education loans

[Lucid_Chaotic]

@arjay

Now—on a lighter note, the QARZ-e-HASNA in our local dialect or terminology, deciphered as;

WOH QARZA JO AAP BANK SE LEIN AUR JUB BANK WALAY AAP SE QARZA WAPIS KARNE K LIYE KAHEIN TOU AAP HANS DEIN…hence QARZ-e-HASNA!

[goodnews]

@arjay

In Pakistan—during ZIA era they introduced QARZ-e-HASNA (loans for students desiring to study abroad) with conditionality that when the student returns–gets a job—he/she will repay with a marginal profit.

Banks were “instructed” to consider this big way and go for it. Almost all the Bank’s in Pakistan were Govt. owned (Nationalized) and NBP went foremost—that it’s SPECIAL ASSETs now include a staggering amount of Rs.1.2 Billion as stuck up in QARZ-e-HASNA !
wasy agar kisi aam bandey ney koi faida le liya tu kiya bura ab sab assembly memsers ke liy hi tu nahi hona chahey na, khwaske sath awam ko bhi bherpor moqa milna chahey:D
Now—on a lighter note, the QARZ-e-HASNA in our local dialect or terminology, deciphered as;

WOH QARZA JO AAP BANK SE LEIN AUR JUB BANK WALAY AAP SE QARZA WAPIS KARNE K LIYE KAHEIN TOU AAP HANS DEIN…hence QARZ-e-HASNA!

[arjay]

@goodnews

Ajee—iss waqt jo QARZAOUN ka khel ho raha hai----jubb hisaab kitaab hoga tou barray se barra kalakaar bhi pagal ho jaiga—ke QARZ DE NE KA WORLD CUP chall raha thah Pakistan mein.

But not from PRIVATE Banks—they are smart! They have since limited their consumer lending even!

[zobia]

@arjay

WOH QARZA JO AAP BANK SE LEIN AUR JUB BANK WALAY AAP SE QARZA WAPIS KARNE K LIYE KAHEIN TOU AAP HANS DEIN....hence QARZ-e-HASNA!

lol. my eldest bro told me about Qarza-e-Hasna. :D

[pak-one]

Re: education loans

PCG, what types of student loans are they? Private vs. Federal? What type of loan docs did you sign?

I think you need to review the documents to see the fine print (things like rate pegs to the LIBOR, ceilings etc). Recently the Obama administration has reformed some of the student lending practices, including ending subsidies to private lenders etc. That coupled with the market adjustment may have been the underlying reasons for the rate increases.

I guess the most important issue is: What percent is your debt service burden? If that is the main issue, then you need to read up on the docs, and get on the phones to negotiate with the student lenders.