Private College Student Loan

What private student loans should I beware of ? (What loans shouldn't I take out and why?)?

I'm not eligible for federal loans so my only options are private loans I just want to pick the best private loans possible. Any suggestions ?

Public Comments

  1. All private loans are evil and should be avoided. Consider working full time and going to school part time instead. Any private loan you take out will require you to have a cosigner with good credit and the income to support paying on it if and when you can not. The interest rates are variable (meaning the WILL go up) and if you were to die or become disabled, your cosigner would STILL be responsible for paying off your loan. Stinks!!!
  2. I went with Sallie Mae and was told after the fact to stay away from them. They are a nightmare. Avoid Sallie Mae. Beyond that - I don't know. Private loans are expensive - very much so. If you can do it - pay as you go. School is so expensive now. I think it should be "free" - funded by taxpayers as long as all taxpayers benefit too.
  3. Oh god, private loans - yes, I took out a $14,000 private loan with Citibank for graduate school, and now I'm finding that even though I'm disabled - mentally ill, unable to work ever again - I will still have to start paying it after only 1year permitted forbearance. My forbearance request was delayed because I couldn't figure out how to answer the second question - when and how will you be able to pay this again. I finally responded with "1.) My death and you melt down my fillings, and 2.) Total and complete bank failure. So, yes, I'd say AVOID PRIVATE LOANS,
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