 | | 
27.12.2010, 23:07
| | [Thread split] Financing tertiary education
Franklin College in Lugano is SFr,55640 per year. Some students other colleges have committed suicide because they were under financial pressure and want to relieve others and themselves of the burden. The awful thing is that often a guardian will have to co-sign private loans. The loan then falls to the co-signer.
| 
28.12.2010, 09:33
|  | Forum Veteran | | Join Date: Feb 2008 Location: Mendrisio
Posts: 1,082
Groaned at 7 Times in 5 Posts
Thanked 733 Times in 382 Posts
| | Re: How I lost 15,000 gambling my school funds at casino | Quote: | |  | | | Franklin College in Lugano is SFr,55640 per year. Some students other colleges have committed suicide because they were under financial pressure and want to relieve others and themselves of the burden. The awful thing is that often a guardian will have to co-sign private loans. The loan then falls to the co-signer. | | | | | We're in OT territory here (note to mods: maybe start a new thread?), but let's put it this way - Franklin College (and TASIS for that matter) usually are attended by kids from families who *can* afford it.
And correct my ignorance in the matter - in the USA you have education loans issued by the Army, or by financial institutions, right? Why would someone need a private loan and a guardian and all that...?
Paul
| 
28.12.2010, 10:55
|  | Forum Veteran | | Join Date: May 2009 Location: City by the Bay
Posts: 2,357
Groaned at 96 Times in 56 Posts
Thanked 3,205 Times in 1,227 Posts
| | Re: How I lost 15,000 gambling my school funds at casino | Quote: | |  | | | And correct my ignorance in the matter - in the USA you have education loans issued by the Army, or by financial institutions, right? Why would someone need a private loan and a guardian and all that...? | | | | | American students can get federally subsidized student loans only for approved educational institutions. In this case, Franklin College is one of those schools (TASIS would not be since it is neither a college nor a university). Getting a loan with no credit history or income, as is often the case with students, does not require having a parent or guardian but it does require someone to co-sign the loan (meaning that if you default on the loan the other party is responsible for paying it off).
| This user would like to thank phdoofus for this useful post: | | 
28.12.2010, 11:40
| Member | | Join Date: Dec 2010 Location: Zurich
Posts: 168
Groaned at 36 Times in 19 Posts
Thanked 78 Times in 50 Posts
| | Re: How I lost 15,000 gambling my school funds at casino | Quote: | |  | | | American students can get federally subsidized student loans only for approved educational institutions. In this case, Franklin College is one of those schools (TASIS would not be since it is neither a college nor a university). Getting a loan with no credit history or income, as is often the case with students, does not require having a parent or guardian but it does require someone to co-sign the loan (meaning that if you default on the loan the other party is responsible for paying it off). | | | | | lols. The OP is American? English much?
Just to clarify, most student loans for approved educational institutions are incredibly easy to get, are NOT credit based, and do NOT require a co-signer. Loans for money beyond the estimated cost of attendance (tuition and a modest living allowance) from private banks ARE credit based and MAY need a co-signer. Also, in the former case the money goes directly to the schools, which then issue you a refund minus tuition and various fees and taxes. Ordinarily one would never need the latter kind (private) loans for school in the US, unless you absolutely need the money for stuff like a car or something (you can get a one-time federal loan for a computer).
| 
28.12.2010, 18:32
| | Re: How I lost 15,000 gambling my school funds at casino | Quote: | |  | | | lols. The OP is American? English much?
