I already know about Financial Aid. I'm considering a Student loan offered by 'Education One.' I want to know if you think its a good idea, esp. if you've gotten a loan? Please help
2006-08-05 11:06:33 · 4 answers · asked by sharee704 1 in Education & Reference ➔ Higher Education (University +)
There are good and bad sides to private loans. They're often credit-based, not need-based, so if you were concerned about getting a federal loan because you weren't "needy" enough, then it's a better bet. But if you have lousy credit, you may have a hard time getting one.
Another problem with private loans is that they're not regulated like government loans. While the government interest rates do change, they change across the board and usually years go by without any changes (as the rates just went up in July, they likely won't go up again for at least two years---let's hope!). The interest rates for private loans can fluctuate based on market value, just like interest rates for houses and such. If you manage to get a fixed rate student loan---well, heck, tell me exactly where and how much so I can consolidate with THEM! :)
2006-08-13 09:29:24 · answer #1 · answered by Rachel 3 · 0⤊ 0⤋
I don't think I've ever done Chase's private loans. Compare its interest rates with the other ones.
2006-08-05 11:15:04 · answer #2 · answered by ronnieneilan1983 3 · 0⤊ 0⤋
Don't bother - It leads to a life of debt!
2006-08-13 00:03:44 · answer #3 · answered by ? 6 · 0⤊ 0⤋
FASFA
2006-08-05 11:11:56 · answer #4 · answered by j@mE$ 6 · 0⤊ 0⤋