Student Loans

[boricua5000]

I was on the HSBC website and was reading that HSBC offers Stafford Student Loans. I was thinking about applying with them since I bank with them. I just never heard private banks offering stafford student loans. Do they check your credit?

[LynnInMN]

I was on the HSBC website and was reading that HSBC offers Stafford Student Loans. I was thinking about applying with them since I bank with them.

 

You can only apply for a stafford thur HSBC if A) you have done a FAFSA and have actually been awarded a stafford and if your school is in the FFELP program.

 

 

I just never heard private banks offering stafford student loans. Do they check your credit?

 

Citibank, Wells Fargo, BofA.....they all participate in the FFELP program.

[boricua5000]

Do you have to pay back HSBC is you do this or the feds.

[LynnInMN]

Do you have to pay back HSBC is you do this or the feds.

 

If HSBC decides to service the loan, then yes. However they could end up selling it to a loan servicer like Sallie Mae.

[boricua5000]

I know that HSBC has private student loans but I am scared to take those out. My credit is not that great either. I have a bk from 2 years ago.

[Saria]

I know that HSBC has private student loans but I am scared to take those out. My credit is not that great either. I have a bk from 2 years ago.

 

As well you should be. Have you done your FAFSA yet?

[boricua5000]

Yes. I exhausted my federal loan funds for this year only.

[skinglist]

Yes. I exhausted my federal loan funds for this year only.

 

are you a grad student or undergrad? If you're a grad student, check out Grad PLUS loans -- rate is higher than Stafford but it' still federal so it's much better than the private loans, rate wise.

[boricua5000]

I am an undergrad.