No Cosigner No Credit Student Loans

I know what you’re thinking. There’s no way I’m going to pay off my $200+/month student loan debt, right? But hear me out before you close the tab. First off, let me just say that this doesn’t have anything to do with cosigning your loans (which would be illegal). Instead, you should be looking at ways to get rid of them altogether. And there is actually a legit way to do that!

So how exactly are you supposed to do that? Well, first you need to understand that your student loan company isn’t giving away any money; they’re making their profit off of interest rates they charge while borrowing money from you and then lending it back out at higher rates. So if there’s any way possible to lower those interest rates, you want to take advantage of that fact. Here are some tips to help you do that.

Tip 1: Get a credit cardWith a credit card, you start paying off your balance immediately. If you only carry a small amount of debt, you’ll likely not owe much interest on the purchase. Plus, instead of paying interest on your entire balance, you’re only paying interest on the amount you spend each month. So the interest you’ll end up paying on your loan could be significantly less than what you’d pay a traditional lender.

Tip 2: Consolidate your loansIf you’ve accumulated several different loans, consolidating all of them can save you thousands of dollars in interest payments over time. A consolidation loan program might allow you to repay your loans at a fixed rate, rather than having them accrue interest while you pay them back. You may be able to even use this opportunity to refinance your current debt into a lower rate.

Tip 3: Shop around for lendersThere are lots of companies that specialize in offering low-interest student loan options. Your school’s financial aid office can provide you with information about these companies and how to apply for them. Just make sure to shop around thoroughly — not only for the best interest rate, but also for the best terms. You don’t want to sign a contract that causes you to make extra payments throughout the duration of your degree.

Tip 4: Consider forbearanceForbearance is an option where your lender agrees to temporarily freeze interest charges on your account. That means your payment won’t change, but you won’t be charged any interest until your loan is paid off. Most people choose to pursue forbearance after they graduate college since it means they don’t have to worry about paying off their loans anymore. However, forbearances aren’t always a good idea. Read our forbearance article here for more info.

Tip 5: Take advantage of income based repaymentYou may qualify for income-based repayment depending on your family size and income level. Income-based repayment lets your monthly payment drop over time as more and more of your payments go toward paying down your debt. Once you complete 20 years of payments, you’ll be completely debt free.

The bottom line is you can definitely eliminate your student loan debt. You just have to work hard enough to find ways to cut down on the interest rates. If you follow these five tips, you can definitely accomplish your goal.

No Cosigner No Credit Student Loans

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No Cosigner No Credit Student Loans

New video on education loans and cosigning! I take about how bad government student loans have gotten, and explain a little bit of how colleges use loan debt to make money out of students.

Contact me at: info@nofcosignersancetdental.com

After watching all 5 school should be free episodes we now move onto School financing and learn how schools spend billions of dollars on anything and everything to help teach their students. So if we are spending millions and millions of dollars here then it’s time to look at what they’re doing real quick.

So if you are looking to pay off student loans with home equity or find out how much it cost to attend college and how expensive public schools are around the country, this video is for you.

No Cosigner No Credit Student Loans

If I Have A Cosigner Will My Payment Be Lower?

Yes! If your cosigner has a good credit score they may even lower your payment amount. However, if your cosigner has poor credit their score could actually hurt your loan. So before you sign on the dotted line make sure you know who’s going to pay what.

I Need Help Paying Off Loan – Can I Refinance?

First you need to find out whether or not you qualify for refinancing. Once you’ve determined that you do qualify, then you’ll want to consider how much money you’re looking to borrow and how long you have left to repay. Depending on those two factors, you may be able to get a lower interest rate.

How To Get Out Of Debt And Pay Off Your Loan Faster

Your best bet is to make sure you’re paying off the principal first and putting extra money toward the loan balance. It might sound simple, but it takes discipline to pay off your debt and stick to your budget, especially when you’re underwater. You should always put yourself last since you’re responsible for repaying the loan.

Should I Borrow More Money On My Student Loan?

