What Are Some Options For College Loans?
A Reader Asks…
I am currently a junior in college and I am going to need to apply for a loan. I already have a federal loan, but I need some additional funds. There are so many scams out there, I don’t want to get screwed over before I even graduate college. What are some good college loans that I could apply for?
(Scroll down to see responses)
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Tags: College, Low Rate Loans, Options, Some, What
July 31st, 2009 at 4:38 am
To begin with, are you a dependent student? If so, your parents have the option to apply for a Federal PLUS loan in their names. If your parents have poor credit, you should know that in the event your parents are denied the PLUS loan, you as a junior would be automatically eligible for up to an additional $5,000 in the form of a Federal Unsubsidized Stafford Loan in your name.
If your parents are unwilling/unable to apply for a PLUS loan, or you are an independent student, the other option for student loans besides Federal student loans are private/alternative student loans. Because of the economy, many private lenders have stopped funding student loans, but there are still some out there that you should check out.
The link below is for the best website to go to for a list of all the student loan lenders and their contact information. From there, you can go about contacting the lenders, asking questions, and finding a lender that meets your needs and that you’re comfortable working with:http://www.finaid.org/loans/educationlen…
Because private student loans are based on credit, the lender will check your credit and require a co-signer if you have a limited or poor credit history.
Also, you will find that sometimes the best student loans can come from your bank that you have your checking/savings account at. Because you already have a relationship with them, they’ll be more likely to want to work with you for your student loan and offer you the best deal.
My personal opinion is to go with a lender that works with an electronic system called ELM. ELM allows paperwork and funds to be transferred electronically between the lender and the school, and between the school and you, rather than by mailing hard copy paperwork and checks. This is MUCH easier for your school–and you–to work with.
Hope this helps!
Financial aid advisor, 2 years
July 31st, 2009 at 7:01 am
Have you consider to apply for scholarship instead of student loans? Many people has to struggling to pay the loans back because of the high interest rate. Some friends of mine in college told me that they have valuable information regarding scholarships from this place.
Good luck
July 31st, 2009 at 7:42 am
Dear ,
I will suggest you
http://financeme.6te.net
Wish you a good luck,
July 31st, 2009 at 2:34 pm
collegefinder.yoll.net – try this site. It has info about different US student loans and scholarships.