<p>I am planning on transferring at the end of this year to a private school and it's gonna end up costing me around $40K a year for two years. </p>
<p>I've saved up around $10,000 and I don't really want to ask my parents to pay as my sister is also going to be in college at the end of this year. Unfortunately, I doubt I will qualify for much financial aid as my household income exceeds $250K so it's pretty much all up to me. </p>
<p>I was planning on loans, can anyone recommend any good lenders? I have a good credit score (very high 700's). I looked into the chase and citi students loans, any others?</p>
<p>I’m afraid you are not going to find a lender to loan you $70,000 on a signature loan no matter what your credit score may be. Taking out loans in that amount in a terrible idea anyway. </p>
<p>It sounds to me like you cannot afford this new school.</p>
<p>The first thing you need to do is fill out a FAFSA. Even if your family’s income is high, or you don’t think you qualify for any money, it’s always a good idea to fill one out. That way, your college can come up with a package for you. That can mean that they aren’t giving you any money at all, but you won’t know until that part is done. Chances are that you will qualify for at least an unsubsidized student loan. That doesn’t cover everything, but it’s a start. </p>
<p>From there, you can figure out EXACTLY how much you need to cover the rest(estimates are not helpful at this point, and it’s best to know sooner than later). Then, compare lenders (rates, grace periods, and all the goodies). It’s not an easy process, and you’re going to need to do A LOT of research. Get your parents involved. As a dependent student, they need to be a part of the process. There is no way around this as long as they claim you as a dependent (the FAFSA takes into consideration other children in college, which is another reason to fill one out).</p>
<p>There is money out there, and just because a school is private does not mean it is out of anyone’s reach. You just need to be willing to live in debt for a while (and that’s another story entirely and I don’t remember you asking for opinions on that, lol).</p>
<p>Realistically, you should have a back up school to transfer to which is cheaper. </p>
<p>It’s never a good idea to put all of your eggs in one basket, g1111.</p>
<p>The way the economy is right now, you can try your best to see what is out there with regards to Public Universities and probably still do alright. A lot of Public Universities have really great Honors Programs and whatnot. And, sometimes you can even get in on taking Graduate level courses early and everything. </p>
<p>If your credit score is in the 700’s, lenders still have to look at your debt to income ratio and all that good stuff as well. Weigh a 80k loan carefully. I really do not know who in heaven’s name would give anyone an 80k loan for schooling.</p>
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<p>Well, if that is the case, then see if your parents can help you a mite bit. Even with another sibling at University. Fill out the FAFSA after the new year and please pick a back up school as well. Have you given any thought to going to the Private University part time and paying out of pocket? That might work. I mean, I just think an 80k loan is crazy. Maybe your parents could pay half the price of a class or two and you could pay the other half?</p>
<p>It is a very risky idea to borrow $80,000 (for 2 years). Do you have any idea of what the repayment will be? (You’d need your parents to co-sign and I hope they wisely refuse to burden you with such a debt.)</p>
<p>The monthly payment on an $80k debt will be at $920 a month for TEN LONG YEARS.
Do you have any idea of what such a debt would do to your life between the ages of 23 and 33? That would be like paying for 3 extra car payments (in addition to your own) for 10 years. While your peers would be moving on with their lives (buying homes, etc), you’d be stuck with these burdensome loans.</p>
<p>Do the FAFSA and CSS (if school requires) to figure out what your parents can pay. Your sister will do the same. The fact that you’ll have two in school at the same time will be considered. </p>
<p>But, with such a high income, your parents should be able to help pay for BOTH of you. SERIOUSLY!!! </p>
<p>I hope your parents will not agree to such loans for you. If they want to borrow and repay, that’s different; they make a lot of money. But a newly-minted graduate doesn’t make that kind of money.</p>
<p>Lastly, if you can’t afford a private school, then you need to go to a good in-state public. What are you majoring in? I seriously doubt that your career plans require that you go to a pricey private.</p>
<p>I know that my words are not what you’ve wanted to hear. But, believe me, I’m a mom who truly cares about kids. When I hear of such plans that I know will wreak havoc on your future life, I have to speak up.</p>
<p>:) Good luck… Get your degree as cheaply as you can. Then go have a wonderful life. :)</p>
<p>Do your parents have a problem paying for your college? Because they have a high income and you should probably sit down and have a talk with them to find out what they can and will pay. I suggest you work within those parameters because your parents might have a plan to get both you and your sister through college.</p>
<p>I don’t think you should just think that your affluent parents shouldn’t pay for your education because you’ll have a sister go to college. Afterall, if they’re going to pay for all 4 years of her education, you shouldn’t have to take loans out to pay for yours.</p>