Help with loans

Student loan experts provide advice and support on medical student loan debt and repayment.

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Help with loans

Postby Flat » Sun Feb 10, 2008 9:03 pm

Background: I am an undergrad freshman. Currently I am attending a branch of a state university. Since my mom teaches there my government loans are more than enough to pay for tuition. The problem is that my mom is moving out of state at the end of spring quarter and I am transfering to the main campus next fall quarter.

Question one: It looks like I will have to take out private loans to cover the majority of my education. I will have to have my mom cosign the loans since I have no credit but she is worried that her cosigning my loan and her current student loans will affect her credit when buying the new house out of state. How big of an impact would that be and are there any alternatives?

Question two: When I am in medical school, are the undergrad private loans deferable until after residancy like the goverment loans are? Or will I have to borrow more while in medical school to pay for the undergrad loans?

Thanks for the help!
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need of a student loan to pay for school

Postby sumitdutta3 » Wed Feb 27, 2008 4:33 am

Hello everybody, I am student and I am in need of a student loan to pay for school and other necessities. I am also in need of a car loan? I am wondering what I should apply for first…a student loan or a car loan? If I get a car loan will that affect my process of getting a student loan? Or is it the other way around having a student loan when applying for a car loan? Any thought would help. Thank you for your time and ideas.
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Re: Help with loans

Postby jasjasika » Mon Oct 04, 2010 6:06 am

Review your student loan documents. Which ones contain the highest interest rates check if your rates are fixed or floating, Are some of your loans deferred for a period of time after graduation,Do you have government-backed and private label loans, Consider paying off the private loans with the highest interest rates first,Draw up a monthly budget. List all of your income/revenue and subtract all of your expenses assume minimum payments for revolving loans and credit cards. How much is left over, Consider saving half and allocating the other half to paying down school loans.
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Re: need of a student loan to pay for school

Postby christena.schecher » Sun Jun 24, 2012 10:27 pm

I think you should get student loan first before applying for another loan.
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Re: need of a student loan to pay for school

Postby keisha008 » Tue Oct 09, 2012 3:35 am

christena.schecher wrote:I think you should get student loan first before applying for another loan.


I guess Christena is right. :D By the way, a college degree is no longer optional, and a lot of university students are dealing with the high costs of starting up another year. If you are struggling with your financial aid and getting it all in order.It is best to get anything paid for than to get late charges because you did not have the money.
“People who are crazy enough to think they can change the world, are the ones who do.”
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