Reply
Established Member
Posts: 19
Registered: ‎07-18-2010
0

WHos the best lender

My financal aid office is not help. Who do you this us the best private loan bank. I am applying to the Occupatinal Therapy program Next month.

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: WHos the best lender

Are you not able to go with federal loans?

Established Member
Posts: 19
Registered: ‎07-18-2010
0

Re: WHos the best lender

No I think I am maxed out there until I start my masters program 2015.

Regular Contributor
Posts: 171
Registered: ‎06-15-2012
0

Re: WHos the best lender

Chena, how long have you been in school? The reason I ask is that if you have maxed out already, and you don't have a bachelor's yet, you could be looking at some real problems financing the remainder of your schooling.



Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
Posts: 1,299
Registered: ‎06-09-2008
0

Re: WHos the best lender

I have to say I agree with Invincible.  The cap on federal loans is quite high, and enough to get a 4 year degree even at some expensive schools.  How do you intend to pay these loans back?  Are you sure that your expected income with cover them?  This may not be the best time to continue your school, you may need to spend some time getting your financial house in order, and then find a lower cost way to achieve your goals.  It really does suck that you haven't been able to get your degree affordably, but making the situation worse won't help you going forward.  The Rebuilding Your Credit forum here is full of great advice about how to improve your score by managing your credit card balances and dealing with those collection accounts.

 

The cap on federal loans is there for a reason.  Take this as a warning that you need to think carefully about how much you're borrowing, why, and how you will repay it.

 

In my opinion, there are no "good" private student loans.  They have very limited borrower protections (unlike federal loans which come with extended and income-based repayment plans, deferrments, certain forgiveness programs, etc) and they basically cannot be discharged via bankruptcy, which means you're stuck with them until you get them paid.

 

Good luck to you with whatever you decide.

Established Member
Posts: 19
Registered: ‎07-18-2010
0

Re: WHos the best lender

I orginally went to school to be an RN. That lasted about a year. Then I we and received my Assoc in Interior Design. Now Im back to become an Occupational Therapist. I have 1 more year before I am maxed out and I will be a Junior then. I only need one year of private funding before I am elg for gov loans again.

Regular Contributor
Posts: 171
Registered: ‎06-15-2012
0

Re: WHos the best lender

So to combine the info in your other thread (because it's pretty relevant here):

 

You've been trying to get a private student loan, with no success as yet.
You are nearly maxed for federal loans.

I thought about you quite some time, actually. I worked for a few years at a community college where it wasn't unusual to run into situations like yours. Do you have a back-up plan if you aren't able to get these loans to go to school? Because (and I say this as gently as I can) it's entirely possible that you may not be able to get a loan. Which doesn't necessarily mean that you can't finish your degree, but it does mean you need to think about possible options if you can't borrow the money. Are you able to go part-time so that you can work and pay for school yourself? Do you have a Plan B?

Federal Grad Plus Loans require a credit application, and they are going to be looking pretty hard at your overall debt. You should be aware of that if you are counting on that money for grad school.



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.