Pro-student Legislations on Private College Loans

Regarding the standard rules and procedures concerning private student loan programs, the Congress would like to put its hand on it. But the change that they are contemplating to implement is to remove the chance of college students to combine private college loan programs in order to acquire low rates of interest for themselves. If this happens, the students will definitely be paying more in interests, amounting to additional 3 to 5 thousand dollars.

The question that has always been asked by many is this: how much financial assistance should the government provide and extend to college students? And how high should be the interest rates of private loans that students will need to tolerate and pay off, without any hint of abuse on the paying capacity of the student? Of course, since most students deal with such repayment themselves, it should be taken into account the limits of the students’ capacity to repay their loans.

Instead of making the unfortunate mistake of making anti-student moves, legislations should be introduced which will help college students in maximizing the advantages and financial benefits that they can obtain from private student loans. Likewise, they must initiate moves that will bring about the toning down of the negative effects of acquiring such private loans, like repayments accompanied by exorbitant rates of interests.

Private College Loan Programs: Way to Go Loans

Nowadays, why do students turn to private student loans? For the students with financial needs to pursue their education, there are numerous ways to fill up such requirements. There are scholarships, and then there are government or federal student loans.

The former, while they abound, requires a long list of requirements of the students before they can be obtained. The most restrictive requirement is that a prospective student must have high academic scores.

Federal student loans on the other hand are based on your present economic student, that is, you must demonstrate a certain degree of financial need. However, there are many students who fall short of this “financial need” requirement. There are labeled as not poor enough to qualify for this type of loans.

So what’s the next best option? There is always the private student loan which can fill the void that government loans cannot fill in. The fact is that numerous private college loan programs are available. Therefore, the good news is that most of these loans are not based on needs. Consequently, the requirements that prospective student borrowers need to fulfill are not that stringent.

The excellent way to a better life is to pursue college, and whether you pay for it in cash or via private student loans, it is the best goal that you can ever have.

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Steps for Instant Pre-Approval

Please follow these steps:

Step 1:
Log onto our website using the following link and complete the loan application.


Step 2: Fax the following documents to James Holmes at 303-468-8445. Here is the checklist
1.) Pay stubs covering the most recent concurrent 30 day period. 2.) Bank statements for your checking and savings accounts covering the most current two month period and quarterly statements for all 401K and IRA accounts. Please be sure to include all pages of the statement regardless of the information contained on each page.

Step 3: Shortly after receiving your application we will send you initial loan disclosures via email. Print, sign and return the disclosure documents to James Holmes at 303-468-8445. Please Note that signing the attached disclosures does not obligate you to closing a mortgage loan with our company.

Once we have received your information we will immediately process your request and issue a letter determining whether your application is pre-approved and the terms available to you disclosed on a Good Faith Estimate and Truth in Lending disclosure.

Please feel free to contact me directly with any questions you may have. I appreciate having the opportunity to assist you with the purchase of your new home. My goal is to identify your goals and priorities and help you find the correct mortgage program to meet your needs.

Today is a great day for action!


For Information on how to obtain up to $25,000 in downpayment and closing cost assistance contact James A. Holmes, Director of Private Mortgage Banking, Chartwell Mortgage Corporation - The James Holmes Lending Team at Private Mortgage Banking or by calling me toll free at 888-850-6100 or email at

Private Student Loans' High Rates of Interests

What is the government going to do to be able to regulate the rise of rates of interest for private college loans?

The evidently high rates of interest for private student loan are so prevalent nowadays that they are being compared to that of the credit cards. College education nowadays has become more like a commercial commodity, where thousands of dollars is needed for any ambitious student to pursue it.

On the other hand, the interest rates of federal college loans are being regulated, and pegged up to a certain level prescribed by law. Presently, government loans have interest rates capped at 7 per cent at the most.

It’s a pity that private student loans have rates that reach up to as high as 22 per cent. The good news for the student-borrowers is that the Congress is addressing the issue of high rates on privates. It is determining if there is validity to the means by which the commercial banks and private lending institutions set such rates.

Another issue that concerned entities must address is the duration of repayment, the extension of which for private loans is allowed. Oftentimes, over-extension becomes inevitable for many student-borrowers and these cause them to be buried into serious debt situation.

Hopefully, regulations are strictly imposed and followed as a safeguard for the students themselves, most of whom become victims of private college loans’ high interest rates.

Private and Federal Student Loans: Working Hand in Hand

One incoming college student to one of the country’s premier universities whom I know queried: “Is it okay to just have private student loans and not apply and acquire anymore for federal government college loans? He asks as he does not want to deal with bureaucracy, red tape and all such crappy style.

While it may be possible – remember, it is ultimately your choice on how you will finance your education – it is strongly advisable to first exhaust all means of securing government loans.

In other words, it should be the other way around. You can own all types of federal debts in covering all your college costs and expenses without having to acquiring even a single private student loan.

However, if such government student loans are not sufficient to pay for all the necessary school expenses, you might have to decide on further getting private college loans to totally fulfill your financial obligation.

Between a federal and a private college loan, the former is more important, and therefore more sought after of the two.

Still, private loans are not to be taken lightly. Remember, the reason why they are referred to as the alternative loans is because the complement effectively the federal type. Actually, government student debts work best when actually complimented by private ones - they actually go hand in hand effectively.

Most private financial aids and loans are easy to apply for, offering competitive rates of interests. You also have the option to delay the repayment of such loans when the situation calls for it.

Private Aid and Student Loans: Getting Well-Informed

If you are a college student and would surely need a private student loan, then it is best that you have a financial loan or aid calendar.

What does this mean? You must have a list of all your prospective colleges and universities and get all their calendars stating the dates on which you may apply for the available private student loans that they offer.

Be very conscious about knowing this facts because there are many other students, who like you are trying to enter college, and therefore competing for the available private college loans from the different colleges and schools.

Another way of acquiring more information about the availability of financial aid is by subscribing to college and school papers and newsletters. Such materials likewise announce the start of loan application as well as the deadlines, which can greatly help you in taking advantage of financial aid opportunities.

Likewise, you should write the schools not only for the application forms but also the information on the financial aid and loans that they offer. Surely, they would be happy to furnish you with your requests.

A sound advice on successfully getting a private student loan is this: be informed correctly and apply at the earliest time possible to avoid missing any golden opportunity.