Q. I’m trying to convince my daughter to consider a NY State school. I don’t want to brow beat her into going to a state school…so can anyone give me some input about NY State schools…anyone at one or with kids at one having a good experience or getting a good education….I need some good reasons.
A. -SUNY schools only look inexpensive. If you are depending on financial aid a private college or university can usually equal or beat a SUNY offer, unless the student is top calibre and merit-scholarship material.I offer the plight of one average(parents working class)student in the recent financial aid crunch:NYS private college: full tuition, covered by grants and scholarships, loans: $3,000 Binghamton: $300 state aid, $8400 parent loan, 2600 fed loan Albany: $400 state aid, $5100 fed loans, $1000 Work-studyYou can check out the financial aid stats of private colleges on-line and in several publications, after you have determined which schools are appealing in and of themselves. To maximize your ratio of grants to loans apply to schools where the student’s stats are in the upper quarter or third of admitted students. Also check out any “special” scholarships offered by a private school for incoming freshpersons. Does she play the bagpipes?You didn’t say as much, but the strategy would be different if your child would be attending a SUNY school as a commuter and could forego the room and board expenses, which are higher than tuition (unless you live three to a room and can exist on a modified meal plan).-Although I live in NY, I know very little of the SUNY system. What I do know (rather, what little I’ve heard from friends and guidance counselors) is that SUNY Binghamton is the best bet for your money (it’s also the most difficult to get into). I passed through the town of Binghamton last year while visiting Cornell - it was 10:30 at night, we were lost and were driving circles around this huge cemetery all night, etc. What surprised me was that the entire town was asleep - EVERYTHING was closed (we eventually found an open Hess gas station outside of the city, but we drove 20 minutes before reaching it.) SUNY Stonybrook has an excellent science program, and their medical school is pretty highly regarded. SUNY Buffalo is a very social school, and has the third highest reputation after Binghamton and Stonybrook. .
Wednesday, October 29, 2008
I have American bill about Student Loans, best way to send US funds to US bank from Canadian bank?
Q. I think this question may have already been posted, but here goes..I am moving to Canada. I have American bills, some ongoing and some temporary (car loan, life insurance, student loan, and will have some remaining credit card payments–not huge, but at least a couple of months worth). I will need to send money at least monthly to my US bank. Any suggestions on the best–and with the fewest fees–method of doing this? When I lived overseas in Asia, I was able to wire money to my US account monthly for a small fee..not sure how this would work between CA
A. -Some* US banks (www.usaa.com for one) don’t mind accepting Canadian checks for deposit into your account. When I last tried it (in 2000), if it was a US$ check (i.e., one written against your US$ checking account in a Canadian bank), USAA FSB would credit the entire amount with no fees deducted; if it was a CDN$ check, they would apply a very reasonable exchange rate. They did not charge fees for depositing Canadian checks (though they do charge a fee for depositing other foreign checks).But you need to check with your US bank before doing this: some banks may charge you a fee for depositing a Canadian check; and, of course, there may be a fund availability delay of several days or weeks.For instant availability, wire transfers are also available, but they will cost you a pretty penny. I think most Canadian banks will charge $20-30 for a wire transfer to the USA. Most US banks won’t charge a fee for *receiving* a wire transfer.-Open a US$ account in Canada with US chequing privileges (they do exist) and you can pay your bills that way. Or, get a US$ bank draft and mail that to your US bank … you may want to keep a float in the US bank so that way you’re a month ahead with the bills to stop holds causing problems. Or, you can wire the money but the fee isn’t exactly small.-TD bank has an option to get a US checking account in their US division, TD Waterhouse. That way you can use online bill paying for your US bills, write checks on a US bank, and transfer money between your Canadian bank and US bank with a phone call for free. I have been in Canada for 2 years now and have been using this to pay my US credit cards and such with no problem. They also give you a Visa check card you can use in stores too. .
A. -Some* US banks (www.usaa.com for one) don’t mind accepting Canadian checks for deposit into your account. When I last tried it (in 2000), if it was a US$ check (i.e., one written against your US$ checking account in a Canadian bank), USAA FSB would credit the entire amount with no fees deducted; if it was a CDN$ check, they would apply a very reasonable exchange rate. They did not charge fees for depositing Canadian checks (though they do charge a fee for depositing other foreign checks).But you need to check with your US bank before doing this: some banks may charge you a fee for depositing a Canadian check; and, of course, there may be a fund availability delay of several days or weeks.For instant availability, wire transfers are also available, but they will cost you a pretty penny. I think most Canadian banks will charge $20-30 for a wire transfer to the USA. Most US banks won’t charge a fee for *receiving* a wire transfer.-Open a US$ account in Canada with US chequing privileges (they do exist) and you can pay your bills that way. Or, get a US$ bank draft and mail that to your US bank … you may want to keep a float in the US bank so that way you’re a month ahead with the bills to stop holds causing problems. Or, you can wire the money but the fee isn’t exactly small.-TD bank has an option to get a US checking account in their US division, TD Waterhouse. That way you can use online bill paying for your US bills, write checks on a US bank, and transfer money between your Canadian bank and US bank with a phone call for free. I have been in Canada for 2 years now and have been using this to pay my US credit cards and such with no problem. They also give you a Visa check card you can use in stores too. .
student loans and bankruptcy timing
Q. I think I have a fairly good chance of having my $45,000 in student loans discharged in a bankruptcy. I’m currently disabled (severe depression) and unlikely to be able to repay the loans in the future. But, of course, you never know what a particular judge will decide.I’m in Olympia, WA (Thurston county).Here’s where I’m confused. I don’t want a bankruptcy on my record for 10 years if I can’t get my student loans discharged. I have about $13,000 in credit card debt and owe the IRS $5,000 (I don’t think that can be discharged). What I’m trying to say is that the bankruptcy being on my credit report for 10 years is not worth it to me UNLESS my student loans are discharged to. As much trouble as I’m going to have just paying off the other $18,000, I’m willing to try.But it’s my understanding that the decision about the student loans doesn’t come until AFTER the regular part of the bankruptcy is filed and approved, etc. Is that really the case? Any ideas what I should do?
