Fed Financial
Financial Aid- Which Student Loans??
I got a letter in the mail today describing my financial aid that my school will give me. I guess i will need to take out some loans since I do not have the money to pay for it, but all of the loans they provide (Stafford, Student PLUS etc) all have extremely high interest rates 7-8.5%. Is this normal? Is there any other decent place where I can borrow money for a lot cheaper?? Also, should I take the loan out in my name, or my parents name? My parents will contribute less than $3000 to my education, and I will have to pay the majority of it. Thank you
Public Comments
- I would go with the student loans they general have low interest rates. In your name not your parents if you are over 25. Good luck
- Unfortunately these interest rates are typical. They are rising. If you consolidate your loans you can stick them at this interest rate so they don't rise. These interest rates are low compared to some other loans especially if you do not have good credit. You should take the loans out in your name. You will be able to make payments on them when you graduate. They will tailor your payment amount to the job you recieve when you graduate. No need to overburden your parents, it is your life and your responsibility now. You can borrow money from private banks. The interest rate will depend on yours (or your cosigners) credit. You can also try sallie mae. http://www.salliemae.com You can try for a Parent Plus loan as well. It is an additional loan you can get. If your parents have good credit they will qualify for it. If they have bad credit they will get denied. Once they are denied you can purse this same loan under your name. Go to your financial aid office and ask about it or call your schools 1-800#. Good Luck and Happy Education!!
- I'm not sure about the first question, except to say you should call the school to see if they can recommend some. They usually have preferred loans that they trust for their students. Also, if you get a loan in your name, you won't have to start paying until 6 months after graduation. However, if your parents take out the loan, most likely they will have to start paying once the full amount of the first loan is disbursed. (Meaning if you have a Fall and Spring loan, they'll have to start paying the summer after that academic year.) However, if your parents apply for a PLUS loan and are rejected, you'll be entitled to more unsubsidized Stafford money, which has a lower interest rate.
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