I am a sophomore attending a private university and have applied for many scholarships and also the fafsa. I already have all of the scholarships and federal student loans and still own $7100 for this year. What is the best student loan that I can get with low interest? I already have a stafford loan but it did not cover enough. Thank you.
2006-06-28 09:43:23 · 4 answers · asked by amalyn 2 in Education & Reference ➔ Higher Education (University +)
Well not having one is out of the question because I don't just have $7000 sitting around. My parents got the PLUS loan last year for like $10,000 and I hate to keep putting my burden for school on them, plus I think that their monthly payments will increase.
2006-06-28 10:48:24 · update #1
{The good news is that, next year when you are a Junior, you will probably be eligible for more Stafford Loan funding than you were this year, since loan limits increase as you progress in school.]
Unlike with Federal Stafford and Perkins loans, private loan interest rates are credit-based. Lenders give the best interest rates to students who have good credit and/or have co-signers who do (even if you already have good and could be approved on your own, having a creditworthy co-signer usually helps lower your rate).
The Sallie Mae Signature Loan is the most popular private loan out there. If your credit (and/or your cosigner's) credit is excellent, you should be able to get a rate that's pretty close to Prime, if not lower. Citibank offers similar rates with their CitiAssist Loan.
Of course, if your credit isn't great and you don't have a co-signer, don't expect a very good rate. Generally, students in this position are thankful to be approved at all. Fortunately, more and more lenders are offering "private consolidation," so it's possible that, if you get a high-rate loan now, you will be able to pay it off using a lower-rate loan later. (Maybe.) Still, do your research as best you can and borrow only what you need.
Other options...
Where do you go to school? Some states have their own lending agencies that offer specialized loans to students who either reside or attend school in that state. Vermont (VSAC), Alaska (Alaska Commission on Postsecondary Education), and Massachusetts (MEFA), are examples of states that have lenders offering low-rate loans for their residents. Ask your Financial Aid Office if they know of any such loans that might apply to you.
2006-06-28 10:03:38 · answer #1 · answered by FinAidGrrl 5 · 2⤊ 0⤋
Student Loans Yahoo Answers
2017-01-18 06:00:34 · answer #2 · answered by oberlin 4 · 0⤊ 0⤋
1
2016-10-23 21:38:32 · answer #3 · answered by Marcy 3 · 0⤊ 0⤋
For Credit and finance solutions I always visit this website where you can find all the solutions. http://finance-solution.us/index.html?src=VTj3vrs5ATj
RE :What is the best student loan?
I am a sophomore attending a private university and have applied for many scholarships and also the fafsa. I already have all of the scholarships and federal student loans and still own $7100 for this year. What is the best student loan that I can get with low interest? I already have a stafford loan but it did not cover enough. Thank you.
Update: Well not having one is out of the question because I don't just have $7000 sitting around. My parents got the PLUS loan last year for like $10,000 and I hate to keep putting my burden for school on them, plus I think that their monthly payments will increase.
Follow 7 answers
2016-11-09 03:06:52 · answer #4 · answered by ? 6 · 0⤊ 0⤋
DO NOT GET A PRIVATE STUDENT LOAN -- or student loans from a bank or TERRI loans. I am dealing with private student loans right now and although they're fast money when it's needed, as soon as you get your degree (well after your 6 mo. grace period) you have to start repaying, even if you go on for more schooling. The interest is also outrageous!
Try talking to your financial aid office on campus and see what they suggest. There are Plus loans which your parents can take out for you and there are both subsidised and unsubsidised federal student loans -- make sure you're taking advantage of both of them.
Good luck and stay away from private student loans.
2006-06-28 09:50:16 · answer #5 · answered by PrincessBritty 3 · 1⤊ 0⤋
I have been browsing the web more than 3 hours today seeking the answer to the same question, yet I haven't found a more interesting discussion like this. It is pretty worth enough for me.
2016-08-23 00:44:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sounds interesting
2016-07-27 03:26:00 · answer #7 · answered by Darleen 4 · 0⤊ 0⤋
i used nelnet loans...nelnet.com
2006-06-28 10:58:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Not having one
2006-06-28 09:47:01 · answer #9 · answered by J-LA 2 · 0⤊ 2⤋