Fed Financial

Student Loans Need Help?

Ok so i have a Stafford Loan out already through JPMORGAN CHASE BANK. I am looking to take out a Private Loan now for other expenses. My co-signer doesn't have the greatest of credit and I've had a little trouble getting approved through Astrive and other banks. So my question is, would I be more likely to be approved through JpMorgan Chase if i was to apply for a private loan through them? EDIT: If you don't think that apply for a loan through JpMorgan Chase would make any difference, where would be my best bet to get approved for a private loan? Thanks in advance

Public Comments

1. If your cosigner has been denied a couple of times before I doubt this one will be any different. Private loans are evil. They have substandard terms, high interest rates, and high "fees" associated with them. Don't do a private loan. Take out the max (if you must) with federal loans. Stafford, Perkins, and/or PLUS. Their are limits for a reason and it keeps you from owing $180,000 for a degree in Underwater Nuclear Basket Weaving. :-) Good luck.
2. There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most<!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs. http://best-loans.awardspace.com/student-loans.htm Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan-->you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.
3. If you have maxed out your stafford. (make sure first if you dont know). See if the school is offering any Perkins loans, BEFORE you look into alternative loans. If not, you can keep trying with different co signers until you find one that is approved. This will NOT hurt your chances of getting the loan with different cosigners applying. Basically, you can keep applying until you find a good cosigner. It is unlikely that Chase will approve you just because you have a stafford with them. Remember the stafford is NOT credit based. Chase could have fees associated with their loan, Wachovia does have a ZERO fee alternative loan. Good Luck.