<p>I'm trying to find a college loan where I can either pay a very low monthly payment or just defer the payment until graduation. However, this is very hard for some reason, as I cannot find many places that will do it.</p>
<p>I've been looking at the ParentPLUS, Sallie Mae, and NYhelps.</p>
<p>I've heard that ParentPLUS (I haven't really looked at this yet) is just for parents to take out the loan. I'm the one that needs to take out the loan, with possibly my parents as cosigners.</p>
<p>I've looked quite a bit at Sallie Mae, and it seems good. However, I've heard some bad things from one friend who recently took one out. Anyone have any experience?</p>
<p>Lastly, NYHelps, which is VERY confusing, doesn't list my SUNY school now even though it showed it like 2 weeks ago. Also, I've seen that it doesn't' have many safeguards as it is a new program started by Governor Patterson.</p>
<p>I've looked at a few banks, and they all say that they no longer do student loans, and they either directed me to Sallie Mae, or they said that a lot of parents are taking it from the equity in their home and are having the students pay it back.</p>
<p>Advice, please... anyone?</p>
<p>How much do you need to borrow?</p>
<p>Is this a one-time loan, or will you need to take out similar amounts in future terms?</p>
<p>How much debt have you already taken out in student loans and/or other loans already?</p>
<p>Will your parents co-sign? How good is their credit?</p>
<p>A dependent freshman can take out $5500 in federal Stafford loans, $6500 for Sophomores, $7500 for 3rd year and up.</p>
<p>PLUS loan are just for parents.</p>
<p>Private loans would require a cosigner with a good credit rating. Generally this would be a parent as it is very risky to cosign a loan (I wouldn’t even for my own kids to be honest, rather borrow in my own name where I am in control of what happens).</p>
<p>How much do you need to borrow?
— Roughly 9,000 a year</p>
<p>Is this a one-time loan, or will you need to take out similar amounts in future terms?
—I’ll need to take one out for each year, each semester, or if I must, for the entire 4 years. I would prefer to take out a loan each semester/year and then consolidate them as the build up.</p>
<p>How much debt have you already taken out in student loans and/or other loans already?
— The only loan I have gotten is a 2,500 Unsubsidized u.s. federal loan.</p>
<p>Will your parents co-sign? How good is their credit?
— They are willing to, and their credit scores are pretty good… in the high 700’s I believe.</p>
<p>Start by asking your college of choice for their “payment options” – vast majority of colleges will outline loan options, including “recommended” private loans. If you didn’t receive info or can not easily find the info on website, call the school FA office for info. The school should also be able to explain NY state loan options. If not, go to NY state higher education website for info.</p>
<p>The private loan route – Sallie Mae, etc. will almost 100% of the time for students require a co-signor to get the loan plus get the most favorable rates/terms. Just recognize that those loans are VARIABLE rate loans vs. fixed, but generally can be deferred if you want…</p>
<p>I don’t know what the rates are now, but NYHelps was more expensive than Parent PLUS last year. I think you would qualify for better rates going with a private loan than a Plus loan but you should compare the repayment terms and rates (variable vs fixed). Sallie Mae has a bad rep for their loan servicing and collection tactics. But there are other choices such as Discover, Chase, etc. The Simple Tuition site lets you compare rates/features - some have interest reductions for on-time payment, etc. Your parents have good credit so you should certainly look into all your options.</p>
<p>[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>