<p>Hi everyone,</p>
<p>So I'm curious as to what the terms are for others who received private student loans for college - perhaps our thread can help others out looking for loans, or help people compare their rates to see if they found a good deal. I'll start!</p>
<p>Company: Eli Lilly Credit Union
Principal: $40,000
Interest: 1 Month Libor + 4.75% (Floor of 5%) - current 1 month Libor is 0.19 so my rate is 5%.
Pay back: 25 years</p>
<p>isn’t this too early to get a loan for a freshman? it appears most loan app will expire in 120 days and the schools don’t start until aug./sept.</p>
<p>but, thanks for sharing.</p>
<p>You don’t have to be a freshman to answer, anyone can join in (upperclassman, people already graduated and repaying their student loans, etc). I think it’s helpful because, for example, I was told I should take out a government loan because of “better rates.” Direct loans are currently low, but if you need more than that or you’re in graduate school, taking out a government loan may not be so smart. The PLUS loan is almost 7% interest with 10 year repayment, while my loan is 5% (currently) with 30 year repayment. I plan on paying it off within about 2-3 years, so the repayment term isn’t as important, but the ability to drop to a lower monthly payment if I need to (lose my job, etc) is def. helpful.</p>
<p>Getting a loan with the lowest rate is the key. Because this is what the ultimate cost is. If you plan to (are able to ) pay it off in a couple of years, potential rate hike will not impact you that much. Your repayment plan can also be extended thru loan consolidation, by rolling your loan to another one, if you have to.</p>
<p>As a mom to a rising college freshman, I think this thread will be very good for me.
Thank you for starting. I will be watching closely.</p>