Information on College Student Loans and Alternative Loans
Came accross some useful info on college student loans and alternative loans. Thought of sharing it with the community in this forum.
College Student loans are also known as Stafford loans or Federal Stafford loans. There are now many different types of student loans out there, such as private student loans.
College loan is become an important mode of financing with the growing cost of education in college, universities, law and medical schools and other professional institutions. Students both in the graduate and under-graduate level feels that the loans they receive as scholarships along with grants and College loans are not sufficient to meet their education costs.
Strafford Loans are government subsidized with no collateral loan and have a simple interest rate. Students may borrow while in school and begin repayment six months after leaving school or graduating. This type of loans provides the students and parents the much needed support during the days of graduation, medical and law schools, and other professional courses. Strafford or College loans are also low in interest rates and save the students a lot of money.
Nowadays the Alternative student loans or Private student loans have become extremely popular. In this loan you have certain major advantages like:
- You are not required to make the full payments until after completion of graduation.
- The loan covers everyday college and living expenses such as room and board, school supplies, student projects, tuition, travel, etc.
- The interest rate in this loan is extremely low between 0% to 8% and is supported by all US colleges and institutions. This also helps students to save a lot of dollars.
Hope this will help.
Cheers
Bryan
College Student loans and alternative loans
Hi bryan
Welcome to the forums once again
Thanks for sharing this information with the community members.Many community members are not aware with the student loan and their types. This will really help them to get acquainted with the student loan and their types.
Thanks once again for this wonderful work.
Regards
Peter
defaulted student loans
I took out a strafford loan with chemical bank in 1984, I am looking for a record of payment to chemical bank that was made in 1986 and 1987. I had a very bad fire a couple of years ago and all of my personal records were destroyed. Would there be a record of this now.
Thank You,
Pamela Johnson
[color=red][email removed as per forum rules-Vikas][/color]
Pamela, 20 years ??? long time! What was the mode of pay
Pamela,
20 years ??? long time! What was the mode of payment? It's difficult to get the payment details from your bank even for such an old transaction.
You can also see your credit report. This account is likely to be there in the report provided your creditor has reported it to the credit bureaus. But this account is going to be shown as DEFAULT, probably. So it won't help you to get the payment details.
However; you can definitely contact your lender and they are supposed to keep track of all the payments they receive. Also tell them about the tragedy that you met few years back. I think they will guide you.
Please share all your experience with us.
Best of luck.