Need advise on student loans.
Thread Starter
Joined: Nov 2001
Posts: 3,828
Likes: 21
From: Houston/Alvin, TX
Need advise on student loans. My wife is getting her Master's degree right now. The program she is in is a 2-3 class per semester (fall, spring, summer) schedule and will take a total of 3 years to complete. She's done with 1 year. So far, we have been charging her tuition to a credit card and getting it paid off by the end of each semester. I'm not too big on this method. If something were to happen and we couldn't get it paid off in time, I don't want to be stuck with a bunch of credit card debt w/ high finance charges. Plus, I don't want to feel like I absolutely have to pay $700+/month. (I know I don't "have to" now, but that's something I place on my shoulders anyway.)
I know nothing about student loans. Please educate me on this subject.
I know nothing about student loans. Please educate me on this subject.
TECH Enthusiast
Joined: Aug 2005
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From: H-town
Yep go talk to a financial aid department, they can help you out on student loans. A good friend of mine was getting 60K a year on loans. He went to Rice and got his MBA a year or so ago. Now he makes a killing, well over the 100K mark and climbing. So the loans will be no biggie to pay off then.
J
J
Staging Lane
Joined: Aug 2006
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Here is general information on student loans. Your wife may have to be a full time student to qualify, check with the Financial AId Department where she is going to school.
Student Loans are not credit based, so any student going to an accredited school can qualilfy. You can get about $3645.00 per academic year. No payments while student is in school and payments start 6 months after leaving school. Insured by government and interest rate is between 6-7% for the life of the loan. Minimum payments on $3645. are only goind to be about 65-70 dollars a month. Can pay more and their are no prepayment penalties. Loan in student name no co-signers required. Good Luck,
Student Loans are not credit based, so any student going to an accredited school can qualilfy. You can get about $3645.00 per academic year. No payments while student is in school and payments start 6 months after leaving school. Insured by government and interest rate is between 6-7% for the life of the loan. Minimum payments on $3645. are only goind to be about 65-70 dollars a month. Can pay more and their are no prepayment penalties. Loan in student name no co-signers required. Good Luck,
Banned
Joined: Apr 2007
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Originally Posted by EATON22
Here is general information on student loans. Your wife may have to be a full time student to qualify, check with the Financial AId Department where she is going to school.
Student Loans are not credit based, so any student going to an accredited school can qualilfy. You can get about $3645.00 per academic year. No payments while student is in school and payments start 6 months after leaving school. Insured by government and interest rate is between 6-7% for the life of the loan. Minimum payments on $3645. are only goind to be about 65-70 dollars a month. Can pay more and their are no prepayment penalties. Loan in student name no co-signers required. Good Luck,
Student Loans are not credit based, so any student going to an accredited school can qualilfy. You can get about $3645.00 per academic year. No payments while student is in school and payments start 6 months after leaving school. Insured by government and interest rate is between 6-7% for the life of the loan. Minimum payments on $3645. are only goind to be about 65-70 dollars a month. Can pay more and their are no prepayment penalties. Loan in student name no co-signers required. Good Luck,
http://www.fafsa.ed.gov/
fill that out, and send it to her college, and they'll put an entire folder of options together for you including apply her to public scholarships, and federal loans which are interest free until she graduates
fill that out, and send it to her college, and they'll put an entire folder of options together for you including apply her to public scholarships, and federal loans which are interest free until she graduates
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Joined: Nov 2003
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From: Katy, TX
Unfortunately you guys are missing some crucial information. That $3650 won't cover everything she'll need, from tuition to books, etc for a Masters. She'll be looking at a private loan in that case, to make up the remainder. A private loan IS credit based, may require a cosigner, and depending on credit can be anywhere from 12%-16% APR.
Note: This is only if she doesn't qualify for grants or scholarships of course.
Note: This is only if she doesn't qualify for grants or scholarships of course.
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You get more for grad school. My wife could have gotten close to $10,000/semester for only half-time. You don't have to accept all that they offer. My wife is taking 6 hours this semester and only accepted $5450. 
Also, the FA office will determine whether or not you qualify for grants. You don't have to do anything. At least I didn't, and I got around $1500 in grants for this semester.
Also, the FA office will determine whether or not you qualify for grants. You don't have to do anything. At least I didn't, and I got around $1500 in grants for this semester.
TECH Fanatic
Joined: Nov 2001
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From: Katy, TX
Originally Posted by Black2001z06
Make sure and inquire about as many possible grants available to help minimize the amount of money borrowed.
best damn advice you could get there!
Even if they are small...it ALL helps!
TECH Fanatic
Joined: Nov 2001
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From: Katy, TX
Originally Posted by Corny40
Also, the FA office will determine whether or not you qualify for grants. You don't have to do anything. At least I didn't, and I got around $1500 in grants for this semester.
While I was captain HEAL loan..I refer to these now as my "other" mortgage hehe
Thread Starter
Joined: Nov 2001
Posts: 3,828
Likes: 21
From: Houston/Alvin, TX
Well, she just told me last night that the deadline to sign up for this semester is TODAY. Nice! I guess we will do the dumb *** credit car method again.
At least this gives us (or should I say me?) time to research this further. We are going to sign her up this afternoon. We'll swing by the FA office while we are there.
Thanks for all the advice.
At least this gives us (or should I say me?) time to research this further. We are going to sign her up this afternoon. We'll swing by the FA office while we are there.
Thanks for all the advice.
11 Second Club
Joined: Apr 2007
Posts: 130
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From: Baton Rouge
you can still get Student Loans even AFTER paying with credit card, and when the loans come in, pay off the card with that. For grad school, you can get alot more than you need. i still owe about 170k for my grad school loans, but the interest is so low, i'm paying for my toys first. talk to financial aid, they are only there to help 