I need the tyro loan which requires no remuneration whilst im enrolled in school, i need similar to 10,000 as well as i wish to make use of it to compensate off my stream debt similar to credit cards i used for propagandize (stupid) as well as my automobile loan. Is this possible? any one else finished this? any info is GREATLY appreciated.
Thanks!
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Most of the private student loans available these days must be school certified. Which means the check is sent to your school and your school has to approve the amount. If your school has very lenient rules about approving private student loans then giving you the check (after tuition is paid in full) then it's possible, but to be honest, schools are pretty strict these days about what all loans are used for. Good luck.
Here's a little tidbit of knowledge. It's never smart to pay off debt by accumulating more debt. Remember your still paying interest on the student loans.
NJ:
Student loans are designed to be used for educational expenses only, and the money is lent to pay current expenses, not expenses that you have run up in the past.
Government loans, like the Stafford, are readily available, but they are paid directly to your school and applied to your current semester's billings. The amount you can borrow will be determined by the financial aid office, based entirely on your financial aid need for the current semester.
Non-government loans, known as "private" or "alternative" loans are mostly what the lenders call 'certified" loans. When a loan is certified, that means that the lender must contact your school, to determine whether you are currently registered, and to determine the amount of your remaining financial aid need – for the current school year. Your financial aid office will not be able to – nor would they be willing to – certify amounts that you owe to credit card companies or auto lenders.
While there are some private loans that are non-certified (a very few), the bad news is that your debt problems are going to keep you from being able to qualify for a legitimate lender's private educational loan to begin with.
All legitimate private loans are credit and income sensitive. An applicant is evaluated based on their current income, their debt-to-income ratio, and their credit history. I'm guessing from your question that you're not currently working full-time, and I'm guessing that your debt-to-income ratio is a little out of whack. You will not be able to qualify for a non-certified private educational loan unless you can provide the lender with a very highly creditworthy cosigner.
Unfortunately, NJ, a student loan is not designed for the purposes that you're hoping to use it for, and the lenders cautiously evaluate these types of loans to make sure that students are using them for current educational expenses – not to get caught up on past due debt.
I wish you the very best of luck – I'm sorry that the news isn't good.