Fed Financial - Question regarding private student Loans?

Question regarding private student Loans?

I'm currently 19y.o. and I'm about to go back to college (finished 2 years at ITT Tech and now have a balance of $30k w/ Sallie Mae). The school that I'm planning to go to is LA Film School which costs $42k in tuitions. Now I'm hoping to get the maximum I can get from grants, scholarships, and the Sallie Mae federal loans but I'm going to be short that's for sure. It's only a 1 year program and they tell me it's probably not a good idea to get a job during the school year since the program is pretty heavy on the student. I'm an only child with a Mom that only makes $25k a year. She also has a lot of bills, bancruptcy, etc from the past so I'm unable to use her as a cosigner and I don't know anyone else I can use. So I was wondering where I should apply for a private student loan. Citibank, Chase, Bank of America, etc, and if they will allow me to borrow $20k+. My credit score is currently at 711 (FICO) and I'm very good at paying things off on time. Thanks for the help!

Public Comments

Personally I would suggest to get as many federal loans, grants and etc because the interest rate is pretty low. However, if you must seek a private loan the rates are pretty much the same. Really damn high; somewhere around 20%. I know because I have one. However, sallie mae offers several private loans and they are a well established lender. try there website salliemae.com or they also offer a loan called tuition answer and you can check out the site tuitionanswer.com Good luck
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Private student loans are evil and any school that is too expensive for you to attend because federal loans are not enough is not a very good school. I would suggest you use the degree you earned at ITT tech to pay off some of that debt first... then you can boost your credit score a bit. At this point in your life, you won't be able to get ANY private student loan without a cosigner. This will give you some time to save and earn some scholarships, and get a plan before you borrow 42,000 for a years worth of schooling. 42+30 is a 720 dollar a month student loan payment... Ouch!