<p>Are there any good private loans? </p>
<p>I'm going to start my sophomore year of college and I'm heading to a new college this Fall. I need about $25,000 for this year to cover the unmet portion of my financial aid. My parents do not want to get a plus loan, so I need some good recommendations for private loans.</p>
<p>My Fall semester tuition is due mid to late August, so how long does it take for a private loan to cover the unmet portion of my tuition. I know that I'll have to pay it back. Will I be able to pay it back after 3-4 years or even after getting a PhD?</p>
<p>Your parents don’t want to take a Plus loan but are willing and able to cosign for a $25K private loan? Are you sure? This is a horrendous amount of debt for you to take on top of Stafford loans for an undergrad degree - and you’re planning on grad school too? You really need to play with a loan calculator before you do this…it could easily make your life after college a living nightmare. Also, you should be aware that private loans will not be eiligible for any of the federal repayment options such as Income Contingent Repayment or Student Loan Forgiveness. If you end up $80K in debt, you’ll be paying close to $1,000/month in student loans and will likely need an income in excess of $100K to make that happen and still live normally. If you’re only considering a one-time $25K loan, then it would mean payments of around $600/month for 4 years.</p>
<p>[FinAid</a> | Calculators | Loan Calculator](<a href=“http://www.finaid.org/calculators/loanpayments.phtml]FinAid”>Loan Payment Calculator - Finaid)</p>
<p>I am sure that they do not want to take out a plus loan, unfortunately. My mother mainly wants me to have all the loans in my name. I am majoring in mathematics, so I could try getting a career after college working for NASA or another company instead of becoming a professor. Would I be able to pay for a private loan after grad school?</p>
<p>Are there any private loans you recommend?</p>
<p>I can’t switch colleges. I definitely want to continue college because I withdrew during the fall term at another college. I just want to complete college successfully with a degree and hopefully, earn a good paying and enjoyable career.</p>
<p>rotc, maybe?</p>
<p>(not a loan, but any scholarship from the military can leave you with significantly less debt…it all depends on whether you’re willing to spend 6+ years of your life in the military)</p>
<p>I don’t think I’d like to be in the military, though. People serving the country are very respectable, but I don’t want to put myself in danger. </p>
<p>Any banks with recommendable private loans?</p>
<p>Start with the bank you/your parents do business with. Private loan terms vary by lender, you may be able to defer payment but interest will definitely accrue. </p>
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<p>It’s extremely unlikely that you will qualify for a private loan in your name alone. If you’re even considering teaching, you could apply for a Teach grant - if you don’t fulfill the requirements it just turns into an extra Stafford unsub loan. </p>
<p>Will you be able to pay after grad school? It depends on the lender but, in reality, actual repayment ability is unlikely if your debt is that high…my guess is that you won’t be able to afford grad school at all, and you may not be able to finish undergrad either!! Happens to plenty of kids who are then left with a ton of debt and no good job options. This is a really bad plan, imo, and you need to find another school that you can afford without massive debt or another way to get your degree. You may want to read the stories of some of these good, normal people who went this route and have had their lives turned inside out by it:</p>
<p>[Project</a> on Student Debt: Voices](<a href=“http://projectonstudentdebt.org/voices_home.php]Project”>http://projectonstudentdebt.org/voices_home.php)</p>
<p><a href=“http://studentaid.ed.gov/students/attachments/siteresources/4807Teach_FactSheet_v3.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/4807Teach_FactSheet_v3.pdf</a></p>
<p>[FinAid</a> | Loans | Private Education Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Private Education Loans - Finaid)</p>
<p>I wouldn’t like to attend another university. I was thinking of graduating in 3 years or getting an MA, meaning I’d graduate in 4 years. </p>
<p>How could I convince my mother, mainly, to get a PLUS Loan to help me?</p>
<p>I do not want to be one of those students who does not attend a college based on not being able to afford it. Yes, this point of view may be inconsiderate to the current economy, but it’s the truth. The point of education is not to be bounded by money.</p>
<p>Are there any ways to reduce the $25,000 I would have to pay for the year? </p>
<p>Any good loans? Any easy to get scholarships? Any grants?</p>
<p>No reputable company is going to lend you 25k without a worthy cosigner.</p>
<p>even if your parent DID take a PLUS loan for 25K this year, what about the next 2 years. Expecting a parent to take out loans or cosign for loans that high is not realistic. You need to find a cheaper college/university</p>
<p>As I said earlier, I would not like to find a cheaper college or university. Last year, I was at a university during the Fall only, and they were going to charge me a similar amount for the whole year (around $26,000). That university was a UC. </p>
<p>Now, I am entering a private university in the Fall. They’re going to charge me $25,000 for the year. I absolutely do not want to attend a CSU or community colleges especially b/c I already have enough units completed to be a sophomore.</p>
