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Member
DannyC990
Posts: 10
Registered: ‎01-26-2012

Student loans for summer term?

In order to graduate on time, I will need to take classes this summer. However, fiancial aid isn't much help in terms of helping (it spreads amount available over the next year). I'm looking for a good student loan processor that could help me. My parents lack decent credit and I don't feel comfortable asking releatives to assist me if a co-signer is needed. My banker told me that a personal loan could be an option, but I'm not sure... Any advice?

 

 

Credit score as of 1/26/2012: 694 (TransUnion)

Credit Builders: Secured Credit Cards with PNC and Capital One. Speedway/SuperAmerica.

Current goal: Small loan for school courses.
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SCF
Posts: 938
Registered: ‎06-09-2008

Re: Student loans for summer term?

Have you talked to your financial aid office?  You may be eligible for a higher loan amount since you are taking additional courses (and your cost of attendance will go up), and they may know about grants and other sources of funding.

 

How many classes do you need?  Do you work?  Could you set up a payment plan with your school to pay off the summer courses during the rest of the year?

 

Private student loans are far from ideal, regardless of the circumstances, and you're not likely to get a good interest rate unless you have a strong credit file of your own.

Member
DannyC990
Posts: 10
Registered: ‎01-26-2012

Re: Student loans for summer term?

Have you talked to your financial aid office?  You may be eligible for a higher loan amount since you are taking additional courses (and your cost of attendance will go up), and they may know about grants and other sources of funding. Directly from the fiancial aid website:

Most aid programs do not increase in dollars to accommodate attending three terms during

the academic year (summer, fall, spring). The Federal Stafford Loan annual limits remain the same; the loan would be divided into three terms (summer, fall, spring) and not the standard academic year of fall spring. Please refer to the Understanding Your Award Notification for additional information.

 

 

How many classes do you need? I need 2, which is the mimumium amount for financial aid. Do you work? Yes, I work in retail. I get above-average pay. I will also be completing an internship during the summer, which will pay more than my current job. I will be taking the classes on-line through my university, so I will be working on the classes outside of my work schedule. Could you set up a payment plan with your school to pay off the summer courses during the rest of the year? Payment plans are available during the semester only.

 

Private student loans are far from ideal, regardless of the circumstances, and you're not likely to get a good interest rate unless you have a strong credit file of your own. My Trans-Union/Experian scores are between 685 and 698 when I've pulled them. No late payments. 3 credit cards. No hard pulls recently. My parents have poor credit and I don't have any relatives that I would feel comfortable asking to cosign.

 

I am saving money, but I will not have enough by May when the term begins. And I will be working an internship that pays very nicely... Hopefully, the loan I'll need will be small.... I just don't want to stretch myself too thinly that should something happen to my car, etc. that I'll be completely wiped out.

Credit score as of 1/26/2012: 694 (TransUnion)

Credit Builders: Secured Credit Cards with PNC and Capital One. Speedway/SuperAmerica.

Current goal: Small loan for school courses.

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