Tag: private

why have private banks CANCELLED their student loan programs?

Question by internet: why have private banks CANCELLED their student loan programs?
Many banks have given up on “private student loans” and are abandoning it on a daily basis.

Private student loans are now seen as “high risk investment” by all major banks and some even claim that it is equivalent to “subprime loans” of 2006 and 2007.

Private student loan for years was an alternative to federal student loan for many whose needs weren’t covered by federal loan limits (such as cost of getting tutoring, gasoline/car expenses and other miscallenous expenses which are for education but not recognized by federal government).

BofA, Citi, JP Morgan, all scrapped their “private student loan” programs. Why?
Even credit unions have given up issuing private student loans for the promising students whose career depends on education. So now these promising students are deprived of a bright future because banks won’t give them the opportunity to prosper?
On 1 hand the economy is recovering per the media, but on the other hands credit is getting harder than ever to obtain from banks? without credit, people cannot make it. Small businesses that depend on access to bank credits for expanding and hiring people, have been shut out of any chance whatsoever. How will things improve then?
For making big ticket purchases such as new house, new car, opening new business, etc etc almost everyone depends upon access to credit from banks. With the help of loan and credit, these things are made possible and that’s how economy recovers and expands. If banks are shutting down on credit or making it tighter and harder than ever to obtain, the economy simply cannot improve ever.
Sadly, credit and loan is only available to the 1% now – who don’t need credit or loan anyway. For the rest of the 99, its NOT ALLOWED. Then why did Obama and Bernanke even bother to bailout the failing banks? this is a serious question.
nowadays even people with good credit score are being denied loan. You would have to have at least a 6 digit personal income just to qualify for loan. Good luck in trying to buy your next “new house” or next new “lexus or bmw”
how painful it must be for many people to realize that they will never get the chance to buy a new lexus or new bmw in the future. they have been deprived of reliable transportation needs
bill gates or mitt romney will get any type of loan or credit from the bank, but you won’t. is that the type of America the founding fathers envisioned, where rich keep getting richer and the rest are barred?

Best answer:

Answer by Maryjane Dark Goddess
Because it’s a high risk loan.

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best private loans to get?

Question by : best private loans to get?
Unfortunately my FAFSA aid will not cover all of my expenses for college this year. thankfully they do cover alot. but i do need some extra money because my mom is having a hard time and so am I.

Please tell me what loans I can get, where I can get the best loans easily, or any general loan advice. thank you for the help.

Best answer:

Answer by Supercell
There are no good private loans. Your eligibility for the “best” ones depends on your cosigner’s credit worthiness. You and your mom, or whoever is cosigning for you, need to google “private student loans” and compare the terms of various loans and pick the one that works best for you.

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Which Banks can I get a Private Student loan from that doesn’t require the school to certify it?

Question by Jnaujo: Which Banks can I get a Private Student loan from that doesn’t require the school to certify it?
I appealed, yet again, for my Satisfactory Academic Progress Policy, and, yet again, the school has denied it. The reason for denial is due to the fact that I have too many credit hours, and haven’t received my degree yet. The reason for the too many credit hours is, because I transferred from another school 7 years ago, and a bunch of my credits wouldn’t transfer to my degree. I have tapped out every possible out of pocket dollar I had in order to attend last semester. Now, I have maxed out both of my credit cards just to pay for the present semester I’m in. I’m taking 20 credit hours, and working 3 jobs now, because of this STUPID policy. Working these jobs, I won’t even make a quarter of what I would need to pay for my semester. I haven’t even reached my aggregate limit for aid!! I have one more semester left. The school has told me that they WILL NOT CERTIFY any private student loan I get, and they will deny any scholarship I get. I was told that the only way is for me to find a Private lender that will not consider the SAP policy as a requirement to get the loan. Where can I go?
This policy wouldn’t be STUPID, if it actually applied to the STUPID students. As in students who:1) don’t attend class, 2) who drop out of school, and 3) who are failing their classes. I do not meet any of these classifications. I am a straight A student, and have busted my rump everyday of my college career. Now, with 1 semester to go, there is a possibility that I may not be able to finish my degree. Therefore, this policy is STUPID! It’s one thing if a student has 2 years or more to finish, but it’s ridiculous to do this to students who have 1 or 2 semesters left!

Best answer:

Answer by Gypsy
sounds to me like you will have to use credit to obtain a “regular loan”…. maybe with a co-signer… and something as collateral (maybe a home equity loan from your parents?)…

borrow enough to pay for the entire semester and to pay the balances off on those credit cards…. then use the money from your jobs to pay the monthly payments on the loan

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Q&A: What are some private student loans that I can take out w/o a cosigner? My parent & I both have bad credit.:(?

Question by Cassie: What are some private student loans that I can take out w/o a cosigner? My parent & I both have bad credit.:(?
I need the money A.S.A.P!

Best answer:

Answer by Go with the flow
IF the federal government cannot give you enough in student loans you need to find a cheaper school.
If you are going to a school that does not accept federal loans, then you are going to a scam school. A for-profit school that probably won’t ever land you a job that will pay anything. Non-accredited.

Also, you are too late for the fall semester. (unless you are going to scam school).

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