I will have to take out a private student loan rather soon. I have never done this before (have always used Sallie Mae), and am not quite sure how to go about it. Repayment (assuming it is anything at all like Sallie Mae) is not a problem as I have a student loan repayment plan that includes private loans.
Any tips?
Thanks!
Last edited by Bob Kolada on Mon Jan 25, 2010 2:33 pm, edited 1 time in total.
As it turned out, since my income was so laughably small last year (2008) I got this whole academic year covered by grants. Sweet!
Now for the next question.... I was also approved for a $xxxx subsidized loan from Sallie Mae. I have heard of people using student loans to buy tubas, and I really want a nice instrument (and even though what I am looking at is not a tuba I would use it for most of my school playing).
I have a very nice loan repayment program in my Army contract, so I am not worried about the usual taking-a-student-loan issues.
How would I go about doing this? I don't think anyone at my small school has any experience with this.
Subsidized student loans are the best way to go if you have to take student loans. The interest is paid by the gub'ment while you are in school, and the rates are usually very good, since they are backed by the full faith and credit of the good ol' US of A.
Next are unsubsidized student loans. Similar to the above, but you accrue interest on them from day one. No biggie if you don't plan on spending ten years in school.
(Feel free to correct if I am slightly wrong in the details, but the overall gist is the same.)
Again, avoid "private" student loans at all cost - you might as well use a credit card to pay your kolledge
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