Re: WHos the best lender
10-02-2012 04:28 PM
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.