Posts Tagged ‘student loans’

Citibank Student Loans Can Meet The Financial Needs Of Different People

Citibank student loans are private loans designed to function in several categories so as to meet the financial needs of different types of graduate and undergraduate students. As it happens with all student loans in the private market, the interest rates are higher than for federal loans for instance. This means that Citibank student loans should become an option only if you don’t manage to get financial aid from other sources: scholarships, grants, federal loans and the like.

Anyone who’d like to apply for Citibank student loans should get his/her credit report and check it thoroughly for mistakes. The better your credit history, the higher the chances to get lower interest rates. The chances of approval and convenient interest rate increase if you get a co-signer. Your co-signer must have a good credit history, otherwise there’s no point in applying together. International students can only apply for Citibank student loans with a co-signer that has US citizenship or the right to permanent residence.

Citibank student loans allow the co-signer’s release after 24 consecutive repayments by the due date. Two other conditions for this release include the student’s US citizenship or residence and good credit history. Loan approval only takes place after the data in the forms are thoroughly verified. You must be enrolled at least half-time with a certified school and meet all the eligibility requirements. Once you get a loan contract with Citibank, it is important to clarify all the clauses in the contract and thus know your rights and obligations.

This means that you can get some interest rate reductions if you meet certain criteria. Find out everything about repayment, deferment and all the possible fees that apply to Citibank student loans for the full extent of the contract. Citibank student loans cover tuition, books and supplies, special equipment, room and board and special fees like late registration, parking permits and other similar expenses. Do not borrow more than you need because you will pay back an exorbitant sum. Closely evaluate your education expenses and see what other funding sources you can use.

If you have some savings or a current income, they could reduce the amount you take in the form of Citibank student loans. In case you qualify for Citibank Graduate Student loans then you may look further into the possibility of tax deduction for the interest rate. Two special types of private loans here are dedicated to Law and Health students. And each category of Citibank student loans comes with its terms and conditions.

Chase Student Loans – Interest Rates Depend On Credit History

Chase student loans are private student loans that require certification from the school’s or college’s financial aid system. Chase student loans can be used whenever you cannot cover the costs of your education by using other federal loans, grants and scholarships. The maximum amount that can be borrowed depends on the student category to which you belong. Thus, health education students can borrow up to $250,000, undergraduate students up to $120,000 and graduate students up to $180,000.

The interest rates specific to Chase student loans vary a lot depending on the borrower’s credit history. If you and your co-signer have a perfect credit record, you’ll qualify for an interest rate calculated according to the LIBOR index plus 4.4%. LIBOR corresponds to the rate that banks charge each other for loans. The interest rate can be as high as 12.25% in addition to LIBOR in case you have a very bad credit history. You can improve your credit report by making all the repayments on time. In 36 months of timely payments, your co-signer will be released from the contract.

Chase student loans do not require any fees. The repayment plan can be organized on up to 25 years starting six months after your graduation. While you’re in college, you don’t have to pay anything, unless you choose to cover the monthly interest rate. You can also enjoy a 25% interest reduction if the payments can be automatically withdrawn from your bank account. Lower interest rates are also possible with the support of a co-signer in the loan. The situations can be different from case to case, therefore, you have to file the application and see how well you qualify.

You can get the loan only after the complete verification of the data that you provided in the application form. Moreover, the school’s certification and your enrollment with the institution will also be checked. Keep in mind that Chase student loans are available only for US citizens or permanent residents, and applicants must meet the school’s academic requirements for the entire education interval. Once you get approval for Chase student loans, the money will be sent directly to school. The expenses covered by the loan include tuition, living expenses, a computer and books.

Do not apply for Chase student loans or for any other type of private loan before you have tried your chance with federal financial aid programs. Consider them as a last resort if you can’t get a grant or scholarship.

Bad Credit Student Loans – Consolidate Your Loan While Applying For New Tuition Loan

Bad credit student loans often remain the only option to get access to good education even if you lack the individual financial means to pay for it. Banks are interested in providing solutions for this kind of situations, and the government has designed special loan programs to assist people in accessing good education. There are several things you can do to qualify for bad credit student loans.

A co-signer, preferably a family member with a perfect credit record, will help you get favorable terms and rates for bad credit student loans.

Banks may lend you money even without a co-signer, but the interest rates are much higher. The repayment period, the lent amount and the credit report influence the interest rate specific to bad credit student loans.

Consolidate your existent loans while also applying for a new tuition loan. The approval for such a case may depend on your co-signer.

Federal programs such as Perkins and Stafford are the most advantageous bad credit student loans. Neither of them takes into consideration your credit history, and they have a low interest rate. The only problem is that Perkins and Stafford loans may not be enough to cover the full-cost of your education.

Lots of people who apply for bad credit student loans start from the idea that they don’t have a credit history. That is all wrong. If you have a job, you pay bills or you have any form of credit card, then you have a credit history. In other cases, students have to rely on their parents’ credit history in order to apply for loans.

