student loans?

[Random Girl]

it is mostly based on the stigma that kids will live with their parents or need their parents support while going to school.  Also if you look at your employer insurance policy if your child is in college they can continue to be on your health care until 24 as well.

[Miranda]

From what I've heard, avoid Fannie Mae at all costs. Yes, they may be very accommodating in providing money (much like mortgage companies that are now in trouble--as is Fannie Mae), but I've heard they're also vicious when it comes to repayment--so much so groups of ex-students have begun to form in protest of their practices.

Fanny Mae deals strictly with mortgages.  Sallie Mae deals with student loans.  I do not believe they have been dealing with the same issues as Fanny Mae and Freddy Mac.  Sallie Mae basically act as a go between for you and a pool of banks and lenders.
I've had absolutely no problem with them.  They've always been exceedingly nice and accommodating.  When I had lost my job and was without work, they deferred my payments for a few months, no problem.

As for repayment...this is the SINGLE BEST investment you can make towards your future.  Most people that I went to school with, liberal arts and social sciences, got jobs in fields unrelated to their degree's myself included, but we wouldn't have gotten those jobs without that degree.  So if you have to take out loans to pay for it by all means do it.  I may be paying off college for the next twenty years, but I don't regret it, as I wouldn't be making as much money if I hadn't gone to school.

[daylight]

 I don`t know if anyone has told you about GSL`s  (Guarnteed student loans)  they are loans that you don not have to pay back. If you have never had one you are guarnteed one they can not deny you. Every one  and anyone can get them. But you can only use it once. You can try to get a GSL from your school,  they  willl have the info on them. I got one at my school they are ones that told me about GSL`s   hope this helps

[Tremayne]

I don`t know if anyone has told you about GSL`s  (Guarnteed student loans)  they are loans that you don not have to pay back. If you have never had one you are guarnteed one they can not deny you. Every one  and anyone can get them. But you can only use it once. You can try to get a GSL from your school,  they  willl have the info on them. I got one at my school they are ones that told me about GSL`s   hope this helps

Daylight, you need to take a closer look at this. A loan is a loan--to be paid back. A loan guaranteed by the gov't means that if it goes into default the gov't will cover it, which makes banks more likely to lend to you. But failing to pay it back will play havoc on your credit score. And the gov't does not then sit idly by shrugging its shoulders at the lost tax dollars but can put liens on your property so that if you ever sell any proceeds go first to pay off your debt. I don't recall all the stipulations of GSLs but you need to get clearer on your responsibilities and the repercussions of not paying. Unless, of course, you're talking about something different--like a federal grant program. The word grant generally denotes a gift of money that doesn't have to be paid back.

[Tremayne]

Anyway, I'm sure Gypsy is getting the point that she needs to read the fine print and go in with her eyes open while surveying her options. Again, I think it's great that you've asked for help with this issue, Gypsy. It's a very stressful aspect of going to school and many people like to sign on the dotted line and look the other way. Kudos to you for both pursuing your education and for endeavoring to be money-wise while you do.

[eloquentXI]

You're not alone, Gypsy. Even though I have three scholarships, I had to get student loans for next year.
The only thing that has helped me through this, is talking to the people at the Financial Aid Office at my University. They will be able to walk you through what needs to be done and by when and help with any questions you have.
Once you've got your FAFSA done, they should be able to guide you to the next step.

Good luck with everything!

[raevyncait]

One other little tidbit of advice I have, based on my own experiences: KEEP A COPY OF EVERYTHING YOU TURN IN.  Ask them to make you a copy AFTER they have stamped it received.  Even after I did this, there were a couple of times I had to go 'round and 'round with my FA office, because they claimed not to have received it, either at all, or before a random deadline, and were denying me entry into the work study program based on the fact that they 'never received' my stuff, even when I had a copy, with their stamp and the date on it.

Another note, GSL's are one of the few debts that never go away until you pay them off, or die.  If you are not making payments like you are supposed to, they can, and will garnish wages, tax returns, and may place liens on your property.  They are not subject to the 7 year statute of limitations that other debts are subject to... they are collectible forever. 

Read very carefully any and everything you sign.

[daylight]

Tremayne... Really it`s a GSl and you really don`t have to pay that back I got that and student loan at the same time. when I went to beauty school, they are called GSL  and you do not have to pay those back, I went too beauty collage in California. The reagular student loan I had to pay back but the GSL I did not. It is only for a certian amount and did cover alll the costs of my scholl but it helped . Really check out about the GSL Call a beauty scholl and see if they know. I went to a beauty school and part of my school was on a GSL. so tremayne check and see I promise I`am telling the truth.  I know she is not going to beauty school but the loans are for anything for school. You are right about paying the loans back I had to pay my student loan back but not the GSL  maybe it is some kind of of grant but it is called a GSL

[gypsylakat]

*pout* just found out my credit union doesn't offer it's own loan, they just do the federal loan.

[gypsylakat]

k, so i got a small pell grant, and am eligible for a subsidized loan, but it's probly not going to be enough... I was pondering between taking out an unsubsidized stafford loan and taking out a private loan from elsewhere.. any comments between those options?

[Tremayne]

My inclination would be an unsubsidized stafford but get all your repayment facts. I'm guessing unsubsidized just means you'll have a higher interest rate. Try not to saddle yourself with debt that has to be paid while you're in school.

Have you looked into work study opportunities at your school--or financial aid or job opportunities in the dept of your major? Dept secretaries can be great sources of information.