I am graduating in May and moving out-of-state for college, I’ll be taking out at least $5,000 in private loans to cover my moving expenses and partial rent for an apartment. When can I apply for these loans and how soon will I receive that money?
Maybe you ask the financial institution that is giving you such a private loan?
Sallie Mae.
I might add that I’m not really sure if that’s the best place to get a private loan, it is just the one that I’ve been most-often referred to, so if anyone else has more experience with private loans and lenders, I’m open to suggestions. I heard that many won’t loan such a low amount but that is really all I need. Everything else is covered.
Are you 18 years old going off to college? You will need someone to cosign that private loan.
Who is co-signing the loan for you?
Did you look into exhausting the option of federal student loan amount of $5,500 and Parent Plus loan first? They usually have more favorable terms.
Does the college allow freshmen to live off-campus? Many require you to live on campus, especially if you don’t have family living close.
Also some landlords also require a cosigner on the lease if you are under 21.
Have you checked on the costs of schools you have applied to or have been accepted at?
Net price calculators are in the college’s websites.
You won’t find out until spring probably what your financial aid package will look like.
What moving expenses does a kid have? If you take out a loan to cover the cost of moving a bed, couch and kitchen table, by the time you are done paying off the loan, you could have bought brand new furniture for what you will end up paying (net-net) in loan plus interest.
Rethink your plan. Can you borrow someone’s minivan and just pay for gas???
Usually you do not receive the loan disbursement until you are registered and billed for the semester, so very close to when you start. For an August start, I don’t think you can expect to receive it any earlier than July, and even that would be early. The COA does have an allowance for books and travel, but not for moving of household goods.
Where are you going to college? In Nov. you said:
A month ago you were planning to attend college in Chicago, NYC, or Boston. How will your parents pay for that if all they have after business expenses is $50k? With a 3.0 GPA and no SAT/ACT scores, I’m not sure you can count on enough merit aid anywhere to cover all but the $5k you want to borrow. And if your parents earn $200k/year and own 4 properties, I don’t think you’ll qualify for need based aid either. Those are pretty expensive cities to live in. Aren’t there any schools in GA that you could attend for undergrad? If you don’t like that part of the country, you can always move after you graduate.