<p>I just want to know if there are some grants, scholarships, and other loans that I can use to fund the $25,000.</p>
<p>most private loans are very similar…apply, get your mom (or a friend with lots of good credit) to cosign it, and pray that you’re going to be able to get a six-digit job after graduation</p>
<p>I am going to meet with a career counselor at my university to talk about high paying careers in math related fields like actuarial science, research, etc. </p>
<p>Are there any recommendable private loans?</p>
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<p>And I would NOT like to drive my current car. I want a Lexus. You know…I can NOT afford to buy a Lexus…so there you go. Even IF you get this loan, there is no way to guarantee that you are going to find a job that will pay you in excess of $100K a year…which is about what you will need to earn to pay back the amount of loans you plan to take out. How do you intend to pay for grad school…the tuition fairy?? </p>
<p>I’m sorry, but I’m with your parents on this one. If the cost of the school is prohibitive for your family then you need to consider a school where you CAN afford the costs. Being saddled (and that is a NICE way of putting it) with the kind of debt you are discussing is not wise.</p>
<p>And P.S. NO ONE is going to loan you money based on your “potential future earnings”. They will loan you money in your name based on earnings and assets you currently have.</p>
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<p>I have no idea what you mean, but there are certainly lots of ways to get an education without courting financial ruin. It’s time to exercise some maturity and think seriously about your entire future, not just your immediate desires. Your plan will affect you, your future spouse, and offspring for many years. I don’t think anyone here will endorse it and your best bet for private loans is to start with a lender that has a good relationship with your parents. Avoid the banks with really ugly reps, such as Sallie Mae. Use the links I gave you.</p>
<p>As far as convincing your mom to go Plus, there are certain advantages. Forgiveness in the case of death is one. If she cosigns a private loan for you, then she’s on the hook until it’s repaid (although some lenders will release the cosigner after x months/years of on-time payments) even if something happens to you.</p>
<p>Actuarial science could be a good paying field for you to concentrate on. I would still encourage you to do as many of your gen ed courses online or at a CC to save a semester or two of room/board/tuition.</p>
<p>I’m with Thumper1, I also don’t want to drive my current 12 year old kind of rusty old wagon. But that’s what I’m driving until I’ve SAVED enough to buy the next newer (used) car for our family.
Please don’t put yourself into major debt for undergrad!</p>
<p>so you guys think the OP should quit college for a while?</p>
<p>i don’t understand why the school is forcing him/her to pay that much…maybe s/he can talk with his/her financial aid office</p>
<p>I don’t think he should quit school, but probably stop boxing himself into debt only options. A little creativity and alot of maturity and perserverance would go a long way here. There are usually these sorts of stories/complaints from high EFC kids. Think of it this way, a low EFC kid generally knows that their parents won’t/can’t contribute and targets merit aid, scholarships, affordable schools. They often take advantage of CC’s or online classes to get pre-req’s out of the way and will work one or more jobs to fill the gap. There really isn’t any reason why a high EFC kid can’t do the same but, for some reason, massive debt is usually their first thought. I’m just trying to get OP to explore other options that might make his/her life better in the long run. In my experience, where there’s a will, there’s usually a way - cliche but often true.</p>
<p>Well said, sk8rmom!</p>
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<p>Three reasons are possible. And if any of them is the reason, the financial aid office isn’t likely to be any help.</p>
<ol>
<li><p>The school does NOT guarantee to meet full need and this is the gap the student is facing between the cost of college and the money the school is giving her/him.</p></li>
<li><p>The family contribution to this college is higher than the cost of attendance, but the family is not willing to contribute towards the costs in that amount.</p></li>
<li><p>The EFC is over $25K per year and THAT is what the student is looking to finance.</p></li>
</ol>
<p>In any case…the money isn’t going to come from the “tuition fairy”. Someone has to pay the bills. </p>
<p>No one here would really WANT a student to drop out of school for a year or whatever if there are other financially feasible options. BUT if there are no other options AND this student will NOT consider a less expensive school (as stated a couple of times)…there may be no choice. The reality is that unless this kid gets the money paid to the school BEFORE classes start, she/he will NOT be allowed to attend anyway. </p>
<p>Oh…and if the parents ARE in a position to be approved for a $25K per year Plus Loan, my guess is that the EFC is on the higher side and they are not willing or able to pay it…for some reason.</p>
<p>nhsharvard: your best shot may be to prevail on your parents to take the PLUS loan. Then you can sign a private note to them – if they really want the assurance that you will be responsible for the payment.</p>
<p>In any event, good luck. Let us know what happens.</p>