Ask MetaFilter questions tagged with loans and student

How do I cash a Canadian Student Loan while in South Korea?

Knigel — Thu, 24 Sep 2009 09:04:37 -0800

Need to cash my Canadian student loan but I am in South Korea. I've been confirmed to receive my Canadian student loan; however, I need to bring the form to the Canadian post office so that they can confirm it. Unfortunately I can't seem to do it from South Korea. Last semester, I had the same problem; however, my mother sent me the form, I signed it, and sent it back to her and there was no trouble when she brought it in. They put the money into my bank account. This time, the post offices state that I need the power of attorney. What can I do? My classes have already started and I need to pay for everything.

Risk-aversion shows I'm qualified, right?

Anonymous — Mon, 13 Jul 2009 11:59:57 -0800

Should I take out a full load of student loans to attend a top-6 law school right now? I just got accepted off the waitlist at the last minute. This is not a "should I go to law school?" question; I'm already excited and fully committed.

The question, rather, is how much risk should I take financially in this economy? I was not offered a grant or scholarship (and might have a better chance at being considered for one next year if I apply very early - I put my applications in very near the deadline instead of in the fall). I currently have a job that pays well enough to put some savings away by next year, let's say at least enough to cover living expenses over all 3 years, and hope to come up with some opportunities to enhance my income given the extra time. I also have some personal projects I could finish up and be satisfied overall with spending another year this way before embarking on a long-term, non-interruptible career path like law. Until this waitlist acceptance, I was perfectly content with reapplying next year.

I am passionate about becoming a lawyer but terrified of becoming a debt slave. I can't seriously consider the possibility of committing to a loan payment plan that lasts longer than 5 years; right now, my 5-year payment plan would be $4,000 monthly starting 6 months after graduation.

On the other hand, schools like Columbia, NYU and Chicago are extremely competitive. As I was waitlisted at all 3 this year, I may not be able to count on getting in next year and they don't give deferrals to waitlisted admittees. After applying to other schools, I am certain that these are the only ones I would seriously consider attending, especially on student loans. I think I might be game for big law, but my freedom to choose is more valuable to me than anything, and I don't want to be stuck with it if I genuinely hate it.

Biglaw isn't even hiring right now, and I certainly don't want to place a $200k bet that they will be by 2012. My loans and interest rates are a certainty; the economy and the effects the recession will have on the legal industry and my ability to thrive or survive as a member of it in the near future are anything but certain. If it becomes clear over the next 12 months that student loans this large would be a death sentence for anyone, I could come up with a plan B and be glad to have escaped such a fate, even if being a lawyer remains my first career choice.

So I could be making the biggest financial mistake of my life (there are suddenly no guarantees of summer associateships and huge starting salaries for anyone at any law school?!) - or throwing away the biggest opportunity of my life (admissions are likely to get even more competitive next year, although I do have competitive numbers and would like to chalk up having been waitlisted to having applied quite late and scoring a 6-point increase on the February LSAT after applying with a lower score from December). If I pass up an opportunity to go to my dream school that might not materialize again next year, I'll always regret it; if I find that my life is essentially over after graduation due to crushing debt obligations, I will probably lose the will to go on after a couple years. Which way to go?

Paying for graduate school out of your 401k. Stupid idea?

falameufilho — Fri, 03 Jul 2009 16:28:00 -0800

Paying for graduate school out of your 401k. Stupid idea? I have been working on a masters degree for some time now, paying out of my own pocket. It is not cheap, but I believe it will be worth it in the long run.

However, some extra income I was counting on to help me fund my tuition didn't materialize, so it looks like I could run out of money before I finish graduate school. I've been thinking about tapping into my 401k to cover the rest of my tuition, but I have a feeling that might be a stupid idea. Is it?

P.S.: I am not a permanent resident in the US, so student loans are not an option for me.