A. The case law is not encouraging. There’s actually a specialized treatise on the subject, which you might find in your county law library or university law library; perhaps you can get it by interlibrary loan from your pubic library:Discharging Student Loans in Bankruptcy — 2nd Editionhttp://tinyurl.com/2ld53Since you’re in Washington, I’ll add that there are two reported cases of Americans trying to discharge their US student loans in Canadian bankruptcy proceedings. One succeeded, the other failed (based on an analogy by the judge with Canadian law that forbids such discharges). In neither case did the US Government file proof of claim; but the Lloyd’s-invetor bankruptcy cases teach us that a bankruptcy judge can pretty much do whatever s/he wants, knowing that most debtors haven’t the money to appeal.In re Bialek, (1994) 25 CBR(3d) 271; In re Taylor, (1988) 68 CBR (NS) 93 (PEI (SC).(A discharge in Canada would not affect the collectibility of a US debt later in a US court if the creditor has not filed any proof of claim or otherwise appeared in the case. Or so it seems; in Hongkong and Shanghai Banking Corp. v. Simon (In re Simon), 153 F.3d 991 (9th Cir. 1998) the creditor was said to have “participated” in the US bankruptcy.) .
A. The case law is not encouraging. There’s actually a specialized treatise on the subject, which you might find in your county law library or university law library; perhaps you can get it by interlibrary loan from your pubic library:Discharging Student Loans in Bankruptcy — 2nd Editionhttp://tinyurl.com/2ld53Since you’re in Washington, I’ll add that there are two reported cases of Americans trying to discharge their US student loans in Canadian bankruptcy proceedings. One succeeded, the other failed (based on an analogy by the judge with Canadian law that forbids such discharges). In neither case did the US Government file proof of claim; but the Lloyd’s-invetor bankruptcy cases teach us that a bankruptcy judge can pretty much do whatever s/he wants, knowing that most debtors haven’t the money to appeal.In re Bialek, (1994) 25 CBR(3d) 271; In re Taylor, (1988) 68 CBR (NS) 93 (PEI (SC).(A discharge in Canada would not affect the collectibility of a US debt later in a US court if the creditor has not filed any proof of claim or otherwise appeared in the case. Or so it seems; in Hongkong and Shanghai Banking Corp. v. Simon (In re Simon), 153 F.3d 991 (9th Cir. 1998) the creditor was said to have “participated” in the US bankruptcy.) .
student loan tax question
Q. I’m going to do my taxes this year, first time in four years. Over this period I’ve payed off a $10000 student loan. A friend says that the payments aren’t deductable, only the interest is. I thought student loans were tax free, so why did I have to earn 16000 taxed dollars to pay off a $10000 loan? Is this the way it is?
A. -Borrowed money isn’t income.Repaid loans aren’t deductions.The cost of “student loans”, the interest, is an income reduction not to exceed $2,000 in year 2000.There is a phase-out of this deduction based on income.This applies to the first 5 years of the loan repayment period only.No deduction is allowed if you are married and filing separately or if you are claimed on someone else’s tax return.-You may also be able to get some tax credits for the tuition paid (if any) during those years. .
A. -Borrowed money isn’t income.Repaid loans aren’t deductions.The cost of “student loans”, the interest, is an income reduction not to exceed $2,000 in year 2000.There is a phase-out of this deduction based on income.This applies to the first 5 years of the loan repayment period only.No deduction is allowed if you are married and filing separately or if you are claimed on someone else’s tax return.-You may also be able to get some tax credits for the tuition paid (if any) during those years. .
how to dispute bank fee/poor credit?
Q. I never have missed or have been late on 1 payment ever. Last
month I used MBNA’s phone pay service to make my min payment. I got a
letter today that says my account is overdue because my phone payment
bounced.
I called them today and they told me that the payment bounced not due
to NSF, but because the checking account I entered on the phone does
not exist!?!?! We verified the checking and it is perfectly valid. I
double checked with my checking bank and it is the correct account.
MBNA charged me…ready for this rip off… $29 late fee, $50 returned
check fee, $50 account overdue fee. Plus they reported on my credit
report a 30 day late item which knocked 50 points off my FICO score.
They flat out won’t remove the charges or late item claiming the
checking account I entered does not exist and it was my fault.
What is my course of action at this point???
A. -This makes me wonder whether we’re being told the whole story.
Usually banks will give some leeway on fees the first time a customer
makes a mistake. (Note on strategy: even if you think you didn’t make
a mistake, it’s better to say you did. Ban
month I used MBNA’s phone pay service to make my min payment. I got a
letter today that says my account is overdue because my phone payment
bounced.
I called them today and they told me that the payment bounced not due
to NSF, but because the checking account I entered on the phone does
not exist!?!?! We verified the checking and it is perfectly valid. I
double checked with my checking bank and it is the correct account.
MBNA charged me…ready for this rip off… $29 late fee, $50 returned
check fee, $50 account overdue fee. Plus they reported on my credit
report a 30 day late item which knocked 50 points off my FICO score.
They flat out won’t remove the charges or late item claiming the
checking account I entered does not exist and it was my fault.
What is my course of action at this point???
A. -This makes me wonder whether we’re being told the whole story.
Usually banks will give some leeway on fees the first time a customer
makes a mistake. (Note on strategy: even if you think you didn’t make
a mistake, it’s better to say you did. Ban
Debt Reduction Need Help Paying Debt
Q. There is definately something wrong with the debt
reduction planner. I’ve got my credit card info in there
and it’s telling me that I’ll be out of debt by 1-06-2004
paying $100 dollars a month with $2000.00 worth of
debt????? I’m no math wizard or anything but isn’t
there something wrong with this picture Is there
something special that I need to do to set this up
correctly or what? What am I missing here?
Thanks in advance for any help
A. First, go to Tools, Options, Planner and reset the Debt Plan. Then try to
add the credit card in again paying close attention to the dialogue boxes
that Money presents you with when adding it back. It may ask you if the
bill’s already been paid this month, etc. Then look at the payoff schedule
by month instead of the line graph (there is a drop down at the upper left)
to see if the proper amount is now allocated in the first month.
reduction planner. I’ve got my credit card info in there
and it’s telling me that I’ll be out of debt by 1-06-2004
paying $100 dollars a month with $2000.00 worth of
debt????? I’m no math wizard or anything but isn’t
there something wrong with this picture Is there
something special that I need to do to set this up
correctly or what? What am I missing here?
Thanks in advance for any help
A. First, go to Tools, Options, Planner and reset the Debt Plan. Then try to
add the credit card in again paying close attention to the dialogue boxes
that Money presents you with when adding it back. It may ask you if the
bill’s already been paid this month, etc. Then look at the payoff schedule
by month instead of the line graph (there is a drop down at the upper left)
to see if the proper amount is now allocated in the first month.
