<p>Tried searching but the search seems daunting. Does anybody know which private loans would have the best rate?? I already went for a 4 year and doing a 2nd degree so can't get any FAFSA. What would be the best private loan to get rate wise? I would also like a leniency on the payment after graduation as the economy sucks right now and job hunt could be slim.</p>
<p>You can still get Stafford loans if you are pursuing a second degree. In July, the limits were raised. If you are planning on a 2nd bachelors and are independent (over 24), you can borrow 12,500/yr up to 57,500.
If you are in a masters or doctoral program, you can receive up to 20,500/yr with an aggregate limit of 138,500 (undergrad and grad combined). Grad students can also get federal PLUS loans.
However, since you do have a bachelors degree, you cannot receive a Pell, SEOG, ACG, or SMART Grant.</p>
<p>There’s a loan comparison chart here:
[FinAid</a> | Loans | Private Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Private Student Loans - Finaid)</p>
<p>Thanks a lot for that link, sk8rmom!</p>
<p>Yeah, they said I made too much money last year and EFC was higher than any costs on a loan… and I haven’t had a job since last June, but current fall and spring summer were based on 2007 returns… Unfortunately I was living in a MUCH higher cost of living area then than now so it is really kind of crappy situation. I probably made too much just in the 6 months I worked in 2008 as well, 30k in 5 1/2 months, which is higher than the median family income where I am at, but not really anything in San Francisco so its not like I have any money saved up. Thus the need for a private loan.</p>
<p>Need is NOT a factor in Unsubsidized loans. (The interest rate on an unsub Stafford loan is 6.8%.) Stafford loan repayment may be deferred until 6 months after you cease to be enrolled at least 1/2 time. You will need to submit a FAFSA to qualify. [Federal</a> Stafford Loans (subsidized and unsubsidized)](<a href=“http://mappingyourfuture.org/paying/stafford.htm]Federal”>http://mappingyourfuture.org/paying/stafford.htm)</p>
<p><a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid;
<p>As you can see, some of them have no fees, long terms, and good rates, but that will vary from time to time. I will say that I’ve banked with Wachovia in the past and any loan that is very near prime like theirs is a good choice if you qualify, but there are some that are exactly at prime, like Wells Fargo, Student Capital Corporation, South Carolina Student Loan Corporation, Sallie Mae, etc. that are worth looking at. Basically look for the best rate, the lowest fees, an appropriate term and also consider the reputation of the lender and pick from that list and you should be in good shape. But make sure to verify their latest rates before applying.</p>
<p>I hope that helps and good luck in school!</p>
<p>Also, check out credit unions. In addition, the college may offer their own loans.</p>
<p>Also check local [mortgage</a> rates](<a href=“http://www.luckymountainhome.com/service/mortgage_calculators/]mortgage”>http://www.luckymountainhome.com/service/mortgage_calculators/)</p>