Private College Student Loan

Private student loan for college?

for a student loan from a bank such as CitiBank, Bank of America, & Chase, can you borrow 30,000-50,000 at once? do you have to pay monthly or annually? how long do you have to pay off the loan?

Public Comments

1. Private student loans still have to be certified by the school. So, in order for you to get $50,000 all at once, then your cost of attendance for that school must be at least $50,000/semester. The money will still go to the school first and used to pay tuition and fees and then the extra goes to you. Every loan company has different terms. Most will let you defer payments until after graduation at which time you will make monthly payments. However, not all private loan companies will allow you to defer payments for graduate or professional school if you plan to continue your education. The length of the loan is variable as well but will usually be 10-20 year terms. Private loans tend to be a bad idea. The terms are vague enough to allow them to change your repayment terms or sell your loan to another lender who could demand higher payments. Interest rates are much higher than federal loans. Even though these are private loans they are still student loans that are not eligible for discharge in bankruptcy. Borrowing that much is a very bad decision and you should rethink your decision to attend such an expensive school. All private student loans will require a co-signer. For a large loan like this one, your co-signer will need perfect credit.
2. NO But why don't you ask CitiBank, Bank of America, & Chase.