Even though interest rates on federal student loans are about 4 percent higher than the current prime rate, the government caps the total interest paid on these loans at 8 percent per year. But keep in mind that if you take out private education loans, you won’t be eligible for federal aid and therefore won’t benefit from any of those low-interest rates.

Student Loan Consolidation Is Worth Considering

When you consolidate your loans, you eliminate your high monthly payments by combining them into a single, smaller loan. By consolidating, you can save hundreds of dollars a month, but your interest rate remains the same. Most lenders offer a variety of repayment plans to fit different budgets and lifestyles, so read up on them carefully.

What Does It Mean When My Student Loans Are In Collection?

You can avoid being in collection by making your payments on time. Remember: Delinquent payments will remain on your record for seven years. Even if you think you’re out of the woods now, don’t let it happen again.

Can My Bankruptcy Stay On My Record Forever?

In some cases, filing bankruptcy can stay on your record forever. However, if your bankruptcy stays on your record after three years, your credit report can still show six months’ worth of delinquent accounts. After 10 years, however, your discharge will no longer appear on your credit report.

No Cosigner No Credit Student Loans

Private Student loans

Private student loans are issued directly between the lender and borrower. These loans have no third party involvement, meaning they cannot be paid off later down the road. These types of loans can range anywhere from $500-$10k depending on the company giving out the loan. Most companies have some sort of guarantee built in, but not always 100%. Lenders tend to only make loans to people who have good credit scores, making it hard for people with bad credit to get approved for them. Usually these loans will have interest rates ranging anywhere between 5% – 15%, although some lenders charge higher than others. The loans are often set at a variable rate, meaning that the interest rate increases and decreases based on the prime lending rate (interest rate for the bank). In order to pay back the loans, borrowers need to start paying back their principal amount plus interest each month. Due to the fact that private student loans do not have any kind of cosigning, if you default on your payments then your parents/guardians’ credit score will likely take a hit.

Federal Student loans

Federal student loans are government backed and can be paid back after graduation. These loans are funded by tax dollars, so repayment is guaranteed regardless of anything going wrong with the borrower’s career path. They are less expensive than private student loans, but require cosigning. If you cannot afford to repay your federal loans, you may lose financial aid for school. While getting a job or starting a business does not count as repaying your federal loans, it helps reduce interest rates. Also, many employers offer salary-based repayment programs for employees who want to keep their loans low while still earning money. Repayment for federal student loans is based on income, meaning the lower your income the longer you have to pay back your loans. Interest rates for federal student loans are fixed at 4.21%. Rates change monthly and are published on the Department of Education website.

Direct PLUS Loan Program

The direct PLUS program was created by Congress to help students with disabilities. Undergraduates with significant financial hardship can apply for a PLUS loan to cover tuition costs. Parents can also use the PLUS loan to cover undergraduate college expenses for their children. Students should apply for these loans early since demand is greater than supply. In addition, PLUS loan applications are processed much quicker than standard loan requests, usually taking about 14 days instead of 90 days. Due to the high demand, PLUS loans can be difficult to qualify for. To receive a PLUS loan, applicants need to first prove that they have a disability which can affect their ability to earn a living. After proving eligibility, they will need to document how their disability affects their ability to go to school full time. Applicants can either be working or looking for work. If they choose to look for work, they will need documentation of their income level and hours worked per week. Once all documents are submitted, applicants will be given approval or denial. If denied, they can appeal the decision within 10 days of receiving notice.

Stafford Loan Program

Stafford Loans are a popular option for undergraduates due to the low interest rates, flexible repayment options, and easy qualification requirements. Stafford Loan recipients only need to meet basic requirements including being enrolled in college. A parent can also borrow on behalf of their child under certain circumstances. Unlike private student loans, the government is not involved in the origination of Stafford Loans. Instead, the federal government purchases bonds from investors, known as treasury bills, and lends those funds to eligible colleges and universities. Since the government buys the bond rather than issuing debt, interest rates are lower for Stafford Loans compared to other forms of borrowing. Stafford Loans have fixed interest rates over a period of time determined by the Treasury Secretary. Currently, the interest rate for Stafford Loans is 4.29%.

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