Private College Student Loan

Chase select vs. Citiassist for student loan?

I'll be freshman in college this semester. Besides Federal aids, I want to know alternatives as well such as private loans. My school , Michigan State University, recommends Chase select and Citiassist for private student loans. Which one's better?

Public Comments

1. Freshman should NEVER take out private student loans. EVER EVER EVER. Too much can happen and too many drop out. A state school would never offer you a private loan over a federal one (shame on them). Private loans will require you to have a cosigner and will have very high variable interest rate and substandard terms. Do a federal PLUS loan instead. These are loans your parents take out to help pay. You are going to need a cosigner anyway, so why not just go directly to them. Also be aware, if you arent' getting enough money in grants, loans and scholarships, you will likely be in this situation next year as a soph and the following year as a Jr and the following year as a senior. I guess what I'm saying is be sure you don't go all out for one year at a school and your parents financial support fizzles out and you have to drop out because you can't afford it any more. Federal student loans have limits on them for a reason... ever hear of those folks owing 120K for a degree in nothing because they dropped out? They did that courtesy of private student loans.
2. Chase and Citi are identical in their offers of private student loans. Having worked as a manager in the Citi program, I can tell you that both should be avoided like the plague. Find another way to finance your education.