Who here

[quakerboy]

can give me Good advise about student loans?

[petronius]

1. Don't spend it on beer and pizza (at least, not all of it)

Put more seriously, don't take out any more than you need (and be sure you really need it).

When you do get loans, be sure to get the subsidized version over the unsubsidized. Low interest rates are good - Perkins loans were nice and cheap when I was in school.

Keep all the paperwork - I forgot how many loans I had by the time I graduated, and it was a scramble getting it all in order. Also, consider consolidation when you graduate...

[quakerboy]

2. I am focused on the after graduation part

I've been paying on these fuckers for years now, and I am starting to think there must be a better way, somehow to reduce the rate or something. But all the financial people I know are focused on retirement and investment planning, or home and car loans, and can't tell me much of anything about the student loan field.

[Chan790]

3. Two pieces of input based off my personal experience.

1.) If you need advising help on student loans, the best adviser is often the bursar's or FA office at your alma mater. They work in these loans, they usually employ someone to act as a loan counselor (for students) who is already giving the advice your looking for...oh and they want to keep you happy so you'll donate to the university and to its scholarship funds once you pay off your loans and have some extra money.

2.) If you're looking to simply get the damn things paid off...pay more than the minimum posted payment. There is no penalty for paying them off early, however most financial advisers are going to tell you not to for good reasons: it's usually the lowest interest rate debt a person has, it's not viewed as "bad" debt in regards to credit. If your monthly payment is $100 and you pay $200 it doesn't cut the amount of time you're paying in half, it cuts it about 65%, depending on your interest rate. (I used these numbers because they're my numbers. If I continue to pay my loans at this rate, I'll have them paid off in 3 1/2 years instead of 10.)

[ThomCat]

4. Keep every piece of mail you ever receive about your loans.

If they split up your loans and sell them off to other banks you're going to want to be able to track them down.

That is a common trick for making your debt due in larger amounts more quickly so they can hit you with lots of penalties. That's where they really make money.

Take out as little in loans as you can manage. Assume that for every dollar you borrow you'll end up paying back 3 in the long run.

[quakerboy]

5. I've got it all consolidated

2 loans, the public and the private. I'm wondering if there are any tricks to finding a better rate, any companys that are better or worse(particularly for the private loans), that sort of thing.

[Haole Girl]

6. Realize those loans will follow you for the rest of your life...

until they are paid. From what I've heard, even after a personal bankruptcy.

It's really unfortunate our government doesn't have better programs in place for financial assistance.

[quakerboy]

7. Thats what I am hearing as well

Has anyone managed to roll Private Student Loans into a home loan? I would much rather owe more on a home loan that I can, at worst, walk away, albeit with reduced credit potential than in the current "your screwed no matter what" student loan format. I am not having and real trouble paying them, but I am always looking at next year and beyond. And who really knows what the future will hold, especially when considering the financial insecurity of the US right now.

[trof]

8. Advise? Try 'advice'.

Sorry dude, but somebody hadda tell ya.
;-)

[quakerboy]

9. Damn

I remember that spell check so often, but sometimes it slips me. And too late to change it now.

[trof]

10. Spellcheck won't work on 'real' words.

loose-lose, that kind of thing.
You're forgiven.
:-)
Wish I had some advice, but there was no sucha thing a student loans when I was in college.
Of course in-state tuition was dirt cheap back then too.

I guess if there's any way you could find a way to borrow the money at a lower interest rate and pay it off that would be the best thing.
But I guess you've checked that out.
:-(

[quakerboy]

11. The problem is where?

If I keep it as student loan, Where are the "good" places to go for a student loan?

If I look into some other form of loan to pay it off and switch it over, what type can I reasonably look at? Ive got good, even great credit. Lots of history, a number of cards with a spotless history. Only thing I don't have is huge collateral or a home/home loan. Are there Unsecured, reasonable rate loans available? If so, where do I look for one.

[trof]

12. Try a credit union.

It's been my experience they generally have lower interest rates than banks.
What's the interest rate on your loan?

[quakerboy]

13. 9.25%

I feel bad about going to a credit union for this. Granted, I plan to keep paying, but half the point of switching the loan over to some other unsecured form would be to be able to walk away if we drop into great depression part II, and I would feel terrible welshing on a Credit Union.

[trof]

14. I wouldn't worry about 'feeling bad'.

I do believe in looking out for #1.
That would be moi.
9.25 is high.

Some first year credit cards will beat that.
Banks and credit unions have a thing called 'signature loans'.
No collateral. They just 'bank' on your good credit rating to pay the loan back.

Credit unions will take cars and major appliances as collateral.
At least they used to.

[quakerboy]

15. Yup.

The public student loans are down around 3.25. The Car loan, what little remains to be paid, is at 6.00 (her car, my credit). My credit cards run the gamut from 6.25 to 19.75. I would consider switching it over to a card that had a lower base rate, but the limit is nowhere near high enough. And same with my car, which while I own outright, is not worth near enough to balance the loans. Hell, a brand new BMW would be hard pressed to equal the value of my loans.

These signature loans... any idea what a likely credit limit would be? I went to a private college, and lost my 90% ride scholarships partway through. Its not pretty.