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Hassin Bin Sober

(26,272 posts)
Tue Apr 9, 2013, 10:36 PM Apr 2013

What's the best source for student loans?

My sister-in-law is asking me for my nephew starting college next year.

I know they are dealing with a financial aid counselor because they were told (by the counselor) not to co-sign. So I'm not entirely sure why they are asking me for advice. But I'm willing to do some digging for my peeps.

It's been 25 years since I had to deal wit this so I'm a bit out of the loop on what is available.

I know things are much different than when I went to the local bank and got a cheap very low interest loan backed by the government.

My understanding is there has been a big move toward privatization and the resultant increase to pay for advertising and overhead - you know there is a problem when you see Chase advertisements on the TeeVee box.

On the flip-side, I think I have seen here on the DU machine talk of a little better deal thanks to our President.

So I figured I would tap in to that big DU brain to get me steered in the right direction.

Any idea, big DU brain?

Thanks in advance.

eta: The kid has a great GPA and a partial scholarship and grants through my brother's union. But business is pretty slow for my bro so they are going to have to supplement with loans for the time being.

17 replies = new reply since forum marked as read
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What's the best source for student loans? (Original Post) Hassin Bin Sober Apr 2013 OP
Lots of info here. elleng Apr 2013 #1
Thanks Hassin Bin Sober Apr 2013 #7
According to Mitt Romney, it's Ma and Pa!! You know, ask the 'rents for ten or twenty grand! MADem Apr 2013 #2
That's so funny. It's the first thing I thought of. Walk away Apr 2013 #4
Maybe my nephew should sell some stock certificates. Hassin Bin Sober Apr 2013 #11
Yes, it's tough to have to sell a few stock certificates to be able to afford the rent on a nice MADem Apr 2013 #15
They fill out the FAFSA tammywammy Apr 2013 #3
Thanks. Hassin Bin Sober Apr 2013 #6
The FAFSA will set them up for a Pell Grant if they qualify tammywammy Apr 2013 #9
I'll talk to them about it. Hassin Bin Sober Apr 2013 #10
Congrats to him on the scholarships. tammywammy Apr 2013 #14
Fill out the FAFSA, go for the government loans first. backscatter712 Apr 2013 #5
Thankyou. Hassin Bin Sober Apr 2013 #8
Have they considered the military? Leslie Valley Apr 2013 #12
I don't know but he has a school picked and is starting next year. So probably not. Hassin Bin Sober Apr 2013 #13
student loan rates will double in july, and the government makes a profit on them. HiPointDem Apr 2013 #16
Like everyone else says, wickerwoman Apr 2013 #17

MADem

(135,425 posts)
2. According to Mitt Romney, it's Ma and Pa!! You know, ask the 'rents for ten or twenty grand!
Tue Apr 9, 2013, 10:40 PM
Apr 2013

I do know if money's tight, you're better off taking as many courses as possible (and doing well in them) at community college and online--you save a fortune that way. Good grades can get you in a fancy school for the last two years of the college experience.

Beyond that, I am stumped.

Walk away

(9,494 posts)
4. That's so funny. It's the first thing I thought of.
Tue Apr 9, 2013, 10:47 PM
Apr 2013

That will be one of Mitts brands forever along with 47%, corporations are people.

MADem

(135,425 posts)
15. Yes, it's tough to have to sell a few stock certificates to be able to afford the rent on a nice
Wed Apr 10, 2013, 04:43 AM
Apr 2013

TWO bedroom (luxury for the average student, married or single) while attending school, but hey, if you have hundreds and hundreds of stocks, parting with a few will only hurt a bit!!!

tammywammy

(26,582 posts)
3. They fill out the FAFSA
Tue Apr 9, 2013, 10:46 PM
Apr 2013

Then from there you can pick the Stafford subsidized and/or unsubsidized loans. Those loans go directly through the government, no need to take out a private loan.

And strongly suggest taking classes at the local community college and then transferring, it's a lot cheaper.

Hassin Bin Sober

(26,272 posts)
6. Thanks.
Tue Apr 9, 2013, 10:58 PM
Apr 2013

I would think they would have filled that out.

Like I said, I was surprised she emailed me since I though they were dealing with a school counselor.

At any rate, I need a little education in this since I will be helping out. I need to learn what questions to ask.

Thanks

tammywammy

(26,582 posts)
9. The FAFSA will set them up for a Pell Grant if they qualify
Tue Apr 9, 2013, 11:03 PM
Apr 2013

along with Stafford loans. I highly recommend supplementing at a community college. I know around here a 3 hour class at the community college is $150 plus books.

Hassin Bin Sober

(26,272 posts)
10. I'll talk to them about it.
Tue Apr 9, 2013, 11:20 PM
Apr 2013

I'm getting involved a little late in the game.

The plan is to attend a local private school and live at home. Most of the cost is covered by scholarship and a grant from my brother's union. Not sure if Pell Grants have been factored in.

backscatter712

(26,355 posts)
5. Fill out the FAFSA, go for the government loans first.
Tue Apr 9, 2013, 10:49 PM
Apr 2013

The fed loans, such as Stafford loans, have far better terms than the private loans. You'll probably be able to get a Pell Grant too! Free money!

 

Leslie Valley

(310 posts)
12. Have they considered the military?
Tue Apr 9, 2013, 11:26 PM
Apr 2013

All 5 of our kids, 3 girls and 2 boys, went that route as did my dad and myself.

One son is now a UPS pilot and the other one is a semi-bigwig at Fedex. (those family get together dinners are fun sometimes).

2 of the girls are nursing supervisors and the 3rd is a commercial real estate broker and makes more money than the rest of us combined. (not sure where we went wrong with her though)

We now have 2 grandkids in the Air force and they are taking their college classes on base paid for by Uncle Sam.

Have him test out, nothing like getting out of college with no debt.

Student loans are a trap, it looks like cheap money until you have to start paying it back.

Hassin Bin Sober

(26,272 posts)
13. I don't know but he has a school picked and is starting next year. So probably not.
Tue Apr 9, 2013, 11:35 PM
Apr 2013

Most of his school is covered so he won't have to take on much debt.

 

HiPointDem

(20,729 posts)
16. student loan rates will double in july, and the government makes a profit on them.
Wed Apr 10, 2013, 04:46 AM
Apr 2013
http://www.democraticunderground.com/10022645851

my advice would be to work his way through college as much as possible.

wickerwoman

(5,662 posts)
17. Like everyone else says,
Wed Apr 10, 2013, 05:03 AM
Apr 2013

see what you can get through the government student loan system and try not to borrow beyond that if you can.

And whatever you do, don't deal with ACS Education Services. I can't even tell you the epic fucking shitfest they put me through- six months of mishandled and lost paperwork, ass-covering, bald-faced lies... one of the happiest days of my life was when I finally managed to consolidate that loan with my other US gov ones and realised I would never have to deal with them again.

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