obama student loans forgiveness medical consolidate privet student loans

Can You Get Student Loans Without a Cosigner?

The majority of students today use some sort of financial aid to pay for their higher education. There is a large number of private student loans available for college students and they are suitable option of financial aid in some cases. They can have unlimited loan amount and can cover up to the total cost of your education. But, private student loans are credit-based and since most of the students don’t have established credit history at the moment of application, this type of student loans requires you to have a cosigner on your application. Private student loan without cosigner is almost impossible to get if you don’t have credit history or have a bad one. No private lender will approve you in case you have bad credit or no credit history and this is why you’ll need a cosigner when you apply for private student loan. You can apply for private student loan with no cosigner only in case you are working and have a good credit score. Applying with a creditworthy cosigner will significantly increase your chances of being approved and can speed up the applying process and private loan approval. It will also help you be eligible for the lowest interest rates offered because the most of private loan lenders will calculate your loan rate according to your credit situation (in this case the credit situation of your cosigner).

Note: You should be cautious when you are offered private student loan without cosigner, since there are many no-cosigner lenders who offer no credit check loan but actually offer some type of personal loan or even a payday loan. Given to their terms and interest rates, these types of loans are not appropriate for students and you should stay away from them if possible.

Federal Student Loans

Although some may argue that the application process for private loans is more simply and there is no limit on the loan amount you can get, the first option that should be considered when applying for financial assistance is aid provided by federal government. There is a wide variety of federal financial aid options for students available and they are based on other factors than credit history and can be obtained with no cosigner. You can get federal student loan or some other type of federal student financial aid like scholarships or grants regardless of you have bad credit or even have no credit history at all. Some other eligibility requirements must be satisfied, though, if you plan to apply for student loans funded by U.S. federal government’s Department of Education.

Financial Need – How to Demonstrate It?

Most federal student loans are based on the borrowers’ financial need. To find out can you claim financial need, you should subtract the amount of Expected Family Contribution (EFC) from Cost of Attendance (COA).

Expected Family Contribution or EFC is based on family income: the lower your family’s income is, the lower will be your EFC and the higher your financial need will be. EFC is used as an indicator of your family’s ability to finance your education-related expenses. Other factors that have effect on EFC are the following: number of family members; size of your household; whether you are still dependent child or not; the number of family members attending post-secondary institutions. Your EFC will be calculated after you fill out the FAFSA and will be reported to you via your SAR (Student Aid Report). Once you have become eligible for federal financial aid, you will be able to acquire student loans without cosigner.

Stafford and Perkins Student Loans

There are two federal student loan options offered to students who can demonstrate the appropriate level of financial need. These two include Perkins Loan and Subsidized Stafford Loan. The other type of Stafford Loan, Unsubsidized Stafford Loan is not based on financial need and you can obtain it regardless of your financial need.

Stafford Loans are available at most schools in the U.S.A. that participate in the federal financial aid program, while Perkins Loan is only available at selected schools in the country. Perkins Loan is strongly based on financial need and only you can apply for this type of federal loan if you can demonstrate the highest level of financial need.

The Subsidized and unsubsidized Stafford Loans are offered directly by the Department of Education, and no longer from private lenders as a part of the FFEL Program (as from introduction of Student Aid and Fiscal Responsibility Act of 2010). The subsidized type of Stafford Loan will not accrue interest while you are in school, while the unsubsidized version will. Both versions of Stafford Loan have fixed interest rate.

If you apply for private student loans, your credit score is going to be used by the loan lenders to determine do you qualify for private student loan. Nearly all of private loan lenders offer loans based on borrower income and credit score and if those conditions are not met, it is very difficult to find a private loan lender that will approve the loan application. However, if you meet the requirements for federal financial aid offered by the U.S. government, you can obtain student loans regardless of your credit history and with no cosigner needed. These are the loans that you should take advantage of before you look into applying for private student loans. By submitting the FAFSA by the deadline (Jun 30th for upcoming school year) you can make yourself eligible for federal loans with no difficulty.