Really Bad Credit and Personal Loans
Q. so i am a college student with really bad credit. I filed
bankruptcy last year, (will be 1 yr on July 13th), and i have one
credit card that is open, in goodstanding, and current.
My problem is this. I got an offer to go down to a fair to meet a rep
for a job interview. It has been my dream to work with this company
but i dont have the money to make it down to the interview. I live in
NY and the interview is in NC.
I really need to take out a loan so that i can get down there and get
this job. If i do, the company will sponsor my internship for my
degree. The only problem is, i guess i am considered a High Risk
candidate for loans, since i declared bankruptcy only 1 yr ago. I am
looking to take out a $700 loan (price for airfare, hotel, business
clothes, and emergency money), which is not bad for me (as i work in a
call center and can work overtime galore). But the problem is i need
it now! (by the 25th of July to be exact).
My question is, does anyone here know of any banks that will lend to
high risk candidates??? Everywhere i turn, i get denied because of my
horrible credit, and i hate the fact that i am going to loose a job
offer because i couldnt afford the interview. Normally, i would have
this money saved up, but i had a death in the family last month, and
spent alot of my savings dealing with the funeral procedures.
A. -Put it on your credit card.
-So why do you need to go in such luxury? Cannot you borrow a
car from your mom, then drive to North Carolina? Isn’t it
just down I-95 about 12 hours? You can park overnight at a
Wal-Mart or a truck stop, take
bankruptcy last year, (will be 1 yr on July 13th), and i have one
credit card that is open, in goodstanding, and current.
My problem is this. I got an offer to go down to a fair to meet a rep
for a job interview. It has been my dream to work with this company
but i dont have the money to make it down to the interview. I live in
NY and the interview is in NC.
I really need to take out a loan so that i can get down there and get
this job. If i do, the company will sponsor my internship for my
degree. The only problem is, i guess i am considered a High Risk
candidate for loans, since i declared bankruptcy only 1 yr ago. I am
looking to take out a $700 loan (price for airfare, hotel, business
clothes, and emergency money), which is not bad for me (as i work in a
call center and can work overtime galore). But the problem is i need
it now! (by the 25th of July to be exact).
My question is, does anyone here know of any banks that will lend to
high risk candidates??? Everywhere i turn, i get denied because of my
horrible credit, and i hate the fact that i am going to loose a job
offer because i couldnt afford the interview. Normally, i would have
this money saved up, but i had a death in the family last month, and
spent alot of my savings dealing with the funeral procedures.
A. -Put it on your credit card.
-So why do you need to go in such luxury? Cannot you borrow a
car from your mom, then drive to North Carolina? Isn’t it
just down I-95 about 12 hours? You can park overnight at a
Wal-Mart or a truck stop, take
Student Loan questions
Q. I will be attending school beginning this fall and am trying various ways to fund my tution. I am somewhat confused on how to setup a loan so it qualifies for interest deduction1) Part of my tution will be reimburse by company - I have already talked to the company and there will be no tax consequences.2) I have borrowed some fixed rate credit card loans (3% and less). Is there something I need to do to qualify interest paid as student loan interest. What documentation do I need to maintain3) I am assuming room, board, tution and fees are eligible for student loan amounts that qualify for interest deduction. Is this OK. If I am moving my entire family does room and board for the entire family qualify? what about moving cost.4) I am realising that without a job I would have to pay for my own health insurane which after tution and rent is the single largest expense and will be close to $8000/year. Is there any kind of deduction I qualify on this?A. As long as the loan proceeds are used for qualified educational purposes, the interest paid will be deducted according to the laws in effect at the time the repaymetns are made.1.Nope, there would be no tax implications to you.2.One, I wouldn’t mix the use of those cards. Meaning, don’t do anything else BUT pay for qualified educational expenses (no frat parties on plastic).3.Room and board for the entire family would not be included.4.Not for educational tax credits, no. Maybe on Schedule A., but I doubt you’ll have enough to count.Check out Publication 960, which covers many of the tax benefits for education. .
Student Loan Consolidation
Consolidation Loans combine
several student or parent loans into one bigger loan from a single
lender, which is then used to pay off the balances on the other
loans. It is very similar to refinancing a mortgage. Consolidation
loans are available for most federal loans,
including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health
Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and
Direct loans. Some lenders offer
private consolidation loans
for private education loans
as well.
This weighted average, 6.2%, is then rounded up to the nearest 1/8th
of a percent, yielding a consolidation loan interest rate of 6.25%.
several student or parent loans into one bigger loan from a single
lender, which is then used to pay off the balances on the other
loans. It is very similar to refinancing a mortgage. Consolidation
loans are available for most federal loans,
including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health
Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and
Direct loans. Some lenders offer
private consolidation loans
for private education loans
as well.
A separate page provides a comparison chart of consolidation loan discounts.
Interest Rates
The interest rate on a consolidation loan is the weighted average of
the interest rates on the loans being consolidated, rounded up to the
nearest 1/8 of a percent and capped at 8.25%.
For example, suppose a student has just unsubsidized Stafford Loans originated
on or after July 1, 2006. These loans have a fixed interest rate of
6.8%. When they are consolidated by themselves, the consolidation loan
will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So
the interest rate increases only slightly.
If the borrower has a mix of loans with different interest rates, the
weighted average will be somewhere in between. For example, if the
borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of
unsubsidized Stafford
Loans (at 6.8%), the weighted average is
$5,000 * 5.0% + $10,000 * 6.8%
------------------------------ = 6.2%
$5,000 + $10,000
This weighted average, 6.2%, is then rounded up to the nearest 1/8th
of a percent, yielding a consolidation loan interest rate of 6.25%.
Note that the weighted average does not fundamentally alter the
underlying cost of the loan. It preserves the cost structure by
including each interest rate to the extent that it applies to part of
the overall loan balance. For example, the consolidation loan in the
previous paragraph says that of the $15,000 consolidation loan
balance, $5,000 will be at 5.0% and $10,000 at 6.8%, yielding an
equivalent interest rate of 6.2%.
If you are consolidating loans with different interest rates, the
weighted average interest rate will always be in between. Don't be
fooled if someone tries to suggest that this will save you money by
getting you a lower interest rate. The interest rate may be lower than
the highest of your interest rates, but it is also higher than the
lowest of your interest rates. More importantly, the amount of
interest you pay over the lifetime of the loan will be about the
same.
