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OT: College Loans

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23artest23
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OT: College Loans 

Post#1 » by 23artest23 » Mon Aug 11, 2008 6:39 pm

This is way off of topic for this board but I know we have more than a few college graduates in the house so I figured this would likely be a pretty decent arena to get some first hand opinions.

I need to get a car. I blew my engine in my Eclipse not too long ago and a car for myself has become a must. It is preventing me from working, kept me out of school today, and a number of things such as socializing. Getting a car is a must for me right now because it is truly getting in the way of things.

I would like to know how to go about doing this and what the best options are. I could get one through school but through a number of factors, this will not fit my needs in an ideal way. Are there certain companies out there that are better than others? Interest rates vary but what are best go with? I have seen Libor based rates among others and at this point, it is confusing what may be best to go with as many are adjustable and such.

Another issue I have wondered about is the fact I'm not currently working. I would love to be and need to be but I am under the impression that if you do not work, the chances of receiving a loan are slim to none. I have worked from 04-07 so I do have financial information for the previous year (07) that I could provide if loans are based on the previous year but I don't know that it works that way.

Any kind of advice, experience, suggestions, or any other form of help would be highly appreciated and I thank you ahead of time.
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Re: OT: College Loans 

Post#2 » by APerna » Mon Aug 11, 2008 6:54 pm

Any public transportation? I know it isn't always great, but I've used it on occasion when heading into NYC from work and whatnot.

You seem to be in a tough position, but I wish you the best.
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Re: OT: College Loans 

Post#3 » by fdefore » Mon Aug 11, 2008 6:55 pm

If you're looking to avoid loans, I'd recommend using a ski mask and a Slim Jim.
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Re: OT: College Loans 

Post#4 » by 23artest23 » Mon Aug 11, 2008 7:35 pm

Public transportation does not work for me considering I'm going from Madison Co. to Indy. Thanks though.

If I was trying to get back into dirty money, I have far better options than the ski mask way. I'm trying to avoid that.
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Re: OT: College Loans 

Post#5 » by greenway84 » Mon Aug 11, 2008 7:51 pm

I work for Flagstar Bank. To be honest right now is damn near impossible to get a loan for anything let alone a car. Before working for Flagstar I worked for CNAC (car now acceptance company) Car loans are one of the hradest loans to obtain espeacially if you have never had a car loan. Without having an established job it's fairly safe to say it won't happen. If you can obtain additional money or grants for school to buy you a car that would be your safe bet. However DO NOT get a personal student loan. Ex. Sallie Mae, JPMorgan etc. Pretty much anything you see advertised on TV. I also worked for Sallie Mae loan procedure office. Get government student loan or grant. Also DO NOT go to a buy here pay here you'll end up paying 13 14 grand for a 13 14 hundred dollar car. Without a job your only bet is Government student loans or grants. even if you can get 13 hundred you can get something. Sorry to be the bearer of bad news.
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Re: OT: College Loans 

Post#6 » by 23artest23 » Mon Aug 11, 2008 9:17 pm

greenway84 wrote:I work for Flagstar Bank. To be honest right now is damn near impossible to get a loan for anything let alone a car. Before working for Flagstar I worked for CNAC (car now acceptance company) Car loans are one of the hradest loans to obtain espeacially if you have never had a car loan. Without having an established job it's fairly safe to say it won't happen. If you can obtain additional money or grants for school to buy you a car that would be your safe bet. However DO NOT get a personal student loan. Ex. Sallie Mae, JPMorgan etc. Pretty much anything you see advertised on TV. I also worked for Sallie Mae loan procedure office. Get government student loan or grant. Also DO NOT go to a buy here pay here you'll end up paying 13 14 grand for a 13 14 hundred dollar car. Without a job your only bet is Government student loans or grants. even if you can get 13 hundred you can get something. Sorry to be the bearer of bad news.


Thanks for you help. I may end up having to do the school loans because grants/scholarships are not treating me right at the moment. I've applied for I don't even know how many scholarships and that has went nowhere so far. Offtopic to my topic but are there any particulary great sites for that outside of fastweb? I've used a few others but cannot remember those off the top of my head.

I have never had a car loan, I paid for my first in cash and I am unemployed at the moment so I could understand why it would be hard, especially considering the economy. I could get my hands on $1300 but I worry what quality of vehicle I will be able to fetch at that amount. I was ideally looking to get $2500-3000 because I feel I could do alright with that but that obviously may not work out. I will look more into the student loans tomorrow to see what I may be able to muster up.

