay for their educational needs.

Student Loans

Since you are most likely going to have to pay for at least part of your college education, you may need to borrow money at some point. When you Peterborough money to pay for college, student loans can provide you with the cash that you need. There are two different types of student loans that you could pursue. One type is the federal student loan. These loans are issued by lenders that are backed by the federal government. The government sets the interest rates on these loans and even subsidizes some of them based on financial need. These loans are not based on your credit and pretty much anyone can get them even if they don’t have any income.

The second type of loan is the private student loan. Private student loans are loans that are issued by individual lenders and are not backed by the government. These loans are also not subsidized by the government and they are a little more difficult to get.

Qualifying for Private Student Loans

Most people seek out federal education loans first because they are easier to qualify for and they have lower interest rates. After you use a federal student loan to pay for the majority of your college, you may need to borrow additional money in the form of private student loans.

When you need to qualify for these private student loans, the lender will need to evaluate your credit. Many people in this situation use a responsible cosigner, such as a parent, to sign the loan application. This can increase the odds of getting approved for a loan, but it is not always necessary.

If you want to qualify for a privet student loans with no cosigner, you will have to prove that your credit profile is sufficient and creditworthy to justify getting the money you need. In addition, you will also need to prove that you have enough and strong income coming in on a regular basis if you want to get approved with no cosigner on the loan or a co-borrower.

Qualifying for a loan with no cosigner is not always easy when you are trying to go to college. For example, if you are a full-time student, you may not be able to earn very much money in addition to studying and attending class. If you want to qualify for the loan, however, you will need to be able to prove that you have enough income or assets to qualify. If your credit score is not yet high enough, you may also need to take the necessary steps to bump up your credit score a bit. This may delay your ability to qualify for a private education loan.

Interest Rates

When you are in the market for this type of loan, you should consider shopping around a bit before you just settle on the first loan that comes along. Otherwise, you can be sure that you’re getting the best interest rate that is available in the market. When you’re picking federal loans, you can be sure that you’re getting the best interest rate, because they are basically all the same. Once you venture into the private market, the rates can vary a lot more.

Other Options

If you are having a hard time qualifying for a private student loan, you may need to consider some alternatives. Using a home-equity loan, a personal loan or a loan from a family member might provide you with the money you need.

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