(For the mathematically inclined, there is a slight difference
due to the different shapes of amortization curves at each interest
rate. In the example given above on a 10 year term, $10,000 at 6.8%
has a monthly payment of $115.08 and total interest paid of $3,809.66,
$5,000 at 5.0% has a monthly payment of $53.03 and total interest paid
of $1,364.03. If you add these, you obtain a total monthly payment of
$168.11 and a total interest paid of $5,173.69. Using the weighted
average, $15,000 at 6.2% has a monthly payment of $168.04 and a total
interest paid of $5,165.01. So using a weighted average yields a very
small reduction in the monthly payment (in this case, 7 cents) and
in the total interest paid ($8.68) due to a kind of triangle law. Of
course, when you consolidate the interest rate is rounded up to the
nearest 1/8th of a point, so $15,000 at 6.25% has monthly payments of
$168.42 and total interest of $5,210.42, yielding a slight
increase. So you pay a tiny bit of a premium for consolidation, due to
the rounding up of the interest rate.
The PLUS loan interest rate loophole
can reduce the interest rate on 8.5% fixed rate PLUS loans by 0.25%
through consolidation.
If you were deferring the interest on an unsubsidized Stafford Loan by
capitalizing it, most lenders will add the capitalized interest to
principal when you consolidate. (Lenders can capitalize interest at
most quarterly, but most capitalize it once when the loans enter
repayment or at other loan status changes.)
No Cost to Consolidate
Aside from a slight increase in the interest rate on the consolidation
loan, there is no cost to consolidate your loans. There are no fees to
consolidate.
Under no circumstances pay a fee in advance to get a federal education loan
or consolidate your federal education loans. There are no fees to
consolidate your loans. While other federal education loans, such as
the Stafford and PLUS loans, may charge some fees, the fees are always
deducted from the disbursement check. There is never an up front
fee. If someone wants you to pay an up front fee, chances are that it
is an example of an advance fee loan
scam.
Who Can Consolidate
Both student and parent borrowers can consolidate their education
loans. (Students and parents cannot combine their loans through
consolidation, since only loans from the same borrower can be
consolidated. But they can consolidate their loans separately.)
Married students are no longer able to consolidate their loans
together. This provision was repealed effective July 1, 2006. When
married students consolidated their loans together, each spouse became
responsible for the full amount of the loan, and the loans could not
be separated if the couple got divorced. To avoid such problems in the
future, Congress decided to repeal this provision as part of the
Higher Education Reconciliation Act of 2005.
Students can only consolidate their education loans during the grace
period or after the loans enter repayment. (Loans that are in default
but with satisfactory repayment arrangements may also be consolidated.) Students can
no longer consolidate while they are still in school. (The
early repayment status
loophole
and the ability of Direct Loan borrowers to
consolidate during the in-school period was repealed as part of the
Higher Education Reconciliation Act of 2005, effective July 1, 2006.)
Parents, however, can consolidate PLUS loans at any time.
You Can Consolidate with Any Lender
Students and parents can consolidate their loans with any lender, even
if all of their loans are with a single lender. (The
single holder rule was repealed on June 15, 2006, as part of the
Emergency Supplemental Appropriations Act of 2006. Borrowers no longer need to
exploit the
single holder rule loopholes
in order to consolidate with any lender.) Direct Loans can also be
consolidated with any lender. This allows you to shop around
for a lender that offers a lower rate or better discounts.
Most lenders require a minimum balance before they will consolidate
your loans. For example, many lenders will only offer consolidation
loans for borrowers with loan balances of at least $7,500. A few
lenders will offer consolidation loans for balances of $5,000 or more,
and the Federal Direct Consolidation Loan program has no minimum
balance for consolidation loans.
(Lenders may not discriminate against borrowers who seek consolidation
loans on the basis of number/type of student loans, type/category of
educational institution, the interest rate on the loans, or the type
of repayment schedule sought by the borrower. Lenders are, however,
able to discriminate on the basis of the amount of the loans being
consolidated, so lenders can set a minimum balance on the loans.)
Which Loans Can be Consolidated?
Any federal education loan can be consolidated. You can even
consolidate a single loan. There are, however, a few restrictions on
consolidating a consolidation loan.
You can consolidate a consolidation loan only once. In order to
reconsolidate an existing consolidation loan, you must add loans that
were not previously consolidated to the consolidation loan. You can
also consolidate two consolidation loans together. But you cannot
consolidate a single consolidation loan by itself. These restrictions
have been in effect since early 2006.
Note that when you reconsolidate a consolidation loan, it does not
relock the rates on the consolidation loan. The consolidation loan is
treated as a fixed rate loan within the weighted average interest rate
formula used to calculate the interest rate on the new consolidation
loan. Consolidation does not pierce the veil on previous
consolidations.
The new restrictions on consolidating a consolidation loan limit your
ability to use consolidation to switch lenders. Generally, you will
consolidate your loans once, toward the end of the grace period or
after the loans enter repayment, and then be locked into that
lender for the lifetime of the loan. If you want to preserve your
ability to use consolidation in the future to switch lenders, you
should exclude one of your loans from the consolidation.
Repayment Plans
Consolidation loans provide access to several alternate
repayment plans besides standard
ten-year repayment. These include extended repayment, graduated
repayment, income contingent repayment (Direct Loans only) and income
sensitive repayment (FFEL only). If you do not specify the repayment
terms, you will receive standard ten-year repayment.
Consolidation loans often reduce the size of the monthly payment by
extending the term of the loan beyond the 10-year repayment plan that
is standard with federal loans. Depending on the loan amount, the term
of the loan can be extended from 12 to 30 years. The reduced monthly
payment may make the loan easier to repay for some borrowers. However,
by extending the term of a loan the total amount of interest paid over
the lifetime of the loan is increased.
In certain circumstances (for example, when one or more of the
loans was being repaid in less than 10 years because of minimum
payment requirements), a consolidation loan may decrease the monthly
payment without extending the overall loan term beyond 10 years. In
effect, the shorter-term loan is being extended to 10 years. The total
amount of interest paid will increase unless you continue to make the
same monthly payment as before, in which case the total amount of
interest paid will decrease.
