Is a private loan one that would be done directly through the school?
This is very complicated... Bill Clinton passed a bill in the early 1990's that made it impossible for borrowers to eliminate their student loans through bankruptcy— in other words, people who could not pay for the loan became serfs for life... this is what is happening in the USA right now— the pie has been shrinking for a long time now, and the rich are getting their bigger slice... average people are becoming peons and serfs through debt for life with interest rates that are the cream for the rich...
a concrete example is theBankruptcy Abuse Prevention and Consumer Protection Act, which passed in 2005, when the Republicans, who represent the rich, held the White House, both houses of Congress, and the Supreme Court... at the same time in power, they passed three tax cuts in which the lion's share went to the rich...
just look back at the tax rate for the rich under President Eisenhower... this is all way beyond party lines— this is the rich controlling the government through campaign contributions and lobbyists... right now, we are in the thick of an elimination of the middle class in the USA... be careful not to become a debt peon paying interest to the rich for the rest of your life...
Learn how the Obama Student Loan Reform Bill coincides with a college loan repayment program and how it affects student loans repayments for college grads...
The United States government is borrowing the money at an interest rate of 2.8 percent. The money will then be lent to students at a rate of 6.8 percent. The 4 percent profit that the government makes will be applied toward further funding of students loans as well as funding portions of the Health Care and Education Reconciliation Act of 2010.
I am just trying to give you power though knowledge— I am not telling you what to do... just go into everything to do with money these days with your eyes wide open... is the student loan debt worse than finding a job right now at a lower pay scale than you would have when you graduate? It is different for each of us individually, but I do think tuition is too high now, just like real estate was, and I think student loans are being packaged into complex derivatives, just like NINJA loans were, and I think the bubble will collapse like real estate did...
but I am no prophet, so I might be wrong... (I am tempted to make a pun on profit...)
all I can say for certain is just enjoy yourself the best you can whatever you decide to do... good luck with everything, and don't hesitate to talk to these great folks here in Radio Paradise... lots of good perspectives...
Is a private loan one that would be done directly through the school?
Private loans are the loans that do not come from a Federally-funded loan source (ie, better rates)
Sallie Mae is the biggie. And they are a company whose sole purpose is to make profit for it's investors. They have extreme policies about repayment, the interest is unbelievable, you can not get out of a student loan via bankruptcy... it's rough ground.
There are not a lot of options right now... just work it with the Financial Aid office at the school... find a good person there to talk to. FL has a Student Loan/College Fund department somewhere which will also help you get ideas for how to get as many grants and scholarships as you can.
Good advice, but remember that the goal of the financial aid office at the school is to ensure you stay in school and your tuition is paid. They are not looking out for your best financial interests. Take their advice, but don't take it as gospel. Check other options, and be sure that the schooling you are getting has value in the workplace (or it's something you want and can afford without a job to justify it).
And like Rose said: the vast majority of student loans are set up in a way that they can not be discharged by bankruptcy. Even death won't get you out of them, they will pass on to your estate. Those people want their money back, and they have the .gov behind them.
Is a private loan one that would be done directly through the school?
Private loans are the loans that do not come from a Federally-funded loan source (ie, better rates)
Sallie Mae is the biggie. And they are a company whose sole purpose is to make profit for it's investors. They have extreme policies about repayment, the interest is unbelievable, you can not get out of a student loan via bankruptcy... it's rough ground.
There are not a lot of options right now... just work it with the Financial Aid office at the school... find a good person there to talk to. FL has a Student Loan/College Fund department somewhere which will also help you get ideas for how to get as many grants and scholarships as you can.
Good suggestions. Financial aid advisors at the school that should know all about loans and Federal grants. The should also have a book of private companies that give grants to students who fit their criteria. I would also suggest maybe looking into the school's work/study program. I had a friend in college who worked in the school library . Student loans do help but they also get a lot of people in debt and can eat you alive after graduation.
Is a private loan one that would be done directly through the school?
Private loans are the loans that do not come from a Federally-funded loan source (ie, better rates)
Sallie Mae is the biggie. And they are a company whose sole purpose is to make profit for it's investors. They have extreme policies about repayment, the interest is unbelievable, you can not get out of a student loan via bankruptcy... it's rough ground.
There are not a lot of options right now... just work it with the Financial Aid office at the school... find a good person there to talk to. FL has a Student Loan/College Fund department somewhere which will also help you get ideas for how to get as many grants and scholarships as you can.
My opinion (and like Socrates says, I don't know nothing) is beware the private student loans... I believe they will be the next bubble to burst, just like subprime mortgages... tuition price is skyrocketing, just like real estate, and they are lending anybody student loans, just like subprime loans... but that is just my opinion about the private student loans... if you can get some kind of government help with tuition, then it is different...
Is a private loan one that would be done directly through the school?
Yeah....and there are times when all the positive thinking and mind games in the world can't solve it....not for long, anyway. My issue is dementia. I have nowhere to get away from it right now, and it's starting to take a toll. That, and stinkin' WINTER. But it only has another month or so before it HAS to leave. No exceptions. ha! I will send good vibes southward.....
The bad one's are starting to out-weigh the good ones lately. But whatevs....
Glad yours is getting better.
I am really sorry to hear that, Beezy.
Yeah....and there are times when all the positive thinking and mind games in the world can't solve it....not for long, anyway. My issue is dementia. I have nowhere to get away from it right now, and it's starting to take a toll. That, and stinkin' WINTER. But it only has another month or so before it HAS to leave. No exceptions. ha! I will send good vibes southward.....
ie: my son stomping and pouting walks into my room. I CANT find my fav pants i had them in my hands and now they are gone... I walk in there, they are on the floor IN FRONT OF THE DRESSER (that holds all his clothes). I hand them to him. THOSE aren't the pants mom! more stomping... then he looks at them up and down, says OH. Thanks mom.
ie: my son stomping and pouting walks into my room. I CANT find my fav pants i had them in my hands and now they are gone... I walk in there, they are on the floor IN FRONT OF THE DRESSER (that holds all his clothes). I hand them to him. THOSE aren't the pants mom! more stomping... then he looks at them up and down, says OH. Thanks mom.
That's the standard male response to all things domestic, isn't it?
Oh, we can find it. We just get tired of people telling us to put it down.
tee hee...
ie: my son stomping and pouting walks into my room. I CANT find my fav pants i had them in my hands and now they are gone... I walk in there, they are on the floor IN FRONT OF THE DRESSER (that holds all his clothes). I hand them to him. THOSE aren't the pants mom! more stomping... then he looks at them up and down, says OH. Thanks mom.
Old Folks Boogie, and Boogie They Will!