Private College Student Loan

Chase select student loan VS. Charterone student loan

I'm going to be freshman this fall at MSU. I'm receiving decent amount of financial aid from FED. Anyhow, I was just wondering which is better... Chase select student loan VS. Charterone student loan I know that it's not recommended to go for private loans, but I still want to know if i had to.

Public Comments

1. A part time job on campus is better.
2. Gamer: You haven't provided enough information for anyone to choose between the 2 loans You don't choose a loan by the lender that puts up the money, you choose a loan by the terms and conditions that will determine how and when you repay. Chase's money and Charter One's money are the same color - it's all a question of how "painful" it will be to pay them back. The two most important differences you will have to compare are the interest rates and the repayment terms that you were offered. Even a quarter percentage point of interest can make a big difference when you are paying off a big dollar loan. If one lender offered you a longer repayment term, your monthly payments would be lower, but the "cost" of stretching out your repayment is more interest and more money out of your pocket. Private student loans - the kind that you are asking about - are all variable interest rate loans. That means that the interest rate on your loan will change periodically, as either the LIBOR or the Prime rate changes (some loans are "pegged" to LIBOR, others to Prime). Both of these are financial standards, and both have a history of volatility. Though they're both near historical lows right now, it's fairly likely that they will rise and fall, perhaps significantly, over the lengthy repayment period of your loan. In the last 30 years, the prime rate has been more than 16 percentage points higher than it is today. The best way to answer this question is to sit down with a financial advisor who can approximate how much it will cost you to pay these loans back. That's the absolute key to your answer. Don't choose a loan by the name of the bank - choose a loan by its consequences on your financial future. Good luck!