Tagged with:
obama student loans forgiveness medical consolidate privet student loans

Exploring AES Student Loans – What You Should Know

About AES Student Loans

American Education Service or AES is a loan servicing company that provides student loans to students or their parents to assist them in financing college education. AES student loans are offered by the U.S. government through the Federal Family Education Loan Program (FFELP). To be able to use services offered by AES, you have to register online and after that you can take advantage of their numerous helpful alternatives that include: loan repayment, account administration, options for the loan deferment and various additional tools. With convenient online applications, AES makes the complicated process of student financial aid management easy. AES offers management services for both federal and private loans, such as Federal Stafford Loans, Parent Plus and Graduate Plus.

Eligibility Requirements

To qualify for AES student loans, an applicant needs to be a US citizen or eligible non-citizen. Furthermore, the borrower must be enrolled in school that participates in the FFELP at least at half-time basis and he must not have previous education loans. Students whose loans are into default are not eligible.

To get one of the loans through AES, you have to fill out the FAFSA (free Application for Federal Student Aid).

AES Student Loans Benefits

The main benefit of AES student loans is that it makes the complicated process of applying for student financial aid and private student loans more convenient for students and their families.  All affordable types of student loans can be obtained through the online applications of AES. AES assists in the whole borrowing procedure, from loan application to loan guarantee, from choosing loan repayment schedules and repayment modes to actual loan payment.

Secondly, the interest rates are low and vary from 5.6% to 8.5%, depending on a loan option. In addition, there is a six-month grace period offered. Also, there is no penalty for early paying off a loan early.

Additional advantage is the ability to administer the whole user account. It’s valuable option because it’s simple. For instance, when a client logs in, he or she is able to see the overview of an account, she can make payments or read important notification. He could also keep informed about your loan details, view loan rates and check the loan balance.

Ways to pay AES loans and Repayment Options

There are different ways of paying off your AES student loan available, and the following three are the most common: direct debit, internet payments and check payments.

Direct Debit

Direct debit is the most convenient way to make your student loan payments. Automatic electronic transactions imply your payment is always on time, so you don’t have to worry each month would you make your payments on time.

Internet Payments

You can authorize a one-time electronic loan payment to your account. You can do this by using your account numbers and your banking institution’s routing number.
You should note that this is a one-time payment; using it does not authorize an electronic payment every month.

Check Payments

You can choose to mail your check or money order to AES’ payment servicing center. Be sure that you include your AES account number on your check.

There are also five different repayment plan offered for federal student loans borrowers.

Federal Loan Repayment Options

Repayment plans for federal student loan borrowers include: Level Plan, Graduated Repayment Plan, Income-Sensitive, Income-Based (IBR) and 25-Year Extended loan repayment.

  • Level Repayment Plan – This plan allows you to make smaller monthly payments and the monthly repayment amount remains the same throughout repayment period.
  • Graduated Repayment Plan – the monthly payment is usually interest-only for a certain time and it varies during the repayment period.
  • Income-sensitive Repayment Plan – The monthly installment is based on borrower’s monthly gross income and student loan debt.
  • IBR Plan – The monthly repayment is based on borrower’s monthly income and its family size. IBR helps borrowers who may be experiencing financial hardship to deal with their monthly payments.

Teacher Loan Forgiveness and Discharge

ABS student loans provide partly or full loan forgiveness options for teachers who have been working for at least five consecutive academic years on full-time basis in low-income schools.

There is also a loan discharge option available. You may qualify for discharge if your school is: closed; have signed your name without your authorization; failed to pay a tuition refund or untruly certified your ability to benefit from education.

Student Loans without Cosigner

AES student loans offer a no cosigner student loan option. Student Loans without Cosigner alternative is available for students who have an established credit record and a good credit history.

It is unusual for students to be eligible for private student loans without a cosigner, since most students lack a good credit score or have no credit history, but there are few ways for students to find a private student no cosigner loan options, so in case you have established your credit record and have a good credit score, you can try to get a no cosigner student loan.

