private/alternative student loans? (school, economy, pay, transfer) - Colleges and Universities -Higher education - City-Data Forum

MoRedBull · 03-09-2010, 06:45 AM

has anyone taken out a private/alternative student loan from a bank? who did you use and what interest rate did you get?

PG2005 · 03-09-2010, 07:04 AM

I used citibank for all 4 years of college. The interest rate depends on your credit (or co-signers) and it is variable.

DFWgal · 03-09-2010, 10:09 AM

some credit unions have student loans and generally better rates.

XodoX · 03-09-2010, 12:33 PM

Almost impossibile without a co-signer, unfortunately. I had excellent credit and they still would not approve me.

Croye22 · 03-09-2010, 03:59 PM

what about with a credit union? still need a co-signer? is there any other method out there of getting a student loan sans FAFSA?

DFWgal · 03-11-2010, 04:52 PM

Yes, you still need the co-signer. I've never seen a private or alternative student loan w/o co-signer actually. And ouch the rates!'

If you know of private loans w/o bothering other people to sign and good rates please share!

I'll transfer soon so I've been requesting info from some of the local Universities. They basically said that you need to apply and even w/o FAFSA they have a list of "participating banks" available for loans. And it should be better than just other private loans. Maybe you could call or visit Financial Aid?

Croye22 · 03-11-2010, 07:49 PM

I tried about three years ago with three different cosigners and I still couldn't get anything after I did the FAFSA and got zero aid. But I was determined to get in school regardless.

TehB33nz · 03-11-2010, 11:51 PM

I got a private loan about 4 years ago. Heard about from Bank of America but the actual loan is a 3rd party which is now called American Education Services (I think the original loan was with someone else and switched over but it was so long ago I don't remember). The loan has 4.8% interest rate and 20 years to pay it back. I did not have cosigner but the state of the economy has changed since then....

MoRedBull · 03-13-2010, 03:46 PM

i appreciate the help! i'll shop around some more and see what i can get. thanks!

K-Luv · 03-13-2010, 10:12 PM

Quote:

Originally Posted by MoRedBull

i appreciate the help! i'll shop around some more and see what i can get. thanks!

I would caution private loans unless they are absolutely needed. And if so, only take out the amount that is needed and not a penny more.