(Closed) Taking Out A Student Loan

posted 4 years ago in College
Post # 2
Member
1223 posts
Bumble bee
  • Wedding: October 2016

My private loan is through Total Higher Education (also known as Great Lakes, I think). They are easy to work with, have a number of payment plans, and I would highly recommend them. My credit was excellent when I took out the loan (still is) and so my interest rate was quite low.  It’s tied to the 90-day LIBOR rate and I think my rate is something like 3.1%. It is NOT fixed, however, so could go up.

Post # 3
Member
480 posts
Helper bee
  • Wedding: April 2015

I have private loans through Navient and American Education Services. 

Post # 4
Member
1261 posts
Bumble bee
  • Wedding: October 2014

I worked in the financial aid department of my university. Please consider an unsubsidized federal loan before a private loan. You should definitely be eligible. 

Post # 5
Member
208 posts
Helper bee

My advice is to talk to the financial advisor at you school.  You may not qualify for subsizied loans, but you would qualify for unsubsized loans.  I just looked it up and the rate through July 2016 is 4.29% for undergrad.  Is there any reason you are not looking at that?  Also, the advisor will know more about how to get you the best options.  

You already know this but this is something worth doing a lot of legwork and research on!

Post # 6
Member
4513 posts
Honey bee
  • Wedding: September 2012

themoonofhislife:  Darling Husband is starting grad school, and we have to take out some loans. Subsidized loans aren’t available for grad students, so we have to go with unsubsidized. Do you qualify for those? They’re still better than most private loans, even if they’re not as good as subsidized.

We paid off his undergrad awhile back, and some of his loans then were from AES, but I believe that’s connected to federal loans/

Post # 8
Member
905 posts
Busy bee
  • Wedding: June 2015

If you feel like a private loan is your best choice, highly recommend a credit union. My student loans are through a credit union and the interest rates can’t be beat! 

Post # 9
Hostess
3868 posts
Honey bee
  • Wedding: November 2016

Have you looked into federal PLUS loans? I didn’t take loans out in college, but took out GradPLUS in law school. The interest rates (at least for the grad ones) are pretty crappy, but private loans made me nervous since rates could potentially change drastically.

Post # 12
Member
1261 posts
Bumble bee
  • Wedding: October 2014

Great!!! I am so glad you were able to go and get additional money! Good luck with finishing school. 🙂

Post # 13
Member
448 posts
Helper bee
  • Wedding: May 2017

I have a ton of student debt and cannot wait to pay it off after the wedding!

I have $27k through Great Lakes (government) and then another 8K from Sallie Mae.

Post # 14
Member
426 posts
Helper bee

I don’t know if this is an option, but I would try asking a parent or Fiance (if he owns a home) about if they would be willing to take out a home equity loan. Rates would be low!

Post # 15
Member
541 posts
Busy bee
  • Wedding: June 2016

if your at a community college a pell grant should cover everything. When I go to a university I will have to take out loands.

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