Tagged with:
obama student loans forgiveness medical consolidate privet student loans

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.

Tagged with:
obama student loans forgiveness medical consolidate privet student loans

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.

Tagged with:
obama student loans forgiveness medical consolidate privet student loans

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.

Tagged with:
obama student loans forgiveness medical consolidate privet student loans

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.

Tagged with:
obama student loans forgiveness medical consolidate privet student loans

Examining Peer-to-Peer Loans as Student Financial Aid

An Introduction to Person-to-Person Lending

Person-to-person lending, today popular abbreviated as P2P lending or also known as peer-to-peer lending and social lending is a type of monetary transaction, in the first place borrowing and lending, which happens directly between individuals without involvement of conventional financial body.

Traditional student loans like federal and private student loans as well as other types of financial aid to students have a long-term nature of 10 to 30 years and the reason why person-to-person lending has become popular over last years is their short-term nature: peer-to-peer loans in general involve short repayment terms from 1 to 3 years. Nowadays lots of different person-to-person lending models can be found. Moreover, there are a large number of peer-to-peer lending sites today with centre of attention on student loans such as GreenNote, Lending Club and Fynanz. These person-to-person lending sites offer diverse services like following:

  • Matching borrowers and lenders
  • Managing all the required loan documentation
  • Servicing the loan which consists of gathering of payments and reporting the payments to credit reporting agencies
  • Providing a guarantee against failure to pay the loan.
  • Typically these sites bare minimum credit conditions, but interest rates tend to be higher.

Things to be Considered Before Applying for Peer-to-Peer Loan

If you are searching for financial aid to invest in pursuing for your academic and career aspirations, we strongly recommend focusing on federal loans first, due to the fact that there are lots of them available, they are cheaper and offer better repayment terms and conditions. If you do not qualify for one of the federal student loan programs, you can apply for private student loans or peer-to-peer loan.

Person-to-person lending has some advantages over private student loans. In the first place, you don’t need a cosigner, which is the case with the private loan plan. If you cannot attain a private student loan because you don’t have a cosigner, peer-to-peer loans can be the best choice for you. Secondly, person-to-person lending has fixed interest rates which don’t change over the length of the loan. Furthermore, peer-to-peer lending is more personal and you don’t have to get yourself involved with large lending institutions and companies. According to some peer-to-peer lending proponents, the personal relationship between lender and borrower leads to lower default rates and more efficient repayment. Besides, this lending plan allows lower credit scores. Finally, peer-to-peer loans are more flexible and the loan funds go directly to the student, not to school.

On the other hand, some disadvantages of peer-to-peer loans lay in the fact that they may offer conditions that are not the best choice for education financial aid, in the first place a shorter repayment terms and the lack of an in-school deferment. Additionally, they don’t cover all academic expenses. Also, some opponents argue that personal lender-borrower connection may lead to higher delinquency and default rates than other student loans.

Requirements for the Borrowers

Peer-to-peer lending sites may ask borrowers to provide some information on reasons for borrowing the money and degree program they attend, year in the school and name of the college or university.

Person-to-Person Lending Models

Direct Lending

Under this model, the lender lends funds to one particular borrower based on her/his credit rating. The main drawback of this model is the capital and interest risk that the borrower could default on the loan, which can be minimized by lending small amounts of money to numerous borrowers.

Indirect Lending

In this model the lender gives money to great number of borrowers which reduces noticeably capital and interest risk of the lender.

Secured Lending

In this lending model, the lender lends money against the strength of the guarantee given by the borrower.

Unsecured Lending

The lender gives funds to the borrower based on the credit score of the borrower. The lender takes the risk of the capital and interest in case of borrower’s default of the loan.

Note: Person-to-person loans between family members are not considered eligible education loans.

Peer-to-Peer lending may be helpful way of investing in your professional future, nonetheless, you should take into consideration all the other types of student financial aid alike and then make decision on which one meets your academic needs the best.

 

Tagged with: