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Can anyone tell me how much you can borrow privately above and beyond the federal loans? How hard is it to qualify and who did you borrow through?
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videogamesrock Wrote:Can anyone tell me how much you can borrow privately above and beyond the federal loans? How hard is it to qualify and who did you borrow through?
Respectfully, why on EARTH would you even consider borrowing the max federal loans and then ADDITIONAL loans?? This board is all about cutting your costs to the bone. You'd have to exceed $83 per credit to hit the $10k mark for a bachelor's degree, and that's assuming you're starting from zero. If you're borrowing before you're starting, my suggestion is to look hard at your return on investment, start a coin jar, sell everything you don't need, get a second(third) job, start mowing lawns on weekends, buy used books, borrow books from the library for free, don't go out to eat, get on a budget. Sorry, I know that's preachy, I can't help it. This board is the ANSWER to helping you avoid debt.
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08-18-2014, 12:01 AM
(This post was last modified: 08-18-2014, 12:41 AM by videogamesrock.)
cookderosa Wrote:Respectfully, why on EARTH would you even consider borrowing the max federal loans and then ADDITIONAL loans?? This board is all about cutting your costs to the bone. You'd have to exceed $83 per credit to hit the $10k mark for a bachelor's degree, and that's assuming you're starting from zero. If you're borrowing before you're starting, my suggestion is to look hard at your return on investment, start a coin jar, sell everything you don't need, get a second(third) job, start mowing lawns on weekends, buy used books, borrow books from the library for free, don't go out to eat, get on a budget. Sorry, I know that's preachy, I can't help it. This board is the ANSWER to helping you avoid debt.
I buy and rent out homes. My wife and I are at the maximum allowed mortgages ten each (20). Now I understand that you cannot use student loans to buy more rental properties, but you can use the student loans to live off of. By living off of the loans I can use the excess rental monies to be used for a cash purchase and in essence accomplish my goal of another purchase. DEBT is really good when used the correct way. This is why I really really really want to be much more in debt. I do not believe that a college degree is worth much in today's world, but there is opportunity to use the current system to achieve financial benefit. Which is why most of us are on this forum in the first place, and that is financial benefit.
What I do not want to do is "start a coin jar, sell everything you don't need, get a second(third) job, start mowing lawns on weekends, buy used books, borrow books from the library for free, don't go out to eat, get on a budget." The very last thing I want to do is get a job. So back to the original question how do I get the maximum student loans through a private bank?
So yes, I did look hard into the return on investment and it is very high the more debt I accumulate.
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If you're not rolling in dough with 20 rental homes, then you're doing something wrong. Sorry if that sounds harsh, but I'm just being honest. If you're not getting wealthy off of all of those homes, then why do you want to do more of the same? The bank is going to look at your debt to income ratio. Good luck with that.
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sanantone Wrote:If you're not rolling in dough with 20 rental homes, then you're doing something wrong. Sorry if that sounds harsh, but I'm just being honest. If you're not getting wealthy off of all of those homes, then why do you want to do more of the same? The bank is going to look at your debt to income ratio. Good luck with that.
Yes that is what banks do, they look at debt to income ratio.
Can anyone tell me how much you can borrow privately above and beyond the federal loans? How hard is it to qualify and who did you borrow through? Please refrain from comments off topic such as "why would you want to do that" and other things that do not answer the question.
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Take a look at Discover Student Loans. If memory serves there are a few tables there that reflect the amount you can borrow. I don't remember exactly if the proposed total loan was by quarter or year. If memory serves, you total what you need for basic school expenses (tuition, courses, books/supplies), then add estimated living expenses (housing/utilities/food/etc). Total up all those numbers and that is the amount you request in loans. The maximum loan amounts are listed on the website (undergrad/grad).
Keep in mind when I researched student loans it was back in 2009-2010. I don't recall if the loan can be split: initial portion allocated for school (tuition) is guaranteed through FAFSA, and the remaining (private) balance is subject to the loan rate they apply; or, the complete loan is one fixed rate. Since loan processing has changed you may be able to borrow the school loan through FAFSA and take the second private loan for living expenses. Research the student loan site to confirm whether this is the case.
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Personally I would refer you to a bank. Good luck.
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videogamesrock Wrote:DEBT is really good when used the correct way. This is why I really really really want to be much more in debt. I do not believe that a college degree is worth much in today's world, but there is opportunity to use the current system to achieve financial benefit. Which is why most of us are on this forum in the first place, and that is financial benefit.
I agree with you that the members of this forum are very interested in financial benefit, but you probably won’t find many who agree with you that degrees aren't worth much...this place is literally called degree forum.
I doubt you will get very far with bank student loans, from the ones I've looked at they want your FAFSA information, and then they communicate directly with the school and send them the payments for your various accrued fees. Your loan amount is based off of your need and then if there is any left over after they will give you that. If you aren’t planning on any schooling and immediately drop out of the classes, your interest will kick in right away.
To me it just seems like an inconvenient and expensive way to possibly get a couple grand, but I guess if debt is your goal it might work for you.
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videogamesrock Wrote:I buy and rent out homes. My wife and I are at the maximum allowed mortgages ten each (20). Now I understand that you cannot use student loans to buy more rental properties, but you can use the student loans to live off of. By living off of the loans I can use the excess rental monies to be used for a cash purchase and in essence accomplish my goal of another purchase. DEBT is really good when used the correct way. This is why I really really really want to be much more in debt. I do not believe that a college degree is worth much in today's world, but there is opportunity to use the current system to achieve financial benefit. Which is why most of us are on this forum in the first place, and that is financial benefit.
What I do not want to do is "start a coin jar, sell everything you don't need, get a second(third) job, start mowing lawns on weekends, buy used books, borrow books from the library for free, don't go out to eat, get on a budget." The very last thing I want to do is get a job. So back to the original question how do I get the maximum student loans through a private bank?
So yes, I did look hard into the return on investment and it is very high the more debt I accumulate.
In that case, I probably won't be able to offer any suggestions. I'd say your banker would be the next stop.
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