You do not need to pick an alternate repayment plan. We recommend
sticking with standard ten-year repayment, because it will save you
money. The alternate repayment plans may have lower monthly payments,
but this increases the term of the loan and the total interest paid
over the lifetime of the loan.
See our
caveat about extended repayment below.
Repayment on a consolidation loan will begin within 60 days of
disbursement of the loan, unless the borrower qualifies for an
deferment or forbearance.
Federal education loans, including consolidation loans, do not have a
prepayment penalty. So you can pay off all or part of your federal
education loans without incurring a penalty. If you want to take
advantage of this, be sure to include a letter with the extra payment
indicating that it should be applied to reducing your
principal. Otherwise, the lender may treat it as an advance payment of
the next month's monthly payment.
Tools for Evaluating Consolidation Options
FinAid's
Loan Consolidation
Calculator can help you understand the tradeoffs of consolidating
your loans. It compares the reduction in the monthly loan payment with
the increase in the total interest paid over the lifetime of the
loan. It also shows you the interest rate on your consolidation loan.
Despite the
switch to fixed interest rates on Stafford and PLUS loans eliminating
a key financial incentive to consolidate, there are still
several
reasons to consolidate your education
loans. These include having a single monthly payment, access to
alternate repayment plans, the
PLUS loan interest rate loophole,
and the ability to reset the 3-year clock on deferments and
forbearances. But consolidation can cut short the grace period,
although the grace period loophole
can work around this problem.
It is best to avoid consolidating Perkins loans, because you lose
several valuable benefits. Beware of extending the term of your loan,
as this can increase the total interest paid over the lifetime of the
loan; you can stick with standard ten-year repayment.
Before consolidating, always evaluate the benefits provided by the
current holder of your loans. The loan discounts offered by
originating lenders tend to be superior to those offered by
consolidating lenders, since consolidation loans have tighter
margins. Also, if you received a fee waiver or rebate from the
originating lender, you may have to repay that discount if you
consolidate with another lender. It may be possible to get some of the
benefits of alternate repayment plans without consolidating, such as
extended/graduated repayment with a loan term of up to 25 years and a
single monthly payment, if you have more than $30,000 in federal
education loan debt accumulated since October 7, 1998 with the
lender. (This is due to a little known provision of the Higher
Education Act, in section 428(b)(9)(A)(iv), and the regulations at 34 CFR 682.209(a)(6)(ix).)
You can change the repayment schedule on your loan once per year. So
consider starting off with standard ten-year repayment on your
consolidation loan. You are not required to start off with extended
repayment. If you find it difficult to afford the
payments, you can always switch to extended repayment later.
For More Information
FinAid has a page of
common questions about consolidation.
The numerous
student loan loopholes
are discussed in depth in other sections of the FinAid site.
FinAid also maintains a list of education lenders who offer
federal and private student loans,
including consolidation loans.
If your school participates in Direct Lending, you should visit the
US Department of Education's Federal Direct Consolidation Loan
web site.
Federal student loan consolidation
Thank you for your interest in Sallie Mae, the nation’s leading provider of saving- and paying-for-college programs. Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.
Sallie Mae is committed to the federal student loan program and offers a variety of federal student loans and repayment options. If you would like to learn more about the various repayment options that can help you manage your monthly payment amount, please call a repayment specialist at (866) 457-6918.
Sallie Mae’s mission is to expand access to college and to ensure no student is denied the opportunity to pursue their dreams. This decision allows us to direct our resources on maximizing college access for more students and parents.
Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice.
After maxing out scholarships and grants, start your school financing with a federal student loan from Sallie Mae. Federal student loans are the largest source of college education loans.
Student loans available under federal programs have very attractive terms when compared to most borrowing options — lower interest rates that are set by the government, the ability to postpone making payments, longer repayment terms, and less stringent credit requirements.
For a better understanding of federal student loan options, select one of the following:
Federal Stafford loans
Federal Perkins loans
Parents should check out the Parent PLUS federal loan.
Students and parents should always maximize federal loans before investigating alternative student loans.
Sallie Mae is committed to the federal student loan program and offers a variety of federal student loans and repayment options. If you would like to learn more about the various repayment options that can help you manage your monthly payment amount, please call a repayment specialist at (866) 457-6918.
Sallie Mae’s mission is to expand access to college and to ensure no student is denied the opportunity to pursue their dreams. This decision allows us to direct our resources on maximizing college access for more students and parents.
Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice.
After maxing out scholarships and grants, start your school financing with a federal student loan from Sallie Mae. Federal student loans are the largest source of college education loans.
Student loans available under federal programs have very attractive terms when compared to most borrowing options — lower interest rates that are set by the government, the ability to postpone making payments, longer repayment terms, and less stringent credit requirements.
For a better understanding of federal student loan options, select one of the following:
Federal Stafford loans
Federal Perkins loans
Parents should check out the Parent PLUS federal loan.
Students and parents should always maximize federal loans before investigating alternative student loans.
Saturday, October 25, 2008
Student Loan FAQs
Common Questions About Consolidation Loans…
1.Can I consolidate my private and federal student loans together?
No. We cannot consolidate your private and federal student loans together. Federally-backed student loans carry certain benefits that private student loans do not. Most of the federal benefits that come along with your federal student loans would be lost if they were combined together.
You can still consolidate both your private student loans and your federal student loans separately. And with the help of our highly trained loan consultants, we can make the process quick and simple for you.
2.What are private student loans?
Private student loans are non-federal student loans that were made for the sole purpose of paying for qualified higher education expenses.
There are many different types of private or alternative student loans offered by various lenders. The following are a few common private student loan examples:
Sallie Mae Signature
Wells Fargo Collegiate Loan
Wells Fargo Education Connection Loan
Wells Fargo MedCap Loan
Citi Assist Loan
CLC Premier Loan
CLC Bar Loan
Law Access Loan
PLATO Loan
Please call one of our knowledgeable loan consultants to see if your loans qualify.
3.What are federal student loans?
Federal student loans are federally-backed, low interest rate loans used to provide financial assistance for higher education. Congress and the U.S. Department of Education create the rules and regulations associated with federal student loans.
4.What are the most common types of eligible federal student loans?
Stafford Loans – Federal loans for students, both undergraduate and graduate. The current interest rate on loans taken out after July 1, 2006 is fixed at 6.8%.
Subsidized – A subsidized loan is awarded on the basis of need. The federal government pays the interest on the loan until repayment begins and during authorized periods of deferment.
