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Student loan borrowing options?

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New Contributor

Student loan borrowing options?

Hi all!

 

I skimmed through a couple of threads but saw topics mostly about existing loans. I wanted to ask you all if you had any suggestions on my best course of action for obtaining a $3k loan for the upcoming summer semester. I already borrowed the max in federal loans for the school year and I was declined for an NJ class loan. I've applied for several scholarships but nothing despite my 3.85 GPA Smiley Sad. I figured this leaves me with only the option to take out a private loan which is okay. I just don't want to waste a bunch of inquires considering I have a ton already. EX 32, TU 15 EQ 15. Any suggestions?

 

Thanks!!

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Community Leader
Valued Contributor

Re: Student loan borrowing options?

Yes, you could get a private loan but you'd have to qualify. Based upon your score and number of inquiries (plus your student income) you might not get the greatest terms of even qualify at all. I've read good things about PenFed and Navy Federal Credit Union.
However, it's the summer semester. When you start repaying this loans I'm pretty sure you'll have to pay them both back at the same time, independent of each other. It might end up being that you'll do better skipping the summer semester if the private loan doesn't have good terms.
Sorry, I'm sure this is not ideal. Good luck with your search. 🙂



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Valued Member

Re: Student loan borrowing options?

You may have already done this, but have you tried talking to your school's financial aid department? Lots of kids go there for info at my school, I believe. Perhaps they could be of more help since they'll have a better picture of your situation.



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