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Does anyone know anything about taking non-government loans for college and what the likelihood is? My FAFSA doesn't grant me any money, of any form, and I need to seek alternate methods.
I know that school loans in any form are the cheapest money that you can buy... (usually only 1% interest, and that only after you graduate)
If you need to take a loan, and you have the opportunity to take a school loan, that's the road I'd recommend.
When I was in college, my tuition was mostly paid for by the state, but I still had other expenses, and I was tired of working two jobs along side school (one full-time job at the school (which didn't really pay anything), and another full-time job to actually support myself), it was killing me... I decided to take out a loan to live on for the last year and a half of college, and the school loans that I could get were by far the best loans available.
It doesn't look like that's going to be an option for me at all. Are there any alternatives?
Do you have a credit union type bank in Michigan? I know my bank is a credit union and they usually have the lowest rates on loans because not everyone can get an account with them. They offer student loans through the College Foundation of NC.
here is a link to my banks loan page, click lending, then student loans. Maybe that will give you an idea of how much you will be able to get.
http://www.ncsecu.org/Products.aspx
Why can't you get a student loan? IIRC, the only requirement to get one is that you be a student.
Leonardo
6 Feb 2007, 6:05pm
Why can't you get a student loan? IIRC, the only requirement to get one is that you be a student. Yes, that was my understanding also. Federal college student loans are available to just about anyone who is accepted to an accredited college or university.
zero.counter
6 Feb 2007, 6:13pm
My four suggestions:
1. http://www.salliemae.com/ (Where my wife went through)
2. http://cfsloans.com/index.cfm?bhcp=1 (Where I went through)
3. Credit Unions (I used a local CU to fund my Win2K MCSE 6 years ago)
4. http://www.capitalone.com/personalloans/index.php?linkid=WWW_1106_PRSL_03_HOME_C1_02_T_PL1 Capitalone personal loans
Yes, that was my understanding also. Federal college student loans are available to just about anyone who is accepted to an accredited college or university.
As of my understanding, loans can only be granted to you through the government based on need. My FAFSA score was high enough it claims that my family is able to pay, which they aren't. The PLUS loans offered to parents therefore can't be paid off. I might try to talk to a financial adviser or something.
Stop by/call/email your school's financial aid department and see if they can give you some advice.
Gargoyle
7 Feb 2007, 3:57pm
When I turned in my FAFSA, I qualified for X dollars subsidized, and Y dollars (far greater) unsubsidized. Are you sure you didn't qualify for any unsubsidized loans?
BTW, if you don't qualify for anything now, try again later in your college career. I didn't qualify for anything when I entered school, but somehow I qualified for loans and grants when I applied my last year.
mmonnin
14 Feb 2007, 11:09pm
Stafford Loan: Not based on need, just a student loan. I didnt qualify for crap and I recieved this loan. Was able to not take it some semesters when I had CD become available and such and take it again others. I also went through Sallie Mae which then I was able to choose a bank. In the end I paid it directly to SM with a total of $1.67 interest. Damn you uncle sam.
NO way it hell is the government ever going to give you 1%....It USED to be 2-3 when I graduated from HS in '03. Then 4%...then finally like 6.8-7% or w/e it is this year. A goverment loan is going to be dependent on the interest rates they set, and even local/bank loans will follow as well, because the gov pretty much sets their rates as well.
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