Student Loans Consolidation Program

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On January 11, the Ohio Supreme Court ruled that one unlucky law school graduate is carrying too much student loan debt to be allowed to hold a license to practice law in the state.

Hassan Jonathan Griffin, the subject of the ruling, graduated from Ohio State University’s Moritz School of Law in 2008 after working as a stockbroker in Arizona for five years.

While in law school, Griffin amassed more than $150,000 in debt from student loans. He was already saddled with about $20,000 in college loan debt from his undergraduate studies, and he was carrying an additional $16,500 in credit card debt. Following law school, he was unable to find full-time work and took a part-time job in the Franklin County public defender’s office, earning just $12 an hour.

Griffin applied in November 2009 to take the Ohio bar exam in February 2010, but his student loan debt disclosure on the exam application triggered an investigation by the State Bar Association’s Board of Commissioners on Character and Fitness.

Following the board’s report, the Ohio Supreme Court denied Griffin’s application to take the Ohio bar exam on the grounds that he had no “feasible plan to satisfy his financial obligations” and repay his school loans. In the court’s view, Griffin’s debt level and his shaky financial situation left him lacking “the requisite character, fitness, and moral qualifications for admission to the practice of law” — qualifications that, under Ohio state rules, applicants to the Ohio bar must demonstrate prior to taking the state bar exam.

The board did recommend, however, that Griffin be permitted to reapply for the bar exam in February 2011. In order to be accepted, Griffin would need to present some kind of debt management plan to the court, setting out the arrangements he’s making to repay his student loans.

Griffin is far from the only would-be attorney to run afoul of state licensure laws due to unpaid school loans. In the last two years, Texas and New York have both denied law licenses to applicants who defaulted on large debts from college and graduate loans.

This emerging trend of denying a professional license to an applicant on the basis of excessive student loan debt hasn’t been limited to the legal profession. In October, the state of Tennessee revoked the licenses of 42 nurses who had defaulted on their college loans.

Tennessee officials say that their move to revoke the nurses’ licenses came only after 18 months of attempts to get the nurses into a repayment plan of some type for their defaulted loans. Some of these nurses, state officials noted, had been in default for as many as eight years.

The Tennessee Department of Health reports that since it relieved the 42 nurses of their credentials to work, about half of them have entered a student loan repayment plan, and their licenses have been reinstated.

Withholding or revoking a professional license because the holder has defaulted on school loans may seem harsh, but federal law allows states to withhold professional licensing credentials from defaulted borrowers and to deny already-licensed professionals a license renewal on the basis of a defaulted federal education loan.

In addition, states and the federal government can also garnish borrowers’ take-home pay by as much as 15 percent, reduce Social Security benefits, and intercept tax refunds as a means of recovering unpaid student loan debt.

A defaulted education loan can remain on one’s credit report indefinitely, as long as the loan remains in default, and for up to seven years following repayment, once the defaulted debt has been paid off.

Besides standing in the way of a professional license, the stain of a defaulted school loan on a credit report can also interfere with one’s ability to qualify for a mortgage, car loan, credit card, or other line of credit; to rent an apartment; or even to get a job, as more employers move toward including credit checks as part of the job application process.

Holy Cow, I had no idea there were so many different types of student loans available to the high school graduate. This guide will reveal the 8 different types of student loans you can chose from, as well as the positives/negatives of each and the little secrets we found out that will help you decide which types of student loans are right for your situation.

The 8 Types of Student Loans:
 
*Federal Stafford Loan (2 types: subsidized-unsubsidized)
*Federal PLUS Loan (Parent Loan for Undergraduate Students)
*Federal Perkins Loans
*Bank Loans
*State Loans
*Additional Unsubsidized Stafford Loan
*Other types of loans
  military
  work place
  college
** College Board Extra Credit Loan

Before you run out and start looking for different types of student loans understand that you are not eligible for any student loans until you have first completed and submitted your application to FAFSA.  Once they send you your Student Aid Report (SAR) then you can start looking for the best student loans available for you and your child.  Let’s dig into the different types of student loans.

* Federal Stafford Loan – Subsidized:  the most popular and cost effective student loans available.  These are government guaranteed loans for both undergraduate and  graduate students.  It’s really hard to beat these interest rates.

***Student Loans Secrets***

The College Cost Reduction and Access Act of 2007 determined the following fixed interest rates on Stafford loans.  These rates are for subsidized loans to undergraduate students.

6.0% for the 2008-09 school year
5.6% for the 2009-10 school year
4.5% for the 2010-11 school year
3.4% for the 2011-12 school year
returns back to 6.8% for the 2012-13 school year.

My wife was eligible for this loan, however it was not enough to cover expenses so she had to pursue additional sources.  My son was not eligible for a subsidized loan, hterefore he had to get an unsubsidized loan.  And, we will have to reapply with FAFSA in January for both of them.