What lender should I pick for my student loans?

amalgamator — Thu, 16 Apr 2009 21:36:15 -0800

Which lender should I use for my government student loans? I have previously attended a direct loan school and thus I had to take out my Stafford and GradPLUS loans through the school directly. I am now going to another school that is FFELP school and I can choose my lender. I was given a preferred list from the school. I remember reading that sometimes the preferred list isn't the best deal around. And that you should shop around. However, I've read that it's getting harder and harder to find great borrower benefits such as waiving loan origination fees.

I found a list of the top 100 lenders. Yet #1 on that list is Sallie Mae which is a terrible company?

Have any of you found a lender that you like with good benefits? Anything else I'm missing?

The Bank of Mum and Dad

Wilder — Tue, 03 Mar 2009 10:41:21 -0800

How do we best finance our daughter's Irish University career (we're in the UK)? We're Irish, 8 years resident in UK. Daughter started a university course in Ireland last September.

Problem: we had saved enough for year 1 and Grandmother always offered to finance the rest. (Daughter contributes 20% through a summer job) But she very recently changed her mind as our daughter's focus has gone more towards the language and linguistics part of her degree course, as opposed to the Psychology part which Grannie favours.
We're very happy that she has discovered something in her first year that makes her passionate, so we support her choice and her results speak for themselves.
Daughter perfectly happy to get student loan but she has been turned down here in the UK as the course she accepted is in the Republic of Ireland. There is no student loan system in Ireland that we can identify.

So, as we had not planned on being in this position, we hadn't researched it enough, (and we are too ignorant of the tax system here. We are both PAYE workers) so Mefites, what are our best options?
We have good equity in our home and presently have a mortgage for about 50% of the current market value. Should we remortgage at these historically low rates and give her a loan from the Bank of Mum & Dad?
Do we gift her some money which might have tax advantages for us?
She will need approx 10,000 Euros a year as she gets a summer job that earns her a 2,000 euro surplus to put towards the costs

Prepare me for applying for an auto loan!

thatbrunette — Sun, 01 Mar 2009 13:00:34 -0800

I'm a student, looking to take out a first time auto loan for a car. I want a used car, and would like to spend no more than $3,000. My credit is alright, not stellar, and I have student loans. What can I expect in this process, and how can I better my chances of getting a loan? I'm going to apply through USAA. One thing to note is that I bank through USAA for the most part; however they don't have any local branches. Therefore I deposit my work checks in a Wells Fargo branch (I have an account with them as well), then transfer the money to my USAA account. So that balance fluctuates pretty heavily. Will this impact me negatively? For example, the current balance in my USAA account is very small, about $100, but I have a little more than 2.5k in my Wells Fargo account. Or is all of this negligible and they only base loans on credit score? I really need a car, and I'm hoping this works out.

Can I make it as a lab tech?

pullayup — Thu, 19 Feb 2009 08:06:36 -0800

Is it realistic for me to expect that I can pay off my student loans with a lab tech job? I'll have my BS in biology soon, and I'm looking at lab tech jobs. These seem like they're just about the only thing I'll be specifically qualified for other than being a product rep, which is undesirable for other regions (e.g. 50% overnight travel).

Most of the jobs I've applied for pay new hires around $10-13/hour. My student loan payments will be $530/month; tight, but doable, though probably not enough to save very much. If I switch to a graduated repayment schedule, my initial payments will be closer to $350/month, but would go up to--well, I'm not sure, but no more than 3X the initial payment--$700-800/month, let's say.

So, the question: will my income after working as a lab tech for six to eight years be high enough to make those payments? Is there a career there, or are these jobs more of a layover for people planning to move on to graduate or medical school (which I am not going to do)?

Things to consider: I'm not considering the income-contingent plans, because the idea of paying $100,000 to discharge a $40,000 debt offends me, and I'm not wild about planning to make payments for basically my entire working life (I'm over thirty). I would probably be a lousy teacher.

How to dig my money(less?) hole deeper?

