What is the best student loan company?
Nov 21st, 2008 by admin
I know that loans are the worst ways to get some cash. But, I am a college student and I am in debt $7,000 because of my credit card. I need help.
No one will give you a student loan for credit card debt. Student loans are for tuition and books and if there is anything left over they go toward living expenses.
You cannot get a student loan for your credit card debt.
You have a couple options, but all of then involve belt tightening, not getting into more debt.
If you can get a balance transfer at 0% to another card, that will give you 6-9 months of interest free. But beware that any unpaid balance is usually retroactive on that interest.
But it does give you 6-9 months to pay off that card.
I’d seriously get out from under that debt. Sell off the XBOX, music CD’s, DVD, etc. Get rid of that cell phone and any other subscription you may have. Netflix, Cable, etc.
I assume you already have a job. Work as many extra hours as you can, and as soon as you get paid, pay as much to that credit card as you can. You can pay more than once a month.
I have a friend who earned $100 a month donating plasma. That is $1200 a year towards credit card debt.
But first and foremost you have to come to grips that you have a spending problem. And getting a loan (borrowing more money) is not going to change that problem.
It’s summer. Mow lawns, clip hedges, etc. As soon as you get that money in, mail that out to pay it online.
I don’t know of any “good” ones but I can tell you to stay away from any companies that deal with ACS. They are a crooked company!!! They claim that their loans are private and can’t even be consolidated…basically they won’t let a company pay them the amount you owe so then you can just make one payment to one place. They want u and u only to pay it back so they can trick u and claim u haven’t paid when u did and therefore u end up paying them more. They have even called my mom(who co-signed) and asked her to make a payment when I had just paid them. They were trying to get double the payment!!! All I can say is be careful!!! Look for grants and scholarships avoid student loans like the plague girl!!!!
Speak with someone within your Financial Aid Office.