Student Loans

[jesilvas]

Ok guys, we need some help.
My fiance is going to be starting medical school and will be able to work very limited hours if any at all. It will be waitressing when she can.
I'm working 40 a week and that's not in jeopardy. That will cover bills, my diesel, and maybe a couple more things. She is paying her gas and insurance right now, which is fine. We are getting married in March.
What I'm wondering is what kind of loans can she get?
The school she's attending will not take any loans through the school, and then to her. It's , but we can't fix it. She is getting FAFSA aid, and a scholarship, but that will maybe cover all of school.
What can we do? Cause once she starts in the fall, gas and her insurance won't be covered.
What is the best type of loan or other aid we could look into?

[FordGuy100]

Go to creditboards.com and start reading. Credit is a very serious topic, and should not be taken lightly. But in this world you need credit as almost everything is based on that (wonder how high someones car insurance is without ever using credit? A lot higher than someone who has good credit).

Do you know her credit scores? Many lendors do private student loans, and if her credit is good enough, can actually be better than the federal loans APR wise.

I would go with a credit union over a bank, credit unions have MUCH better rates.

[Turbostang500]

I would also look into how the financial aid will change once you slip that other ring on her finger.
I think at that point, your income is a direct factor.

Also kind of a side point, the way the government is spending money today, there could be quite a few cut backs in the near future. Only reason i am saying this is, you might want to have more than just one option in mind especially if you go the federal route.

[mxfever090]

Originally Posted by Turbostang500

I would also look into how the financial aid will change once you slip that other ring on her finger.
I think at that point, your income is a direct factor.

^^^^^^^^yes, yes and yes. Get it done before you're married. She'll get less financial aid with double income.

[Dave]

Is she under 25yo. If so her parents income comes into play as well. Even after you're married.

Student loans changed ALOT over the last 2 years as a result of Obamacare.

Govt backs all student loans now.

[jesilvas]

Originally Posted by FordGuy100

Go to creditboards.com and start reading. Credit is a very serious topic, and should not be taken lightly. But in this world you need credit as almost everything is based on that (wonder how high someones car insurance is without ever using credit? A lot higher than someone who has good credit).

Do you know her credit scores? Many lendors do private student loans, and if her credit is good enough, can actually be better than the federal loans APR wise.

I would go with a credit union over a bank, credit unions have MUCH better rates.

I haven't looked yet, but she said all the private student loans had to go to her school, through them, then to her and her school won't. From what I briefly read, most institutions have backed out of private student loans that go straight to the student.

Originally Posted by Turbostang500

I would also look into how the financial aid will change once you slip that other ring on her finger.
I think at that point, your income is a direct factor.

Also kind of a side point, the way the government is spending money today, there could be quite a few cut backs in the near future. Only reason i am saying this is, you might want to have more than just one option in mind especially if you go the federal route.

Yea, we already thought of that. Have to look into it soon. But yea, my income would be a factor.

Originally Posted by mxfever090

^^^^^^^^yes, yes and yes. Get it done before you're married. She'll get less financial aid with double income.

Her income will be significantly less once she starts all her nursing stuff. So it won't be mine and hers, it'll basically be mine.

Originally Posted by Dave

Is she under 25yo. If so her parents income comes into play as well. Even after you're married.

Student loans changed ALOT over the last 2 years as a result of Obamacare.

Govt backs all student loans now.

She's 20, will be 21 in Nov.
For her FAFSA, she claimed independent because she did so on her taxes too. Basically, we have our lives together way more than her parents do, and we've lived together for just over a year.
But for private loans, independent may not mean anything to them.
I did read that the loans are now 'backed with the full faith and credit of the U.S. Government'

Oh, and she said that when she asked for "private student loans," they said that that is a loan not from the government and one that goes to the school, then her. So I dunno

[FordGuy100]

She will still be considered a dependent, there is just no way around that. Once married she will officially be "independent."

Is she getting student loans through FASFA? That part confused me above. Dont know what school she is attending but unless its real $$$$ FASFA student loans should cover that easily.

As far as private student loans are concerned I see no problem her getting one, which they write a check with her name and the schools name.

From my credit union
"Check will be issued to the borrower and co-signer (if applicable) for those in undergraduate and graduate programs. Repayment term begins within 45 days of the disbursement. Minimum payment amount is $50 per month, per loan. Rates, terms and conditions are subject to change. Consult your financial advisor about potential tax savings."

Unlike Federal loans, your payements start when you get the loan. Which sucks, but it is still doable.

I would have her go to another financial aid person at the school.

I have to start getting student loans here in the next Spring semester when I trasnfer. My savings have been sucked dry.

[FordGuy100]

Also if your looking for just a small amount to cover the little extra $ that her aid wont cover, you can always look into a LOC (line of credit) from a bank/credit union. High interest rate, but if you only need a grand or two they should be fairly managable.

[dieselmatt]

Sallie Mae offers private loans with an option for no payment until you graduate. The problem might be is that it goes to the school first and THEN it will get sent to her as an "overpayment".

I agree with these guys though. Let her finish school before you get married. Financially it makes more sense.

[FordGuy100]

NO IT DOES NOT!

Getting married will make her independent, thus her parents income will not be factored into FASFA.

I'm 21 and married. Before I did not qualify for anything through FASFA because of parents income. Now I'm receiving Pell grants because we are both poor college students.

It makes much more financial sense to get married. They are already living together so they are use to their level of finances as it is. That marraige license just negates her parents income and makes them seem much more "needy" for FASFA.