Marinara — Thu, 04 Dec 2008 15:57:45 -0800

How do I get a loan, as a student? I am 19 and in my second semester of college. I know how to get Stafford loans and that sufficed for my first year but not anymore. I am now $2,939 away from being fully paid off for this semester. Normally, I would put my work money away for that/parent's would help but because of personal reasons making that impossible I need to find another source to pay for it so I can register for classes.

So, how do I get a regular loan? I'm completely clueless.

I wantz to bez a nurze. But I can has $$ from Prezident Catz?

sully75 — Thu, 23 Oct 2008 08:22:43 -0800

I have some student loan questions Basic situation: After 11 years out of school, I've decided to go back to school for nursing. Before this process, I had $0.00 in debt, and close to $0.00 in assets. I decided at the last minute to get the ball rolling, so paid for 2 prereq classes on my credit card. My parents, who are supportive of this, loaned me the $1000 for the classes so I could pay off my credit card. I told them I'd get a loan to pay them back, but have yet to start that process.

I already have a bachelor's degree in music. No grad school (or classes) whatsoever. I'm doing really well in my classes so far, and committed to this path.

1) I have at least one more semester of prereqs to complete, and if I'm able to do them all in one semester (microbiology, chemistry, A+P II and maybe nutrition) I think it will be really tough for me to work, and I don't think enough to support myself. I do some photography work which pays really well when it's available but it isn't consistent. I'll be taking the prereqs in Boston (I'm moving there in December). Will I be able to take out student loans to support myself and pay for classes for the semester? I don't think I'll be enrolled in a program, just taking the classes at a community college there.

2)Is the credit crunch likely to affect student loans in general in the next 2 years? I know that's a big question but is there anything I can do to prepare for this situation?

3) Does my previous degree prevent me from getting federal student loans? I'm pretty sure it's totally unmeaningful but I never took out loans during my undergrad.

4) I'm 1/2 way through the semester on the classes that I'm taking now. And have to pay my parents back for the classes. Can I apply for a student loan still for this semester?

5) I keep hearing people say "college debt is the best kind of debt there is". Why is that? I always think debt is debt, and it all sucks. The only reason I'm comfortable doing it here is because there seems to be a well paying job at the other end of the tunnel.

6) Do you just take whatever loan is available or offered? Do you have rights of choosing who provides the loans or is that usually regulated by the school?

I'm sure I could find these questions answered somewhere on the web but the whole thing is incredibly confusing to me so if you can help me out I'd really appreciated it.

Will the government be taking more of my money?

TheArpenter — Tue, 29 Apr 2008 16:46:04 -0800

Will I be losing my stimulus check because of back student loans that I am now paying? Basically, I was a deadbeat and didn't pay my student loans for... oh about 4 years. Yes, it was dumb. Now, I have decided to be a grownup, and two months ago started paying them after their seized my tax return. I created a schedule of payment and have not been late.

Will I be losing my stimulus check? According to the collection agency Sallie Mae uses they will no longer be going after my wages to pay this debt since I have created a payment plan with them.

I am in the US, and thanks for all your help. (Please be nice, this is my first ever post on anything Metafilter!)

Seeking guidance with financial planning (loans, down payment, more)

mintchip — Sun, 20 Apr 2008 16:55:09 -0800

Seeking guidance with financial planning (loans, down payment, more) I've searched through the questions already asked but didn't see anything quite like this. My situation:

1. I am graduating with a very large student loan debt (more than 50k, less than 100k).
2. I have excellent credit.
3. I have no other debt or loans.
4. I have some retirement savings.
5. I don't expect to have a huge salary.
6. I am considering going back for another degree in a year or two--probably one that would result in a significantly higher salary

I'm going to move home for a year or two. I am considering using my cost savings to pay off a large portion of my loans. This appeals to me, except for a few reasons:

1. If I do go back to school (and this is by no means a definite), will having a large debt be to my advantage as far as getting need-based grants and other aid from my school?
2. It seems like housing prices are going to keep going down. Many of the people I know who are financially well off got that way by buying their home when real estate values were low. I could potentially save a large down payment (>20%) in a short amount of time. Also, although my loans are burdensome, the rates aren't horrible (they are all federal loans) and with inflation they will get a little less painful over time (in other words, a fixed monthly payment of $xx will feel like a lot less a few years into the future when money has less value).
3. Although unlikely, is it possible that the government would offer debt relief opportunities for people saddled down by student loans--let's say if the economy gets even worse?