* Federal Stafford Loan - Unsubsidized: this can be a long term low interest rate loan. Right now the rate is 6.8%.  Those students who don’t qualify for the subsidized loan almost always can get this loan.  In some cases you can postpone interest payments, but usually the interest on the loan is the borrower’s responsibility.  We have chosen to make the payments monthly (.92) to keep the overall cost of the loan at a minimum.

Unsubsidized Stafford Loan - This loan is long-term, non-need-based, with a low-interest rate. This type of student loans is best for students who don’t qualify for other types of financial aid, or who still need more money in addition to other forms of financial aid. Almost all household incomes qualify, and “unsubsidized” means that the student must begin making payments after the grace period.  There are several cases where students have negotiated the removal of interest payments until after graduation.epaying until after grace period.

***Student Loans Secrets***

Talk to your lending institution and ask for a monthly withdrawal on these interest payments.  We set this up with our son’s account and we are paying his interest payments only and he is responsible for the principal. Our monthly interest payments of a month not only cover the interest but the remainder is applied towards the principal.  As you will find out, if your loan is for 00 by the end of college that loan is probably in the neighborhood of 00 or more.  Add these loans up over several years and it becomes a large chunk of money to have to pay back.

* Federal PLUS Loan – for parents of undergraduates
Basically the parent may take out a loan for their students college expenses.  You can borrow the total cost of their education, get low interest rates and a decent tax break.  Unique with this loan is the ability to overcome poor credit history.  Basically this type of student loan has no ceiling on income levels or how many assets you have. 

***Student Loans Secrets***

You can negotiate the repayment schedule by either starting your payments after the 60-90 days you received the money or after your child graduates.

*Federal Perkins Loans -  normally these loans are awarded to students who have financial difficulties.  The funds available are limited but they are low interest loans. Interest does not start to accrue until 9 months after you graduate or you drop below half time status.  It is best to seek advice of your college financial aid adviser who can direct you in the right direction.

***Student Loans Secrets***

Federal Perkins Loans are reported to your credit bureau, which means it could damage your credit rating if you are late on payments or default on your loan.  Know what you are getting into and if you are a student, start thinking about the future and don’t live in the present.  This is serious stuff.  Do it right and you have an instant EXCELLENT credit rating.

*Bank Loans - the only reason you would pursue this route is if you are turned down by the federal government.  These loans are usually a little higher in interest rates and each bank has different criteria you must fit meet.  It’s best to shop around your local area to see what is available before you hit the internet. Some banks do offer Stafford Loans, but they are more strict on their policies.

***Student Loans Secrets***

They might limit their loans to full time students, repayment options are probably gonna be more limited, and they might offer some incentives on repayments. The most common is an interest rate reduction if you use automatic withdrawal.  Here is what we learned from one institutional Bank:

U.S. Bank supplemental loans…

Their student loans are credit based and they just want to make sure your loan is not covered by another type of financial aid.  The power of your cosigner and your credit history will help you qualify more easily for a loan and reduced interest rates.  They offer deferment which means you don’t have to make payments on the loan or interest rates.  There are no application fees and you can easily learn within 15 minutes or so after submitting your online application if you qualify or not.

*State Student Loans – most states offer a guaranteed student loan.  These funds are administered by a bank which means you will need to apply for the loans through a bank.

***Student Loans Secrets***

These loans are usually more expensive to borrow from than your federal student loans.

*Additional Unsubsidized Stafford Loan – These types of student loans are determined by the federal guidelines and are reserved for borrowers who fall into the “independent category.

*Other types of loans – as a dependent you may qualify for student loans if your parents work place offers them.  The military is another good source for student loans, especially if they are currently serving. However, it is not limited to currently serving, if your parent ever served in the armed forces you should explore these opportunities.  Other places to explore are colleges and larger corporations or businesses.  Talk to your financial aid rep’s at college, they have a lot of underground tactics they don’t normally share with the public but will share with you.

* College Board Extra Credit Loan – AMS or Academic Management Services is affiliated with around 2000 various universities.  They will pay your tuition fees but the catch is you have to repay those fees within a year or less.  These can be expensive and it is usually explored in dire emergencies.

You just read the top 8 types of student loans. Each has it’s benefits and each has some drawbacks.  The last Student Loan Secret we will leave you with has not really been discussed above and it might be the best thing you’ll need to remember.

Start shopping for interest rates, loan fees and repayment schedules.  Interest rate shopping in useless if you are after a government loan, because they are fixed, however private lenders are the ones to be very careful of before you sign on the dotted line.  Private lenders do have discounts so make sure and ask them point blank what they are.

There will be a time when you will need to consider consolidating your student loans.  Until then, try hard to pay as much out of pocket money as you can afford to reduce your debt burden once you graduate from college.  Right now focus on which types of student loans best fits you and your family.