Private Student Loan Vs. Reg Personal Loan

Paying for College
1

<p>I'm currently at a community college, but have been accepted to a regular four-year college starting this fall. I'm going to be receiving a combination of federal loans, federal grants, and school grants but I'll still need money to help cover moving expenses (since the school is out of state) and some living expenses. I'm currently maxed out on my stafford/perkins loans, but estimate that I still don't have enough for living expenses during the school year and have no money saved up for moving related costs. Also, I'm an independent student with no financial help from my family.</p>

<p>Does anyone know if I'd be able to take out a private student loan to help cover these expenses? Because I'll need the money before I begin at my college, I was thinking that I might need to try to take out just a regular personal loan. If I can, I'd really prefer to get a student loan, though. </p>

<p>This is all very overwhelming for me and I'd appreciate any helpful advice....</p>

2

<p>I don’t think so, unless you have the credit history and a source of income. If you’ve been at a bank for several years and shown yourself to be responsivle—maybe. But even then, you will likely be asked to come up with a creditworthy co-signer.</p>

3

<p>I do have a credit history and currently a regular source of income. Are people able to take out a student loan before they arrive at school in the fall?</p>

4

<p>Yes, you can start the procedure now with your bank. You can also start looking at other banks. I know Wells Fargo offered my son his own loan–don’t know how it would have gone down once he applied. Check your credit report first to make sure there are no problems with it.</p>

5

<p>One of the differences with a regular personal loan vs. student private loan is that the personal loan does not get deferred while you are in school. You will still be expected to make those payments while you are in school.</p>