<p>I need to take out a $9,000 loan for this fall but I'm not sure what has the lowest rates/most beneficial payment plan...
What are some reliable places (banks) people have taken out their loans? </p>
<p>Especially people who have dealt with paying them back already!</p>
<p>Are you taking out loan for your college education?
You should try to get the Federal Direct Loans first.</p>
<p>If you are a college-age student trying to fund your own education, you need to be aware that the only loans you’ll be able to qualify for on your own are the federal direct student loans.</p>
<p>If you need additional funds, you’ll need someone with an established credit history to cosign for you (meaning that they’re assuming responsibility for repaying the debt if you fail to do so), or you’ll need your parents to take out a PLUS loan (a student loan for the student’s parents).</p>
<p>I don’t know of any reputable lending source that would give money to an 18 to 20-year old with no credit history and no cosigner.</p>
<p>ended up picking PSU for anyone who is interested i got about 9,500 in federal and school grants and two federal loans! thanks for all your help everyone</p>
<p>Ok…against many people’s sound advice, you decided to choose OOS PSU instead of Rutgers. Are your parents still unemployed and unable to help pay?</p>
<p>You already have full loans in your FA pkg, and now you want to borrow $9k more for Fall semester. What about spring semester and the other semesters? How much debt are you planning on having? Sounds like you’re on track for over $100k in debt by the time you graduate. That is insane.</p>
<p>What is your intended major and career goal?</p>
<p>You have some ridiculous ideas about PSU as being some kind of job recruitment heaven…it’s not. Not at all. A PSU degree is not some ticket to a great paying job…and certainly NOT one that’ll pay off that kind of debt.</p>
<p>Hopefully, you won’t find someone silly enough to cosign these loans.</p>
<p>OOS tuition is 17-18k per year for residents, 30-31k per year for nonresidents. OP seems to think she pays resident tuition, which I doubt can be the case even if the hapless mother did decide to relocate. I don’t get it.</p>
<p>I think the OP knows she is paying OOS rates - she asked for $9K for the semester. Unfortunately she will not get that $9.5K in loans and grants all up front but only 1/2. She’ll need more. This is not sustainable.</p>
<p>Well then…if you already HAVE the Direct loans in your financial aid package, YOU (all by yourself) can’t get ANY loans. You will need a cosigner with good credit to get a loan with your name included. OR your parent can take out a Plus loan.</p>
<p>If this is to fund an OOS tuition cost, I agree with others…not good.</p>
<p>You say you need $10,000 for FOUR semesters? Where is the money coming from to pay for the rest of your college time (or are you a transfer with only 2 years remaining)?</p>
<p>The student isn’t a transfer.</p>
<p>I don’t think she’s saying that she only needs $10k for four semesters, unless that’s from another thread. She says here that she needs $9k in loans for fall.</p>
<p>one of my parents is no longer employed and is in fact helping me a great deal. we have arranged a plan for me to only have to take out a collective $9,000 in private loans for all four years and about $5,000 each year given to me by the fed. also i am 18 and i thought many private loaners do not require an adult cosigner for students 18+?</p>
<p>mom2collegekids, apparently you have kids have also went through a decision process. psu was the right school for me no matter what. i intend to work hard for a job in the future and do not plan on using my degree as a “ticket”. i do, however, plan on using all the resources psu has to offer to help find my niche in the real world. i don’t know where the $100,000 debt you made up came from, but you did not answer my question- merely tried to make me feel guilty about my decision. so if you don’t have anymore “advice” for me, you can kindly leave this thread. thanks!</p>
<p>the $9,000 would be the ONLY private loan i would be taking out throughout all 4 years. all i need to know is if anyone knows the best private student loan option? (i.e. sallie mae, wells fargo, citibank, etc)</p>
<p>* i thought many private loaners do not require an adult cosigner for students 18+?*</p>
<p>no…that’s not the issue. anyone younger than 18 can’t legally sign a contract. </p>
<p>HOWEVER, that does not mean that everyone over 18 can qualify for a loan without a cosigner. You don’t have a good paying job and credit to QUALIFY.</p>
<p>So, even if you were 49 years old, if you don’t have a good paying job and credit, you’d need a cosigner.</p>
<p>So, you need a cosigner.</p>
<p>If you don’t have a qualified cosigner then we can’t tell you which source to use.</p>
<p>one of my parents is no longer employed and is in fact helping me a great deal. we have arranged a plan for me to only have to take out a collective $9,000 in private loans for all four years and about $5,000 each year given to me by the fed</p>
<p>So, you’re saying that you only need the extra nine thousand for Freshman year only? Are you saying that your parents will pay all the costs (except the basic FA you got) for all the other years?</p>
<p>so i don’t understand the purpose of student loans and how so many kids take them out every year? i was reading posts on the psu page and a lot of students said they took the loans out themselves…</p>
<p>and yes. i need the $9,000 for freshmen year only. my parents helped me cover the rest and i got a lot of outside scholarships on my own.</p>
<p>* i was reading posts on the psu page and a lot of students said they took the loans out themselves…*</p>
<p>The purpose of private (additional) student loans is for student and his/her qualified cosigner to get additional money for college.</p>
<p>I don’t know what you’re reading, but students are taking out Federal Direct Student loans all by themselves. So are you. You mention those loans in your first post. </p>
<p>If you’re reading that students are taking ADDITIONAL loans, then their parents are co-signing those loans as qualified borrowers. Banks don’t loan to people (students) who can’t show income/qualifications. </p>
<p>As for your outside scholarships…aren’t those for your freshman year only? Are your parents promising to pay for all the costs for soph, jr and sr years?</p>
<p>jerseyjersey - You need to find someone who’d be willing to cosign for you. No reputable lender is going to give you a loan without a cosigner. It doesn’t have to be a parent . . . anyone with a decent credit history can do it.</p>
<p>Have your parents both applied for PLUS loans? If they apply, and are denied, that gives you an extra $4000 that’s available to YOU in unsubsidized federal student loan money this year. (And that same $4000 would be available again in subsequent years, if they reapply for PLUS loans and are denied again. It even goes up to $5000 for junior and senior years!)</p>
<p>no they are not for freshmen year only.</p>
<p>my parents do not want to apply for the plus loan. but thanks.</p>
<p>
Federal PLUS loans are much much easier to obtain than the private student loans. See [Parent</a> Plus loan and Private Student loans: Options for College bill payment | Credit Union Student Loans](<a href=“http://www.custudentloans.org/2012/05/04/parent-plus-loan-and-private-student-loans-options-for-college-bill-payment/]Parent”>http://www.custudentloans.org/2012/05/04/parent-plus-loan-and-private-student-loans-options-for-college-bill-payment/)
Parent Plus loan is
Private student loans
</p>
<p>jersey - Your parents can apply WITHOUT committing themselves. That means that even if they’re approved, they do NOT have to accept the loan. But if they’re denied, that’s $4k more that YOU can get in federal student loans!</p>
<p>my mom has a perfect credit score so i’m assuming she would be approved. and she doesn’t want to apply bc she’s already paying for over 60% of my tuition. the plus loan is out of the question.</p>
<p>^See post 13 by mom2collegekids
</p>
<p>okay anyway, i have a cosigner. what are the best private lenders??? can anyone finally
answer this question?!</p>