Here Today... Gone To Hell!

I am wanting to go back to college in January but in order to go I am gonna have to have a Student Loan.

Does anyone here have experience with these?


Thing is I have extremely shitty credit, so I dont know if that will hurt me.


so if anyone has experience, I need some help.

Shitty credit is not a big deal for student loans.

But your -10 karma will probably fuck it up for you.

Sorry, best of luck.

Thanks............ I think :hihi: :hihi: :hihi:

Yeah, I think of all the types of loans (car, mortgage, personal etc) Student Loans are the most lenient.  It's all relative though, so it depends how shitty it is. 

I've got two of them to my name at this point... Probably your income / your parents' income will have more of an effect on whether or not you receive one than your credit rating.

A co-worker with lousy credit just applied for a student loan with a bank.  She got the loan, but with an interest rate of about 15%.

 :-\ That's like putting it on a credit card?? Ouch.

D by "everythings relative" I mean foreclosure on Mtg, car repo'd, electric & gas shut off occasionally = Might not be getting approved for that student loan. A few late payments of 1 or 2 months, a few thousand in CC debt etc, shouldn't be a problem. Student Loans don't care so much about debt to income ratio, as they presume your income may increase (especially over 20 years). Just as long as you didn't quit finishing paying off some loans, and are not several months in arrears (without pymt) you should be ok.

Jesus Christ!

I got student loans back in the day (and had crapola credit at the time) and got a low rate of 3 percent (nelnet).

That's because you're on the inside, everyone else is outside.  Seriously, I think you get the low rates through Federal Stafford loans, but since those are capped, you need to get a private bank loan on top of the Stafford.  Those are the loans with the ridiculous rates.

My credit is shitty thanks to Credit Cards....................


They gave me cards when I was 18 and i even told them I didnt have a job.

Needless to say being young and dumb has hurt me now I am older and dumb :hihi:


Thing is, I havent paid a dime to the credit card companies in over 5 years........................


That is why I am not so positive about getting a student loan.

I know someone who filed for bankruptcy and got a student loan, so I guess I'll have to try it and see what they say.

http://www.nelnet.net/

Thanks!

i have to get my license changed over to a Tennessee license which im gonna do tomorrow, and then Im gonna go on here and see what they say.

On a slightly different topic, you can file for bankruptcy once, but not again-I know people who have filed and then would get a ton of credit card offers-you can only file once in your lifetime? ( I'm pretty sure), but can't file again-remember bankruptcy is on your credit for 7 years.

Basically student loans aren't too bad......but they'll creep up on you after you graduate.  I tried to refrain from getting one, but after my schooling I owed around 9k, which isn't bad at all.  They usually give you around 6 months after you graduate before you have to start paying them back.  I had a friend that decided to be a bum after she graduated and before she knew it, letters started flying.  I also had a friend who didn't pay his and they ended up taking it out of his Tax return three years later. 

Be warned for those who had bad credit before, or still pay bills when it's ok for them. Student loans can not be wiped away with bankruptcy. They can put judgments against you and will stay with you until they are paid. It is not like ditching a credit card, you can not get away from them. If you borrow the money, be prepared to pay it back. You can not walk way from these loans like you used to.

You can file for bankruptcy every 7 years.  I've heard of people who will do that-- get a whole assload of loans, max out a bunch of credit cards, and all that, then declare bankruptcy, and just do it over and over and over again.  However, student loans do not get wiped out.  If you do not pay, it will be taken out of tax refunds and social security.

As for student loans, I got mine through Sallie Mae and ECSI.  $13,000 through Sallie Mae and $4,000 from ECSI.  They came due back in August and I had to file for forbearance on the one through Sallie Mae since I work at a job that pays less than the average Big Mac technician or Wal-Mart checker.  Like the Facebook group I joined says, "I majored in something I like and therefore will probably be living in a cardboard box someday."

SLC-- 3%?!?!  Goddamn!  Mine was 8.25% and that's considered low for a student loan.

Those people are dicks IMO. Don't get it if you can't pay for it yourself, or at least pay it back. If you do it once and you get in over your head that is one thing, but people who abuse it again and again, shame on them. There are new bankruptcy laws now that are making it more difficult to get away with doing that anymore. You have to pay some of it back anyway-I don't know the exact details. I think the write offs only make up about 3 percent of credit cards expenses (I think I read that, could be wrong) anyway.

 I had a friend who had student loans at a crazy rate (teens) and transferred them to a zero percent credit card.  ;D



Sad but often true.

I have a friend getting out of dental school in May and he has over 170,000 thousand in loans!!!!!!


Maybe being a dentist will make it easy to pay that back but when he told me that i was shocked.


I only need about 3 thousand, so that shouldn't be too tough to pay back.


I read where credit card companies have a statute of limitations to sue u. In the state of Kentucky its either 5 or 6 years.

January will be 5 years so Im not sure how that works when the statute expires.

I don't think they sue you. But could be wrong. Think they just write it off and you get shitty credit (you end up paying one way or the other.)

I'm downgrading everything when my daughter does into college, so I can pay it for her and she'll have no debt when she is done. The average kid getting out of college with 40k in loans is bullshit and no way to start life.

No kidding.  Even just my $25k is bad enough, especially after my parents said they'd handle a lot of it and then decided to stiff me at the last minute.

Well remember your parents have to retire one day too. It is a difficult task to undertake : You don't want your child to come out of school with all this debt, but you also have to retire one day/have your own current bills. I've talked to guys my age who (as stupid as this seems) don't even plan on saving for retirement. By the time they add up all their bills and putting their children through college, they just accept they'll be broke. F'n crazy man.

My daughter is going to be going into college in two years and I am doing something different so I can pay for it. But then again, I'm not like most people.

40k is a lot to start with if you are just getting a bachelor's degree.  I have seen a lot of people with that much debt.  Most people with bachelor degrees don't make a whole lot more than 40k when they come out of school.

D, I have some experience with student loans because I had to take some when I went to grad school.  If you are only borrowing $3,000 you will have no problem.  You will want to apply for stafford loans.  These loans are basically with the government - guaranteed by it, so the rates are low.  I believe they are capped at 8% and your credit does not matter.  I am not sure what the restrictions are on stafford loans in regards to what programs they must be used for.  I know you can use them for all of the standard graduate type schools.  Once you graduate, you can consolidate your loans and lock in a rate.  I locked in a rate of 2.7%.  I will take as long to pay off these loans as possible.  That is basically interest free money.

If you have to get private loans, you will have to pay a much higher interest rate and your credit score will be considered.

Money laundering?

I'm gonna pimp out D...............

i fucking hate student loans...they can be financially crippling

you aren't going to make any money that way sir . Hell your going to have to pay these peaple for doing that sorta thing with D.