Student loans?

Ok i have full financial aid and and efc of 0, and i want to take out one small student loan. My college advisor said it will effect my efc. I have a friend that got a student loan from a company/bank and it didnt effect her efc. so my question is, is a student loan different from getting it from a company rather than going through the college.

Student loans?
okay, if you don't get the loan how will you pay for your education. did your college advisor say he would give you the money? of course not. talk to your parents, ask them for their advice......they may have the funds, if not they will tell you the best thing to do.
Reply:No. A loan is a loan. The colleges outsource the loan services to an outside company anyway so either way you go, someone else will send you a bill eventually. You will never be billed by the college themselves if you are approved and awarded a loan. It will only mess up your credit (I assume efc has something to do with your credit) if you don't pay when you are supposed to (which payments are to begin sixth months after matriculation - graduation). As long as you are a student, these loans will be in deferment (meaning that they will still generate interest, but you will not be required to pay until you graduate).
Reply:What goes for one person, isn't for all people like you.





Do you have to have this money for your education?





Sounds like you need to listen to your college adviser. If you don't agree, talk to someone else on campus and/or your the place you are planning to borrow from.
Reply:I am also a college student and I couldnt afford college. My parents told me it was up to me to cover the costs of college. So then after doing some research, I found the best place to get a student loan is through Sallie Mae. There are different kinds. Sallie Mae is a company that has banks loan students money that you will have to pay back 6 months after you graduate. There is a Signature Loan, Stafford Loan and a PLUS loan. I suggest the Stafford loan if you are looking for a just a little money and its based on the FAFSA form that you fill out but if you need more, I suggest the Signature. The PLUS loan is filed under your parent's name but it has to be paid back right away. Hope this helped you. Visit salliemae.com and there you can find more info.
Reply:Yes it is different.





If you go through financial aid through your college, you have to apply to FAFSA. You obviously did b/c you know you're EFC (Expected Family Contribution: pretty self-explanatory). When you go through your college financial aid department, the reason you have to apply to FAFSA is b/c they outsource their loans through the federal government, i.e. Stafford, Perkins, Sallie Mae, etc. The government has to know your EFC in order to know how much aid to give you, if any at all. Your EFC is calculated based on your family's and your income combined (if you apply dependent). Also, banks do give out federal loans just like the ones you would get from your school's financial aid office (the few above that I mentioned whereas you need your EFC).





You can get private loans from banks or other financial institutions whereas you do not apply to FAFSA and you do not need an EFC. They are just regular private loans (like for a car, furniture, etc), except they have relatively low interest rates and they have the same features as a federal student loan, i.e. deferred payments, deferred interest, payment options, 6-12 months to begin payments after graduation, etc.





As far as effecting your EFC, depending on where you get your student loan from, I do not know, and don't want to give you false information. One would have to know the formula for calculating a person's EFC (I would expect). The EFC takes into account all of your family's financial info: assets, loans, debt, worth, # of people in household, ages of those people, etc. This number is the amount of monetary contribution the government expects your family to contribute to your college costs.





If you're not able to get much federal financial aid, the best time to apply to FAFSA is when you're 23 b/c you can then apply independent (regardless if you've been independent anywhere between 18-22; that is the government's law) and you will get more money that way. I know the government sucks, b/c I can't get aid b/c my parents make too much and they still make me pay for my own education. So therefore, I got a small private loan from Bank of America to help me finance my education.





Type in "student loans" in any search engine and you will find numerous federal and private loan providers from banks, financial institutions, private companies, and federal organizations. On each site, find the loan section, then the student loan section and there will be listed the types of student loans that entity offers.





Things to look for: 1)Low interest rate 2)Fixed interest rate 3)Multiple payment options %26amp; ability to change your payment option if ever needed (ones that would suit you in any situation, in case an emergency should arrise, i.e. loss of job, not able to attend school for a semester or more) 4)Discount on auto draft (if you prefer) 5)Good reputation (minimum of 15 years in quality satisfying service) 6)Anything else that would suit you and benefit you





The interest rates on private loans are based according the LIBOR index (London Inter-Bank Offered Rate). A good source for this information is www.bloomberg.com. Look under stocks and bonds%26gt;Rates and Bonds. Any APR is based off these rates.





ALWAYS RESEARCH RESEARCH RESEARCH!


KNOW AND UNDERSTAND SOMETHING INSIDE AND OUT BEFORE YOU PUT YOURSELF OUT THERE FOR RISK!





Good Luck! Hope this helped!
Reply:Student loans will not affect your EFC. Your EFC means your estimated family contributed. If your EFC is zero is is estimated that your family will not be able to contribute anything to your college education. Therefore you will get a full financial aid package. Receiving a long will not affect your EFC. As long as you stay within the cost of estimate (tuition + living expenses) you are free to apply for loans.
Reply:Not sure what efc means here.





Um, on a guess...When I was in school while on welfare and receiving all federal aide, I took out a small student loan to buy a vehicle for easier transportation to and from school and daycare without any affect on my welfare or grants.





Your school financial aide counselor should be able to give you all of the pros and cons to taking out that student loan.

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