can i get other loans besides the one's i get through my college?

Question

i got loans and grants through my school can i apply for other ones or is that it?

Answer 1

Yes usually you can apply for loans(aka private or alternative loans) outside your college. Unfortunately many or all of these loans require you to have a co-signer if you have bad or no credit history. Additionally, many of these require school certification which means your school must set the standards for these loans. For example, if your school has already given you funds up to your maximum COA(cost of attendance), the alternative loan company won't be able to lend any more funds. These loans also have VERY high interest rates meaning that after you graduate, you would have to pay these loans back double the amount you requested. So for example, if you requested 5k, you would have to pay back 10k.

Sorry to bring you some dark sides, but just giving you some heads up before you actually resort to these loans.

Now for the bright side----Depending on your major(high salary potential) and perhaps the job market(in need of professionals in your field and a field not being outsourced), paying back these loans might not be that hard. Also if you have a cosigner(someone close to you like a family member or a very good friend who has good credit), there's a good chance you may get approved for the full amount you requested for a private loan. Plus with having a cosigner, your interest rate will be lower.

Now if you were to apply for scholarships(www.fastweb.com, www.scholarships.com) and grants(www.grants.gov), you might not have to borrow so many student loans, hence, you won't end up paying back big amounts.

Hope this helps.

Answer 2

I believe most banks can give out "personal" loans, and you could apply the money to anything, even college.
But the interst rates are different, and higher, than student loans.
Why would you want to get a student loan elsewhere?
Usually, colleges will provide you with a list of lenders. You can pick one of them to get your loan from. If you go through your school's financial aid office, the process will be much easier for you since the schol has already established connections with those lenders.
If I were you, i would stick to the loans at school.

As far as grants go, you can apply for them from anywhere.

Answer 3

You would have to ask a Counselor at the college...because we would not really know!!! Just ask them " Am i allowed to apply for other loans"...or is that it?"