<p>I'm looking into getting a private loan for next year, and I just wanted to know (from current parents or undergrads) what you think the best banks are to get this type of loan. I've looked into 5/3 Bank, the NYU Federal Credit Union, and Chase. Did you find any of these, or others, to have good benefits? Try to hit these spots:</p>
<ol>
<li>Approval Rates</li>
<li>APR</li>
</ol>
<p>I have a credit-worthy co-signer. I'm just trying to find one that I KNOW I can get approved with. Thanks sooooooo much!</p>
<p>A quick Google search shows that Chase and Citi are also offering private student loan products, so you might want to check out their websites as well.</p>
<p>Discover Student Loans, Sallie Mae and Wachovia are all offering loans. You have to look at any possible origination fees and any bonuses offered to take their loans. Many are offering 0% origination fees and incentives. Please shop around. Since the feds have regulated the student loan industry, they have stopped allowing private lenders to give out the fed loans, they have now become the direct lenders, so these banks lost that whole part of the industry, so they are looking for your business to take out private student loans.</p>
<p>Well, I think you have to find that out when you apply. They are offering student loans, so they want your business, most require co signers. What makes you think any would be any more or less accepting of students than the other?</p>
<p>stohare,
I also think that you will have to research and apply to the ones with the best rates that you can find. Talk to the loan processing agent and ask about how stringent their eligibility criteria for co-signer student loans are.</p>
<p>The points above are good. Private banks may be more hungry for business with the change in federal rules regarding student loans. Also, Wells Fargo was mentioned in the NYT article referenced upthread. Perhaps it is good to start inquiring with them.</p>
<p>Yours is a difficult question since the criteria for lending by banks have been changing. Of course, if there are current students and their parents applying for private loans for the upcoming academic year, that would help out. (Even last year’s loan applicants may not give you up to date info because of the changing environment with student loans).</p>
<p>Even so, normally, each person’s circumstances are different and ideally, you hope to find a good agent who can give you helpful info from the get go about your chances for obtaining a loan in your circumstances. Unfortunately, you are likely to have do some leg work and find out for yourself which bank is easier to work with, with the highest loan approval rate, best interest rates and lowest fees.</p>