Private College Student Loan

Private Student Loan w/ Cosigner?

I have not established enough credit thus far in my life. I am a college student in a private college. Tuition is $7500 per semester and I am looking to take summer and winter intermission classes which will probably cost me another $4000. I am looking to take a private student loan to finance this. I have a cosigner my uncle who has an income on paper and has credit. Where should I borrow the money and how much will they give me with deferred payments?

Public Comments

1. I would talk with your local banks. This really depends on your uncles credit score and history. If he has collections against him they will not give a loan, if he has a good score and history it will just depend on the banks policy to lend the money. Some banks lend more generously than others. I hope this helps.
2. sallie mae is a great option for a private student loan. they often have many program options for people in your situation. you could also try local banks, bank of america, citibank, etc... i'm sure if u contact the bank and let them know u have a cosigner with verifiable income then u should be all set. also something that might help u in general for establishing ur credit is to have someone in ur family that has good credit add u as an authorized user on his/her credit card. When u get the card in the mail use it wisely and pay ur family member what u owe, or u can decide to cut it up and never use it at all. either way u are building credit because as long as the primary cardholder is making monthly payments on time and doesnt max out the limit on their credit card, u will have credit cards with good payment history on ur credit bureau report. this might help u between now and next semester to establish credit and try to get a loan on ur own.
3. Most private student loans allow for in-school deferments. The only thing with this is that you will be accruing interest on a private student loan while in school as opposed to a subsidized loan that does not accrue interest while in school. As far as which loan to take, it is completely up to you, most are very similar products but choose one that you like best. You can compare all the private student loans at: http://www.finaid.org/loans/privatestudentloans.phtml I would personally suggest a Think Student Loan which can be applied for at: http://www.thinkfinancial.com Good Luck!
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5. Private student loans are a great option to bridge the gap between your Federal Financial Aid and your tuition costs. I would sugges that you attempt to get some Federal Aid before you apply for a Private Student Loan however. The interest rates are usually lower, and the terms of the loan are usually better. If you have exhausted all your Federal Financial Aid options then a Private Student Loan is an option. The terms and amount that you will be able to get vary from lender to lender. Just make sure you do your research when it comes to choosing a lender for a private student loan, find a low interest rate loan with terms that will allow you to defer payments while you are in school. For more information please visit the source below.
6. Hi! Although I have a loan myself I don't know much about private loans. Maybe this blog can help you. I found some good info on it. Alicia