<p>I'll be a sophomore this year, and I've maxed out my Stafford loan money. I need to apply for a private loan for $5000 for this whole year, but I don't know what the best bank is to do it through.</p>
<p>Any suggestions? Which one is most convenient / charges lowest interest?</p>
<p>Also, how long does it take to get approved?</p>
<p>Thanks for any help.</p>
<p>I have looked at this website and it looks like a good starting point to compare rates among the banks. You have to plug in your numbers and it will produce a list of potential banks that will give you what you want. i have no personal experience with taking out a personal school loan, but I looked at this site when I was contemplating getting a private school loan.
[Compare</a> Student Loans Side by Side and Find Financial Aid Information](<a href=“Compare Student Loans & Student Loan Refinancing | SimpleTuition”>Compare Student Loans & Student Loan Refinancing | SimpleTuition)</p>
<p>Thanks a ton!</p>
<p>Just be aware that the rate you get depends on the strength of your cosigner’s credit rating. If you don’t have a credit worthy cosigner, the rate can get pretty high or you may be denied. The Parent Plus loans have the least stringent requirements and the rate is fixed at 8.5% and payment can be delayed until after graduation, but the loan must actually be in the name of one of your parents. Unlike private loans, Plus loans are forgiven if the parent or student dies (unpleasant, I know, but it does happen). Info on Plus loans should be available on your school’s website.</p>