<p>Are some lenders easier to take out private student loans? I need about $7000 for this spring semester, and so my parents have been rejected the Plus and I've been rejected a Chase student private loan?</p>
<p>Any recommendations on lenders that are more flexible or lenient?</p>
<p>Thanks.</p>
<p>Did your parents refuse to do a Plus, or was their app rejected?</p>
<p>I imagine that they’re might be some “easier” lenders, but not without a huge cost - higher interest rate or something like that.</p>
<p>Have you already done a Stafford??</p>
<p>How much have you borrowed so far? How much will you have to borrow for each future year?</p>
<p>My parents have an EFC of $32k/year, but they are in no financial position to contribute to my education in any way whatsoever. I’m taking out about $15,000 in government loans and about $25,000 in private every year.</p>
<p>WHAT??? </p>
<p>You are borrowing $40k per year??? Do you have any idea what your monthly payment will be? After 4 years, you’ll have borrowed $160,000. ** Your monthly repayment will be (OMG) almost $2,000 a month for 10 LONG years. ** </p>
<p>How are you going to be able to support yourself after you graduate if $24,000 of your income goes to pay student loans every year for 10 years??? </p>
<p>During the ages of 23 - 33 you’ll be barely surviving under this crushing debt. While your friends and peers are buying homes, getting married, and moving on with their lives, you’ll be dragged down by these loans. And, what if your future spouse has similar loans (don’t even want to think about that 
) Or, what if the “love of your life” won’t commit to you because they don’t want to be burdened with such a debt?</p>
<p>Why are you going to a school that you can’t afford? What year are you? You really need to finish this term and go someplace less expensive. </p>
<p>In the end, you may have to change schools anyway, because you’re probably going to run out of lenders soon. </p>
<p>Others, please chime in here. I’m in shock that this poor student is borrowing so much. I’m honestly hoping that this is a joke thread. </p>
<p>This student needs some good advice.</p>
<p>Aye, I may have inflated the numbers a lil. By closer inspection, it was $31,000 a year. I’m really not worried about not being able to pay the money back. Also, I plan to appeal my EFC next April.</p>
<p>Also, if I went to a “more affordable school,” aka, a UC, I’ll be borrowing $28,000 a year. Not much of a difference.</p>
<p>^ You could go to a community college for two years. Much, much less expensive.</p>
<p>Why are you not worried about paying that money back? You should be unless you have a very rich grandfather or something.</p>
<p>Going to community college = throwing away such a great mind of mine.</p>
<p>I did community college this last semester (since I wasn’t starting until the Spring) and it’s so freakin’ pathetic. I feel bad for everybody that has to go there.</p>
<p>I’ve had my heart set on this school since I was in 4th grade. I’m not going to give it up, just because I’m going to come out with $100k in debt. Also, I’m going into Mechanical Engineering, a field that has a higher average starting salary than most.</p>
<p>OP, with the credit markets the way they are you will be in a difficult position to find additional funding without a cosigner. If your parents were rejected for the PLUS loan it would open up some more Stafford dollars to you. I do hope that you understand that you are taking on a crushing debt load that even if you have an above average starting salary of $50,000 it will eat the majority of your take home income for a long time and if you stay in CA the cost of living is higher than other regions. I really do hope for your sake that there is someone “behind the scenes” that is planning on assisting you after college.</p>
<p>Most private student loans will require a cosigner who has a good credit rating. If your parents were rejected for the PLUS loan then it is unlikely their credit rating will be enable them to be acceptable cosigners as the PLUS loan credit check is more lenient than private lenders will be. If you are having difficulty getting the loans now it will become more difficult with each passing year as lenders will take into account your existing debt load when making their decisions. There was a parent who posted a while back that she was unable to get private loans for her daughters second year of college because lenders considered the ratio of her existing loans and income to be too high. And she did not have bad credit problems.</p>
<p>I am also curious where you are getting $15,000 a year in government loans. The maximum annual Stafford for a freshman is $5500 with an additional $4000 available if your parents are turned down for the PLUS loan. The only other govt student loan I know of is the Perkins and the maximum for that is $4000 (though very few schools have $4000 in Perkins to award).</p>
<p>I also think you are making an enormous mistake in taking on so much in loans. If you are determined to follow this course please make sure you have the financing lined up before you start classes. If you cannot pay the bill you may be dropped from classes (depending on the school policy), you will not be able to sign up for the next semester, and your transcripts will not be released until you have paid for the classes so you will not be able to transfer any classes taken to another school.</p>
<p>My parents’ income is going to drop by $20k this year, I plan on fastwebing scholarships throughout the whole spring semester. Save up money while I work part-time during the spring sememster, and work full time this summer. Also my parents can maybe contribute $400 a month (hey, something’s something.)</p>
<p>Hopefully the drop of income will drop the EFC a lil bit, but I also will appeal and explain the unique situation.</p>
<p>After all that, and if it doesn’t work out, then maybe I’ll think of transferring or something.</p>
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<p>Also, if I went to a “more affordable school,” aka, a UC, I’ll be borrowing $28,000 a year. Not much of a difference.
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<p>I doubt your appeal for your EFC is going to make any huge difference (maybe just a reduction by about $7k. But even if your EFC is lowered a bit, it will still likely be in loans. So, it won’t make any difference.</p>
<p>$31k per year is still $124k total (really higher since college costs go up every year. So really about $135k total.)</p>
<p>But, lets just say $130k total in loans. That will still be $1500 per month!!! That will be like 5 extra car payments (in addition to your own car payment) for 10 LONG YEARS. Do you realize that is $18,000 per year for 10 years? </p>
<p>Why do you think that you’ll be able to afford that?</p>
<p>You could go to CSUF and commute from home. Chino hills is within driving distance. You do have other options. This kind of debt will be absolutely choking.</p>
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<p>Since nearly every male in my family is an engineer (electrical, mechanical, & computer eng’g) working in Southern Cal, I can tell you that you’re not going to be making the “big bucks” to be comfortable pay that monthly student loan payment for a long time. </p>
<p>Exactly what do you think your salary is going to be for the first year, second year, and so forth thru your 10th year (the years that you’ll be paying back $1500 per month - $18k per year)? Do you realize how frustrated you’ll be for 10 years while your colleagues are moving on with their lives while your life will be stifled with this debt.</p>
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<p>Did I miss something? What is the unique situation?</p>
<p>I hate to see young people who have not been properly advised about the impact of such debt.</p>
<p>This young person has other choices. CSUF has an excellent engineering program. He could live at home and pay tuition and books.</p>