<p>I need to take a 25,000 to 30,000 loan to pay off my parents credit cards which at about 30% interest. My school only figures to cost 20k or so and I already have some fin aid from them. Who can I get this kind of student loan through and what's the best interest rate I can get?</p>
<p>You should not be able to get that kind of loan. Unless you are already a credit worthy person which is usually not the case for students or young people in general, you are not going to be able to get loans without a co signer. Also student loans are tied to the COA of the college. You cannot get more than that amount. That includes the PLUS loans that your parents can get. That’s how the lenders know that the money is going towards college costs and not towards things like credit cards.</p>
<p>And even if you could do such a thing, it would be a poor exchange. Do a little research on the supplemental fees, bundling and resale, and gods help you default collection rates for student loans. Especially in the context of private and semi-private student loans. You’d find in certain cases the effective costs are as high or higher than the charge cards.
Additionally the charge cards do have some nominal consumer protections in place, student loans generally do not because of some very slippery, unethical, appalling but albeit very effective lobbying.
It’s to your moral credit that you wish to help your parents but the proposed tactic is not the way to do it. All you’d be doing is exchanging a potential economic bog for an ensured economic swamp.</p>