<p>I'm completely at a loss of where or who I'm supposed to go to for loans. I'll need conservatively 550 for each of my three quarters. So around 2000~ dollars. Maybe 3 or 4 to be safe? But I've heard horror stories about sallies may, heard I may need a co-signer when my parents credit is shot, heard that you need credit to get a loan while I don't have a credit card. And I don't know if Discover or Citibank are good places to get a card, much less a loan from? Can someone help answer these questions?</p>
<p>You don’t need a credit card to get a loan. But you will need a cosigner for a private loan.</p>
<p>Are you a freshman?</p>
<p>What have you been offered in federal loans so far?</p>
<p>For private loans, are the ‘stories’ you ‘heard’ have anything to do with you? You will not likely get a private loan without a cosigner, you can’t really be picky here about anyone who will do that.</p>
<p>Hopefully the consigner isn’t affected in any significant way? I’m a transfer, I’m going to take a private loan to top off what was given to me in federal aid, grants, and subsidized loans.</p>
<p>You need $600 or so per quarter. Is there any way you could get a job and earn that money?</p>
<p>Is this money for your discretionary spending or is it for billable costs from your college (tuition, fees, room, board)?</p>
<p>This would be for billable costs(2k). I’m not certain if I can get a job so getting a loan for 3-4k would be for discretionary spending</p>
<p>So it’s my understanding that as long as you make the payments afterward, there isn’t much of a reason to be scared of the horror stories? I suppose, it wouldn’t matter who I took the loan from. Besides comparing rates, and knowing which is better or a ripoff which I wouldn’t know.</p>
<p>How much total in loans will you have when you are done? And what sort of career are you entering. Those two variables are important to consider.</p>
<p>Do you have a cosigner for this loan?</p>
<p>Currently 7500 in fed a year. So 15,000 when I’m done in fed. With this if I get 4k a year, then 8k total in hypothetical private loan. So total when I’m done 23k plus interest. So like 30k? I’m poli sci so it’s pretty open ended, government, local office, any number of organizations. </p>
<p>Cosigner would be my grandmother</p>
<p>As long as you feel confident that you can make about $350 in loan payments monthly, you should be fine.</p>
<p>You need to check the provisions of the loan your grandmother takes. Some private loans need to be repaid immediately…no grace period until you graduate from college.</p>
<p>The cosigner is on the hook just as much as you are. As soon as you can’t pay, for any reason, they are making the payment, so they have to be prepared to do that. What about a parent plus loan? If your parent gets turned down, you can take an additional 4k in unsub loans in your name. You can take that out the first year, then see if you can manage on less or earn it during the year or summer so as to make it a one times deal.</p>
<p>I’m pretty confident in 350 a month. I don’t spend much.</p>
<p>I turned down the parent plus loan since my parents credits bad due to a prior bankruptcy, but I suppose I could talk to a counselor and see if I could get that further 4k, since I’m pretty sure if you turn it down its hard to reset it</p>
<p>Did your parent apply for a Plus Loan? If they did, and were denied that Plus, YOU (the student) could get $4000 in additional Direct Loans.</p>
<p>How old is your cosigning grandmother and is she in relative good health?</p>
<p>Hmm like 73, she had a bout of sickness she just recently recovered from and takes a lot of medication. In addition to going to the ER every2 -3 months</p>
<p>You should get a job and earn that much…it isn’t much money.</p>
<p>It is important to know whether you would have to immediately repay the loans upon the event of the cosigner’s death. Check with the lender on that to make sure you understand the terms and conditions (grandma should do the same).</p>
<p>I would prefer that but, I won’t know until I get there</p>