Loans for College

Wyvern998

Dear H/A,

I'm looking to take out a student loan to help cover some of my living expenses while I'm attending school. I've got Financial and Federal Aid to cover my tuition, so this is strictly for rent, food, Metrocard, etc. This loan is being taken out in addition to the job I have and the second job I will hopefully be getting. Living in NYC is expensive.

Previously, my parents cosigned on a Signature Student Loan from Sallie Mae, as it was low interest and seemed like out best bet. Unfortunately, my school has refused to certify the loan, since my tuition is paid in full. I (incorrectly) assumed that they would certify the loan, cut me the check, and I'd be on my way.

Now I'm in the position of having to find a low interest direct-to-consumer student loan (i.e., not sent through the school). Unfortunately, when it comes to banks and interest rates etc, I'm pretty terrible. I'm easily overwhelmed and can make little sense of what I'm reading. Any advice from you guys on which banks offer the best rates/terms/whatever would be greatly appreciated.

tl;dr: looking for the best low interest student loan that doesn't need to be certified by my school

wallabeeX

I know there's a few people on this forum who are really knowledgable about this, but I would say your first step is going to be doing some research regarding local credit union interest rates. I've been very happy with the loans credit unions have provided me in the past, and they are additionally commonly forgiving about late payments if that sort of thing ever comes up. It's where I would start.

blu3man

Or you could do what i do and not eat

Scrublet

Unfortunately (and if someone more knowledgeable than me thinks this is wrong, DEFINITELY correct me), you want the impossible. Generally, the order for school loans goes Stafford--->Signature--->Private. Private ones are the worst. However, the first two in general are reserved for tuition...the only way to get more money out of them is request more than you need (I think. That's what I did.).

Since you're living in NYC, I'm assuming you're trying to go to NYU. Have you considered living outside on the farther ends of the subway and commuting? This loan you want to get is probably gonna have a 10-12% interest rate. As far as banks, I've done all my loans through Sallie Mae. And I'm really not trying to be rude here, but you're gonna have to get over your aversion to reading interest rates and figure it out. When you're starting to read documents like that, it's best to read slowly and look up every word you don't understand and write it down. Once you think you understand, show it to someone who does and check your 'math', so to speak. Hope this all helps.