Need Help on Student Loans

[nightfighter]

What do you know, first hand please, about the best way to pay for kids' college.... I just got blindsided and have to do something quick. Please, no commentary in the thread, just some input from those who have been through this.
Thanks.

[mikecc]

It's tough to type it all .Barb says to call her and she can tell you a few ways. I'll pm you a #

[Swimmer]

I had a Stafford loan for years and never reaLLY HAD ANY TROUBLE WITH IT. tHE RATE FLOATED and you have to deal with service people in Mombai, but all in all it wasn't too bad. Just remember, the main office is in the state of tEXas for the loan company. If you have a problem and dont get satisfaction just tell you rep in strong terms that you want to be transferred to the states and speak with someone there, meaning go over thier head. Good luck Ross.

[Karl F]

MEFA

ACS


..............paperwork.......................

[Raven]

stay clear of wells fargo

[DZ]

Nightfighter,
We supplemented our childrens Stafford Loans (in the students name) with some ParentPlus loans. A call to the Financial Aid office of the school will help answer questions as to what loans are available - call them - its there job to help you navigate this maze. I also have a book about "Paying for College" that I'd be happy to send you because my two kids are done - except for grad school.

PM me your address if interested.

DZ

[vineyardblues]

Ross,
When I went to the bank they said to borrow against my home, cheaper then todays students / parent loans . And you get to write it off each year

When I asked my account , he said NEVER borrow at your age and let the kids get a loan to pay for school .

I did borrow from my home equity and play the lottery now ..lol

Please let me know what you do

Peter

[JamesJet]

Ross,
If you are looking for the simple nuts and bolts like what forms do I fill out etc the schools financial aid dept will be your best source - but in general nothing starts without filling out the FAFSA form, so get that done before you start talking to people. It requires prior year tax information and other basic financial information. In general, as cruel as it sounds, taking a personal loan is never sound financial advice for paying a childs school, especially against what you consider that money as part of your own overall retirement plan. There is just too many variables, mostly involving the finite amount time you have to pay yourself back and the compounding effect of your nest egg. If anything have them take it all out and then help with the repayment. I don’t disagree with the math behind rates on home eqt vs other loans but frankly with the uncertainty in the economy, valuation of homes and the fact that you basically don’t want / cant work until your 90. Remember they have a lot more time to pay it back and there is usually pretty nice packages as far as adjusting their payment amounts based on income not to mention their int amounts are often deductable.
Caveat is that student loan amounts are now completely crushing American youth as teh earnings on teh backside of college are way out of whack with cost and sound financial decisions especially around family are never easy as most of us have a heart....

Feel free to pm me - My father passed away a few years ago and I have been helping my younger brother through the process so I am fairly well versed in what needs to get done.