Student Loan Advice (bachelors, high school, best, credits)
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I’m hoping someone can help me with some student loan advice. My husband and I are both taking classes through Strayer University and using tuition reimbursement. We get a tax free amount of $5250 a year. After we go over that amount, we are getting taxed 36%....OUCH!!! Those taxes will come out of the reimbursement money so I'll be owing the college the rest.
We're going to need student loans to help us out. I'm not real familiar with them and know there are federal and private loans. If anyone can give me info on both I'd appreciate it! I fear that my husband and I may make too much to get a decent amount for a federal loan, not sure how that works. I know we already make too much for any decent financial aid.
All together I figure we will have approx $10,000 total in student loans because my husband is going for his Masters. He will be done in Spring of 2011 and I will be done with my Bachelors of Science in Winter of 2011. What do you think are the best options for us?
I used both federal and private loans. The federal allowed me to borrow up to 18,500 per semester. I did have to submit documentation of hours taken etc. You should go to the financial aid office of the shool, and they will have information on loans (usually federal and private) or you can contact the department of education for federal loans. You will have to fill out a FAFSA (federal application for financial student aid or somthing like that). It's pretty easy and self explanatory.
Consolidating your loans is also good, however keep in mind that it is not wise to consolidate federal (staffard loans) with private loans. The Stafford loans comes in subsidized and unsubsidized loans, the difference between the two is that the government pays the interest on one and you pay the interest on the other. Stafford loans are usually your best bet due to lower interest rates and there is no need to qualify due to credit worthiness. Private loans on the other hand are based on your credit worthiness and can have a high interest rate. In addition, a private loan my need a co-signer if your financial background is not strong. As previously mentioned by someone else, FASFA is your best bet as well as your financial aid counsellor.
I am surprised that it is taking your husband so long to complete his masters, is he going on a part time basis?
Consolidating your loans is also good, however keep in mind that it is not wise to consolidate federal (staffard loans) with private loans. The Stafford loans comes in subsidized and unsubsidized loans, the difference between the two is that the government pays the interest on one and you pay the interest on the other. Stafford loans are usually your best bet due to lower interest rates and there is no need to qualify due to credit worthiness. Private loans on the other hand are based on your credit worthiness and can have a high interest rate. In addition, a private loan my need a co-signer if your financial background is not strong. As previously mentioned by someone else, FASFA is your best bet as well as your financial aid counsellor.
I am surprised that it is taking your husband so long to complete his masters, is he going on a part time basis?
Thanks for the info everyone! My husband is going part time and has been for several years. He also went to school right after high school and then changed majors, did electrical engineering techology through an Apprentice school where we work now. That took a while because that was also part time and now he has changed to IT, which several of his previous credits transfered but he still has all of the major classes to take. So it has taken some time but he has finally found what he wants to do in life and as long as he doesnt change again we should be good. If he does I'll be upset! LOL
I have 3 student loans consolidated with Citibank. The only reason I have 3 is because I went to school at 3 different time periods (also part-time like your husband.) I think the chances of getting a private loan are slim. Mine are federal unsubsidized with pretty decent interest rates because I've been with them for so long. Like the previous poster state about unsubsidized loans---you can choose to pay the interest while in school or it capitalizes after you're out of school. And after you've graduated or been out of school for at least 6 months, you have to start paying back the loan. You do have to fill out a FAFSA--the sooner the better.
Also try to see if you can get a state grant--free money...I got a TX state grant when I lived there & it was nice, though smaller since I just went to a community college.
There are subsidized and unsubsidized loans. Ones better than the other but I always get the two mixed up. Someone already beat me to it but you'll have to fill out a FAFSA form to try and get "free money". It will also help establish your loan amount I think.
Remember, and this is probably a ways to go but you can deduct you student loan interest when you start paying off your loan. Depending on your income, you may deduct the entire amount.
Consolidating your loans is also good, however keep in mind that it is not wise to consolidate federal (staffard loans) with private loans. The Stafford loans comes in subsidized and unsubsidized loans, the difference between the two is that the government pays the interest on one and you pay the interest on the other. Stafford loans are usually your best bet due to lower interest rates and there is no need to qualify due to credit worthiness. Private loans on the other hand are based on your credit worthiness and can have a high interest rate. In addition, a private loan my need a co-signer if your financial background is not strong. As previously mentioned by someone else, FASFA is your best bet as well as your financial aid counsellor.
I am surprised that it is taking your husband so long to complete his masters, is he going on a part time basis?
Just for clarication, on subsidized loans, the government only pays the interest while you're in school. Once you graduate the loan will accrue interest like a regular loan.
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...I got a TX state grant when I lived there & it was nice, though smaller since I just went to a community college. 
