Private student loan advice

[yyyyy]

Hello Everybody!
I need advice choosing a student loan .
Sallie Mae or Discover , Chase .
Discover have two precent gradution cash back and 0.25 % auto debit discount.
I have realationship with Chase for years .
Sallie Mae have a lower variable interest rate .
Can i apply all of them and see which offers lower variable rate ?
Is that gonna count as one or three inquriries on my credit credit?
What you suggest me to apply for ?

Thanks

[bahbahd]

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@yyyyy wrote:
Hello Everybody!
I need advice choosing a student loan .
Sallie Mae or Discover , Chase .
Discover have two precent gradution cash back and 0.25 % auto debit discount.
I have realationship with Chase for years .
Sallie Mae have a lower variable interest rate .
Can i apply all of them and see which offers lower variable rate ?
Is that gonna count as one or three inquriries on my credit credit?
What you suggest me to apply for ?

Thanks

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I have never heard of multiple private SL inquiries being consolidated and counting as one inquiry. That is limited to auto and home loans. If I were you I would do everything I can to aviod any private loans what so ever. They are quite different than federal student loans. Without knowing much about their offerings, I would, by reputation, suggest Discover, Chase and then Sallie Mae as a last resort.

[InvincibleSummer3]

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@bahbahd wrote:

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@yyyyy wrote:
Hello Everybody!
I need advice choosing a student loan .
Sallie Mae or Discover , Chase .
Discover have two precent gradution cash back and 0.25 % auto debit discount.
I have realationship with Chase for years .
Sallie Mae have a lower variable interest rate .
Can i apply all of them and see which offers lower variable rate ?
Is that gonna count as one or three inquriries on my credit credit?
What you suggest me to apply for ?

Thanks

---

I have never heard of multiple private SL inquiries being consolidated and counting as one inquiry. That is limited to auto and home loans. If I were you I would do everything I can to aviod any private loans what so ever. They are quite different than federal student loans. Without knowing much about their offerings, I would, by reputation, suggest Discover, Chase and then Sallie Mae as a last resort.

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This is by far the smartest financial advice anyone can give in this forum. Is there no way to get federal loans?

[yyyyy]

I'm older than 25 years old not eligible for federal student loan .

[SCF]

You can receive federal student loans at any age as long as you fill out the FAFSA and meet other qualifications.  I would talk to your student aid office.

[bahbahd]

From here: https://fafsa.ed.gov/help.htm   This is the same site you apply for Federal Aid, including loans, grants, etc. They only way you do not qualify for federal loans is if you currently owe them for a defaulted or refund amount, or got busted dealing while receiving aid. Pretty much anyone else can apply for and recieve aid.

Q: Am I eligible to receive financial aid?

A: To be eligible to receive federal student aid, you must:

• Be a citizen or eligible noncitizen of the United States.
• Have a valid Social Security Number. (Students from the Republic of the Marshall Islands, Federated States of Micronesia, and the Republic of Palau are exempt from this requirement.)
• Have a high school diploma or a General Education Development (GED) certificate, or have completed homeschooling. If you don’t, you may still be eligible for federal student aid if you were enrolled in college or career school prior to July 1, 2012. Go to http://studentaid.ed.gov/eligibility/basic-criteria for additional information.
• Be enrolled in an eligible program as a regular student seeking a degree or certificate.
• Maintain satisfactory academic progress.
• Not owe a refund on a federal student grant or be in default on a federal student loan.
• Register (or already be registered) with Selective Service, if you are a male and not currently on active duty in the U.S. Armed Forces. (Students from the Federated States of Micronesia, the Republic of the Marshall Islands and the Republic of Palau are exempt from registering; see www.sss.govfor more information.)
• Not have a conviction for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study). If you have such a conviction, you must complete the Student Aid Eligibility Worksheet to determine if you are eligible for aid or partially eligible for aid.

Many types of federal student aid, such as the Federal Pell Grant or subsidized loans where the government pays the interest while you are in college, also require you to have financial need.

Other requirements may apply. Contact the financial aid office at your college for more information.

[Jazzzy]

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@yyyyy wrote:
I'm older than 25 years old not eligible for federal student loan .

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I got federal student loans in my 50's. Age makes no difference.

[Luscher]

look in to federal aid first. if not then look into wells fargo private loans. they had a special about amonth ago for really low interest rates, even lower than federal loans but idk if they have it anymore. just go take a look. If that doesnt work out I would lookin into discover and chase before sallie mae

[Efour]

Federal eligibility is based on your income, and your income alone, when you are 25. If you made very little I would go fill out the FAFSA, accept subsisidized Stafford loans, get a Pell grant and whatever state grants are available to you, and lastly go for unsubsidized Stafford loans. Private student loans are a LIVING NIGHTMARE don't even think about getting them. There is far too much to risk and the rates suck.

[scvbd99]

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@SCF wrote:

You can receive federal student loans at any age as long as you fill out the FAFSA and meet other qualifications.  I would talk to your student aid office.

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+1

And I would echo what others said.  It's best to avoid taking out student loans of any kind if there's any way you can avoid it...especially private ones.