Private College Student Loan

if I get a private student loan, will that affect how much financial aid I get later on?

I want to get a loan for community college and then later on sign up for the fafsa. if they see that I took out a private student loan, will that lower my chances for financial aid?

Public Comments

1. It could, depending on how much your private loan boosts you into another income level. All resources are considered for financial aid. Financial Aid is supposed to go to those who can not afford an education. A private loan could edge you out of the "aid" category. Of course, it could affect it a little or not at all. It all depends on your overall resources.
2. You should always to do the fafsa BEFORE you resort to the evil sub-prime private student loans. Your interest rate will be more than double and your terms will be terrible (prepayment penalties?) and high fees... You will need a good cosigner and if you were to die, become disabled or simply don't pay, your cosigner will be responsible for repaying. But no, if you do a private loan now, and then decide to do fafsa in later years, it won't effect you... unless you default on the loan.
3. If you pay the loan off without any late payments before you apply for finanicial aid it will benefit you. If you still have payments outstanding or havent made any payments then there is no way in hell you will get any sort of financial aid from anywhere. Why not just do it right the first time and get fafsa? Actually dont answer that, you are obviously a moron. Do whatever you want. You wont make it through a college program either way
4. Non profit enterprises and private financial organizations are the federal institutions that offer loans to students. The offered amount will help students to pay for their tuition, their books, their accommodation and any other school related expenses. http://www.worldbestloans.com/student-loans.htm In many cases, the amount can hardly cover the entire amount for the education forcing the student to ask private institutions for loans. Before granting the loan the company checks the credit score for each student.