<p>Hi, I'm from OOS and I need private loans to cover the huge tuition that wasn't covered by financial aid.</p>
<p>What are Michigan student's preferences? I have an account with TCF but they don't offer student loans anymore, apparently. Also umcu.org isn't very helpful. I want somewhere that is linked with the university, but I welcome any other lender that is highly recommended.</p>
<p>Thank you!</p>
<p>The university is not affiliated with any particular lender, when I was at financial aid last year they told me they don’t do that. I get my loans from Chase. It’s hard to highly recommend anybody for private student loans, but I haven’t run into any problems with Chase.</p>
<p>Umich, is this shortage a surprise to you? Are your parents willing to cosign? You will have a great deal of difficulty if not, unless you have some kind of equity somewhere. Lots of students assume private money is easy to get but it is NOT. It’s a bit late in the game to be getting this sorted, but your family will be eligible to apply for what’s called a PARENTS’ PLUS loan, which the school disburses directly up to the total cost of attendance. The interest rates are not bad (although private banks may be better) but the advantage is that there are clauses that allow for a prorated payback in the event one of them lost a job, etc., so it’s slightly more forgiving.
Call the financial aid office today and explain your situation to them. You will be past due as of tomorrow. If you can’t make it work, see if they’ll defer you a year and then save up for the difference – don’t start your academic career behind the 8-ball because if you can’t pay you will not be able to register for class anyway, but you’ll have spent all that money on residence, fees, etc.</p>