<p>for example, i know someone who got one from wells fargo with a 3.4% interest rate (i think that's good? haha)</p>
<p>list the bank and the percent, please. private loans for an adult, not student loans. thanks :)</p>
<p>bumper cars</p>
<p>NO ONE has gotten a private loan here?! i find that very hard to believe… i don’t need your credit score or personal information, i just need an idea of where would give a good rate…</p>
<p>I call BS on the wells fargo private loan for 3.4%, that’s lower than subsidized stafford loan. Maybe they got a intro credit card loan for that rate, then it goes to 20% after 6 to 12 months.</p>
<p>Definitely BS on the Wells Fargo loan. You will not get a good rate on a private loan. If you can even get one at all. A student with no credit history, little to no income, and no collateral is a terrible credit risk. The days of those loans are over. </p>
<p>If you have exhausted Stafford loan limits and Plus loans and still have to take out private loans you are in trouble. Way too much debt. Gap year, extra job, cheaper school. Preferably all three.</p>
<p>I don’t think that s/he’s talking about student loans at all, but just a generic “private loan”. To the OP; it’s kind of a vague question, isn’t it? Are we talking car note, mortgage, line of credit, what? Your income, assets, and credit score are going to play a role. No one can give you a simple answer like this; you need to talk to your bank and see what they can do for you in terms of interest rates.</p>
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<p>obviously she is talking about student laons; why would anyone come to the financial aid and scholarships section asking a general question about private loans? how dum can you be lol</p>
<p>OP and IronMaiden – the Wells Fargo rate is not bs, at least not for a student loan with parent cosigner. We got such a loan at 4.75%, which was not their top tier rate – rates started at around 3.5%, IIRC. It’s tied to the prime rate, and with the economy in the cr<strong>per as it is, I think it’s going to be awhile before the prime rate goes up enough to make the interest rate as bad as the cr</strong>py Parent Plus loans, with their high interest rate PLUS a big origination fee.</p>
<p>We’ve got a car note (on a used car) at 4.04% via Chase.</p>
<p>Although the loan is in our child’s name, we took this out as an alternative to the high-priced PLUS loans and see it as OUR (parental) debt.</p>
<p>Rates (on student loans w/ parents as cosigner) at Discover Student Loans and Chase were significantly higher for us. YMMV – last summer, some parents on here got a very good rate from Discover. Our rate from Wells Fargo this summer was a 1-2 percentage points lower than the one we took out from them last summer.</p>
<p>actually, i’m NOT talking about student loans. a private loan for an adult, though it will be used for school. assume they have a very high credit score. </p>
<p>momcat - thanks! so you’re saying that the lowest rates are available only for student loans with parent cosigners and not just to parents alone?</p>
<p>Wells Fargo also now has a parent loan to be used for college costs. Rates are similar (variable, and tied to the prime rate), loan is in the parent’s name. Downside is that payment begins right away (like the PLUS loan), whereas with their student loans w/ parent cosigner, interest begins accruing right away (as with any unsubsidized loan - but we plan to make the interest payment while kids are in school, so that we’re not paying interest on interest), but payments are not due until 6 or 9 months ( I forget which) after the student graduates.
This situation seems far preferable to me (student loan w/ cosignor vs. parent loan)-- that way the parents aren’t having to make loan payments ON TOP OF coming up with their EFC each year while the kid(s) is still in school. Once the kid is out of school and you don’t have to come up with the yearly EFC, you should be able to pay off the loan pretty quickly if you put the $$ that would have gone for the EFC toward paying down the loan quickly. (This assumes that you’re not having to borrow your <em>whole</em> EFC or close to it – in such a situation you’re in pretty deep doo-doo. Scrimp and eat ramen, clip coupons, etc., drive the cars 'til they die, as much as possible to minimize that loan amount!)</p>
<p>If you’ve got a very good to excellent credit score, you should be able to get a decent rate.</p>
<p>On edit, here is link to page re: their parent loan: <a href=“https://www.wellsfargo.com/student/loans/parent/privatestudentloans[/url]”>https://www.wellsfargo.com/student/loans/parent/privatestudentloans</a></p>
<p>thanks so much!! if we can secure that low interest rate, i think i’ll be set!</p>