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From Tara P.
What advice would you give new graduates about managing their money?
Get more information on Money Management for New Graduates.
From Rich D.
Does my parent's credit score affect my ability to get a student loan?
Your parent's credit score can affect your ability to get a private student loan, if you are using one of them as your co-borrower. Most students need a credit-worthy co-borrower in order to be approved for a private student loan, since you haven't yet had time to develop a strong credit history, or significant income. Remember, a co-borrower can be anyone who is willing to share the responsibility of the loan with you, not just your parents (a friend, family member, etc.). Check out this section on private loan co-signers for more information.
Also, make sure that you took out the maximum amount in federal student loans first. Your parent's credit doesn't have any impact on your Federal Stafford Loan amount. The only requirement is that you filled out your FAFSA.
From Tim T.
I have undergraduate loans with College Loan Corporation that are currently being serviced by ACS. Can I suspend the payment on my current loan since I have resumed studies, and if I do, does the interest on the loan also stop?
Deferment and forbearance options are available for most private student loans as well as federal student loans when you return to study at a college or university at least half time. However, interest for these loans typically continues to accrue. Deferment and forbearance questions and applications are usually managed by your loan servicer. For most loans from College Loan Corporation, the loan servicer is ACS. To find out which loan servicer you have, and how to reach them, visit the Contact Us page of our website.
From Abe W.
I have a private loan but I have been laid off from my job and it looks like it will be hard to maintain my monthly payments. Do I have any options to suspend payments for a period of time or make interest-only payments?
Sorry to hear about your job loss. Deferment and forbearance options are possible for most private student loans as well as federal student loans. Deferment and forbearance questions and applications are usually managed by your loan servicer. For most loans from College Loan Corporation, the loan servicer is ACS. To find out which loan servicer you have, and how to reach them, visit the Contact Us page of our website.
From Trevor M.
Is the co-borrower required to pay anything on private loan, or does the co-borrower only pay back when the student can't pay back the private loan?
When you "co-borrow" or "cosign" a private education loan, you are committing to paying back the entire private loan, plus all of the interest and fees, if the student or borrower doesn't pay it back. This is why you should think carefully about committing to co-borrowing a student loan. However, the direct answer to your question is no. If the student makes all of the private loan payments on time without your help, then you will not be required to pay anything back. For more information on co-borrowing private education loans for college, visit the co-borrower section of our website.
From Mary W.
How do I request my rebate for a College Loan Corporation loan?
If you already have a private loan or a federal student loan from College Loan Corporation and are eligible for a rebate, all you need to do is complete the form on our website and return it to us. Our rebate request form is posted on the Contact Us page of our website.
From Jen A.
I was applying for private student loan and realized that money goes to school and not to the student. Why is private student loan money not sent directly to the student?
Money from private student loans is not sent directly to the student for a few reasons. One important reason is that private loans (also called "alternative loans"), like most private education loans, don't limit borrowing to as much as the federal student loans that you get through the traditional financial aid process. So, to help you avoid over-borrowing, your lender sends your money straight to your college or university as a way to verify your need for the money. Another reason why private education loans are sent directly to your college is because the financial aid office can quickly apply it to your account, without delays caused by mailing checks. A third reason is that college students move a lot and often have temporary addresses, so sending a check in the mail can be a danger to both the privacy of your personal information and your finances. Remember! Borrowing a private college loan should be your last resort in your financial aid process. For more information understanding private education loans, visit the Private Loan Guide for Students section of our website.
From Carla W.
How do I get approved for my private loan quickly?
The easiest way to get your loan approved quickly is to have a creditworthy co-borrower. To see if your parent, friend or relative would make a good co-borrower, visit our co-borrower info page.