Does any one know how I can get a private loan to pay for school?

Question

I cant get finacial aid at my school because of bad grades.....I really need help.

Answer 1

In order for anyone to receive Financial Aid, s/he must be making "Satisfactory Academic Progress" (SAP -- usually taking a certain # of classes and maintaining a certain level of excellence in those classes). So, if your FA was taken away, I can only assume it was because you didn't meet this requirement. As such, before you apply for any private loans, you need to make sure that they, too, don't have an SAP requirement (some, like the Sallie Mae Signature Loan, will require that you be in good academic standing).

To obtain a private loan, you will need to apply directly with the lender. Take a look at FinAid's list of the most popular student loans, here: http://www.finaid.com/loans/privatestudentloans.phtml . Before you submit any applications, check out several of the lenders' website first. Read all of the sections on "how to apply" and "rates and terms" -- you will find that each lender will each have slightly different criteria than the next.

Whenever possible, apply with a co-signer/co-applicant. (If your credit is less-than-perfect, the co-signer's credit will act as a sort of stand-in for yours. Even if you have good credit, applying with a co-applicant often helps te borrower obtain a lower interest rate.)

When you find a loan that you are eligible for, with terms that appeal to you, just click apply and follow all the directions. Don't leave anything blank. If you don't hear from the lender in a few days, follow up. Ask questions if you have any.

In most cases, your loan will require "school certification," a process wherein your lender will contact the school, tell them that you have applied for their loan, and request additional information from them. Once your application is complete, your loan should be disbursed within a week or two of the start of classses. Again, if it isn't give your school or your lender (or both) a call to find out where you stand. Good luck.

Answer 2

Some great private loans are Astrive and Nextstudent. If you dont have a job or not to good credit, you will need a co-signger(a person with a job and ok credit:your parents,grandmom, aunt or uncle maybe)

Answer 3

bank of america has a education maxamizer loan its a private loan and you can take out 30,000 a year and not pay it back untill 6 months after you graduate or stop going to school and after 6 monthsyou start making the monthly payments and you can choose how fast to pay it back.