Unsubsidized – An unsubsidized loan is available to students who do not qualify for a Subsidized Stafford Loan or need additional aid. Students will be charged interest from the time the loan is disbursed until it is paid in full.
Perkins Loans – A campus based, low-interest subsidized loan for undergraduate and graduate students. The college or university acts as the lender using a limited pool of funds provided by the federal government and the school. The loans are awarded based on exceptional financial need and do not have origination or default fees. The current interest rate is fixed at 5%.
Parent PLUS Loans – Parent PLUS loans are available for parents to supplement their dependent student’s education finance needs.
Grad PLUS Loans – As of July 1, 2006 students enrolled in a graduate or professional program at least half-time are eligible for loans under the PLUS loan program.
Federal Direct Loans – Education loans provided through the U.S. Department of Education.
1.Can I consolidate my private and federal student loans together?
No. We cannot consolidate your private and federal student loans together. Federally-backed student loans carry certain benefits that private student loans do not. Most of the federal benefits that come along with your federal student loans would be lost if they were combined together.
You can still consolidate both your private student loans and your federal student loans separately. And with the help of our highly trained loan consultants, we can make the process quick and simple for you.
2.What are private student loans?
Private student loans are non-federal student loans that were made for the sole purpose of paying for qualified higher education expenses.
There are many different types of private or alternative student loans offered by various lenders. The following are a few common private student loan examples:
Sallie Mae Signature
Wells Fargo Collegiate Loan
Wells Fargo Education Connection Loan
Wells Fargo MedCap Loan
Citi Assist Loan
CLC Premier Loan
CLC Bar Loan
Law Access Loan
PLATO Loan
Please call one of our knowledgeable loan consultants to see if your loans qualify.
3.What are federal student loans?
Federal student loans are federally-backed, low interest rate loans used to provide financial assistance for higher education. Congress and the U.S. Department of Education create the rules and regulations associated with federal student loans.
4.What are the most common types of eligible federal student loans?
Stafford Loans – Federal loans for students, both undergraduate and graduate. The current interest rate on loans taken out after July 1, 2006 is fixed at 6.8%.
Subsidized – A subsidized loan is awarded on the basis of need. The federal government pays the interest on the loan until repayment begins and during authorized periods of deferment.
Unsubsidized – An unsubsidized loan is available to students who do not qualify for a Subsidized Stafford Loan or need additional aid. Students will be charged interest from the time the loan is disbursed until it is paid in full.
Perkins Loans – A campus based, low-interest subsidized loan for undergraduate and graduate students. The college or university acts as the lender using a limited pool of funds provided by the federal government and the school. The loans are awarded based on exceptional financial need and do not have origination or default fees. The current interest rate is fixed at 5%.
Parent PLUS Loans – Parent PLUS loans are available for parents to supplement their dependent student’s education finance needs.
Grad PLUS Loans – As of July 1, 2006 students enrolled in a graduate or professional program at least half-time are eligible for loans under the PLUS loan program.
Federal Direct Loans – Education loans provided through the U.S. Department of Education.
Student Loan Savings Tips
Should I Consolidate My Private Student Loans?
After years of taking out education loans to cover the cost of college, many borrowers look into the option of consolidating their existing private student loan debt. Why? Consolidating your student loans can provide you with many advantages:
One low monthly payment
Payment forbearance options
Low introductory interest rates / Competitive long term interest rates
Potential improvement of your debt-to-income ratio
Potential Co-Signer release*
One low monthly payment
In many cases, when borrowing money for college, student loans are taken out from multiple lenders. This can prove to be frustrating and complicated when it comes to making your monthly payments. By consolidating you can simplify your finances by combining all of your private loans from multiple lenders, into one easy payment.
Most private loans that are not consolidated will carry a repayment term of around 15-20 years. When first completing school, making payments at these repayment terms can be difficult. When you consolidate your private loans, you are able to extend the repayment terms based on the outstanding principal balance. In most cases, you can extend your repayment term out to 25-30 years. By extending your repayment term, your monthly payments are drastically reduced; making your monthly obligation much more manageable. Also, since there is no prepayment penalty, you can pay your loan off at a faster pace and still have a lower payment to fall back on as a safety net. It is important to manage your student loan debt wisely; by extending your repayment term, you may pay more interest over the life of your loan.
Payment forbearance options
Delaying your monthly payment through forbearance is an option if you are unable to meet your monthly obligation. Please speak with a loan consultant to discuss this option further.
Low introductory interest rates / Competitive long term interest rates
Many borrowers that have taken out private student loans in the past will notice that the interest rates are higher than expected. By consolidating private loans, you may be able to lower the interest rates. Even a slightly lower interest rate can result in a large savings over the life of the loan. As you look for a private consolidation loan; you will find that most lenders offer different rates and terms. Take a look at several different programs and see which program will best fit your individual needs.
Potential improvement of your debt-to-income ratio
Another advantage of consolidating your private student loans is that you may be able to improve your debt-to-income (DTI) ratio. This is a factor when determining a borrower’s potential credit worthiness. The DTI is a ratio based on how much you have to pay out each month versus what you earn as income. By consolidating your private loan debt you extend the term of your loan which, in turn, lowers the amount you are required to pay each month. This will improve your DTI which may help you attain additional credit.
Potential Cosigner release*
If you used a co-signer to qualify for a private loan; you may have your co-signer released from obligation of the loan by consolidating your private student loan debt. Many students do not meet the needed credit criteria to qualify for a private student loan on their own. Typically, in this situation, the student will use a parent or family member as a cosigner so they can get the funds needed to attend school. Most borrowers like to remove the cosigner from having any liability to that debt.
*For qualified applicants. Please speak to a loan consultant for more details.
After years of taking out education loans to cover the cost of college, many borrowers look into the option of consolidating their existing private student loan debt. Why? Consolidating your student loans can provide you with many advantages:
One low monthly payment
Payment forbearance options
Low introductory interest rates / Competitive long term interest rates
Potential improvement of your debt-to-income ratio
Potential Co-Signer release*
One low monthly payment
In many cases, when borrowing money for college, student loans are taken out from multiple lenders. This can prove to be frustrating and complicated when it comes to making your monthly payments. By consolidating you can simplify your finances by combining all of your private loans from multiple lenders, into one easy payment.
