Do banks give student loans or is it just student loan companies??

Ive got a friend who received a loan from a student loan company but he ended up spending 90% of his money. Now he wants to go to his bank and ask them for a student loan.. can he get a student loan from his bank??

Do banks give student loans or is it just student loan companies??
No, they do not offer student loans.





They do however offer student ACCOUNTS with interest-free overdrafts, which accounts to the same thing in the end. You however won't have as leisurely a time to pay it back. After you graduate, you can upgrade your account to a "post-graduate account", as you can't keep a student account when you're done studying. This account lasts about a year, and remains interest free. After that year, interest kicks in and you'll start paying out of your nose if you haven't fully paid back yet.





You can get normal loans from the bank, but nothing like the interest linked to inflation you get from the SLC. For them you'd be paying standard interest rates.
Reply:Student Loan can be sought through many different avenues. It all depends on your personal credit rating. The biggest challenge is finding one that offers the lowest interest rate.There are various routes to explore when seeking out a bad credit student loan and I would suggest that your first port of call would be the school for which you are about to attend. You will need to fill out a FAFSA form in order to initially apply for a federal loan. Perkins loans are combined school and government funds. A combination loan may be another alternative way of acquiring a bad credit student loan. This type of student loan enables you to consolidate%26lt;!--any existing loans that you have whilst applying for a new tuition loan. The only drawback to this type of loan is that you may need someone to co-sign.Another way to get a bad credit student loan is to get a co-signer. Maybe a family member with good credit would help. This way you could get loans with more attractive interest rates and terms, in spite of your bad credit. You may find the student loan here,





http://best-loans.awardspace.com/student...





Finally, if all else fails you will need to contact banks and financial institutions. They will more than likely be happy to lend you the money, but it will be on a higher interest rate than usual. When you have bad credit the banks will check out your personal credit score first and then offer terms based on the credit rating assessment. Take heart, even if your bad credit student loan is set at a high interest rate, numerous--%26gt;student loans defer your payment until you have finished college. This in turn will allow you time to improve your credit rating and when you leave college you could then look into consolidating your bad credit student loan at a better interest rate. This will mean your monthly payments will be at a lower level and therefore more affordable.
Reply:i think so as long as he has a student acount then i dont see why he couldnt.





i know Natwest offer this as i have been offer loans from the for months
Reply:Hello,


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Reply:banks give out


private student loans - ie you walk in, they lend you money





and FED insured student loans- ie you fill out forms, months later (almost a year) the federal govt insures your loan and then the bank lends you the money





has he filled out his FAFSA???


the fed student loan process takes AWHILE, so it is not the way to go if you need money for food next week.





fed insured loans require The FAFSA It is the form that qualifies you for a govt insured low interest loan.


http://www.fafsa.ed.gov/


If you do qualify for a loan then there are links to all of the big banks that offer loans. YOU MUST SHOP for the best rate.


My loan came from www.Chacestudentloans.com


who HAD THE LOWEST RATE AT THE TIME,


but maybe not anymore. Remember, you may be a student, but you are also and adult, so be careful which loan package you sign!!!!