Private College Student Loan

Where can I get a student loan?

I have had a loan with Chase Student Loans but they are no longer accepting applications for new student loans so now I need to find another place that isn't a scam that I can get a loan and have payments deferred until I graduate in 2011. Anyone have any suggestions?

Public Comments

1. Jeremy: Are you sure that Chase has stopped accepting applications for private student loans? If that's the case, they certainly haven't widely publicized that decision, and their website gives every indication that they are still accepting private loan applications. In fact, what they are NOT offering right now is a non-certified student loan - and that comes as no surprise. The only difference between a certified loan (which they are offering), and a non-certified loan is that your school must certify the amount of your unmet financial aid need to the lender, in order for the lender to determine how much you are eligible to borrow. If that's not a problem for you, then you should simply visit the Chase site and apply for a Chase Select Private Student Loan. If you're looking for a non-certified product - we're getting that question here a lot. Before I go on, I feel that I have to warn you that non-certified loans present a tremendous risk of over-borrowing. Too many students figure they'll "worry about this later", but later is honestly too late. Make sure that you have a good estimate of what your loan balance is - and how much it is going to cost you every month to pay it back. Remember - it is almost entirely IMPOSSIBLE to discharge a student loan (of any kind) in bankruptcy. You will be paying back these loans. Here's a link to one of many excellent student loan calculators that will enable you to estimate your monthly payment obligation: http://www.finaid.org/calculators/loanpayments.phtml Remember - a good rule of thumb is that you should never borrow more than your first year's salary for school - otherwise, you WILL NOT be able to afford to pay it back. With that warning - I can refer you to the one legitimate lender that I've spotted lately that is making a non-certified loan - that's Wells Fargo. Visit their page, and look for the Education Connection Loan product that they're offering. Note that I know absolutely nothing about the terms or conditions of this loan - I'm only mentioning that I've come across this while answering this same question for many other students. Make sure you're aware of all of the terms before you take out any loan, even from a legitimate lender like Wells Fargo. Good luck!