Reply
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Which Student Loan option is best?

https://www.salliemae.com/landing/smartoption/?go=y&dtd_cell=SMLRSOPTRPSVN010542&CoBrandingID=000920...

 

Could you guys take a look at the details, I suck when it comes to this stuff. Thanks.

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Established Contributor
InvincibleSummer3
Posts: 640
Registered: ‎11-20-2012
0

Re: Which Student Loan option is best?

Have you exhausted all your Federal loan options? Because private loans are not, generally, as good an idea.

Community Leader<br> Established Contributor</br>
Community Leader
Established Contributor
SCF
Posts: 1,035
Registered: ‎06-09-2008
0

Re: Which Student Loan option is best?

The answer is that it depends on your situation.  The biggest question for those options is "how much can you afford to pay while you are in-school?"

 

If you must take out private loans, you should dedicate yourself to repaying as much as you can while you are in-school, and minimize your borrowing.  Private loans don't have the same type of options and protections as federal loans, but they are just as impossible to get rid of if you have financial difficulty.  They also usually have a higher, and sometimes variable, interest rate, meaning you'll pay more for every dollar you borrow.

 

I'd reccomend talking to your school's financial aid office and carefully reading about the different types of loans and aid offered.  Then, if you have questions about something specific, you can ask us, or someone at your school.

 

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+