Student Loan Questions............

**happymomof4** · 07-12-2011, 06:48 AM

Private Students are 18% or more. Most private student loans you must pay the interest while you are in school. This helps out late on when you are out of school.

Most schools make you fill out a free FASA application on line. This tells you what your contribution is and what you are eligible for federal grants or stafford loan. It also tells you what part of the stafford loans are deferred and what amount is not. You have to pay quarterly payments on the undeffered stafford loan while you are in school. The amount goes up each year as you borrow more money. You can mark that you want your state to get a copy of the FASA then they will consider you for any state grants you might be eligible for.

Remember kids under 24 yrs old living with parent or not have to go by the primary parents income unless they are married or court appointed adult(amancipated--sp). This hurts alot of children getting any kind of free money.

**mndtrp** · 07-13-2011, 06:43 PM

My wife had student loans ranging from 3% to 13%, I believe the higher rates were private loans. I would check a local bank, see if they could help. If possible, avoid Sallie Mae. Direct Loans has been a decent lender, with acceptable rates.

**mh3rdwheel** · 07-13-2011, 07:27 PM

I know all about trouble with student loans, I am ready to come out of default on my second student loan in 9 days. I am going back to school soon but online. get a deferrment or financial hardship to forstall the garnishments on your wages and your income tax withheld. I know.

**shoiji** · 07-19-2011, 11:10 AM

There are ways to pay for college. Going the community college route is helpful. If your child excels in school you may want to encourage them to take AP classes in high school. Still will need to pay for college credit but would give the child more time to work part-time without the full load of college courses. Don't forget about VISTA (American peace corps) they have a program that will pay for x amount of college expense. Also, if it takes your child an extra year to graduate because they are also working to help pay for college may be another option to consider.

I knew of two families that purchased a home right in a college town. Most of their kids went to that university. Any bedrooms that were not being used were rented out for extra income. So the home brought in some income and provided a place to live. Yes, the kids had to pay rent but it was also alot cheaper.

There are a lot of options out there. Just a matter of figuring out what will be the best for you and your child.