question about private student loans?

Paying for College
1

<p>hey guys, i'm new to this website but i was looking for some advice on loans and scholarships. i currently attend massachusetts college of liberal arts as an independent sophomore student. i receive a lot of financial aid due to my independent status but also pay out of pocket for anything that is not covered for my semesters as well as other expenses (books, clothing, food, phone bill, etc).</p>

<p>my financial aid package has changed since freshman year, and i ended up having to pay $1000 for my fall semester this year. i did not receive a refund check like i did last year, so i'm struggling a little bit. i have had multiple jobs in the past, but due to the remote location of my school, am only working a work study job currently that offers me $750 per semester. because i have other expenses to deal with, i am unsure if i'll be able to pay for the tuition for my spring semester. </p>

<p>i was thinking of taking out a private student loan, and was wondering if you guys had any suggestions on good loans? i do not have anyone to cosign for me so that's out of the question. i don't need that much, at maximum $1000 just to cover my tuition and maybe books for the spring. i have decent credit from what i've experienced so far so i don't think i would get denied.</p>

<p>please let me know of anything you guys have experienced and had success with, it could really help because i'm getting pretty overwhelmed by things right now. thank you so much!!</p>

2

<p>If you don’t have a strong credit history, you likely may not get approved for a private loan without a co-signer…but this fact is obvious. Some of the big names in the private loan business: Sallie Mae, Wells Fargo, Discover, etc. </p>

<p>Make sure that you have maxed out on borrowing your federal loans before you attempt to look for a private loan, as the federal loans offer more protections compared to the private loans. </p>

3

<p>well if this is any reference, i already have a credit history due to the loans i already have. i have a victoria’s secret angel card (lol) and i bought a new phone this past summer under my own name/plan and they did not charge me extra for my credit history.</p>

4

<p>There isn’t any way of knowing whether or not you would be approved, as private lenders all set their own criteria for what is considered a good credit history. Your best bet is to apply and see if you get approved, just make sure to read all of the fine print. </p>

5

<p>thank you for the advice!</p>

6

<p>What year are you in college? How much were you offered in federal loans for the 2014-2015 school year?</p>

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<p>i’m a sophomore. it says on my account page that i was offered $18,830 for this academic year</p>

8

<p>18K is your total award, not the federal loan amount. What is the specific amount of federal loans you were awarded? </p>

9

<p>Your best option is to increase your federal loan amount, if there is any room, Independent sophomore students can borrow up to 10.500 (jr and sr can borrow 12,500)
<a href=“https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much”>https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much&lt;/a&gt;&lt;/p&gt;

<p>So look at your aid breakdown and see what portion is loan. Also, have you determined why your aid was reduced? If you have to skip spring semester, your loan repayment may kick it. Not ideal.</p>

<p>Private loans do not have the same terms and benefits of federal loans. Best to avoid them. </p>