Student Loan Full Deferment?

Question

A little confused on how private loan interest works. I need a 22,000 dollars loan with an interest rate around %8. If i do full deferment will I get a bigger bill every month after grad? or is it better to do interest only payment while in school, so i can pay my interest off earlier?

Answer 1

i think it would depend on if they compound the interest or not. like w/ school loans, usually you can defer till after grad w/out penalty, but if you've graduated & have to defer b/c you don't have the money for the monthly payments (like the problem i had)...then they still charge you interest over your deferment period. like i put mine off b/c of financial probs for like 6 months & even though i didn't send a payment for that time, they still charged me the interest during the time, then just tacked on that extra charge...deferment's helpful if they don't screw you on the interest.

Answer 2

Since private loans work like an unsub stafford, the interest will accured while you are in school. As with the unsub, with you can pay the interest while in school in the long run you are better off. Ask each lender for details.

Also, since most private loans are either based on LIBOR or prime, you have to have REALLY great credit in order to stay close or near 8%. Good luck. If you have no credit, get a REALLY good cosigner.

Answer 3

student loans? mormal is 5,5 or 7%
I found interesting information & options here. Good luck!
http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.html

Answer 4

Hello; STAY AWAY from private internet lenders(HOODLUMS) wanting $ up front for there advanced fees.THEY ARE SCAM ARTISTS if they want $ up front for any loan.REPORT THESE HOODLUMS TO THE IC3 DIVISION OF FBI and to your states ATTY> GENERALS office.BEWARE OF THESE SCAM ARTISTS WANTING $ UP FRONT,REPORT THEM TO PROPER AUTHORITIES.

Answer 5

Maybe so