Private Student Loans?!? Pls. Help?
Asked by La FlacaI am currently attending a 4 year program for a BS in IT. I have Pell grants and federal stafford loans but I am starting to aquire costs for pc software fees, new computers, parts and so on. Really, my 2 current loans don't even cover the cost of my tuition - I still have to come out-of-pocket each month $335. With the cost of tuition and all these extra fees, I am really drowning. I'm think of looking into a private loan. Currently my pell grant and stafford loans get sent straight to the school. Do private student loans work like this as well? Do they send the school the money? Will I ever see a portion to cover some of these fees? I don't want to take a loan out if all of the money is going to somewhere else, and I don't get any to help out. that would suck big time. If anyone has ever went through private loans, please help answer my questions. Thanks ♥
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Answered by curious george
From what I understand, private student loans are sent directly to you (or deposited straight into your account). I had to take out very large private student loans for the private school I attended and the important thing to remember is to take only as much as you need. Private student loans charge higher interest rates and will cost you a lot more money. Also, make sure you consolidate your loans when you graduate. This basically means that you take out one big loan with one bank, pay off the smaller loans, and receive a lower overall interest rate. Here are some sites I'd recommend: financialaid.com - federal and private loans finfo.com - get up to 4 competing offers, no obligation salliemae.com - big student loan lender You can also try Wells Fargo, they do a lot of student loans. Good luck!
From what I understand, private student loans are sent directly to you (or deposited straight into your account). I had to take out very large private student loans for the private school I attended and the important thing to remember is to take only as much as you need. Private student loans charge higher interest rates and will cost you a lot more money. Also, make sure you consolidate your loans when you graduate. This basically means that you take out one big loan with one bank, pay off the smaller loans, and receive a lower overall interest rate. Here are some sites I'd recommend: financialaid.com - federal and private loans finfo.com - get up to 4 competing offers, no obligation salliemae.com - big student loan lender You can also try Wells Fargo, they do a lot of student loans. Good luck!
