Student Loans

[gidaddy8]

I was wondering what type of credit score I would need to take out a private loan of about 4,000. My credit score is around 660

[ike2187]

You might need a credit score close to 700 maybe but going by me I have a credit score of 730 and It took me some time to get a 8,000 dollar loan. But since yours is about half of mine then maybe you need a couple more points.

[talulah]

I got a private loan for over $20K with a credit score of 670. What kind of education program is it? Mine was graduate and filled in where federal left off.

[gidaddy8]

I am a senior in college. Who did you go through to get your loan? Also, did they require a co-signer?

[talulah]

Well, I applied to 2. It was either Wachovia and Wells Fargo, and a program in Maine, b/c that's where I live and where my school is. I didn't require a co-signer, no income, but I'm older so I do have 9-10 years of credit history with only 2 late payments, and one of those was in 2005. I did get the worst rate, but it wasn't that bad for only a few grand. I think variable prime +2.5%(now 7.5%-ish). That was for the out-of-state loan. I ended up choosing the in-state loan b/c the interest was super super low, 90-Tbill +2%(currently 3.91%). Definitely beat the GradPlus option, which 8.5% fixed.

[talulah]

For $4K, I can't imagine you'll have too much trouble, though that's without knowing your credit history. 650-660 seems to be the going minimum these days.

[gidaddy8]

I am from Portland,Maine , so your input is very welcomed.

[talulah]

Weird..... okay well it is the MELA program. I know their min score for a consolidation loan is 660, and I got the maine med loan. The do have an general private loan, too.

[gidaddy8]

You mentioned the MELA program. Are you in the D.O. program at UNE? I am applying there this spring.

[talulah]

LOL. Yes I am. So, you are applying for the class of 2013?  The MELA loan is a good program. The biggest con I can see is that the loan isn't discharged if you die. So, for my family's sake, I have super cheap life insurance to cover that cost if something should happen to me. I am not 100% sure you can get it as a first year, but then you can go with GRadPlus for the 1st year, if necessary.  Whyare you waiting until Spring to apply?