Meya, what is the qualification criteria for private loans, don't they go by your credit? Chase has sent me mailers in the past, but I've always passed on them , but I'm thinking I might need to go the private loan route, since I probably will not be able to work for at least another year? I would much rather live off of student loans than my credit cards

Yes, they do pull your credit, but the main thing they are looking for is if you are in default with another loan. I had one baddie when they conditionally approved me. They had called my job, and checked my school for the rest to make their decision.

Let me tell you this warning about them, and any other loan, when you drop below half-time, they are going to send you a letter letting you know that your payment is due as of "Next month." We can not consolidate the private loan with our student loans, because they are totally separate. Deferments are not as easy as our gov student loans so borrow the exact amount or not huge amount. I told myself that I was going to send some back to lower my payments, but it came during a time of NEED:fun:. I got $7k from them in Aug 08 for school and for personal reasons (pay on credit cards and fun) to be honest, and I already have a billing statement for next month. I am enrolled less than half time (1 class) so I have to pay back. My first payment is only $54 and the others are going to be $79. I am not crazy, there are getting theirs in chunks because I only want to pay on 1 student loan, which is my gov student loan.

Many students have made the mistake of charging their student loans on their credit cards which is a HUGE mistake because not only do you have to pay higher interest butyour score will drop dramatically due to high utilization. Student loans are not reported as revolving credit so they do not have any impact on your credit card utilization.

Meya, what is the qualification criteria for private loans, don't they go by your credit? Chase has sent me mailers in the past, but I've always passed on them , but I'm thinking I might need to go the private loan route, since I probably will not be able to work for at least another year? I would much rather live off of student loans than my credit cards.

OH yes, those private loans are something else and they are not as easy to consolidate nor ask for deferments like federal student loans. I just applied for a private loan through Chase, trust me they will be the first to be paid off. My husband is working on that one while we speak.

But oh well, I'm not looking forward to it especially with interest rates.

What I found out is the interest is tax deductible which is an awesome thing. I went to this technology school and I thought I dropped out.. basically the long and short of it i got charged 6200$ for a 3000 dollar loan in the term of 4 years, The school was shady! Also I found out since the school was not accredited my loan was a private loan with a variable interest rate (I did not find this out till recently)! i've been writing letters to consumer protection groups with no luck. I should be able to pay off the balance this year because I have been making mega payments between 500-1k at a time, the good thing is that 14-31% variable apr is tax deductable... all of it! Im not sure what the rate of return is but its better than nothing, you dont even get the loan on a credit card tax deductible so at least that is something to look foward too, and as much as I hate to say it, take you tax returns as much as you can and make an additional payment to that huge debt, the quicker you pay it off the less interest will accure.
Reli

I wish, I have one left:upset:. They did not let me take math 20 and 40 together because they said it is a prereq course. You must do one (and pass) in order to do the other. I was mad for a minute but I looked at the bright side, I only have one class to take per semester:cool:. I am so laid back in this class until I have not started on my homework yet which is due Monday. The first 6 chapters is basically what I took last semester so I am just going to take test only, they won't know the difference.

Hey check this out, do you know that we have a freaking 14 yr old in our class? I was like, Heck No, that is impossible! It's true, now i feel like an old gizzard or "Tall Tina"

I wish mines started Sept 9th, we had to push back a vacation date because my nephew school started Aug 13th, which I was not aware of until my sister told me. He goes to Kipp Bayview Academy and they are so different from public school. All kids must attend summer session for 2 weeks from 8am-12pm for a brush up for the normal school year. I asked could he by pass the first week because we have a vacation to go to and they were like "Nope, he will be withdrawn and too far behind" Far behind? Give me a break, he walked out of his last school with honors and only missed like 5 days for the whole school year. Not to forget that he do not attend summer school

That is terrible that you had to push back your vacation

I wish mines started Sept 9th, we had to push back a vacation date because my nephew school started Aug 13th, which I was not aware of until my sister told me. He goes to Kipp Bayview Academy and they are so different from public school. All kids must attend summer session for 2 weeks from 8am-12pm for a brush up for the normal school year. I asked could he by pass the first week because we have a vacation to go to and they were like "Nope, he will be withdrawn and too far behind" Far behind? Give me a break, he walked out of his last school with honors and only missed like 5 days for the whole school year. Not to forget that he do not attend summer school.

