Student Loans

Since the student probably won't qualify for credit on their own (unless they’ve got a permanent gig), they’re going to need a co-signer.

I was wondering how long it actually takes to get a student loan processed and moving? Like, is there any chance a bank would just wire the cash straight to the university on the same day you sign everything, or is that just wishful thinking?

granitebadger18 said: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...

If you're working a steady job here in the States, you won't need a co-signer or a guarantor.

Jesse Chase32 said:I was wondering how long it actually takes to get a student loan processed and moving? Like, is there any chance a bank would just wire the cash straight to the university on the same day you sign everything, or is that just wishful thinking?

In the real world, once you actually hand in the application, it usually takes somewhere between one and three weeks to get everything processed and the money released.

From what I've gathered, there are some pretty decent loan options available over at Chase ☕

Hey Benjamin Murphy34... I have a question. I’m planning on heading to college this year and I was thinking about taking out a student loan. But here’s the thing: I wouldn't be using it for tuition, just to cover my driver's ed costs. Does that kind of loan actually cover stuff like that, or does it strictly have to be tied to school fees?

Lmao, is this some kind of joke?? I’d probably take out a student loan just to blow it all on bar tabs once I graduate. That’s about where my head is at. This idea feels more realistic—it actually relates to what student life is like. What kind of fucking driver's ed course is this? Student loans are meant for the costs of Harvard University.

Benjamin Murphy34 said:Hey Benjamin Murphy34... I have a question. I’m planning on heading to college this year and I was thinking about taking out a student loan. But here’s the thing: I wouldn't be using it for tuition, just to cover my driver's ed costs. Does that kind of loan actually cover stuff like that, or does it strictly have to be tied to school fees?

Oh, you can definitely do that! Honestly, some banks offer specific student loans meant for general living expenses too, so instead of looking for one giant lump sum for tuition, you could grab a loan that gives you, say, $300 a month, and just use that to pay off your driving lessons over a few months—it works out great. For instance, JPMorgan Chase has this whole setup specifically tailored for younger people,
I mean, my only thought is that you might struggle to find a lender willing to cut you a single check for the entire cost of a driver's license upfront, because like my buddy mentioned earlier, it's pretty tough to get a loan approved for things that aren't directly related to your degree. But using that monthly stipend to chip away at your driving costs? That's a solid plan.

Can anyone tell me if a parent can act as a co-signer for a student loan if they’re already retired and don't have any other outstanding debt?

Ethan Taylor9 said:Oh, you can definitely do that! Honestly, some banks offer specific student loans meant for general living expenses too, so instead of looking for one giant lump sum for tuition, you could grab a loan that gives you, say, $300 a month, and just use that to pay off your driving lessons over a few months—it works out great. For instance, JPMorgan Chase has this whole setup specifically tailored for younger people,
I mean, my only thought is that you might struggle to find a lender willing to cut you a single check for the entire cost of a driver's license upfront, because like my buddy mentioned earlier, it's pretty tough to get a loan approved for things that aren't directly related to your degree. But using that monthly stipend to chip away at your driving costs? That's a solid plan.

Thanks a lot 🙂

Which bank offers the most competitive interest rates for student loans?

I’m looking at needing roughly $6667 for next year (it's a significant amount, and honestly, I regret not saving up more, but there's no use crying over spilled milk), so I’d prefer not to get fleeced by excessive interest rates.

I'm not entirely sure where you'll find the absolute lowest interest rates, but I think Goldman Sachs offers pretty great deals on their student loan packages, so maybe check out their website or just shoot them an email to be safe.
The Federal Reserve also has some options for tuition loans—though they don't really cover living expenses—but I guess that's only available for certain universities they have agreements with.
As for the other banks, I honestly don't know, so you might want to just browse through their individual websites since everything should be listed there.

Hey there!
Does anyone know if I can actually get my student loan disbursement started right now in July (or maybe August)?

I’m talking about those monthly stipends—I can't even remember the official name for this type of loan setup.
Basically, where the bank just drops a set amount into my account every month, and then I pay it all back once I've finished school.

