Fed Financial
private student loan question?
i got decline from financial aid i applied for chase private student and i got the papers back saying 12% interrest is that good ? if it is bad where is another place i can apply to get one with better interest?
Public Comments
- Some loans are credit driven so its hard to give a yes or know answer about the rate, but you might want to give Next Student (www.nextstudent.com) or Wachovia a try. Also if your parents are a part of a union they might be able to get a better deal through their union.
- "SCAM ALERT" BEWARE OF THE ADVANCE FEE SCAM. Never send $ up front to NIGERIA,UK, CANADA,any foreign country, in hopes of getting a loan.(you won't) All you will get is 100% GUARANTED SCAMMED if you do. Go to http://www.rip[off.com and http://www.scam.com for more internet scams.Report these frauds to the IC3 division of the FBI,ATTY. GENERALS office,and to sites listed above."BEWARE,BEWARE,BEWARE" !!!!
- Interest rates are based on the index the lender uses. Chase uses the Prime Rate + a margin. Did you apply at both Chase and http://www.StudentLoanAdvisors.com as I suggested in your previous question? Student Loan Advisors matches about 80% of applicants to Next Student which uses the Libor index. The Libor, depending on which version, is up to 3 points lower than the current prime rate. Give them a shot and see if you get a better offer. Worse case scenario is you take the loan from Chase.
- If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/
- 12% is normal, but not good. I found interesting information about your answer, college loans, here.http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.htmlGood luck!
