Parent Student Loans

tonicareer · Jan 13, 2006

She could borrow on credit cards while waiting on loan approval - but if not approved what would be the minimum payment on 5000 dollars(cash)? I think there is supposed to be a chart somewhere on the web that tells you that - anyone know where it is? Her credit stinks and she doesn't own a home and has no one to cosign. Can she increase her daughters students loans after the last semester has already begun?

Bipley · Jan 13, 2006

What are places to get Parent Student Loans and which ones are the best to apply for? My friends daughter is in her final semester of school - her car (the students) has given up completely - they are sharing a car and getting help from others but this is just not going to make it for the rest of the semester. She is a single mom and tapped out financially - so they are wanting to take out a parent loan to buy a decent used car for the daughter. So far she is looking at Sallie Mae and Collegiate Funding Services. Her credit rating is pretty dismal she says - so what are the odds of getting a parent loan? Or would it be better for the student to apply for an additional loan herself rather than the parent (not sure this is an option though) since I think she has the maximum for this semester already? They are thinking 5 to 7 thousand maximum for a used car (one that is decent and some extra for the higher insurance premiums (since a newer car will have higher premiums). Thanks for an info.

That's too much money for a student. She doesn't need anything that fancy. I doubt she would be able to afford the payments on it. If her credit isn't great she is likely not paying her bills now, how will she afford this?

I helped a friend who has no money buy a car a couple of years ago. She ended up with (my favorite) a Toyota. She paid $2K, she's had it for two years, she's put 30K miles on it, and thus far she's replaced the battery.

The idea is to get beyond what the car looks like and see if it runs well, it is dependable, reliable, etc. Sometimes when you are a student you just get a crappy ugly car that you can depend on.

If she could spend $2K - $4K, would that help in obtaining the money vs. $5K-$7K? If so, look at older model Toyotas. They don't look fancy but they sure run well, are less expensive to repair, and make good little cars. I believe there is a web site (hope this is right) www.edmunds.com. It will give you an idea of what is available. And JUST to see what is available and NOT to buy (no clue how it works or how it could be wise) but check out ebay. Again, not to buy from ebay but just to see what is available.

Not really sure how www.edmunds.com works but I believe dealers from all over the country advertise their cars using that site. You put in your price range, your zip code, type of car you are looking for and it will give you tons of options. Then you go to whatever source is advertising the car and take a look. I think it also includes private sellers.

tonicareer · Jan 13, 2006

Still looking for info on Parent Student Loans - Thank You.

TheCommuter, BSN, RN · Jan 28, 2006

Still looking for info on Parent Student Loans - Thank You.

If you're still out there and happen to read this sometime in the near future, try http://www.SallieMae.com for a hassle-free student loan. Parents can take these loans out for their children.