If you don’t qualify for federal loans, your only solution remains the contracting of a private loan. If you get approval for bad credit student loans, you can start improving your credit report with every repayment you make. Pay the rate on time and when you have 48 on-time payments, you’ll no longer need a co-signer. You are building your credit afterward! It’s in your hands!

Pay attention to shop around even for bad credit student loans! Don’t be overwhelmed by your credit history, and don’t start from the premises that you don’t stand a chance at getting good loan contract conditions. You can really check that by contacting several lenders and comparing their offers, terms and requirements. Then, you’ll be able to make an informed decision and select the situation that best matches your case!

Student Loans Versus Credit Cards:What Is Better?


When applying for student loans, it’s so essential for prospective college students to calculate their finances as best as they can to receive the proper funding. From tuition and books to room and board, living expenses and food, students should really be sure to secure the funds they actually will need to get them through each and every semester at college.

By applying for the correct amount, students won’t come across themselves in a bind or get themselves into a credit card nightmare.

Way too many of college students today get into big trouble with credit cards. It’s unfortunate that students too inexperienced to know much better obtain enticing credit card offers inside the mail. Generally when a credit card offer you looms over a student, it is like dangling a carrot in front of a rabbit. The student grabs the credit card offer you without thinking ahead. Credit cards oftentimes appear to be a fast fix or a kind of “free revenue,” and they then develop into the remedy students feel they have to have.

Student Loans versus Credit Cards

If anything, it is the opposite. Like student loans, credit card debt have to be paid back. There’s a huge difference although. Student loans often are taken out with fixed interest rates, depending on the sort of loan along with a students’ credit rating, amount of loan, repayment terms, etc.

However, there’s often a catch when students obtain those “amazing” credit card offers. The catch is sky-high finance charges, some as high as 22 percent! However, oftentimes students do not take into consideration the finance charges when they accept the credit card offers. It’s sort of like, “I’ll think about that later.”

Some students who haven’t taken out enough student loans to cover their college expenses resort to credit cards to pay for necessities, books and even rent! They’ll use their credit cards to take out cash advances, which often have even greater finance charges than by just charging.

Never-ending Cycle of Debt

There are students who accept extra than one credit card offer. After hitting the limit on onecredit card, it’s effortless to accept a different and then one more, and so on. With the high interest rates and finance charges attached to these credit card providers, students simply can rake up a lot more than they bargain for. When students pay off credit cards by only paying minimum monthly payments, they are making their financial scenario worse. Finance charges accrue month soon after month. It could take virtually a lifetime to pay off the credit card bills.

Are Student Loans Discharged When Filing For Bankruptcy?


Nevertheless, not all debts are dischargeable and in certain cases, bankruptcy truly stands far away from being a solution to debt complications.

Student debt and “undue hardship”

Should you be buried deep in debt but your debt is mainly student debt you may wish to reconsider bankruptcy considering that virtually all

Student loans are non-dischargeable. The law is clear with regards to student loan debt: Unless repayment causes the debtor undue hardship, courts won’t allow discharge of student debt.

The above is applicable to Chapter 7 Bankruptcy and Chapter 13 Bankruptcy too. So as a way to be able to get discharged from student debt you’ll need to meet the “undue hardship” requirement.

This idea implies an excessive poorness caused by the debt that would impact the capacity of the debtor of paying for simple requirements. The principal difficulty would be to prove undue hardship.

A bit of history

Student Debt used to be much more easily discharged in the past. Even so, on account of abuse, Bankruptcy’s legal requirements had been modified and now it really is incredibly challenging to get it discharged.

The abuse consisted on filing for bankruptcy right away following finishing college, thus getting discharged of their student debt prior to joining the workforce.

When this practice became common, lenders complained and got the administration to modify the rules that controlled bankruptcy.

Discharging Nowadays

Currently, the exception of hardship consists of government loans and nonprofit organization loans.

So it has developed into even far more difficult to get student debt discharged. Besides, not just has the debt to disrupt the debtor capacity to preserve an adequate minimal standard of living but the debtor ought to have tried by every possible approach to repay the debt.

Co-signer Responsibility

Even if the debtor meets all this requirements, any co-signer who subscribed the loan with the debtor won’t be covered by the hardship exception and thus is going to be the sole responsible one for the debt repayment.

This is among the lender’s major securities and explains why most of the student loan lenders need a co-signer as a way to grant a loan.

Final considerations

Filling for bankruptcy or not is really a choice that has to be intensively meditated and should be substantiated in the need of a fresh new start when there’s no other selection.

If a bankruptcy won’t discharge your student debt, and if your student loans are the principal constituent of your debt, then it makes no sense to suffer all the poor consequences linked to having a bankruptcy without having becoming able to enjoy the positive aspects.

Even so, if your income is too low, your debt won’t let you even breath and there’s no other way of recovering from this scenario, you may have the ability to convince a court that due to the excessive burden your debt has turned into, it need to be discharged.

That way, you’ll be able to get a fresh start and grow to be totally debt free.

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