I could also pay off a big chunk of the loans (but not all) and then start saving for a down payment.

(Is it worth it to see a financial planner?)

How deep a hole is this?

peacheater — Tue, 25 Mar 2008 12:37:10 -0800

One of my boyfriend's student loans just got turned over to a collection agency. How bad is this? He's a graduate student and has several student loans. He's always been prompt with payments, including slowly paying off the principal. He assumed that this loan would be automatically deferred since he's still a graduate student, just like his other student loans. He even called them a few months ago and then they told him that the deferment was taken care of. Now, without any warning, they've turned it over to a collection agency. He never received an email, a letter or a phone call before this happened. It seems really unfair to me that my boyfriend should be punished because the company misled him. He now has to fill out a form saying that he's still in school and send it to them. My question is: how bad is this going to look on his credit report? Is there any way for him to get this completely removed from it? Basically, what recourse does he have to fight this?

Grasshopper and Ant

Corky — Thu, 13 Mar 2008 18:46:00 -0800

Will a single parent selling a home that has appreciated a lot and that has a very low mortgage payment, then buying a much more expensive house with all of the proceeds help make the child more (or less) eligible for financial aid (not loans) for college? My SO and his ex are the parents of a 17 year old girl, junior in high school. College plans are being discussed by everyone, although the parents haven't had a sit-down to talk about particulars since last summer. Each is obligated by divorce decree to pay for 1/2 of in-state tuition for the state college (in this case U of MD). FAFSA forms have not been completed, primarily due to a reluctance on the part of the ex to disclose her substantial income. (This came out in the only talk the two parents had on the subject, sometime last summer.) Mom did hire a college financial aid "expert" last summer. His suggestions included having the kid move in with Dad because Dad makes less money, and "goggling" for scholarships. (He really did misspell Google!) That was $500 thrown down the toilet, but I'm not sure that Mom isn't getting equally bad advice from someone else. Here's why...

Very recently, the ex put her house on the market. She and the daughter went house-shopping, and when we saw the girl next she was absolutely thrilled with the prospect of moving into a beautiful new home near her school. The new home would be in the $1,000,000 range... which nearly made me choke. The house the ex is selling is on the market for $619,000. The daughter wasn't supposed to share these details with me, but we're very close. She slipped up in her glee and when I asked her why they were thinking of moving, she said "Mommy thinks it would be bad for financial aid for her to have a really low mortgage payment and a large income."

I did some research, and I'm still confused. It appears that the income from my SO is not counted toward family ability to pay. It also appears that FAFSA doesn't take into consideration what they call "lifestyle choices" against a parents ability to pay. Several articles I read said that it is a choice to live in a nicer neighborhood or drive a newer car, and that those choices are not reasons to qualify for more aid.

My SO fully intends to help his daughter in every way, but we're limited by our not-substantial incomes. We own a modest townhouse, he drives a six year old Honda, we don't take expensive vacations or spend a lot of money on ourselves. We carry our lunches to work. A big night for us is a movie date in front of our tv. Plus, neither of us has any real money set aside for retirement. Our retirement plan is to pay off our house by the time he retires. Mom, on the other hand, drives a new Lexus SUV, has a timeshare in the Bahamas, takes vacations each year to Sonoma AZ, and other resorts, and has expensive tastes. She's passed some of these tastes on to the daughter, who wants to attend a presigious school. Columbia is at the top of the daughter's wish list. Columbia is very, very expensive. Mom is pushing for Columbia, among other pricey schools.

