Here are some hints regarding
student loans after a bankruptcy
Is a Private Student Loan for You?
A private student loan is an option for students who prefer not to borrow money from the government or from Sallie Mae, or who have not been fortunate in obtaining grants and scholarships from both private and public foundations. The interest rates could be slightly higher than say a federal Stafford loan or a Perkins loan, but if the student, or his parents, has a good relationship with a private lender, the rates and terms could be negotiatedand often in a friendly manner.
A private student loan is sometimes called an alternative student loan and could be any type of loan, provided it was not obtained from a government source. Given this distinguishing characteristic therefore, a private student loan could be a private loan for a student with bad credit, a no credit check student loan (thats okay, we have your parents signature card on file), or a graduate student loan for students wanting to pursue a masters degree.
Whatever form of private student loan you apply for, remember that a loan is a loan, no matter what it is called. This presupposes a commitment on the part of the lender to make available a definite amount of money to be placed at the lenders disposal; and by the same token, it presupposes a commitment on the part of the borrower to pay the loan back. The payment terms and schedule are usually outlined in the loan agreement. These elements make a private student loan a legal obligation, a valid contract, if you will. Both borrower and lender therefore are bound by a legal document that cannot be breached, unless for a very justified reason.
If you compare the interest rate of your private student loan with that of the interest rate of your classmates federal government student loan, you may notice that his rate is lower. This should not come as a surprise. The US government has a student loan program that gives all US citizens a right to an education. And to make that right an affordable right and accessible to all, the rates on government student loans are usually much lower than a commercial loan a Wells Fargo loan as an example.
Some private lenders advertise their private student loan programs in such a way that the student does not have to feel cornered about applying for a private student loan lenders say there are no application fees, no application deadlines, the loan amount can be paid after graduation, and that the funds are sent directly to the students account and not to the school. The approval for a private student loan will be given in just a couple of hours or 24 hours, according to some lenders.
Before you sign on the dotted line for your private student loan, make sure you scrutinize the loan agreement.
Guy Ray is a published copywriter with more than 200 articles to his credit. To Learn more about private student loans visit his website at http://www.allstudentloaninfo.com
More Useful Resource and Updates on student loans after a bankruptcy
- Student Loan Corp. 3Q profit plunges 83 percent (AP via Yahoo! Finance)
Student Loan Corp. on Thursday said its third-quarter profit plunged 83 percent, hurt by disruptions in the financial market and higher set-asides for souring loans.
- Sallie Mae Reports Third-Quarter 2008 Results (Business Wire via Yahoo! Finance)
RESTON, Va.----SLM Corporation , commonly known as Sallie Mae, today reported that, despite dislocation in the credit markets during the 2008 third quarter, its core student loan businesses were profitable, and its total managed student loan portfolio performed within expectations.
- Fitch Takes Rating Actions on Xpress Loan Servicing's SLABS Servicer Ratings (Business Wire via Yahoo! Finance)
NEW YORK----Fitch Ratings has taken the following rating actions on the U.S. ABS student loan servicer ratings for Xpress Loan Servicing :
- How to Pay for an MBA (BusinessWeek Online via Yahoo! News)
Lindsey Aponte, a first-year student at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School, made all the right moves when it came to preparing her finances before entering the MBA program.
- Election letters (Nevada Appeal)
McCain's strategy is dishonest
- State report faults Iowa Student Loan work (The Des Moines Register)
The nonprofit?s business practices will be discussed Tuesday by a Legislature oversight committee.
- Fitch Takes Rating Actions on Xpress Loan Servicing´s SLABS Servicer Ratings (wallstreet:online AG)
Fitch Ratings has taken the following rating actions on the U.S. ABS student loan servicer ratings
- The Student Loan Corporation Announces Third Quarter Earnings (Centre Daily Times)
The Student Loan Corporation (NYSE:STU) today reported net income of $4.4 million, or $0.22 per share, for the quarter ended September 30, 2008, a decrease of $20.6 million (82%) compared to net income of $25.0 million, or $1.25 per share, reported in same quarter of 2007. The overall deterioration in the financial markets has adversely affected the Company's results of operations. These ...
- AG report faults some Iowa Student Loan practices (The Des Moines Register)
The practices of the Iowa Student Loan Liquidity Corp. favored the goals of increasing access to loans and offering families a choice of loans over making the lowest-cost loans available to borrowers, according to Iowa Attorney General Tom Miller.
- The Coming College Bubble? (Forbes)
America's undercapitalized independent schools could be the next industry to pop.
- student loan collection after bankruptcy - TheLaw.com - Free legal ...
student loan collection after bankruptcy Consumer, Credit, Collection ... From my understanding, student loans are not dischargeable in a BK. ...
- Bankruptcy Blog | Legal Helpers Bankruptcy Lawyers
Student Loans After Bankruptcy. By Richard K. Gustafson ... unit that operates a student grant or loan program and any person engaged ...
- Bankruptcy Law, San Antonio, Bankruptcy Lawyer, Attorney, Frequently ...
A. Government backed student loans (which seem to be the majority of all student loans) are ... or pickup truck lease or loan after I file bankruptcy? ...
- Bankruptcy and student loans
... which means whatever you owe has to be paid back after the bankruptcy. ... So if you can't deal with a student loan problem through bankruptcy, what can you do? ...
- WVAG: FAQs: Consumer Protection Division: Legal Rights After Bankruptcy
... student loans can be canceled for reasons not related to your bankruptcy when, ... on a car loan or home mortgage, the creditor can ask the bankruptcy court for ...
- Getting student loans after bankruptcy
... student loans, but not for private loans, says the Bankruptcy Adviser. ... Dear Bankruptcy Adviser, Can I get a student loan after filing for bankruptcy? -- Liz ...
- USBC HI - Pro Se Filing BAPCPA
... student loans or other types of non-dischargeable debt] and a bankruptcy filing ... general, bankruptcy should be considered as a last resort after other ...
|
