Financial Question (Student Loan/Credit Card)

Discussion in 'Community Discussion' started by Eluon, May 26, 2006.

  1. Eluon macrumors regular

    Joined:
    Apr 14, 2005
    Location:
    Spring, Texas
    #1
    Hello all!

    I have a quick question to some of you college graduates out there. I have had to use my credit cards to pay for some things (fixing my car, text books, a summer course) over these past 3 years of school. I was wondering: is it possible for me to take out a student loan in excess to just pay off my credit cards and worry about one payment with low interest once school ends?

    Thank you for your advice.

    Curtis
     
  2. Leareth macrumors 68000

    Leareth

    Joined:
    Nov 11, 2004
    Location:
    Vancouver
    #2
    Most Banks/Credit Union have student lines of credit , the minimum criteria varies to apply but if you have a job that pays more than $1,600/year you might be able to get a $5,000 line of credit at a lower interest rate than the credit card and you might have to only pay the interest on the balance not the actual balance until you leave school... again this varies from bank to bank
    but I did that a couple of years ago got a $5,000 line of credit to pay off about $4,200 on three credit cards... guess what with the interest rate being only 6.9% versus the 18.99% on the credits cards , everything is now payed off.
    So yeah I would recommend getting a line of credit even if you need a co-signer...
     
  3. Eluon thread starter macrumors regular

    Joined:
    Apr 14, 2005
    Location:
    Spring, Texas
    #3
    thank you that was very helpful. anyone else?
     
  4. Leareth macrumors 68000

    Leareth

    Joined:
    Nov 11, 2004
    Location:
    Vancouver
    #4
    Oh I forgot to add :

    I am still on student loans (still 5 more years of study), they are enough to pay tuition and kind of live by but not enough to live and pay debts, at least where I am . if you have the chance to get a line of credit/student loan type thing at a lower interest rate go for it. it does make a difference over time.
    and if you can make the payment on time helps your credit rating as well.
    So I have gov't student loans which I dont have to worry about until I am six months out of school, credit cards - all clean now but good to have as back up, the $5,000 line of credit which I use instead of the creditcards for things like buying a computer, vacations etc.
    I did not get a bank student loan I got the line of credit instead (6% versus prime +5%) , the catch is that a line of credit is harder to get than a loan.
    :cool:
    so good luck, PM if you have questions ;)
     
  5. karlahaze macrumors newbie

    Joined:
    Mar 13, 2008
    #5
    I can get an international student grant or scholarship

    Well friends, I have tried by myself searching, but couldn’t succeed; I believe that, there is someone out there that can help me. Also I need a co-signer working in US for my international student loan application. Please does any one know how I can get an international student grant or scholarship to study in USA? Thank you in advance.

    ______________
    government grant
     

Share This Page