Student Loans

I hold a clear title on my property, and frankly, I wouldn't even consider venturing into something like this if I didn't have that leverage. So, securing a mortgage shouldn't be an issue. 😉
As far as steady income goes, I'm starting from scratch. Regarding co-signers, I could pull in my entire family if necessary, though my real ambition is to pull this off entirely on my own—if only to finally achieve some semblance of independence. Since I’m finishing up my second year of part-time studies, the timing actually works out perfectly, giving me just enough runway to handle the necessary renovations. I've been advised to let a management agency handle the rentals for the first year before taking the reins myself. We all have high-speed internet, and I'm reasonably proficient in foreign languages, though if communication ever hits a snag, we have "Google Translate" 😁 to bail us out.

One last thing, if you don't mind: is there a specific thread on this forum regarding those small business loans designed for young entrepreneurs? If you could point me toward a link, I'd appreciate it, as I realize I've already wandered quite far into the off-topic sections. Thanks in advance! 🙂

I wouldn't be so sure about that. Take a look through this PDF, and you might find some useful stuff over on Career & Jobs.

darkmaker94 said:I wouldn't be so sure about that. Take a look through this PDF, and you might find some useful stuff over on Career & Jobs.

Well, I was just browsing through some random listings, so nothing really hit the mark or even came close to what I'm actually looking for. I suppose I'll have to check jobs and career instead. 👍

When you apply for a student loan to cover tuition, how long does it actually take for the money to hit the university's account?

So, I’ve got a bit of a situation—I’m currently a student, and I don't really have a formal employment history or a steady 9-to-5 thing going on. I just do seasonal work for maybe three months at a time, usually wrapping up by the end of October. My big question is: if I wanted to pick up something like an LCD TV from $1000, say by using a payment plan, some kind of installment program, or even just putting it on a credit card to pay it off over a few months... is that actually doable? Would any major US bank actually look at my profile and approve me for that kind of thing?

Or am I just not quite there yet in terms of being "financially eligible"? Thanks in advance!

Chase offers regular students a 2+ year American Express card with a monthly limit of $667. You can also set up installment plans depending on where you shop. Plus, you get a checking account with a $333 overdraft limit and an extra $333 limit for installment purchases using your Maestro debit card (just remember those limits aren't additive).

Otherwise, Diners has a student card that might give you a higher limit, but you’ll need a parent to co-sign and provide their pay stubs to back up the credit line. 🙂

Joseph Bishop4 said:When you apply for a student loan to cover tuition, how long does it actually take for the money to hit the university's account?

With JPMorgan Chase, you're looking at about two weeks from the time the application is submitted.

Hey,
I’m looking into getting a student loan and was wondering about the fine print. Do I actually need a co-signer for something in the $1,500–$2,000 range, or do I need to show proof of income? Has anyone here actually gone through the process? I'd love to know what the requirements are like. Also, do you get the cash upfront immediately? Ideally, I wouldn't want to start paying it back until I land a job—I'm currently finishing up my master's degree and between all my lectures and finals, I just don't have any time to work right now.

thanks

Just so you know, you aren't getting a lump sum of cash upfront. There are a few different student loan options; if you go with the one meant for tuition, the bank just sends the money directly to the university's account.
If you opt for a loan to cover living expenses while you're in school, you won't get it all at once either. Instead, they pay it out in equal monthly installments based on the timeline and amount you requested.
I know JPMorgan Chase offers consumer student loans too, but from what I've gathered, you have to show them an itemized receipt from the store where you plan to buy stuff. So, basically, none of these options give you the full amount in cash.

If your credit isn't great, you'll need a co-signer (like a parent). Since we're talking about relatively small amounts here, that should be plenty. Still, your best bet is to check with the bank directly—you can even shoot them an email; they usually get back to you within 24 hours.

Does anyone actually know what a student loan deferment request is supposed to look like? I’m trying to figure this out. Thanks 🙂

Hey everyone... I really need some advice here 😢

So, here’s the deal: I just enrolled in my junior year of college—I'm turning almost 30 $0.00—and I have my first tuition installment of about 12 $0.00 coming due very soon. The problem? I already told my parents I had this handled because I worked so much over the summer. The truth is, I haven't actually saved anything. I ended up giving most of my earnings to them to help out—they're both getting older and dealing with some health issues, and between their two different loans and my sister being in high school, they're struggling to make ends meet every month. I wanted to take some weight off their shoulders, you know? But now I'm stuck. How can I apply for a student loan without involving them? I don't want to drag them into the paperwork or risk them being tied to any co-signing or guarantor stuff... please, if anyone has any ideas or advice, I'm all ears... 🙏

To snag a student loan, you’re gonna need a co-signer with solid credit—basically someone with a steady job, likely full-time.

