Hello everybody! I need some serious help as I am not exactly sure what path I should take with these loans.
Basically I did my calculations and , of course, for the remaining of my tuition and boarding, I need a loan. The problem is, I don’t know which loan i should start with, a Parent Plus Loan (which I am eligible for btw) or a private student loan?
Also some general questions below that I would highly appreciate getting answered:
I assume that you are already taking your max federal student loans. So how much short are you? For plus loans your parents can defer their payment until you graduate, yes. For private, it is up to what your parents and the lender agree on. Sometimes parents can get better rates on private loans or using a home equity loan, but the plus loans offer some protections. Here is info on plus:
http://www.finaid.org/loans/parentloan.phtml
How are you eligible for a Plus Loan? That is a parent loan, not a student loan.
Did your parent APPLY and get QUALIFIED for the Plus Loan?
Note that deferred loans accrue interest immediately (Parent Plus, private).
Thank you for the tips and direction! I am looking at private loans for now b/c the interest rates are not as steep but I’ll need to look into what my parents are comfortable with as well. Appreciate the help!
Sallie Mae has private loans. Remember you as a student will not qualify. Your parent can take the loan or cosign
https://www.salliemae.com/student-loans/
there is also a link to compare the differences with parent pus