Can anyone help? Applying for first student loan

Parents Forum
1

<p>Hello parents,</p>

<p>I'm in my third year at Northeastern University, and the time has come for me to start taking out loans to pay for my education. The only loan that I've taken out in my name has been my (unsubsidized) Stafford loan. My parents have taken out PLUS loans in their name.</p>

<p>For the spring semester, I need a $5,000 loan. I barely even know where to start with this. Northeastern's Financial Aid website has a list of lenders often used by students. So now I'm looking at over a dozen websites and barely understand the differences between them all. I know I'm going to have to defer payments until after graduation and whatnot, and I obviously want a low (fixed??) interest rate. I should note that my parents will co-sign the loan.</p>

<p>There are just so many options, and the ranges of interest rates I see are so wide. </p>

<p>Any advice is immensely appreciated!</p>

2

<p>Blinkangel – I think you’ll get more response if you post in the Financial Aid section of the board. </p>

<p>No experience with private lenders, but good luck!</p>

3

<p>Just posted over there-- thanks for the advice :)</p>

4

<p>If you have a subsidized or even unsubsidized federal student loan you do this on the fafsa site.</p>

<p>You don’t go through a private lender-- thanks to Obama and reforms to the shady student loan practices just a few years ago.</p>

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<p>Sorry I’m confused-- I’ve already factored in my Stafford loan and I’m $5000 short and need a private loan to make up that difference. Am I mistaken?</p>

6

<p>Blink, the private lenders are available, my son just got one to finish this year. We went with fixed, due to no ceiling on the interest rate on this loan. It’s deferred until 6 months after graduation, as long as enrolled 1/2 time. We used Wells Fargo, but there are a lot of reputable companies out there. You will do better on the interest rate if you have a cosigner.</p>

<p>Good luck!</p>