Just to clarify, most student loans for approved educational institutions are incredibly easy to get, are NOT credit based, and do NOT require a co-signer. Loans for money beyond the estimated cost of attendance (tuition and a modest living allowance) from private banks ARE credit based and MAY need a co-signer. Also, in the former case the money goes directly to the schools, which then issue you a refund minus tuition and various fees and taxes. Ordinarily one would never need the latter kind (private) loans for school in the US, unless you absolutely need the money for stuff like a car or something (you can get a one-time federal loan for a computer). | | | | | If you get in at a costly private school, but don't have grants or awards, or someone to give you the money to bridge the gap between the government subsidized loans and the fees, then you have to take out a private loan. | Quote: |  | | | Benefits of Private Student Loans - The total amount of a private student loans is not limited — you can take out as much as you need to cover your costs
- They are not need-based, so even if your parents make a good income, you are not barred from qualifying
Disadvantages of Private Student Loans - Eligibility depends on your credit score — in this current financial climate, you will probably need at least a 700 FICO score to qualify
- Most lenders require you to have a cosigner (who also has a high FICO score)
- Higher interest rates than federal student loans
- More restrictive repayment terms than federal student loans
- Decreasing number of lenders making private student loans, in light of the ongoing financial crisis
| | | | | http://www.financialaidfinder.com/fi...private-loans/
watch from about 1 minute in | 
28.12.2010, 18:49
|  | Modulo 2 | | Join Date: Oct 2008 Location: Baselland
Posts: 15,156
Groaned at 309 Times in 265 Posts
Thanked 23,411 Times in 9,520 Posts
| | Re: [Thread split] Financing tertiary education
Why go to an expensive private school then? If you can't afford it - don't go. Especially when there are plenty of perfectly decent much more reasonably priced alternatives.
It's when you can't go to public institutions because of affordability that there is an issue. There's always going to be stuff you can't do if you (or daddy) haven't got the dosh.
| The following 2 users would like to thank NotAllThere for this useful post: | | 
29.12.2010, 19:59
| | Re: [Thread split] Financing tertiary education | 
29.12.2010, 20:21
| Forum Veteran | | Join Date: Jun 2010 Location: Frankfurt (Ex-Zurich)
Posts: 869
Groaned at 95 Times in 42 Posts
Thanked 584 Times in 331 Posts
| | Re: [Thread split] Financing tertiary education | Quote: | |  | | | | | | | | The question is: is a college education of US quality and with US prices worth it?
| 
29.12.2010, 20:27
| | Re: [Thread split] Financing tertiary education
If the guy had access to 15k and he went and blew it all in a casino without realising the consequences, what the hell is he doing in further education ?
| 
01.01.2011, 22:16
| | Re: [Thread split] Financing tertiary education
Good News!!! | Quote: |  | | | Wells Fargo will now forgive student loans upon the event of a beneficiary's death or incapacitation, Dow Jones reports.
In previous cases, the co-signer of a student beneficiary would have to continue paying the loan even on the occasion of death or disability of the student.
Earlier this month, Sen. Frank Lautenberg (D-NJ) introduced the Christopher Bryski Student Loan Protection Act to require lenders to clarify the stipulations of loan repayment in the event of death.
The act was named for Christopher Bryski, a Rutgers student who eventually died after being permanently disabled in an accident. His family continues to pay his $44,500 student loan debt. | | | | | http://www.huffingtonpost.com/2010/1..._n_798243.html | 
01.01.2011, 22:39
|  | Forum Legend | | Join Date: Feb 2008 Location: La Cote
Posts: 17,488
Groaned at 414 Times in 275 Posts
Thanked 20,435 Times in 10,578 Posts
| | Re: [Thread split] Financing tertiary education | Quote: | |  | | | | | | | | Wow, it is so interesting to read the Sen Fr. Lautenberg's name...He helped me with some administration trouble more than a decade ago, very good person. It's a small world.
| 
23.01.2011, 18:03
| Member | | Join Date: Dec 2010 Location: Zurich
Posts: 168
Groaned at 36 Times in 19 Posts
Thanked 78 Times in 50 Posts
| | | Quote: | |  | | | Why go to an expensive private school then? If you can't afford it - don't go. Especially when there are plenty of perfectly decent much more reasonably priced alternatives.
It's when you can't go to public institutions because of affordability that there is an issue. There's always going to be stuff you can't do if you (or daddy) haven't got the dosh. | | | | | Lol. Very well put. Plus it's balls anyway. If you can get into yale or equivalent then any very good but lower ranked school will PAY you to go. And they are very good. The rankings are silly and arbitrary. Or you would very likely get private financial assistance from the elite schools, because they didn't take lightly their decision to accept you (and have tons of money).
Sent from my ZTE-BLADE using Tapatalk
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | Thread Tools | | Display Modes | Linear Mode |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | All times are GMT +2. The time now is 15:23. | |