My SO and I still hope that she would decide to attend U of MD and perhaps get merit scholarships (she will graduate from an IB school with honors, has taken AP tests and scored 5s, and just took her SATs... no surprise that she has an excellent score). If she was able to finish her undergrad schooling without incurring a ton of debt, that would be great. Her dad would still set aside in her 529 plan any money he didn't have to pay for undergrad years. This would go toward her grad school costs. We have heard no such plans from her mother, and my SO hasn't yet asked her what her plan would be. We don't think she has any plans to set aside money for college out of the proceeds from selling her house... the daughter told us that "Mom is going to put it all on the downpayment so she can afford the monthly payment, but it will still be a lot more than she pays now."

It's a touchy subject. He doesn't know how much money she makes, and has never asked; she doesn't have a clue how much (or how little) he makes, and she's fiercely independant. Aside from this potential tension, we all get along fine. Really. We actually like each other.

So. For any of you who have faced anything similar, can you shed some light? I'm primarily concerned that the daughter isn't somehow penalized in the financial aid department because her mom is receiving lousy advice. If this new home purchase is being made to make the ex look poor on paper and it backfires, the daughter will have to pay the price. That price might mean taking out student loans, or attending a less expensive school. While a less expensive school is not the end of the world, I would hate to see this child saddled with a huge debt burden, while her mom gets to live in a $1,000,000 house and plead poverty. We've already told the daughter that the ultimate choice about where to go will be hers - her first adult decision. If she decides to be prudent and not go into debt, that will be a good thing. If she is forced to take out many thousands of dollars in loans because her Mom made a mistake... well, it's not too late to have that discussion and at least give Mom a contrarian opinion.

Grasshopper and Ant.

Student loan consolidation- so what?

rryan — Mon, 14 Jan 2008 18:35:52 -0800

I'm trying to evaluate student loan interest rates for possible consolidation as I get quotes. All the consolidated rates (so far) seem to be the same. What am I looking for? I've got nearly $33000 in subsidized Stafford loans at 2.8%. I've got another nearly $46000 in unsubsidized Stafford loans at between 6.6% and 6.8%

I've contacted a few companies regarding consolidating, as well as checked out more than a few online calculators for student loans. They all seem to take the average for a consolidated percentage: 5.25% If I auto-debit: %5.00 (monthly payments of $441)

Other than finding a reputable lender (found a few on here already), what am I shopping for?

Plus, is there anyway to judge/guess what interest rates will go to this summer (higher/lower?) If I consolidate then the drop... Or do I just bite the bullet.

Or can I just not consolidate at all? By adding up and taking the raw average of the interest rates I now have, I get %5.15. With the auto-debit, I can beat that at %5.00- but not by much.

Low cost/no cost financial planning for students?

iamisaid — Mon, 26 Nov 2007 12:38:08 -0800

Where would I go to get free or low-cost and unbiased financial advice in regards to student loan debt and big-picture student financial planning? I'm a third-year college student with a fairly considerable amount of debt in the form of student loans and credit cards. Aside from the financial aid office at my university (which has been of little help thus far), where can I go to get unbiased advice and big-picture planning regarding my debt situation, the best methods of debt consolidation and payment distribution while in school and thereafter, and careful consideration of options for funding my remaining two years of college? Are there any financial planners who specialize in this field who wouldn't charge me an arm and a leg?

Furthermore, I'm at the point where I could still change my university major without much loss of hours. It would be great if said person could assist me in taking a careful look at career planning while taking my financial problems into account.

Student loan negotiations?

damn dirty ape — Sun, 07 Oct 2007 20:56:08 -0800

Student loan negotiations? I've heard about people who default on their student loans and then negotiate a settlement that is something like 50% to 70% off what they owed, claiming they arent able to afford their full loans. Supposedly the student loan people think this is better than nothing and take the offer.

Is this true? If so what stops someone with a lot of student loan debt from doing that? Especially if they are willing to live with some black marks on their credit?