Anything additional would be highly appreciated.
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Re: OT: College Loans 

Post#7 » by greenway84 » Mon Aug 11, 2008 9:29 pm

you should try direct loans they offer gov laons i dont know if you have knowledge of the difference between personal and gov but gov is better in every way shap and form. but to be honest i would just look around. craigslist and local newspapers. i bout a 2001 mazada protege with only 78 thousand miles for 1900 so theyre are good deals out there you just have to look.
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Re: OT: College Loans 

Post#8 » by HicksvsKnicks08 » Mon Aug 11, 2008 11:11 pm

Artest23,

Take it from a man in his 30's. My student loans are the ONLY reason my credit sucks. I couldnt afford to pay right away, and it was asnowball effect. If you can IM me, I have some real solid advice, but dont want to post here

Just be carefull and think hard
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Re: OT: College Loans 

Post#9 » by greenway84 » Mon Aug 11, 2008 11:21 pm

^
He's right not being able to afford your student loan payment will cause a snowball effect. Thats why I said avoid scam loans and personal loans. Government loans can be deferred without accruing interest. Its called an economic hardship deferment. With private loans you can only forberance them which still accrues interest and depending on the loan originaotr may cost you anywhere between 50-100 dollars for a 6 month relief also you only have up 3 years typically where as with gov loans you dont have a imit per say you just ahve to continue to prove you cannot afford them. Also private loans tend to have intro rates of 2 or 3% then jump up 17 - 23% after your grace period. be very careful.
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Re: OT: College Loans 

Post#10 » by 23artest23 » Tue Aug 12, 2008 12:00 am

greenway84 wrote:you should try direct loans they offer gov laons i dont know if you have knowledge of the difference between personal and gov but gov is better in every way shap and form. but to be honest i would just look around. craigslist and local newspapers. i bout a 2001 mazada protege with only 78 thousand miles for 1900 so theyre are good deals out there you just have to look.


I somewhat have knowledge on the differences between personal and gov. loans. I know gov. carry a lower interest rate that if I am correct, is not an adjustable interest which is good as well. As far as finding resources, applications, and such of these online, I have not been able to. It may just be me or it may be my incompetence in the area but I have not been able to locate many government resources loan wise online. Are there options outside of Subsidized/Unsubsidized Stafford, Federal Pell grants, and the SEOG? Congrats on your Protege, sounds like a steal.
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Re: OT: College Loans 

Post#11 » by 23artest23 » Tue Aug 12, 2008 12:06 am

HicksvsKnicks08 wrote:Artest23,

Take it from a man in his 30's. My student loans are the ONLY reason my credit sucks. I couldnt afford to pay right away, and it was asnowball effect. If you can IM me, I have some real solid advice, but dont want to post here

Just be carefull and think hard


Im very interested in anything you have to say. I am not sure how to an IM on here though. If you mean a private message, it says I am not enabled or something to that extent. If you would like to IM or PM me, whatever it is called, I would be very interested in any advice, suggestions, and such that you would have.
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Re: OT: College Loans 

Post#12 » by Scoot McGroot » Tue Aug 12, 2008 2:26 am

Why don't each of you email us mods at the address listed in the thread at the top of the forum (pacersrgm at yahoo dot com). Just take out the spaces and change the "at" to "@" and the "dot" to a "." . I just typed it that way to try and avoid internet bots from farming the email address.


One of us mods can then pass along your contact info to each other and you could carry on this discussion off the boards here, if you're more comfortable doing that.
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Re: OT: College Loans 

Post#13 » by greenway84 » Tue Aug 12, 2008 2:33 pm

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Re: OT: College Loans 

Post#14 » by 23artest23 » Tue Aug 12, 2008 5:38 pm

greenway84 wrote:http://www.studentloannetwork.com/direct-loans/


Thank you very much. I'll let you know if I get anything done with that.
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Re: OT: College Loans 

Post#15 » by IndieRuso420 » Tue Aug 12, 2008 7:01 pm

Kind OT, but I had to take out an $11,000 loan for my 6th year of college (this year). Yea I know, your thinking 6 years? WTF? I'm getting two 4 year degrees, Sports Management and Organizational Leadership & Service. Sucks that I'm now 11 grand in the whole but you gotta do what you gotta do.
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Re: OT: College Loans 

Post#16 » by HicksvsKnicks08 » Tue Aug 12, 2008 7:07 pm

artest23

email me at epflum@yahoo.com

It's a secondary account, so dont worry about it

unfortunatley I am pretty well versed in it, would love to advise
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Re: OT: College Loans 

Post#17 » by 23artest23 » Tue Aug 12, 2008 7:29 pm

IndieRuso420 wrote:Kind OT, but I had to take out an $11,000 loan for my 6th year of college (this year). Yea I know, your thinking 6 years? WTF? I'm getting two 4 year degrees, Sports Management and Organizational Leadership & Service. Sucks that I'm now 11 grand in the whole but you gotta do what you gotta do.


That sucks you had to do that but as you've probably read, I am into the whole loan thing too. Just keep in mind that it will pay off in the end.
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Re: OT: College Loans 

Post#18 » by HicksvsKnicks08 » Tue Aug 12, 2008 11:14 pm

LOL 11 Grand? son thats interest for me.

try taking out loans at 40K and now with interest its like 75K!!

I was going for my Masters and couldnt pay , had to work and go to school

I have never had real credit only baecaue of this issue, and bankruptcy nor credit consueling is an option. Federal Govt ensures all loans , and you cant get it discharged in bankruptcy court

think long and hard and exhust all options

I am convinced the studen loan people are followers of the anti-Christ

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