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?
Answer by Maryjane Dark Goddess
Because it’s a high risk loan.
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Question by 9/11: Nazi / NATO Manifesto: should peasants, who don’t have a home, pledge their eldest child as security for any loans?
Answer by Flyingpigsandotherfinepeople
No, their youngest.
The eldest is closer to striking out on their own, and can’t help the stupidity their parents get into.
Also, most parents care more about their younger children then their elder children. At least, if you were saying
“Give me X child, and it’ll count towards your security loan.” It’ll pull at their heart strings and make them actually work towards keeping it up harder if it’s their youngest.
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Question by : Do most parents pay their child’s tuition?
I’m just curious as to how many parents actually financially aid their children in college. Do most parents pay full/part of the tuition?
Answer by ownpool
Most parents pay as much as they can if they had been living with their children while the children were in high school.
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Question by blanch: are their any programs that i can get paid to go to school for nursing?
is there a nuring program that pays you to go to school?
Answer by Cookies On Steve
You can apply for a Pell Grant which will pay for your entire tuition (if you qualify based on your or your parent’s income) AND/OR you can apply for student loans on the same website (www.fafsa.edu.gov) to help you through. You have chosen a great degree because like mine (secondary education), there are programs out there where you can have your loans completely or partially canceled. My cousins are nurses and the hospital they work for completely paid for their loans for them if they work there for a certain number of years. Do a google search for “nursing careers canceled loans” or something of the like.
I suggest that you go ahead and apply for a student loan or Pell Grant. Even if you don’t qualify for the Pell Grant, you may qualify for the student loans. You don’t have to pay any back until you graduate or decide to drop out OR if you make poor grades or fail.
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