World economic recession affects almost all sectors. Study loans sector is also affected. But getting a study loan is still possible. To get a study loan, you have to follow the instructions given bellow very carefully.
Federal student loans are an even better deal than before. Rates are fixed now, rather than variable, and students with the most need will see rates as low as 3.4% in the future. Although some lenders have exited the federal student loan market, the U.S. government stepped in to make sure the remaining lenders had access to cash to make loans.
Don't ask your lender for a consolidation loan. Consolidation allows you to make one payment instead of many, and you may be able to lower your payments by stretching out the repayment term from the usual 10 years to as many as 30. You still can consolidate your federal student loans, but you'll need to do so through the federal government. Lenders that used to make these loans have fled the market, saying they aren't profitable anymore. If you want to borrow more than the federal student loan limits, you typically would turn to private student loans. These come with variable rates that currently average 11% to 12%. But lenders are demanding higher credit scores plus a co-signer these days.
Even if you qualify, you need to be extremely cautious about how much private student loan money you borrow. Because :
Those variable rates are only going to shoot higher when the economy recovers and interest rates rise, Kantrowitz cautioned. Typically, private student loan rates aren't capped, so the sky's the limit.
Private loans don't come with the forgiveness and income-based repayment options now available for federal loans.
Private lenders will still loan you far more money than you can comfortably repay. They know you can't escape this debt, so they're comfortable piling it on. Student loan debt typically can't be erased in bankruptcy court, and there is no limit on how long private lenders can pursue you for collection.
So its your decision, that you borrow how much money, and use which way.
Thursday, May 21, 2009
Saturday, May 9, 2009
Study loans in USA
In this time of globalization a lot of students wandering through the world for getting quality education. Quality education is not a very well found thing all over the world. Only few countries and few universities can give high quality higher degrees. For this purpose USA considered as the top place of higher study.
A lot of students from all over the world enter in USA just for higher study. But nowadays funding of study is become quite difficult to both US and international students. A lot of scholarships and rewards available, but most of the students can not able to get this kinds of funding.
But study loans are available in USA. US students get guarunteed study loans from government. But international students cannot get this kind of loan by government. Private study loan companies allow the students of non US. So that in this hard time international students can complete their study easily. They give loans on same conditions offered by the government.
There are some basic criteria to maintain for an international student before receiving this loan. The student must be over 18 years old and become enrolled in a US college or universities on fulltime or at least part time basis. The last requirement states that the borrower and the co-signer (if the student needs one) must meet the credit worthy criteria of the program.
This study loan can be used to pay tuition fees, living expenses or maintain travel costs. Depending on the fields of study a student can loan $1500-$50000, for general undergraduates mostly. But the students of law, medicine or dentistry can get up to $70,000 each.
loan programmes require non-US citizens to have a creditworthy US citizen or permanent resident
to act as a co-borrower.
The Access Group
Offers loans for international students attending one of the following schools: Columbia, Yale, or
Carnegie Mellon School.
For more information, contact Access Group, Inc., P.O. Box 7430, Wilmington, DE 19803-0403,
graduate degree program at a US college or university with a US resident co-signer.
For more information please contact Chela Financial at P.O. Box 64768, St. Paul, MN 55164-0768,
USA, or apply online at http://www.academicedge.chelafinancial.com. Although their website statesthat you must be a US citizen to apply for an AcademicEdge loan, we have confirmed that they dooffer loans to international students on the basis stated above.
Wachovia Education Finance’s International Student Loan Program (ISLP™)
Developed and administered by the International Education Finance Corporation (IEFC). Applicants must have a satisfactory credit history. Applicants may request up
to $45,000 on their own signatures. Applicants may use a US citizen or permanent resident coborrower
to reduce the origination fee. Co-borrowers must have an established satisfactory credit
history, be employed with sufficient income to meet current liabilities. For more information about ISLP, visit
available through the TERI Professional Education Plan (PEP). You must have a creditworthy US
citizen as a co-borrower. Loans are made through participatory banks, which include Citibank,
Bank of Boston (P.O. Box 312, Boston, MA 02117-0312) Baybank (P.O. Box 510, Dedham, MA
02026, USA, Tel: 001 617 320 2422) and Nellie Mae (see next page). You can borrow up to the
cost of your education (maximum $80,000 over four years).
