Fed Financial
Bank of America and Astrive student loans related because of TERI?
Okay, so I borrowed the maximum amount for the current fiscal year through astrive and can't borrow anymore until July 1st through them. They are managed by TERI or whatever. But I need money right now for living expenses etc. So I went and tried to get a loan with Bank Of America with their education maximizer student loan but I noticed it's through TERI too. And It got denied. If Astrive and Bank Of America both manage their loan programs with TERI did my BOA loan probably get denied because TERI is telling them I can't borrow anymore until the Next fiscal year (july 1st)? PS: please don't lecture me on the future burden of taking out private student loans. Im aware, but I financially don't have many options and will have to deal with the payments when they come in the future. Thanks. With all due respect Ellen, I'm well aware of what The differences are between federal and private student loans. I'm just inqurining to see if there's anyone out there that thinks maybe my recent loan app. got denied because TERI is the central destination or something for all apps. to get approved and if there's a limit with TERI then astrive or BOA can't approve the app. until the next fiscal year. If anyone knows for sure I appreciate.....
Public Comments
- I know how you feel. I'm stressing getting college paid for too. Maybe your BOA loan got denied because they were told by TERI that you have maxed out your loans. It seems like you might have to resort to asking your parents for some money, and tell them you'll pay them back when you can. Good Luck!
- There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most<!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs. http://best-loans.awardspace.com/student-loans.htm Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan-->you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.
- Teri stands for The Education Resource Institute. Teri is not a lender,they are the lender and servicer. They work in conjunction with "lender partners" who actually send you the money. This is how you can take a Teri loan out with Citizens, Bank of America, etc. The loan will always be a Teri loan and will have all the features of that particular Teri product, but your loan will be serviced by whomever services that lenders loans (AES, Nelnet, Sallie Mae etc). Teri handles that application, terms of the loan, and other groundwork that is needed to give you the oan, the lender partner send you the funds. Hope this helps!
- The private student loan that BOA tried to approve you for was Teri. Yes, that is why denied. The company i worked for was dealing in private non teri loans, you can try their if you like. Nelnet.com Also, there are private loans with pretty good rates at citibank also not Teri. And the largest lender, Sallie Mae has some called signature loans but they kind of hard to deal with customer service wise. Loans serviced from India, poor English, hard to actually talk to someone. If you want more help, e-mail me and i will be happy to help you with more info. Sounds like you have done your homework so no lectures. :)