Most private loans that are not consolidated will carry a repayment term of around 15-20 years. When first completing school, making payments at these repayment terms can be difficult. When you consolidate your private loans, you are able to extend the repayment terms based on the outstanding principal balance. In most cases, you can extend your repayment term out to 25-30 years. By extending your repayment term, your monthly payments are drastically reduced; making your monthly obligation much more manageable. Also, since there is no prepayment penalty, you can pay your loan off at a faster pace and still have a lower payment to fall back on as a safety net. It is important to manage your student loan debt wisely; by extending your repayment term, you may pay more interest over the life of your loan.
Payment forbearance options
Delaying your monthly payment through forbearance is an option if you are unable to meet your monthly obligation. Please speak with a loan consultant to discuss this option further.
Low introductory interest rates / Competitive long term interest rates
Many borrowers that have taken out private student loans in the past will notice that the interest rates are higher than expected. By consolidating private loans, you may be able to lower the interest rates. Even a slightly lower interest rate can result in a large savings over the life of the loan. As you look for a private consolidation loan; you will find that most lenders offer different rates and terms. Take a look at several different programs and see which program will best fit your individual needs.
Potential improvement of your debt-to-income ratio
Another advantage of consolidating your private student loans is that you may be able to improve your debt-to-income (DTI) ratio. This is a factor when determining a borrower’s potential credit worthiness. The DTI is a ratio based on how much you have to pay out each month versus what you earn as income. By consolidating your private loan debt you extend the term of your loan which, in turn, lowers the amount you are required to pay each month. This will improve your DTI which may help you attain additional credit.
Potential Cosigner release*
If you used a co-signer to qualify for a private loan; you may have your co-signer released from obligation of the loan by consolidating your private student loan debt. Many students do not meet the needed credit criteria to qualify for a private student loan on their own. Typically, in this situation, the student will use a parent or family member as a cosigner so they can get the funds needed to attend school. Most borrowers like to remove the cosigner from having any liability to that debt.
*For qualified applicants. Please speak to a loan consultant for more details.
school loan nws
Career College Association Fears For Borrowers
The association representing for-profit colleges expressed growing alarm that many of its students will no longer be able to pay for their educations, especially in the wake of announcements that student lenders have backed away from serving subprime borrowers.
The Career College Association said a survey of member institutions found that more than one-third of respondents said lenders have stopped offering private loans to students at their schools and two-thirds were worried about the ability of students to obtain loans, whether FFEL (Federal Family Education Loan), Direct, or private. The CCA web-based survey results, conducted this month, reflect responses from more than 60 education corporations and institutions educating tens of thousands of students.
The association representing for-profit colleges expressed growing alarm that many of its students will no longer be able to pay for their educations, especially in the wake of announcements that student lenders have backed away from serving subprime borrowers.
The Career College Association said a survey of member institutions found that more than one-third of respondents said lenders have stopped offering private loans to students at their schools and two-thirds were worried about the ability of students to obtain loans, whether FFEL (Federal Family Education Loan), Direct, or private. The CCA web-based survey results, conducted this month, reflect responses from more than 60 education corporations and institutions educating tens of thousands of students.
Private Medical School Loans
Very often scholarships and Federal Stafford loans are not enough to cover the true cost of medical school. The GradLoans.com private Medical School Loan was designed with this in mind. You can get funds up to the cost of tuition, with an annual maximum of $40,000, delivered to you in as little as 5 business days.
Apply Online for a Medical School Loan
You can use a Medical school loan to cover any education related expenses, including, computers, books transportation, and room and board.
GradLoans Medical School Loan Benefits
Defer paymet while in schol and for a six-month grace period after graduation5
Exclusive Graduation Reward - $300 principal reduction on every private student loan upon graduation1
No Upfront Fees!2
Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account3
Rates as low as one-month London Interbank Offered Rate (LIBOR) + 2.5%4
Borrow up to the cost of education minus financial aid received
Loan Qualifications
Must be enrolled at least half-time at an eligible school.
Must be a U.S. citizen or permanent resident or have a cosigner who is.
You must be the legal age of majority or at least 18 years of age with a cosigner who is legal age of majority.*
Your permanent residence is NOT in Texas, Wisconsin, Washington, Illinois, or Iowa. (There is no state restriction for cosigners.) Residents of these states should review this alternative student loan.
Many borrowers will need a cosigner. Borrowers without a cosigner must have at least 27 months of established credit history.
Undergraduate students should visit our undergraduate private loan section to apply for private student loans for undergrads.
Apply Online for a Medical School Loan Annual Percentage Rate (APR) and Repayment Example:
If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period*, your possible APR and repayment schedules are shown below. Your annual percentage rate may increase or decrease after consummation.
Repayment Option Origination Fee APR In School & grace period Repayment Period
Immediate Interest and Principal Repayment 0.00% 8.00% N/A 240 payments of $83.65
Immediate Interest and Deferred Principal Repayment 0.00% 8.09% 30 payments of $66.67 240 payments of $84.42
Both Deferred Interest and Principal Repayment 0.00% 8.08% N/A 240 payments of 102.91
*25 year repayment for dental and medical school loans.
-->
Medical School Loan Borrowing Amounts
You may borrow from $3,000 up to $45,000 annually based on cost of attendance. See the chart below for more details.
Degree Program
Limit Per Academic Year
Medicine
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Dentistry
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Law School
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Business School
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Osteopathic
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Nursing School Loans
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
All Others
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Apply Online for a Medical School Loan
What else sets the GradLoans Medical School Loan apart?
Full deferment and forbearance options available while in school, working towards a residency or internship, unemployed or experiencing an economic hardship, serving in the military or needing an administrative forbearance. Other benefits include:
Flexibile repayment options
6 month grace period after graduation
Low minimum monthly payment
No prepayment penalties
24/7 online account access
Federal Stafford Loan for Medical School
Learn more about Stafford loans for medical school
Apply Online - Federal Stafford Loan Application
Research Top Medical Schools
Harvard University
Johns Hopkins University
Washington University in St. Louis
University of Pennsylvania
University of California-San Francisco
Duke University
University of Washington
Stanford University
University of California-Los Angeles
Yale University
Apply Online for a Medical School Loan
After Graduating From Medical School
Learn more about student loan consolidation
Consolidate your business school loans
* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old). 1 Proof of graduation is required. 2 A repayment finance charge may apply based on your or your cosigner's credit history. 3 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006. 4 LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. Your variable interest rate is calculated by adding the current one-month LIBOR index (captured on the 25th business day of each month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 3.500% on 10/1/08. This APR example assumes a $10,000 undergraduate, cosigned, loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a 25 year repayment term with no repayment finance charge, and a 2.50% margin. Margins can range from 2% to 8% (depending whether you are an undergraduate or graduate, if the loan is co-signed and upon your or your cosigner's credit history) and repayment finance charges can range from 0% to 5.5% (depending upon your or your cosigner's credit history). 5 Interest will continue to accrue while your private student loan payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
Apply Online for a Medical School Loan
You can use a Medical school loan to cover any education related expenses, including, computers, books transportation, and room and board.