For more information, contact GATE, 7 Tucker's Wharf, Marblehead, MA 01945, USA.
colleges and universities in Massachusetts. You must have a creditworthy US citizen as a coborrower
and may borrow up to the entire cost of your education.
For more information, contact MEFA, 125 Summer Street, Suite1450, Boston, MA 02110, USA.
Loan, EXCEL Grad Loan and EXCEL Grad Extension Loan. All Nellie Mae Loans require that the
borrower or co-borrower is a US citizen or eligible permanent resident and that the borrower andco-borrower have US social security numbers. Contact Nellie Mae and the international studentoffice at your university to find out about applying for a social security number as a non-US citizen.
Student EXCEL Loan: For students pursuing an undergraduate degree.
EXCEL Grad Loan: For students pursuing a postgraduate degree.
EXCEL Grad Extension Loan: For current Nellie Mae borrowers in their final year of postgraduatemedical, dental or law school.
For more information about the loan schemes, write to 50 Braintree Hill Park, Braintree, MA 02184,USA, or visit www.nelliemae.com.
academic standing and enrolled in or admitted to a Sallie Mae approved four-year non-profit
college or university. Borrowers must have a creditworthy US citizen as a co-borrower. Loan
amounts vary, but can be up to the cost of your education minus other financial aid received.
Applications can be submitted online. Check with your college/university to find out if it administersloans in co-operation with Sallie Mae.
Contact Sallie Mae to enquire about specific eligibility requirements: Corporate Borrower Services,11600 Sallie Mae Drive, Reston, VA 20193, USA, Tel: 001 850 767 7471 or visit
school programme (e.g. business administration, marketing, accounting, economics, taxation,
Executive MBA, etc.). Borrowers must have a creditworthy US citizen or permanent resident as aco-borrower. The annual minimum loan is $500 and you can borrow up to the cost of your entireeducation minus other financial aid received.
Federal Stafford loan, which can be done on the same application as the LAWLOAN (Note: this is
usually waived for international students as they are ineligible for Federal Stafford loans, but
confirm this with Sallie Mae and your college/university). Borrowers must have a creditworthy UScitizen or permanent resident as a co-borrower and be enrolled in an ABA (American Bar
For more info you can visit www.internationalstudent.com
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A lot of students from all over the world enter in USA just for higher study. But nowadays funding of study is become quite difficult to both US and international students. A lot of scholarships and rewards available, but most of the students can not able to get this kinds of funding.
But study loans are available in USA. US students get guarunteed study loans from government. But international students cannot get this kind of loan by government. Private study loan companies allow the students of non US. So that in this hard time international students can complete their study easily. They give loans on same conditions offered by the government.
There are some basic criteria to maintain for an international student before receiving this loan. The student must be over 18 years old and become enrolled in a US college or universities on fulltime or at least part time basis. The last requirement states that the borrower and the co-signer (if the student needs one) must meet the credit worthy criteria of the program.
This study loan can be used to pay tuition fees, living expenses or maintain travel costs. Depending on the fields of study a student can loan $1500-$50000, for general undergraduates mostly. But the students of law, medicine or dentistry can get up to $70,000 each.
These loans should start paying after 6 months of completing graduation. Some institutions which offer study loans are given bellow. This information provided by the fullbright commission, an educational advisory service of USA.
LOANS FROM SOURCES IN THE UNITED STATES
loan programmes require non-US citizens to have a creditworthy US citizen or permanent resident
to act as a co-borrower.
The Access Group
Offers loans for international students attending one of the following schools: Columbia, Yale, or
Carnegie Mellon School.
For more information, contact Access Group, Inc., P.O. Box 7430, Wilmington, DE 19803-0403,
USA, Tel: 001 302 477 4000, or visit www.accessgroup.org.
Chela Financial
graduate degree program at a US college or university with a US resident co-signer.
For more information please contact Chela Financial at P.O. Box 64768, St. Paul, MN 55164-0768,
USA, or apply online at http://www.academicedge.chelafinancial.com. Although their website statesthat you must be a US citizen to apply for an AcademicEdge loan, we have confirmed that they dooffer loans to international students on the basis stated above.
