College Loans (1 Viewer)

[baarbogast]

If I remember correctly it’s only about 18,000 overt 4 years.

Ohio used to be 100% for state schools and they would pay $600/yr or a % of your loans annually. You could also get drill pay, GI Bill , some sort of a kicker.

 

[baarbogast]

He's not the military type or inclined. Lol.

HAve you looked at UPS or Fedex? Around here they pay full tuition.

 

[brandon8283]

Hey, so the boy is off the college in the fall (that's the plan so far, at least....)

He's already set with a nice scholarship and the usual stafford loan. However, he'll need a few k each semester that requires a Federal Direct PLUS Loan, or a private loan.

I sort of forgot to look into this the last couple of months, I have no idea what else has been going on..... oh. Anyway, anyone have any experience with comparing a Federal Direct PLUS loan as a parent vs a private loan and probably co-signing or something. My credit is excellent. Are there better deals for private loans? The PLUS loan is like a 7.08% interest rate.

How much is a few k?

Could you and/or he just pay for it as you go?

 

[GrandAdmiral]

Any college loan a parent will be co-signing. You really think the banks are handing out tens of thousands of dollars to under 21 year olds with little to no credit history?

The only loans that allow parents to co-sign are private education loans AND that's only if the parent is credit worthy; then Johnny has to look elsewhere. The PLUS loan is strictly on mom and/or dad. I know they've increased, then decreased, then increased again the number of approvals after a bunch of HBCUs argued how it affected their enrollment numbers.

He's not the military type or inclined. Lol.

I thought you were a vet. If so and you enrolled for the GI Bill, you can transfer those benefits.

 

[Saint_Ward]

How much is a few k?

Could you and/or he just pay for it as you go?

If it weren't for the pandemic putting me on part time, and my wife leaving her job soon to finish her degree, yeah, I probably could have just paid for it. I'm talking like $3000/semester. But, this is his responsibility to cover, and I'm just lending my credit to help get him a better rate.

I'm getting a lot of other advice, which is good to keep aware of other options, but it seems like no one has really answered my original question.

I just went ahead an applied for one private loan through a company that seemed to get good review. I may end up adding another to the mix. I'm just going to see what the rates are. Has anyone actually done this?

 

[GrandAdmiral]

If it weren't for the pandemic putting me on part time, and my wife leaving her job soon to finish her degree, yeah, I probably could have just paid for it. I'm talking like $3000/semester. But, this is his responsibility to cover, and I'm just lending my credit to help get him a better rate.

I'm getting a lot of other advice, which is good to keep aware of other options, but it seems like no one has really answered my original question.

I just went ahead an applied for one private loan through a company that seemed to get good review. I may end up adding another to the mix. I'm just going to see what the rates are. Has anyone actually done this?

Which one, if I can ask, because some have a reputation?

I would not, OTOH, recommend applying for multiple loans. Stick with one company and ask for as increase in the original loan.

 

[SaintJ]

What’s the price of tuition going for these days?

Too much.

 

[Saint_Ward]

The only loans that allow parents to co-sign are private education loans AND that's only if the parent is credit worthy; then Johnny has to look elsewhere. The PLUS loan is strictly on mom and/or dad. I know they've increased, then decreased, then increased again the number of approvals after a bunch of HBCUs argued how it affected their enrollment numbers.



I thought you were a vet. If so and you enrolled for the GI Bill, you can transfer those benefits.

For the first part, I'm looking at a private loan instead of doing a Plus Loan. I want it in his name, but use my credit to get better than 7%, so it's in our name, but at least he has skin in the game. Between his scholarship, and the Stafford loans he's taking out (5500), we just needed like 2-3k more a semester. Depending on meal plans, or him working, etc.


Second part.. hahahahaha... Nope. Never ever been in the military and would never claim it. I worked at Lockheed Martin / NASA on the shuttle program, so maybe you're mixing it up with that. Otherwise, I have like no experience with college loans for Undergraduates, since I had a full ride in college. I'm late to the game.

 

[Saint_Ward]

Which one, if I can ask, because some have a reputation?

I would not, OTOH, recommend applying for multiple loans. Stick with one company and ask for as increase in the original loan.

Earnest was the one I found online that seemed to have low rates and flexible payment options. Discover would be the other I'd look at, for similar reasons, and I have their credit card and usually like their customer service.

PM me, if that's easier.

 

[Goatman Saint]

Too much.

No joke there. Yikes

 

[GrandAdmiral]

For the first part, I'm looking at a private loan instead of doing a Plus Loan. I want it in his name, but use my credit to get better than 7%, so it's in our name, but at least he has skin in the game. Between his scholarship, and the Stafford loans he's taking out (5500), we just needed like 2-3k more a semester. Depending on meal plans, or him working, etc.

This is a good route. As I mentioned earlier, some lenders allow the parent to fall off after a few years if they request it and things are in order (not a guarantee though).

Does HEI not have a program for tuition reimbursement for dependents?

 

[Saint_Ward]

What’s the price of tuition going for these days?

Depends on where, but for UF... Some of those estimates are flexible. Some, like Tuition and Housing are pretty fixed. Food depends on getting a meal plan. Books depends on your classes.

 

[Saint_Ward]

This is a good route. As I mentioned earlier, some lenders allow the parent to fall off after a few years if they request it and things are in order (not a guarantee though).

Does HEI not have a program for tuition reimbursement for dependents?

Nope, not for dependents.. Heck, I'm not even working full time now, so I wouldn't even ask.

 

[SaintJ]

No joke there. Yikes

I'm right in the sweet spot: doing too well to get any aid, not doing so well that it's not ******* painful.

The only thing that keeps me going is that my parents really took care of my education and I'm going to do the same for my kids hell or high water. So far, god bless, they never act spoiled and have more than held up their end.

The level of commitment is absolutely fact-specific and for everyone to make in their own good conscience.

Now, I need a drink.

 

[SaintJ]

Hey, so the boy is off the college in the fall (that's the plan so far, at least....)

He's already set with a nice scholarship and the usual stafford loan. However, he'll need a few k each semester that requires a Federal Direct PLUS Loan, or a private loan.

I sort of forgot to look into this the last couple of months, I have no idea what else has been going on..... oh. Anyway, anyone have any experience with comparing a Federal Direct PLUS loan as a parent vs a private loan and probably co-signing or something. My credit is excellent. Are there better deals for private loans? The PLUS loan is like a 7.08% interest rate.

Also, the interest rates this country charges on student loans is just DUMB. We are eating our own seed corn. If you're not going to be giving free education to our young (which the greatest nation in world history can certainly afford), can we at least charge the AFR? Shaking my damn head here.