So, I'm just wrapping up my sophomore year, and I'll be heading into junior year this October.

It sounds like you're looking into a student loan to help cover your living expenses.
Maybe try sending an email over to the bank to see what they say, because you might be able to set everything up now, though I guess you wouldn't actually see the cash until the school year kicks off in October.
JPMorgan Chase also offers consumer loans specifically for students, so it might be worth checking that out if you find yourself needing the money right away.

Ryan Carter52 said:It sounds like you're looking into a student loan to help cover your living expenses.
Maybe try sending an email over to the bank to see what they say, because you might be able to set everything up now, though I guess you wouldn't actually see the cash until the school year kicks off in October.
JPMorgan Chase also offers consumer loans specifically for students, so it might be worth checking that out if you find yourself needing the money right away.

Thanks so much! 👍

Do you happen to know which email address I should use? Or, you know, which bank is actually the best bet for that kind of student cost-of-living loan?

Ryan Carter52 said:I'm not entirely sure where you'll find the absolute lowest interest rates, but I think Goldman Sachs offers pretty great deals on their student loan packages, so maybe check out their website or just shoot them an email to be safe.
The Federal Reserve also has some options for tuition loans—though they don't really cover living expenses—but I guess that's only available for certain universities they have agreements with.
As for the other banks, I honestly don't know, so you might want to just browse through their individual websites since everything should be listed there.

It is for tuition (when will the government finally start subsidizing private colleges, provided they actually maintain high standards?). I am looking at roughly $6667, so my goal is simply to find the most cost-effective option.

Brian Martinez7 said:Thanks so much! 👍

Do you happen to know which email address I should use? Or, you know, which bank is actually the best bet for that kind of student cost-of-living loan?

I'm not really sure where the cheapest options are, so it might be best to just drop by a few local branches because they'll probably be happy to put together a custom offer for you.
Of course, you'll likely need someone to co-sign or act as a guarantor for you—like a sibling or a parent, or maybe even a friend—someone who has a steady, full-time job.
Goldman Sachs seems to have quite a few offers geared toward students, including consumer loans, and almost everyone else like the Federal Reserve, JP Morgan Chase, or Bank of America usually has something similar for basic living costs too.
Maybe there's some info on their websites about interest rates and other terms if you want to do a little bit of reading first.

Good luck!

Does anyone happen to know if student loans are still an option once you've actually graduated?
I don't really need a massive windfall or anything, just maybe somewhere in the ballpark of $1,200 to $1,600 to cover some study expenses while I wrap up my degree and potentially sign up for a foreign language course.
I guess I'm just wondering if student loans are even a thing for recent grads at this point?!

Can someone walk me through how these student loans actually work?
Like, could I even pull one off if I'm currently unemployed, on a payment deferment, and looking to start paying it back only after four years pass?

So, I’m at a university where getting a part-time gig during the semester is basically impossible—I can only pick up work over the summer, which I do. But once the school year hits and I actually need cash, I'm stuck. My parents aren't helping out with any financial support, so I'm pretty much on my own trying to survive the next four years. I'm staying on top of all my classes and keeping a solid GPA, too. I just need to know how student loans actually work here—specifically, when does the repayment period kick in?

goldencrane3 said:So, I’m at a university where getting a part-time gig during the semester is basically impossible—I can only pick up work over the summer, which I do. But once the school year hits and I actually need cash, I'm stuck. My parents aren't helping out with any financial support, so I'm pretty much on my own trying to survive the next four years. I'm staying on top of all my classes and keeping a solid GPA, too. I just need to know how student loans actually work here—specifically, when does the repayment period kick in?

I’m in the exact same boat. Back in high school, representatives from a private college came by to pitch student loans, claiming you wouldn't start paying them back until after graduation. Naturally, I went to my local bank to get some clarity, only to find out the reality is quite different—apparently, there is a twelve-month grace period, meaning you have to start paying after just one year! Even the bank tellers seemed somewhat clueless about the specifics... 🤷
Does anyone here possess actual information on this? Is there a deferment option, or is it strictly enforced?
Help!🙂