Wachovia Education Finance’s International Student Loan Program (ISLP™)
Developed and administered by the International Education Finance Corporation (IEFC). Applicants must have a satisfactory credit history. Applicants may request up
to $45,000 on their own signatures. Applicants may use a US citizen or permanent resident coborrower
to reduce the origination fee. Co-borrowers must have an established satisfactory credit
history, be employed with sufficient income to meet current liabilities. For more information about ISLP, visit
http://www.educaid.com/alternative/islp.htm, Tel: 001 800-338-2243
The Education Resources Institute (TERI)
available through the TERI Professional Education Plan (PEP). You must have a creditworthy US
citizen as a co-borrower. Loans are made through participatory banks, which include Citibank,
Bank of Boston (P.O. Box 312, Boston, MA 02117-0312) Baybank (P.O. Box 510, Dedham, MA
02026, USA, Tel: 001 617 320 2422) and Nellie Mae (see next page). You can borrow up to the
cost of your education (maximum $80,000 over four years).
For more information on TERI Loans, contact The Education Resources Institute (TERI), 330 StuartStreet, Suite 500, Boston, MA 02116-5237, USA, or visit www.teri.org.
GATE Student Loan Program (Guaranteed Access to Education)
For more information, contact GATE, 7 Tucker's Wharf, Marblehead, MA 01945, USA.
Tel: 001 617 639 4583 or email nctgate@aol.com or nctgate@gate.com.
Massachusetts Educational Financing Authority (MEFA)
colleges and universities in Massachusetts. You must have a creditworthy US citizen as a coborrower
and may borrow up to the entire cost of your education.
For more information, contact MEFA, 125 Summer Street, Suite1450, Boston, MA 02110, USA.
Tel: 001 617 261 9760, or visit www.mefa.org.
Nellie Mae
Loan, EXCEL Grad Loan and EXCEL Grad Extension Loan. All Nellie Mae Loans require that the
borrower or co-borrower is a US citizen or eligible permanent resident and that the borrower andco-borrower have US social security numbers. Contact Nellie Mae and the international studentoffice at your university to find out about applying for a social security number as a non-US citizen.
Student EXCEL Loan: For students pursuing an undergraduate degree.
EXCEL Grad Loan: For students pursuing a postgraduate degree.
EXCEL Grad Extension Loan: For current Nellie Mae borrowers in their final year of postgraduatemedical, dental or law school.
For more information about the loan schemes, write to 50 Braintree Hill Park, Braintree, MA 02184,USA, or visit www.nelliemae.com.
Sallie Mae
academic standing and enrolled in or admitted to a Sallie Mae approved four-year non-profit
college or university. Borrowers must have a creditworthy US citizen as a co-borrower. Loan
amounts vary, but can be up to the cost of your education minus other financial aid received.
Applications can be submitted online. Check with your college/university to find out if it administersloans in co-operation with Sallie Mae.
Contact Sallie Mae to enquire about specific eligibility requirements: Corporate Borrower Services,11600 Sallie Mae Drive, Reston, VA 20193, USA, Tel: 001 850 767 7471 or visit
www.salliemae.com.
LOANS FOR MBA AND LAW STUDY
cases the school will act as co-borrower for the loan. Check with the institution(s) to which you areapplying to find out if this option is available to you.
Sallie Mae - MBA LOANS - Tuition Loan Program
school programme (e.g. business administration, marketing, accounting, economics, taxation,
Executive MBA, etc.). Borrowers must have a creditworthy US citizen or permanent resident as aco-borrower. The annual minimum loan is $500 and you can borrow up to the cost of your entireeducation minus other financial aid received.
Contact Sallie Mae to enquire about specific eligibility requirements (see above for contact details).
Sallie Mae - LAWLOANS PROGRAM - Law Student Loan
Federal Stafford loan, which can be done on the same application as the LAWLOAN (Note: this is
usually waived for international students as they are ineligible for Federal Stafford loans, but
confirm this with Sallie Mae and your college/university). Borrowers must have a creditworthy UScitizen or permanent resident as a co-borrower and be enrolled in an ABA (American Bar
Association) accredited law school programme. Check with your college/university to find out if itadministers loans in co-operation with Sallie Mae. The annual minimum loan is $500 and you canborrow up to the cost of your entire education minus other financial aid received. Sallie Mae alsooffers a private Bar Study Loan.
Student Loans for US Citizens Enrolled in Foreign Schools
For more info you can visit www.internationalstudent.com
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