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Private Loans (College)

Discussion in 'Anything goes' started by KevinmH9, Aug 4, 2008.

  1. KevinmH9

    KevinmH9 Active Member

    Well, after testing the newspaper industry, I've decided I'm going back to school for another year and finishing my second major in Professional Communications.

    My parents have already said that they cannot support me financially and I've been searching for private student loans (non-federal) to support what my federal Stafford loans will not cover. I've looked at providers such as Astrive or Sally Mae, but I've basically cancelled out using Astrive because of the outrageous interest rate and APR.

    Anyone ever use any private student loans or know of a good provider that'll give me a decent interest rate and APR?
     
  2. PopeDirkBenedict

    PopeDirkBenedict Active Member

    Go in and talk to your school's financial aid office -- they are going to have more info than we will
     
  3. In short, no.

    I have a private Sallie Mae loan and a Key Bank one as well. Both the interest rates are in the 8 to 9 percent range, which is why I'm paying those back as fast as I can shovel cash into the accounts.

    If you wind up going in this direction, which I don't recommend, I've had a lot of customer service problems with KeyBank, but Sallie Mae has been pretty smooth. If you're going to get boned, it's better to do business with a company that at least doesn't try make it hurt too hard.
     
  4. KevinmH9

    KevinmH9 Active Member

    Spoke to them today. They weren't able to provide much information other than do your research and find a decent provider who will not make you pay a interest rate that'll break your bank.

    I'm trying to get as much as I can from federal loans so that I only need to take an absolute maximum of $5,000 from private loans.
     
  5. playthrough

    playthrough Moderator Staff Member

    What a horse-bleep answer. I'd have asked them if they prefer I just take my money to another school.
     
  6. MU_was_not_so_hard

    MU_was_not_so_hard Active Member

    the one time I needed to take out private loans to subsidize the federal ones, I went with a small company (MOHELA). Obviously, that's one based in Missouri. Whatever state you're in, look for the small ones, though, especially if you're going to a public school. They get gov't kickbacks, so they typically have smaller interest rates in the beginning.
    Through my research, though, I found that just about all of them had the ability to basically turn into a high-interest credit card after more than a couple year. Make sure you pay those off, and fast. Otherwise, you're going to regret using them.
     
  7. KevinmH9

    KevinmH9 Active Member

    Cool. Thanks for the info, everyone. I figured I received a horse-shit answer, but the girl I spoke to was someone who was just working the phone lines and saw me and asked if I needed anything. She probably wasn't in a position to take me into the office and sit me down and give me the huge logistics. I plan, or hope, to get a job during the year and, then, start paying off that private loan immediately. Maybe even get the private loan payed off before I'm finished for the year.

    I live in New Hampshire, but I'll take a peek at those loans that are state specific.
     
  8. Layman

    Layman Active Member

    Actually, that's probably all they were allowed to say. Due to Cuomo's great "paint everyone/thing with one big brush stroke" investigation, school's have to be incredibly sensitive to showing any "bias" toward private (non-Stafford / Ford Direct) lending program.....even to the detriment of giving good advice to their own students.

    Kevin, this is a significant part of what I do for a living. There's a number of elements that go into answering your question. How much you've previously borrowed under traditional student loans (how much "head room" you have left), how much you're looking to borrow long-term (tuition & books vs. living expenses), whether you will be required (or can be yourself) a credit worthy co-signer to get the best possible rates on your "private" loan. This sound like a "2nd bachelor" loan? If you'd like some input, PM me.
     
  9. PopeDirkBenedict

    PopeDirkBenedict Active Member

    Don't give them a call. Physically go down there, ask to speak to a counselor/specialist and tell them your situation and ask for options.
     
  10. Herbert Anchovy

    Herbert Anchovy Active Member

    Avoid Sallie Mae like the Black Plague.
     
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