rowdyheron80 said:Hey everyone... I really need some advice here 😢

So, here’s the deal: I just enrolled in my junior year of college—I'm turning almost 30 $0.00—and I have my first tuition installment of about 12 $0.00 coming due very soon. The problem? I already told my parents I had this handled because I worked so much over the summer. The truth is, I haven't actually saved anything. I ended up giving most of my earnings to them to help out—they're both getting older and dealing with some health issues, and between their two different loans and my sister being in high school, they're struggling to make ends meet every month. I wanted to take some weight off their shoulders, you know? But now I'm stuck. How can I apply for a student loan without involving them? I don't want to drag them into the paperwork or risk them being tied to any co-signing or guarantor stuff... please, if anyone has any ideas or advice, I'm all ears... 🙏

Honey, why on earth would you sign up for Penn State given the circumstances?

Weren't there cheaper options available?

Honestly, the only real way forward might be finding a close friend to act as a co-signer—assuming you have someone who actually trusts that you can handle the payments on your own—otherwise, I’m not sure what else could help.

There aren't really any significant loans available without a co-signer who can put up that kind of cash upfront as a guarantee; and if you happen to see an ad for "easy credit" on a bus or a subway flyer, steer clear at all costs—you don't want to end up in permanent debt slavery.

Since I’m planning to start university in Washington, D.C. this year, and working full-time isn't an option, I don't think I could balance my studies with a standard job requiring 8 to 10-hour shifts [at least not at first. Consequently, I am considering taking out a student loan through JPMorgan Chase.
I can't rely on financial support from my parents, so taking out a loan feels like my only viable path right now.

Does anyone have any advice regarding this? Does it actually make sense, based on the facts presented on their website, (to be honest, I don't fully understand the fine print..)? Has anyone else here used one of these loans before?

Any advice would be greatly appreciated! 😁

To pull off that loan, you’re gonna need a co-signer or a guarantor—basically someone with a steady paycheck and solid credit.

darkmaker94 said:To pull off that loan, you’re gonna need a co-signer or a guarantor—basically someone with a steady paycheck and solid credit.

Can a guarantor be anyone, or does it strictly have to be a parent? I’ve had people tell me my parents are required to co-sign for student loans. Is that true?🤷😕

Yeah, your co-signer can basically be anyone who meets their credit requirements. Their site says:

"This loan doesn't require any collateral. You just need to meet the applicant's creditworthiness standards (co-signing is an option)."

So, you're gonna need a co-signer. I doubt your parents could pull it off on their own. Your best bet is to just shoot an email over to Chase.

But seriously, are you 100% sure you actually need this loan? Better question: are you certain you'll land a job right after graduation so you can actually pay it back?

So, that was my assumption... 😉

Given my current circumstances, I believe this is necessary. My parents aren't in a position to cover my rent, utilities, or groceries right now. As a full-time student, working an eight-hour shift isn't feasible. I might manage some weekend work or small side gigs to scrape by, but that's about it.
I can't say for certain if I'll land a job immediately after graduation—nobody can guarantee that. However, there is a significant legal dispute involving a foreign corporation that we are currently litigating. We expect a resolution within three years at most. Once that settlement is finalized, my family should receive a substantial sum that would allow them to pay off this loan entirely. It’s a complicated legal matter, so I won't get into the specifics here.
I am fully aware of the risk. Taking on debt at this age feels heavy. I'm essentially spending money I haven't earned yet, without a 100% guarantee that I can repay it immediately after college, or even according to my intended timeline.
Is it actually worth it when there truly seems to be no other option? 😢 🤷

Taking out a loan when you don't actually need it... it's just never worth the headache.

Only you really know if it's a necessity or not.

I guess that's your answer to the last question.

c/p from http://www.clubmed.com/ErsteClub/Er...ti01012010.pdf

II. STUDENT LOANS FOR EDUCATIONAL EXPENSES

This loan is for Club Med package members looking to cover undergrad and
grad school costs in the US or abroad (housing, food, travel, books, and gear)

Loan amount: up to $40,000.00, subject to currency adjustment clauses
due date: up to 7 years, with an option for a 12-month grace period
How to use: monthly or quarterly disbursements until graduation (max. 7 years)

Collateral Requirements
- up to $10,000.00 requires no additional collateral
- from $10,000.01 to $20,000.00 requires a qualified co-signer or life insurance policy plus a 10%
deposit or a mortgage at a 1:1.5 ratio
- from $20,000.01 to $40,000.00 requires a mortgage at a 1:1.5 ratio

A co-signer is mandatory for loans used to study overseas
If the borrower is over 25 or already working full-time, the Club Med
package isn't required.

So—since they say a co-signer is a must for studying abroad, but you don't need extra collateral for loans under $10k—does that mean if I'm just taking out a student loan for living expenses, I don't need a co-signer OR a guarantor?

Thanks...