Private Student Loans: Where to go?

Kealoha

So, I'm entering Sophomore year of college and, realizing that I need a few more thousand bucks and my mom no longer wants to take out loans etc (I don't blame her), I need to get some money.

I've got all the Federal loans I can (I think-- I've done the FASFA, even got one of the grants through it).

So, I applied for a SallieMae loan, which was supposed to be the best or something, and my pre-approved interest rate was 14.75%, with a 3% rate on payment something-or-others. That seems kind of ridiculous to me, and I realized that, other than Chase's EducationOne loans, I've got no other ideas.

So, has anyone had any experience with any good private loan lenders? And, any other ideas?

Heir

Before you do anything with private lenders, I would talk to your school's financial aid department. They might be able to find some scholarships for you...or possibly a work-study.

I ended up having to use SallieMae for my last year in college. 14% seems incredibly high though...I think mine are around 6% before I consolidated.

Kealoha

I talked to my student aid advisor before I left for the summer. She knew absolutely nothing, it was dumb.
You'd think they'd have something for someone with a 3.8 cum. GPA, but whatever.

Heir

Ask someone else in the department again. My advisor was terrible, so I just asked for someone else the next time I was there. Ended up getting someone who gave me a lot of help.

Thanatos

You'd probably be better off putting it on a credit card than getting a loan with that high of an interest rate. That's insane.

I take it your mom is unwilling to co-sign?

TexiKen

Student Financial Services hire basic paper work pushers. 1 out of 5 know what they are talking about. I had a 3.8 GPA in college, and what you can do is every semester ask for more from the school or from state/federal grants. If you can continue to maintain a high GPA as you get more and more credit hours under your belt, the school notices it and will help get you more money (I went from a $1,500 state grant to $3,000 and all I did was ask because my GPA was high). You just have to ask them (the people who actually know what they're doing, that is).

Work study though, it's kind of a bitch if you come from a middle class family.

Heir

Thanatos wrote: »

You'd probably be better off putting it on a credit card than getting a loan with that high of an interest rate. That's insane.

I take it your mom is unwilling to co-sign?

Yeah, if you can get a private loan that a parent has cosigned on, you'll probably get a lower rate one.

If not, then a CC might be a better deal rate-wise.

Kealoha

Thanatos wrote: »

You'd probably be better off putting it on a credit card than getting a loan with that high of an interest rate. That's insane.

I take it your mom is unwilling to co-sign?

Sorry, had to work.

Well, basically, I kind of got screwed with FA: My mom took out all the loans for my sister, my dad took out the ones for my brother. And at this point she's done paying off her loans for my sister and doesn't want to owe money this late in her life, basically. If it comes down to it, she'll probably cosign. But at this point I'm realizing I should definitely, definitely exhaust all other possibilities before going to a private lender.

Thanatos

Kealoha wrote: »

Thanatos wrote: »

You'd probably be better off putting it on a credit card than getting a loan with that high of an interest rate. That's insane.

I take it your mom is unwilling to co-sign?

Sorry, had to work.

Well, basically, I kind of got screwed with FA: My mom took out all the loans for my sister, my dad took out the ones for my brother. And at this point she's done paying off her loans for my sister and doesn't want to owe money this late in her life, basically. If it comes down to it, she'll probably cosign. But at this point I'm realizing I should definitely, definitely exhaust all other possibilities before going to a private lender.

Yes, you definitely should, however if you do end up going to a private lender, having her cosign could make a difference of thousands of dollars. How's your credit?

Kealoha

Thanatos wrote: »

Kealoha wrote: »

Thanatos wrote: »

You'd probably be better off putting it on a credit card than getting a loan with that high of an interest rate. That's insane.

I take it your mom is unwilling to co-sign?

Sorry, had to work.

Well, basically, I kind of got screwed with FA: My mom took out all the loans for my sister, my dad took out the ones for my brother. And at this point she's done paying off her loans for my sister and doesn't want to owe money this late in her life, basically. If it comes down to it, she'll probably cosign. But at this point I'm realizing I should definitely, definitely exhaust all other possibilities before going to a private lender.

Yes, you definitely should, however if you do end up going to a private lender, having her cosign could make a difference of thousands of dollars. How's your credit?

My credit is basically nonexistent. Her's has a rough history though in the past 10 years she has, to my knowledge, been doing everything she can to build it back up.

Thanatos

For the future, then, you should get a credit card, and use it to make most of your purchases, paying it down every month so you don't have to pay any interest.

This will help you the next time you try to get any sort of loan.