Feed: Need A Student Loan Three Kinds Of Student Loan For - AggScore: 14.0

Students and parents who must deal with the high cost of a college education have available to them a wide range of student loans. This article offers details on three general types of student loans.

Federal Stafford Loans

Unlike other student loans, application for a specific Stafford Loan should be preceded by the filing of a Free Application for Federal Student Aid (FAFSA). The FAFSA application should be made in the name of the aspiring student.

The process of applying for a Stafford Loan differs in a second way from the application process for other student loans - and application for a Stafford Loan does not require a credit check.

There is no uniform method for the delivery of money from a Stafford Loan. Some students get the money directly from their school; other Loan recipients get the money from a bank or other lender.

Signature Student Loans

In order to get a Signature Loan, a student must attend a four year or two year school on at least a half time basis. That student must also meet certain credit criteria. Like some other student loans, application for the Signature Loan permits the use of a co-signer.

In fact, there is a real advantage to applying for a Signature Loan with a co-signer. That process can lead to a reduction in the interest on the loan. And, if after graduation, the student then makes 24 successive payments, the co-signer is removed from responsibility for covering the loan expenses.

If a students plans to go to a community college, then he or she ought to consider getting a Signature Loan. Unlike other student loans, the Signature Loan rewards student applicants who have a good credit rating. Those applicants can get a lower interest rate or a lower application fee.

Tuition Answer Loans

While the student loans discussed so far have all been Federal Loans, the Tuition Answer Loans involve the loaning of private money. Money from Tuition Answer Loans normally goes to credit-worthy parents or students. The providers of Tuition Answer Loans do not feel that every student at a U.S. college is entitled to such a loan.

So, in order to get a Tuition Answer Loan, both the borrower and the student must have a Social Security number. Both the borrower and the student must be U.S. citizens, or be permanent residents. And finally, both the borrower and the student must have good credit.

Other Private Loans

A student planning to pursue a particular career should study the Career Training Loans. Like the student loans discussed in the above section, Career Training Loans are private and credit-based loans.

They allow a student to get money for either classes at a trade school, or classes taken online. The school attended by the student must, however, have a license from the state in which it operates.

Students who want to go after training in cosmetology or massage therapy do not have to forgo the chance to get a student loan. For them Career Training Loans are perfect. Those loans can also help a student who wants to become an MRI technician.

They are the sort of student loans that are ideal for anyone who wants to study on the job.

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How to stop student loan wage garnishments if you agreed to make default payments?

I recently defaulted on my student loan and contacted the student loan company to before they started garnishing my wages. I agreed to a reasonable monthly payment and made the payments on time when I noticed that my wages were being garnished as well. I contacted the student loan company several times and they kept saying that they would remove the garnishment and that my employer had recieved the paperwork. I contacted my employer's payroll and the stated that they never got the paperwork and I should ask for a copy myself to fax it in myself just in case. The student loan company wouldnt give me a copy of the garnishment letter to the employer and claimed to have faxed the paperwork in. It has been 4 straight pay periods and nothing has been done meanwhile im still making monthly payments directly from my bank account. Is there anyway to stop this? PS: I dont need smart remarks about you should have paid in the first place, i know that much but i couldnt afford to at certain points.

Answer
Well it seems to me if you set up the auto-draft to your bank account willingly you should be able to stop it at will as well. Call your bank and tell them you want to stop sending that company money. Or allow them to take it out of your account, however it was set up. Good luck!