[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.

[Uncle GroOve]

	Quote:	hoppy
	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

[phdoofus]

	Quote:	Uncle GroOve
	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).

[daboy]

	Quote:	phdoofus
	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).

	Quote:	daboy
	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

How does this work?

[NotAllThere]

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.

Is a college education really worth it?

http://www.businessinsider.com/facts...lideshow-start

[FrankS]

	Quote:	hoppy
	Is a college education really worth it? http://www.businessinsider.com/facts...lideshow-start

The question is: is a college education of US quality and with US prices worth it?

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 ?

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

[MusicChick]

	Quote:	hoppy
	Good News!!! http://www.huffingtonpost.com/2010/1..._n_798243.html

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.

[daboy]

	Quote:	NotAllThere
	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).

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