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For those students who opt for this route it is essential they have a loan co-signer when entering into an agreement with the private lender. Your chosen private lender then critically examines the credit report you have availed. This will help in evaluating your application and most importantly the lender will then determine the kind of risk that you pose in having the loan awarded to you. For applicants without a credit history then the lender will require that a family member Co signs the loan agreement before you are awarded the loan. Essentially Stafford loan does not need a co-signer all thanks to the process followed when borrowing the money. As such loans without co-signer actually do not involve examination of your credit score or history.
The non traditional students can still look for other ways available for accessing student loans without co-signer which are still available to them provided they are able to prove that they deserve financial aid. Federal student loans are a great way for students to provide financial assistance for their education. Federal student loans are often considered to be safe and secure mode of financial assistance. These federal loans have many benefits and is available at both undergraduate and graduate students. Many countries including Australia USA UK India and other countries providing the loans federal student financial assistance or welfare programs for students in schools or higher education. Federal student loans generally have lower interest rates many mortgage options with flexible payment options and the loan assistance to students seeking funding for education. For most cases a federal student loan can be a very economical for higher education.
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6. Lastly Private Loans or Alternative Loans - These loans should be your last resort and if at all possible choose another source. You will find loads of information when you start your research the key is not to let it frustrate and make you give up. Stay focused persevere and follow through with the mountains of paperwork in a timely manner. If you wait until the last minute you might find you have to put your dreams on hold until the next semester and I am sure you do not want that to happen. Make these resources your primary go to for information and you will always up-to-date-information at your fingertips: FastWeb Scholarship Search Local Public Library and your local Colleges Aid Office. Its not an easy time to be graduating from college with student loans.
The collections agencies get a commission on collected debt and are often owned by the very entity that originated the loans i.e. Sallie Mae. The Building of the Student Debt Prison. Prior to 1976 student loans were dischargeable in bankruptcy without any constraints. Of course if you look back at statistics from that time there wasnt much student debt to speak of. When the US Bankruptcy Code was enacted in 1978 the ability to discharge student loans was narrowed. Back then in order to have your loans discharged you had to be in repayment for 5 years or prove that such a repayment would constitute an undue hardship. The rationale for narrowing the discharge was that it would damage the student loan system as student debtors flocked to bankruptcy to have their debt discharged.