Full Careers

does anyone kno of student loans??

i go to mediatech institute/ dallas sound lab to become an audio engineer... does anyone kno of any career training loans or private loans for this school besides sallie mae...? i've tried a number of places but the school isnt on anyones list... does anybody kno where i can get a student loan for any school and not jus the ones on a list?

Public Comments

1. Try Fastweb.com. I've found them to be an awesome source for scholarships. You answer a brief survey about what you're going to school for and they send you leads on scholarships. Plus its a FREE service!!
2. Loans for Higher Education While included in the term "financial aid" Higher Education Loans differ from scholarships and grants in that they must be paid back. They come in several varieties in the United States: Federal Student Loans made to students directly: No payments until after graduation, but amounts are quite limited Federal Student Loans made to parents: Much higher limit, but payments start immediately Private Student Loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. FEDERAL LOANS TO STUDENTS See Perkins Loan, Stafford loan, Federal Family Education Loans, Ford Direct Student Loans and College Consolidation Loan Federal student loans in the United States are authorized under Title IV of the Higher Education Act as amended. The first type are loans made directly to the student. These loans are available to college and university students and are used to supplement personal and family resources, scholarships, grants and work-study. They may be subsidized by the U.S. Government, or may be unsubsidized depending on the student's financial need. Both subsidized and unsubsidized loans are guaranteed by the U.S. Department of Education either directly or through guarantee agencies. Nearly all students are eligible to receive them (regardless of credit score or other financial issues). Both types offer a grace period of 6 months, which means that no payments are due until 6 months after graduation, or 3 months after the borrower becomes a less-than-full-time student without graduating. Both types have a fairly modest annual limit regardless of the student's actual cost of education. The present limit in January 2006 is $2,625 per year for freshman undergraduate students, $3,500 for sophomore undergraduates and $5,500 per year for junior and senior undergraduate students. Subsidized Federal student loans are offered to students with a demonstrated financial need: generally requiring a low family income. For these loans, the federal government makes interest payments while the student is in college. For example, those who borrow $10,000 during college will owe $10,000 upon graduation. Unsubsidized federal student loans are also guaranteed by the U.S. Government, but the government does not pay interest for the student, rather the interest accrues during college. or example, those who have borrowed $10,000 and had $2,000 accrue in interest will owe $12,000. Interest will begin accruing on the $12,000. Those who borrow $10,000 during college will owe $10,000 PLUS INTEREST upon graduation. The accrued interest will be "capitalized" into the loan amount, and the borrower will begin making payments on the accumulated total. Students can also choose to pay the interest while still in college. Federal student loans for students of medicine have higher limits, $8,500 for subsidized Stafford and $30,000 maximum for unsubsidized Stafford. Many students also take advantage of the unsubsidized Perkins loan. For medical students the limit for Perkins is $6,000. FEDERAL STUDENT LOANS TO PARENTS See PLUS loan Usually these are described as PLUS loans (Parent Loans for Undergraduate Students). Unlike loans made to students, parents are able to borrow much more - usually enough to cover any gap in the cost of education. However, there is no grace period whatsoever. Payments start immediately. Parents should be aware that THEY are responsible for repayment on these loans, not the student. This is not a 'cosigner' loan with the student having equal accountability. The parents are on the hook to pay and if they do not do so, it is their credit that will suffer. Also, parents are advised to consider "year 4" payments, rather than "year 1" payments. What sounds like a "manageable" debt load of $200 a month in freshman year can mushroom to a much more daunting $800 a month by the time 4 years have been paid for through borrowing. The combination of immediate repayment and the ability to borrow substantial sums can be dangerous. Under new legislation graduate students are now eligible to receive PLUS loans in their own names for studies. These loans have the same interest rates and terms and Parent PLUS loans. Parents should also be aware that current legislation will raise the interest rate on these loans significantly, to 8.5% as of July 1, 2006. Private student loans These are loans made to students by private finance companies: sometimes banks, sometimes specialized education lenders. Advocates of private student loans suggest that they combine the best elements of the different government loans into one: They generally offer higher loan limits than direct-to-student federal loans, ensuring the student is not left with a budget gap. But unlike to-the-parent government loans, they generally offer a grace period with no payments due until after graduation. This grace period ranges as high as 12 months after graduation, though most private lenders offer 6 months. Rates and interest Private student loan rates are lower than non-specialized private loans (e.g. "signature" loans) but slightly higher than government loan rates. That may be changing, as pending legislation would raise government student loan rates to similar rates as private student loans. Most private loan programs are tied to one or more financial indexes, such as the Wall Street Journal Prime rate or the BBA LIBOR rate, plus an overhead