How do I repay my delinquent Canadian student loan?

bhkart — Sun, 19 Aug 2007 16:51:50 -0800

How do I repay my delinquent Canadian student loan? I am a Canadian citizen that graduated college in the US in 2000. At the time of graduation I had a loan of approximately $26,000 from Royal Bank. When the payments began I paid it a few times then defaulted, for whatever reasons a 22 year old might. About 3 years later I received a letter in the mail from a collections agency and phoned them about the loan but they told me they had already sold it and could not help me. I have remained in the states, at only 3 separate addresses but have not been contacted since. I am assuming I still owe someone this money and would like to repay it but I have no idea where to begin. As I am no longer living in Canada (and have not since high school, almost 10 years ago) I can imagine that it might be somewhat difficult to find me, but I had another Canadian school loan that was paid every month for the last 7 years. How can I find out who has this loan?

What can I do to not freak out about student loan debt?

mintchip — Tue, 10 Jul 2007 17:49:53 -0800

What can I do to not freak out about student loan debt? Through a very roundabout way, I found myself in an Master degree program (studying social work). I keep having anxiety attacks about how much money I will owe after graduation (including my undergrad degree, it's approaching 100,000).

I am not completely certain that clinical social work is the career for me...however, the profession is so broad that I hope to find a niche. I have considered dropping out of the program, but some people tell me that having a Master's degree will open up doors and that since I'm halfway through I might as well finish. However, if I cut out now I will save a lot of money (although I'll be a "quitter").

I really don't want to quit school but I also don't want to regret my choice to go back to school. I'm going to feel really dumb if I graduate and find myself in a worse situation than I was before because I'll owe so much.

I feel that my education has been personally rewarding and that I've grown in many ways. For example, I have learned to communicate much more effectively than ever before. What I'm struggling with is not knowing whether having this degree will benefit me in the long run when it comes to my future profession.

Please give me your thoughts on the value of an MSW when one does not wish to become a traditional social worker. And also how burdensome will this level of debt be (I'll have federal subsidized and unsubsidized loans). Perhaps some of you are already making these sorts of payments and can give me your perspective on how you determined the value of your education. Do you regret going back to school? Are you in a profession that's totally different from your degree? If so, did your degree help you or hurt you?

How does a busy student turn more coin?

chrisbucks — Sat, 24 Feb 2007 00:11:31 -0800

How do i turn some coin without ruining my studies? I'm in the 4th year of my degree which i should have finished a while ago, due to pressure to pay rent each week I've been working a lot, and subsequently failed a lot of papers due to pressures all around. I cant get government support. As simple as possible: I am ineligible for government student allowances due to my parents income, (despite not having lived with them/or been supported by them for over 2 years) the only thing the govt can offer is $150NZD weekly loan (interest free) and I usually have an aversion to borrowing money.

My current job is a no brainer and usually work alone with not much to do (it's usually phone work where I wait for the work to come to me, and I get paid regardless). What kind of activities can I do which would earn me more money without having to invest too much time or capital? I just turned 21 so, currently still fairly unskilled in the job market.

I'm thinking...
-Selling things via Trademe (NZ version of eBay)
-I'm a novice screen printer, so printing blank t shirts and selling them on-line.
-selling my photographic prints online or other places.
-proof reading, and editing (not sure how to find these jobs at piecemeal rate, and only via email -outsourcing and such).

any alternative income ideas would be great, also, should I take that loan? Given that it is interest free until i start earning above $X a year. I currently earn about $50NZD after rent and some food. Help me get my girlfriend to Fiji at the end of the year! :-)

student loans + investing

risslestomp — Mon, 05 Feb 2007 14:55:42 -0800

student loans + investing I have a large student loan debt that will take me quite a long time to pay off. My question is: is there some way to invest that would help me pay off these loans quicker (i.e. in 10 vs. 30 years)?

