Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 850
Registered: ‎06-08-2013
0

Take out private student loans?

So I just found out that I will be getting my fin aid later this August, which is good.. The problem is that I need a secruty deposit and pay for rent 1st wk of August. I'm contemplating if I should just use my card, and pay it off quickly after I get my fin aid, or just take out a 5k student loan, pay for rent and deposit, and use the remaining loan pay off my other CCs. (technically, those cards were use for school purposes)..

 

Oh and one other prob is that I just had a CC app spree.. lol

Starting Score: (1/15)TU: 715 EX: 690 EQ: 711
Current Score: (5/15) TU: 690 EX: 669 EQ: 682
Goal Score: (7/18) 800+ for all three bureaus

Take the myFICO Fitness Challenge
Gardening until July 2018!

Established Contributor
Posts: 850
Registered: ‎06-08-2013
0

Re: Take out private student loans?

I just called WF, and as it turns out, they will send the funds directly to my university, so it beats the purpose of appyling for student loans..

Starting Score: (1/15)TU: 715 EX: 690 EQ: 711
Current Score: (5/15) TU: 690 EX: 669 EQ: 682
Goal Score: (7/18) 800+ for all three bureaus

Take the myFICO Fitness Challenge
Gardening until July 2018!

Established Contributor
Posts: 731
Registered: ‎08-12-2011
0

Re: Take out private student loans?

After tuition and other uni costs are covered by the SL, any remaining balance is sent to you. (Unless you cancel the overage which sends it back to the lender and reduces your loan principal.)

Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
Posts: 1,373
Registered: ‎06-09-2008
0

Re: Take out private student loans?

If you read the posts in this forum, you'll find plenty of good reasons to keep your total student loan debt as low as possible, and to avoid private loans if you can find any other way to finish your education.  Can you get a part-time job between now and August to cover your security deposit and first month rent while you wait for the balance of your aid packaged to be refunded to you?  That would be the best solution, you'd pay no interest, and not start the school year with a large amount due on your credit card.

 

Now is a good time to take stock: What's the least amount of student loans you can get by on? What do you need to do to use your new credit cards responsibly and set yourself up to graduate with $0 CC debt rather than a massive bill that might make it hard to start loan payments?

 

In any case, I would never use private SLs to pay CC debt.  Private SLs have very minimal protections and options if you find yourself unable to pay (unlike federal loans) and they cannot be discharged in bankruptcy (unlike CC debt).

Highlighted
New Member
Posts: 2
Registered: ‎06-28-2013
0

Re: Take out private student loans?

Do not take out private loans!!!!

 

Grants/scholarships, work for the money, sit out a semester and work for the money, family/friend loans and federal loans. 

 

These should be your only options in that order.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.