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So my financial aid and federal loan is not enough, my hours at work was slashed significantly, and school supplies are damn expensive (I already spent $800 last month; and I have more materials to buy; life of an Industrial Design major haha...). Therefore, I used my CCs for purchasing all of my materials, and now it is piling up.. Question is, would it be better for me to just get a private student loan, pay off my CCs, then use the remaining loan rather than using my CCs? My last app spree doesn't include 0% apr CCs, and one of the cards have 25% apr (freakin Barclays...)
Thanks guys!
Do you have any other options? Have you explored other jobs, scholarships, grants, sources of income? Have you considered cutting back on classes for a semester or two to save the funds to finish your schooling?
If you've exhausted all other options, then you need to answer: are you confident that you will be able to pay these loans back, on-time?
If you can pay the loans back, a private loan will probably have better interest rates and favorable terms as compared to a high rate credit card. But if something happens to you, you can apply to have credit card debt discharged in bankruptcy, something that is very difficult with any student loan. You can also read here that defaulting on private student loans is often a nightmare that can drag on and damage your credit for years.
Taking out private loans is a definite risk, and not ideal, but only you can decide if it's the best option for you.
@SCF wrote:Do you have any other options? Have you explored other jobs, scholarships, grants, sources of income? Have you considered cutting back on classes for a semester or two to save the funds to finish your schooling?
If you've exhausted all other options, then you need to answer: are you confident that you will be able to pay these loans back, on-time?
If you can pay the loans back, a private loan will probably have better interest rates and favorable terms as compared to a high rate credit card. But if something happens to you, you can apply to have credit card debt discharged in bankruptcy, something that is very difficult with any student loan. You can also read here that defaulting on private student loans is often a nightmare that can drag on and damage your credit for years.
Taking out private loans is a definite risk, and not ideal, but only you can decide if it's the best option for you.
+1
Great advice SCF.
Avoid taking out private student loans if you can. I'd say it's the dumbest financial decision I've made thus far.
@SCF wrote:Do you have any other options? Have you explored other jobs, scholarships, grants, sources of income? Have you considered cutting back on classes for a semester or two to save the funds to finish your schooling?
If you've exhausted all other options, then you need to answer: are you confident that you will be able to pay these loans back, on-time?
If you can pay the loans back, a private loan will probably have better interest rates and favorable terms as compared to a high rate credit card. But if something happens to you, you can apply to have credit card debt discharged in bankruptcy, something that is very difficult with any student loan. You can also read here that defaulting on private student loans is often a nightmare that can drag on and damage your credit for years.
Taking out private loans is a definite risk, and not ideal, but only you can decide if it's the best option for you.
I'm currently looking for a 2nd job (or taking odd jobs) to cover my expenses. I'll also take a 2nd look into scholarships.. Last time i applied, I didn't get any.. But If I do take a private student loan, it will be $4,000 max. Nothing more, so I'm pretty sure I can pay back on time.