Fed Financial
Private Loan?
I need 1250 by the end of May for Summer Courses.... Is it possible to get a private loan with a credit score of EXPERIAN - 676 EQUIFAX - 650 I summited a CHASE student loan which I will repay back by the end of the summer anyway? Will I get approved? Are there any other options?
Public Comments
- Doesn't hurt to apply. I would say if you get rejected by one company, chances are good that you will be rejected by the others as well. The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestudentloans.phtml Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.
- Before you pursue private loans, you should make sure to consider federal loans. If you haven't already, try to fill out your FAFSA (www.fafsa.ed.gov/) and see what sorts of government aid for which you may qualify. Federal loans tend to be lower interest, but more importantly offer lots of protective provisions. In a private loan you could end up paying extremely high interest and possibly pay penalties if you pay back the loan too quickly. If you have exhausted your federal loan options, the next thing to do would be to go to your school's financial aid office. Often times they can adjust even the amount that you are required to pay according to the FAFSA. Given how much an education costs these days, they may be very willing to give you another $1250 in federal loans. If they can't, your school likely has connections to private lenders and has pre-negotiated terms already to protect you and make the lenders offer you a better rate. Private loans should be an absolute last resort.