How to make the most of college loan repayment?

tomorama — Wed, 24 May 2006 10:00:14 -0800

How can I make the most out of repaying my student loans? I am currently paying back my student loans from college. Each month, I usually make a payment of double or more of the monthly payment amount that the loan holder has established for me. My goal is to pay off my loans as quickly as possible, and to pay as little interest on these loans as I can. The ultimate goal here is to keep as much of my money in my pocket as humanly possible.

Whenever I overpay, I am asked to choose one of the following options:

Choice 1
Pre-Paying Principal- I do not wish to have my next payment due date advanced by the number of additional whole payments made. I understand that funds paid in addition to my present amount due will first be applied to satisfy any outstanding fees and interest and any remaining funds will be applied to my principal balance. I will continue to make payments as scheduled each month.

Choice 2
Paying in Advance - I would like my next payment due date advanced by the number of additional whole payments made. I understand that funds paid in addition to my present amount due will first be applied to satisfy any outstanding fees and interest and any remaining funds will be applied to my principal balance. While I may not have to make my next monthly payment amount, interest will still accrue on my outstanding principal balance.

Their "How are my payments applied" statement says:
Generally, payments are applied first to outstanding late fees (if applicable), then to accrued interest, and then to the principal balance. For information specific to your account, please review the information on the Payment History page.

Am I making the right choice each month? I don't see much of a difference between choices one and two, aside from when the next due date comes around. Aside from which of these choices to make, is there anything else I should do (say, changes to my account structure, monthly payment amount, etc...) that will increase the aforementioned "money-in-my-pocket" factor?

In the end, I guess another thing I am asking is - what sort of things can I do to take full advantage of the college loan repayment process in my favor?

Are there student loans for continuing education programs?

scazza — Thu, 13 Apr 2006 11:26:35 -0800

Are there student loans for continuing education programs? There is a music program in Italy that I am trying to attend. I've been accepted, and I am trying to figure out how to pay for it: $2800 for the program, and I'm betting $1200 for the flight. I thought I would have enough money saved up by now, but I don't. I don't have the best credit (it is improving though) so I don't have much faith in a personal loan. I don't even know if I have time for a long application process since the money is due by the middle of May.

I haven't been able to find any information on student loans for those who already have college degrees, and not for grad school. Are there student loans for the in-between programs? I didn't use loans for undergrad so I don't know anything about this world.

So anyone have any suggestions? I really hope that you do. Please, please.

How do Sallie Mae and Uncle Sam get their cash from outside the US?

luneray — Sun, 31 Jul 2005 17:35:21 -0800

How do expatriates pay their financial debts still held in their home country? My husband and I are considering moving from the US, but we still owe on student loans. The total debt amount is too great to pay off before we leave.

Have other MeFites had to deal with this issue?

Did you wire the payment each month (that seems like it'd be very expensive). Did the loan holder send a bill to your overseas address? Or could they do a direct payment from a bank in your country of residence? What happens if you miss a payment?

I'm no Rodney Dangerfield...

Anonymous — Tue, 26 Jul 2005 14:02:21 -0800

I want to quit my job and go to school. I make a high salary for someone my age, which allows me to pay rent, make payments on my new car, eat, and pay for 1 or 2 university classes each semester. But all I really want to do is quit my job and finish out my degree, and then maybe go on to grad school. So far, I have a high GPA which should net me some scholarship money. Even so, how would I pay my other bills? Do I have to take out a bunch of loans, sell my car and move in to a tiny, tiny apartment?

Consolidating private student loans

anjiro — Thu, 21 Apr 2005 19:43:44 -0800

I have around $20k in private student loans. I get an ad in the mail about every 10 seconds offering to consolidate my federal loans, but I don't get a lot of information about consolidating private loans. Of course a google search turns up reams of possibly-shady companies... anyone have any good experience/advice? My loans are all currently with citibank, and while they're at a currently low 5.5% interest rate, they're at the mercy of fluctuating rates. Locking in something low would be handy.