Student Loans
in Banking, Insurance & Loans ·
Man, this place is just a graveyard of unanswered questions. Seriously. (:
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Student Loans
in Banking, Insurance & Loans ·
Wells Fargo student loans
Can someone tell me if this loan is actually worth it? I honestly have no clue how any of this works:b
and based on these numbers, how do I figure out exactly how much cash I'll be paying back if I take, say, $333 every month for two years? Do I just add the 7.50% interest rate on top of everything?
Loan amount: $500 - $20,000
converted to USD based on the Bank of America exchange rate
Repayment term: 1 - 5 years for amounts up to $10,000
1 - 7 years for amounts from $10,001
Interest rate: Standard interest rate: 7.50% without a deposit.
The interest rate is annual; calculated using the declining balance method with proportional interest.
Interim interest: The interim interest rate is the same as the standard rate. This is the interest charged on the principal from the moment you get the money until you actually start making payments. This interest is calculated and collected right when the loan is disbursed.
APR (Annual Percentage Rate): APR for loans with a 5-year term is 8.20%.
APR for loans with a 7-year term is 8.09%.
The APR calculation is based on the nominal interest rate plus all the extra fees the borrower pays to the Bank (interim interest, processing fees, etc.).
The APR doesn't include costs for property insurance or life/disability insurance—though you’re still stuck paying those if they're required to secure the loan. The borrower also covers other costs not baked into the APR, like notary fees, and if there's property involved, legal fees for title searches, recording liens for the Bank, and appraisal costs.
Fee: 1.00% of the loan amount
This fee is a one-time charge taken out when the loan is issued.
Can someone tell me if this loan is actually worth it? I honestly have no clue how any of this works:b
and based on these numbers, how do I figure out exactly how much cash I'll be paying back if I take, say, $333 every month for two years? Do I just add the 7.50% interest rate on top of everything?
Student Loans
in Banking, Insurance & Loans ·
Yo, does anyone actually know which student loan is the best deal RIGHT NOW?
Wait, so does that mean I'm out of luck if I have a full ride based on my SAT scores?
Kimberly Nguyen said:From what I gather regarding these student loans, the student is technically the debtor—though let’s be real, most of them have zero credit worthiness at their age—which is why they require a co-signer who actually has a solid credit score to back them up... These loans are strictly earmarked for educational expenses, meaning they have to be used for tuition and school costs (whether you're studying stateside or abroad), and once the bank approves the funds, the money goes directly to the university's account... You can't just grab that cash to cover your daily living expenses or go out and buy a new baby carriage, for crying out loud.
Wait, so does that mean I'm out of luck if I have a full ride based on my SAT scores?