GradLoans Medical School Loan Benefits
Defer paymet while in schol and for a six-month grace period after graduation5
Exclusive Graduation Reward - $300 principal reduction on every private student loan upon graduation1
No Upfront Fees!2
Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account3
Rates as low as one-month London Interbank Offered Rate (LIBOR) + 2.5%4
Borrow up to the cost of education minus financial aid received
Loan Qualifications
Must be enrolled at least half-time at an eligible school.
Must be a U.S. citizen or permanent resident or have a cosigner who is.
You must be the legal age of majority or at least 18 years of age with a cosigner who is legal age of majority.*
Your permanent residence is NOT in Texas, Wisconsin, Washington, Illinois, or Iowa. (There is no state restriction for cosigners.) Residents of these states should review this alternative student loan.
Many borrowers will need a cosigner. Borrowers without a cosigner must have at least 27 months of established credit history.
Undergraduate students should visit our undergraduate private loan section to apply for private student loans for undergrads.
Apply Online for a Medical School Loan Annual Percentage Rate (APR) and Repayment Example:
If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period*, your possible APR and repayment schedules are shown below. Your annual percentage rate may increase or decrease after consummation.
Repayment Option Origination Fee APR In School & grace period Repayment Period
Immediate Interest and Principal Repayment 0.00% 8.00% N/A 240 payments of $83.65
Immediate Interest and Deferred Principal Repayment 0.00% 8.09% 30 payments of $66.67 240 payments of $84.42
Both Deferred Interest and Principal Repayment 0.00% 8.08% N/A 240 payments of 102.91
*25 year repayment for dental and medical school loans.
-->
Medical School Loan Borrowing Amounts
You may borrow from $3,000 up to $45,000 annually based on cost of attendance. See the chart below for more details.
Degree Program
Limit Per Academic Year
Medicine
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Dentistry
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Law School
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Business School
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Osteopathic
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Nursing School Loans
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
All Others
Annual Minimum is $3,000; Annual Maximum is $45,000 and is Based on Cost of Attendance; Aggregate Academic Lifetime Maximum is $150,000
Apply Online for a Medical School Loan
What else sets the GradLoans Medical School Loan apart?
Full deferment and forbearance options available while in school, working towards a residency or internship, unemployed or experiencing an economic hardship, serving in the military or needing an administrative forbearance. Other benefits include:
Flexibile repayment options
6 month grace period after graduation
Low minimum monthly payment
No prepayment penalties
24/7 online account access
Federal Stafford Loan for Medical School
Learn more about Stafford loans for medical school
Apply Online - Federal Stafford Loan Application
Research Top Medical Schools
Harvard University
Johns Hopkins University
Washington University in St. Louis
University of Pennsylvania
University of California-San Francisco
Duke University
University of Washington
Stanford University
University of California-Los Angeles
Yale University
Apply Online for a Medical School Loan
After Graduating From Medical School
Learn more about student loan consolidation
Consolidate your business school loans
* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old). 1 Proof of graduation is required. 2 A repayment finance charge may apply based on your or your cosigner's credit history. 3 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006. 4 LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. Your variable interest rate is calculated by adding the current one-month LIBOR index (captured on the 25th business day of each month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 3.500% on 10/1/08. This APR example assumes a $10,000 undergraduate, cosigned, loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a 25 year repayment term with no repayment finance charge, and a 2.50% margin. Margins can range from 2% to 8% (depending whether you are an undergraduate or graduate, if the loan is co-signed and upon your or your cosigner's credit history) and repayment finance charges can range from 0% to 5.5% (depending upon your or your cosigner's credit history). 5 Interest will continue to accrue while your private student loan payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
school loan consolidation
School loans:
iStudentLoan - private student loan offers up to $40,000 per academic year. Begin repayment after graduating.
consolidation has become a common practice for students who are within six months of graduating, have already graduated or are below half time student enrollment status (or have left school.)
Federal Consolidation Loans, which are endorsed by the US Department of Education, can lower your monthly monthly payments as it combines all of your existing loans in to a new, lower fixed rate. Interest rates traditionally change the 1st of July, every year. Interest Rates are different for private consolidation because they are credit based, as are college student credit cards for students.
Two and four year Colleges & UniversitiesMedical School LoansLaw School Loans
A new school loan funding all types of college, grad, law, medical students and those studying in higher education is now available online.Visit: Private Student Loans @ iStudentLoan.
iStudentLoan - private student loan offers up to $40,000 per academic year. Begin repayment after graduating.
consolidation has become a common practice for students who are within six months of graduating, have already graduated or are below half time student enrollment status (or have left school.)
Federal Consolidation Loans, which are endorsed by the US Department of Education, can lower your monthly monthly payments as it combines all of your existing loans in to a new, lower fixed rate. Interest rates traditionally change the 1st of July, every year. Interest Rates are different for private consolidation because they are credit based, as are college student credit cards for students.
Two and four year Colleges & UniversitiesMedical School LoansLaw School Loans
A new school loan funding all types of college, grad, law, medical students and those studying in higher education is now available online.Visit: Private Student Loans @ iStudentLoan.
school loan consolidation tips
TIP1: When consolidating Federal student loans, such as Stafford, try the direct federal consolidation program from the Government. their site is ed.GOV, or see the link on the right.
TIP2: Private school loan consolidation is different than federal as private loans are credit based while federal are not. Applicants should take their time and review their application and it's terms and conditions carefully.
TIP3: Consolidating school loans during your grace period may qualify you for an interest rate deduction. On July 1 of each year rates traditionally change.
TIP2: Private school loan consolidation is different than federal as private loans are credit based while federal are not. Applicants should take their time and review their application and it's terms and conditions carefully.
TIP3: Consolidating school loans during your grace period may qualify you for an interest rate deduction. On July 1 of each year rates traditionally change.
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