Education loans?

Question

I need a loan that gives me the money in my hand, has a fixed interest rate, and allows defferred payment. Does anyone no of any student loans that offer these options.

Stafford offers most of them however I do not get the money in hand.

Thanks

Answer 1

The vast majority of student loans are disbursed directly to the school. In fact, most student loan lenders (federal, state, AND private) go a step further, requiring "school certification" -- a process wherein the school "signs off" on the loan and certifies that the student has not applied for more than needed to meet his/her educational costs. It is these safeguards that enable lenders to offer the loans at fixed, low rates and with generous deferment options.

What YOU are looking for is something called a "direct-to-consumer" (DTC) loan. These loans are inherently more high-risk than a typical school-certified student loan -- which means that the rates will be higher (usually variable) and that they may not have the generous deferment options that you're seeking.

Federal student loans like Stafford and Perkins are *always* your best bet.These loans have the lowest rates around and can be consolidated and deferred when necessary. You would be doing yourself a huge disservice if you didn't take advantage of these programs before looking at alternative financing options. The Stafford Loan rate is currently fixed at 6.8% while the Perkins Loan rate is 5% fixed -- I think you'll find that the interest rate on your DTC loan could be 2, 3, or even 4 times that. Just not worth it...

Below are some companies that offer DTC student loans (many of them will be referred to as "continuing education" loans, but they can usually still be used in the manner you describe; the thing to look for is a loan doesn't require school certification).

* Sallie Mae Tuition Answer Loan (http://www.salliemae.com/content/tuitionanswer/index.html )
* Wells Fargo Education Connection Loan (https://www.wellsfargo.com/student/undergrad/education/ )
* Bank of American Education Maximizer Loan (http://www.bankofamerica.com/studentbanking/index.cfm?template=stb_education_maximizer_loans )
* TERI CEL (http://www.teri.org/loan-center/loan-programs/continuing-ed/repayment-examples.asp ) [call to request the non-school-cert option]

Answer 2

1

Answer 3

Actually you would if your bill was already paid in full. So, if you have other aid that covers you bill you would get a cash disbusment from your college of your stafford loan (BTW direct loan is a Stafford loan, direct lending is the lender just like a bank). Stafford loans are the only educational loan that I know of that offer a fixed rate and deferred payment.

Answer 4

yup, the loan section here has tons of info on it. if its out there, it'll be at Chris's site...

try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

heres a link with a HUGE amount of some available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

http://www.angelfire.com/nj4/njcomputerchick/school.html

MORE:

http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php
http://www.discovernursing.com/nursing-scholarship-search
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/


DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS (nurses/teachers)
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying


STATUS of your student gov loan or aid:
http://www.nslds.ed.gov/nslds_SA/

if you don’t have a PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html


GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html

LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS
http://www.gradloans.com/graduate-plus-loan/

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/

RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp

INTERNATIONAL STUDENTS
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/

HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm

Answer 5

Private student loans sound like what you are looking for. They may have a slightly higher rate but the check is sent directly to you which sounds like what you are looking for.
The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestudentloans.phtml
Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.

Answer 6

Direct Loan from the US Dept of Ed.

WIth my student loans, everything above tuition and fees was deposited into my checking account (i.e. cash in hand).

Answer 7

There may be something of use here.