Its cool though, but it messed up my plans since I start back Aug 31st. I am taking online classes so I was going to use my sisters laptop while on vacation. Its still on though, we just had to do some cancelling and rebooking. Its much easier when the summer is over because hotels still have availability.

Hi Kmoney, I recieved it Monday but here is another issue that has arised, there is NO Chase Bank in california so I put it in my bank. Do you know that I have a hold on that check until Aug 22nd

Praise God that you got your loan so now you can finish up school. School starts September 9th for me

Hi Kmoney, I recieved it Monday but here is another issue that has arised, there is NO Chase Bank in california so I put it in my bank. Do you know that I have a hold on that check until Aug 22nd?: I was like, get out of here, school is about to start and I have to wait until nearly 2 weeks for a clearance. Well that is US Bank special rules and he gave me the paper explaining when the payment(s) will arrive. Aug 16th $4900 and Aug 22nd $2000. I am not going to trip because school starts Aug 31st anyway.

REgarding garnishment, once it has occurred the dept of edu doesn't really like to touch it, they refer you back to the collection agency.

HOWEVER, if something in you or your husband's life or income has changed, you can appleal based on a hardship.

Download the forms of the site
Fill them out
Provide copies of last years tax return
Copies of last pay stubs for you and DH
copies of all Utilities, car note, mortgage/rent, insurances daycare and any other bills that you pay
Fill out the financial worksheet and write in the amounts that you pay for food, gasoline for cars, daycare, rent etc

Don't underestimate the amounts as they will go with what you write even if the federal estimate is more eg food. If you have a family of 4 and you pay $500 a month in groceries, don't put that, put down $780/mth etc. There is a site on the web that lists what the govt estimates a family pays on certain things.

Send in the packet, CMRRR and see if you can get a written or oral hearing. I would go for a written hearing because if they miss you on the phone, they won't call back.

Write a cover letter explaining how it is a hard ship for your family, include ALL bills that you pay, medical insurances, co-pays etc and see what happens.

I know someone whose husband was unemployed for a month while they were being garnished and she used that window to appeal She got a stop garnishment order for 6mths but before the 6mths is up she has to contact the agency to arrange voluntary payments. Knowing the agencies, if this work out for you, use the timeto save at least $500-$1k so when you call, u can have the money which they always want by the end of the week.

Good luck.

I know one thing, Chase is about to make me not deal with them. OK, I was conditionally approved for the $7k I asked for right. Every time I send them documents they keep coming back with, "We need this, or We need that!" It takes my school over a week to hand me my verification of enrollment, which I gave them in June for proof of Spring 08 completed classes. Now they are saying they need proof of a balance from Summer 08, "Excuse me Chase, like I said before, I did not enroll for summer classes and I will not be able to enroll for Fall until July 21, 2008"

Meya has everything been straightened out with Chase regarding your student loan?

For them to start garnishing, they had to of been trying to negotiate with him for quite some time. I have never known student loans to come after anyone without contacting you the best way they can first. Now that you are in a garnishment stage, what you can do is contact the lender (because I am sure that the origianl lender has sold the loan over to agencies) and see if you can negotiate a better deal that what you already have. They may tell you No or they may say Yes!

If they say yes, after at least 6 months of on time payments, they usaully take the baddie back from your cr report and then set an automatic payment plan with you. Here are some links that can answer more of your questions:

1. Delinquency & Default Defined http://www.edfund.org/students/studentpar.cfm?edfpage=/students/defaulted/whatdoes/whatdoes.html
2. Getting Back on Track http://www.edfund.org/students/studentpar.cfm?edfpage=/students/defaulted/student_options.html
3. Resolving a Defaulted Loan http://www.edfund.org/students/studentpar.cfm?edfpage=/students/defaulted/dispute/dispute.html
4. Contacts for Defaulted Loans http://www.edfund.org/students/studentpar.cfm?edfpage=/contact/defaulted_contacts.html

Hope this helps!
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I don't know the answer to this but I hope somebody can step-in and answer your question.

Hello
Just have a question, I hope someone can help me get the information or find it here. My husband did not pay his Direct Federal Student Loans as he should then when I had an accident and was out of work for almost a year (without salary), he could not make ends meet because he depends on my wages to get everything in the household paid. Therefore the Direct loans got his wages garnished. They are taking out almost 600.00 a month.

The question is if there is any way he can negociate for DL to take him out of the garnisment, so he can arrange a monthly payment to be taken out of his checking account. This is really killing his credit and even if has a very long road ahead of him to get it back on track he has to start some where.