charge. Because private loans are based on the credit history of the applicant, the overhead charge will vary. Students and families with excellent credit will generally receive lower rates and smaller loan origination fees than those with less than perfect credit. Beginning a few years ago, money paid toward interest is now tax deductible. Fees Private loans often carry an origination fee. Origination fees are a one-time charge based on the amount of the loan, they can be taken out of the total loan amount, or added on top of the total loan amount, often at the borrower's preference. Some lenders offer low-interest, 0-fee loans; but these are usually available only to those with high credit scores of 800 or more. It is a fact that each percentage on the front-end fee gets paid once, while each percentage point on the interest rate is calculated and paid throughout the life of the loan. Some have suggested that this makes the interest rate more critical than the origination fee. In fact, there is any easy solution to the fee-vs-rate question: ALL lenders are legally required to provide you a statement of the "APR - Annual Percentage Rate" for the loan before you sign a promissory note and commit to it. Unlike the "base" rate, this rate DOES include any fees charged and can be thought of as the "effective" interest rate including actual interest, fees, etc. When comparing loans, it may be easier to compare APR rather than "rate" to ensure an apples-to-apples comparison. Eligibility Private student loan programs generally issue loans based on the credit history of the applicant and any applicable co-signer/co-endorser. This is in contrast to federal loan programs which deal primarily with need-based criteria, as defined by the EFC and the FAFSA, For many students, this is a great advantage to private loan programs, as their families may have too much income or too many assets to qualify for federal aid, but insufficient assets/income to pay for schooling without assistance. Additionally, many international students studying in the United States can obtain private loans (they are ineligible for federal loans in many cases) with a co-signer that is a United States citizen/permanent resident. The terms for alternative loans vary from lender to lender, and a common suggestion is to shop around on ALL terms, not just respond to "rates as low as..." tactics that are sometimes little more than bait-and-switch. Examples of other borrower terms and benefits that vary by lender are: Deferrments (amount of time after leaving school before payments start) and forebearences (a period of time where payments are temporarily stopped due to financial or other hardship). These policies are solely based on the contract between lender and borrower and not set by Department of Education policies. Federally subsidized consolidations are not available for alternative student loans, though several lenders offer private consolidation programs. Borrowers of privately subsidized student loans may face the same restrictions to bankruptcy discharge as for government based loans: legislation suggests these loans are, like federal student loans, not dischargeable under bankruptcy, but the matter has not yet been tested in court. Disbursement: How the money gets to student or school There are two distribution channels for Federal student loans. The channels are identified by their names: Federal Direct Student Loans and Federal Family Education Loans. Federal Direct Student Loans, also known as Direct Loans, or FDLP loans are funded from public capital originating with the U.S. Treasury. FDLP loans are distributed through a channel that begins with the U.S. Treasury Department, and from there passes through the U.S. Department of Education, then to the college or university and then to the student. Federal Family Education Loan Program loans, also known as FFEL loans or FFELP loans, are funded with private capital provided by banking institutions (i.e., banks, savings and loans, and credit unions). Because the FFELP loans use private capital as their source, students who use FFELP loans are able to take advantage of payment options that are similar to those available to customers who take out a home loan or a consumer loan. For example, some institutions will allow a discount for automatic payments, or a series of on-time payments. In 2005, approximately two-thirds of all federally subsidized student loans are FFELP. According to the U.S. Education Department, more than 6,000 colleges, universities and technical schools participate in FFELP, which represents about 80 percent of all schools. FFELP lending represents 75 percent of all federal student loan volume. The maximum amount that any student can borrow is adjusted from time-to-time as Federal policies change. A study published in the Winter, 1996 edition of the Journal of Student Financial Aid, titled “How Much Student Loan Debt is Too Much” suggested that the monthly student debt payment for the average undergraduate should not exceed 8% of total monthly income after graduation. Some financial aid advisors have referred to the 8% level as “the 8% rule.” Circumstances vary for individuals, so the 8% level is an indicator, not a rule set in stone. A research report about the 8% level is available on the internet at [3] Follow links to --> Reports and presentations --> How Much Student Loan Debt is Too Much? For private loans it is far simpler - the lender generally disburses the money directly to the school. you can find more information about this from the following site: http://www.ed.gov/index.jhtml
3. http://www.citbank.com http://www.salliemae.com
4. Unfortunately, that is your only choice. Yes, there are other lenders you can choose from, but schools can discriminate with what lender they want to deal with.
5. go to your schools financial aid department and ask them for a list of banks that provide loans to students at your school. Every school should have this. Mine does.