# Best way to take out a private student loan?



## viva (Aug 13, 2010)

Long story short, I've unexpectedly had the bill for my senior year of college dumped on me by my parents with three weeks to scrape together the funds for my first semester. I'll be needing to take out roughly $4500 in additional private loans to cover my expenses for the year (I've already exhausted all the federal loans I can take out) and have absolutely no experience with a private student loan. I was hoping someone with experience might be able to advise me on how to handle this.

1. What's the best place to do it through? I know SallieMae and Citi are two big ones, but are they the best? Note that I will not have a co-signer.

2. What kind of interest rate should I be looking for?

3. Should I take out the entire $4500 so that I can pay my bill in full and retain my savings for other expenses during the year, or would it be worth it to try and pay as much of my tuition in cash as I can and take out a minimal loan (while pinching pennies / potentially being very stressed during the school year) ?

Note that I will have close to $30,000 in debt via federal student loans when I graduate, which does not include this new and wonderful development, if that is relevant.


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## Third Engine (Dec 28, 2009)

No advice, but good-fucking-lluck when you get out. You're gonna need it. (/serious)


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## viva (Aug 13, 2010)

Yeah, I'm aware. :frustrating:


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## laxlax10289 (Jul 18, 2011)

No cosigner?
How old are you? If you are like most other college students financially (not much credit history besides other student loans and a credit card or two) it will be very tough to get a private loan, and even if you do, your interest rates will suck.

As far as where to get loans, student loan organizations such as Sallie Mae are the best option because of better overall interest rates, deferment flexibility, and their generosity in extending deferments for graduate school or an unemployment period after you graduate.
Private banks generally should be your absolute last choice.

Take the $4,500 and live/study stress free. ~$35,000 in undergraduate loans is pretty normal for students from low and middle class families, it's also not that hard to pay off if you are in a high-demand high-paying field such as computer science, engineering, or business-related fields (accounting, finance, etc). When you are making $50,000, a $35,000 loan is no big deal if you plan your finances well (saving up, car payments, living payments).


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## laxlax10289 (Jul 18, 2011)

One thing, the banks are more lenient about not having a cosigner, but you can always apply to Sallie Mae and see if will give you a loan.


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## Quinlan (Apr 18, 2011)

Third Engine said:


> No advice, but good-fucking-lluck when you get out. You're gonna need it. (/serious)


Your contribution to this thread was invaluable. Keep up the good work!


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## angularvelocity (Jun 15, 2009)

Third Engine said:


> No advice, but good-fucking-lluck when you get out. You're gonna need it. (/serious)


No offense (but will be offensive), good fucking luck getting into college, you're gonna need it.

And if you're in college, thank the no-child-left-behind program for they really helped you. (/serious)


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## Quinlan (Apr 18, 2011)

I was able to take out a personal student loan through Wells Fargo at 6.8%. I had my father cosign the loan. I may not have been accepted otherwise due to a lack of well established credit because I am still young (also, I owe about $55,000 in student loans). I don't know if all student loans have this but the loan I have allows deferred payments as-long-as you are still a student (taking at least one class). _Note: You might want to think about paying just the interest on the loan while you are still in school. It can get out-of-hand if you let the interest accrue._

I took out a loan so I could pay my tuition in full. At my school, if you do not have your student bill payed by graduation, you don't graduate. It is your last year; go easy on yourself.

Let me know if you have other questions. I'd be glad to help.


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## Scruffy (Aug 17, 2009)

Is it truly impossible for you to get a co-signer? 

1. I just took out a 7,500 loan from SallieMae, they flatly denied myself, and with my mother as a cosigner (not surprising with being broke and homeless n shit) they had to take my third option cosigner, I don't know if it's possible to get a loan from a lender like SallieMae, without a cosigner.

2. I've got roughly a 7% interest rate (I don't recall the exact off the top of my head). 

3. Take the extra, in the grand scheme of the loan/debt, it's not a lot extra for comfort/necessities. I've got an extra $1,000 per semester for living from this loan.

P.S. @avalanche183 @Third Engine @qjshanley quit being dicks to each other.


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## viva (Aug 13, 2010)

Thank you for the input, guys. I actually had a miraculous miracle occur yesterday-- my grandparents found out my parents had left me in the dust last minute and they offered to step up and pay the $4500. I am eternally grateful because it looks like without a cosigner, I would have been totally screwed in terms of getting a loan. I had assumed I would find a way to make it work, but maybe not. I'm very lucky.


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## Third Engine (Dec 28, 2009)

avalanche183 said:


> No offense (but will be offensive), good fucking luck getting into college, you're gonna need it.
> 
> And if you're in college, thank the no-child-left-behind program for they really helped you. (/serious)


Haha, you call that an insult? You can do better than that, especially considering it came out of nowhere and for absolutely no reason. What part of my post made you think I was unintelligent? Consider yourself reported.


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## angularvelocity (Jun 15, 2009)

Third Engine said:


> Haha, you call that an insult? You can do better than that, especially considering it came out of nowhere and for absolutely no reason. What part of my post made you think I was unintelligent? Consider yourself reported.


She was not very happy about this situation and your reply contributed nothing to a resolution for the OP and only served to attempt to make her feel worse about her predicament. So yes, it was an unintelligent post because you failed to use reading comprehension, any form of critical thinking nor give any advice/input from experience or knowledge for obtaining loans. You ask what part of your post was unintelligent and I believe I answered it with the previous sentence, but will dumb it down to a general statement: all of it. 

So if you think I'm going to let you tell my girlfriend that her loans are going to screw her over temporarily in life, you can fuck off. And you bet your ass I'm going to say something. Not everyone was born with a silver spoon in their mouth such as yourself, and not everyone is doomed because of college loans. I work with enough people who are in debt (from school) and have enough friends who have come out with debt to know that it isn't going to screw someone over.

I don't care if you reported my post, I don't take the internet very seriously as you do. You've made it extremely obvious that it is of great importance to you. By all means, I'm not bashing the internet because it is something that is enjoyable and is a real leisure activity. But already knowing that you made that post in spite of your personal issue regarding Viva is what prompted me to make my post. I am not going to divulge any details because it's personal on your part and I'm not out to embarrass nor call you out on anything publicly.

It's best to keep to Scruffy's advice for both of us and that is to not talk on this thread. Heck it should even be closed at this point because the OP is a resolved issue.

And I only replied to this thread because you spoke directly to me and I answered the following which you proposed;
1.) Why it didn't come out of nowhere,
2.) Why it was a dumb post
3.) How I don't give a shit if you reported me

gg, done with this thread and not looking back.


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