Private College Student Loan

If im getting a student loan through a bank like Chase do I need to ask for the loan each year or all at once?

I'm going to be attending college for four years. My tuition, books and supplies will be covered by grants and scholarships. But cost of living will be covered by a private lender like a Chase Student loan. Do I need to ask for all four years worth of living expenses up front or each year?

Public Comments

1. Well if at all possible, you should apply for a student loan from the government and use some of it if you can to cover living expenses. Usually money left over from the scholarships, etc can be given back to you in a net check and you can pay expenses from there. I also suggest you get a part-time job to help cover some of the living expenses. That is what is the most expensive these days!!! I also suggest that you avoid private loans period because they can jack up the interest rates and have you paying FOREVER!! I personally had school paid for by college scholarships and saved enough of it and lived well within my means to pay living expenses too. Get roommates, share bills, get help from parents and grandparents- check into all of it before going private loan- PLEASE. If you can look into getting the Young, Fabulous, and Broke book by Suze Orman- she actually talks about some of this stuff. She is great and after listening to her my friends have gotten back on financial track (I was always conservative so I was never off track). Hope this helps. Check out: www.suzeorman.com
2. Loans will be dispursed to the school each semester. You apply for them on a yearly basis. Federal student loans through your school (Stafford loans) will have cheaper interest and some of them the government will pay the interest while you are in college. It'll save you a ton of money in the long run. Avoid private student loans like the plague. They are evil, not to mention you'll need a cosigner. Federal loans need no cosigner and require no credit check. Here is a good book that lists the interest rates. Also, I wouldn't recommend a loan for living expenses. Get a part time job instead. good luck.