Applying for a private student loan | TigerDroppings.com

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TigerBait1127
New Orleans Saints Fan
Baton Rouge, LA
Member since Jun 2005
29562 posts

Applying for a private student loan


What is the best route to go for this?

I graduate in December 2013, but I'm not eligible for loans due to having completed too many hours (changed my major a few times).

I could probably get a loan from my parents, but I'd rather not go that route.



This post was edited on 11/19 at 3:40 pm



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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56049 posts

re: Applying for a private student loan


Sallie Mae
Discover

and a few others...that's about it.

<------ 80k+ in private loans



This post was edited on 11/19 at 6:14 pm


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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18082 posts

re: Applying for a private student loan


quote:

I could probably get a loan from my parents, but I'd rather not go that route.


Yes, yes you do.

<------Way more in loans than Golfer.



This post was edited on 11/19 at 6:42 pm


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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: Applying for a private student loan


quote:

Way more in loans than Golfer.


Holy shite. How much is your monthly payment on loans?






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18082 posts

re: Applying for a private student loan


quote:

Holy shite. How much is your monthly payment on loans?


I consolidated through direct loans, but I have one loan pending to be folded in. I expect the payments to be around $300 a month.

Full repayment in 10 years would have run $2,000 a month.

I am fully aware of that disaster, but I'm managing it.






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dischNoutTAspd
LSU Fan
Houston
Member since Nov 2009
909 posts

re: Applying for a private student loan


I have a private loan through chase.. 9% variable interest.. Find another alternative if possible .





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TulaneUVA
USA Fan
Member since Jun 2005
20380 posts

re: Applying for a private student loan


I have a conslidated loan through the gubment...locked in rate of 5.125%. Any chance I could do better with a private lender? Assume good credit


This post was edited on 11/20 at 7:35 am


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MSMHater
LSU Fan
Houston
Member since Oct 2008
11783 posts

re: Applying for a private student loan


quote:

I am fully aware of that disaster, but I'm managing it.


You are not alone, brother....you are not alone!






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nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1782 posts

re: Applying for a private student loan


What is the reason for the high rates when interest rates are so low?

My student loan debt, which was taken out pre-2004, was at a ridiculously low rate of something like 1.3%. It was basically free money as far as I was concerned with a rate that low.

Why they huge increase? Is it Obama?






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MSMHater
LSU Fan
Houston
Member since Oct 2008
11783 posts

re: Applying for a private student loan


quote:

Why they huge increase? Is it Obama?


Frankly, yes! But in defense of the direct program, it has some benefits as well. Income based repayment plans, loan forgiveness for 10 yrs public service, 26 months (I think) defferment time per loan (available whenever the borrower wants to use it), a consolidated payment, etc...

Otherwise, you are correct. The rate was much lower when loans were available via private, as opposed to the new Direct program. Why? No clue.

FWIW, I essentially have two mortgages. One at 3.25%, and the other at 6.25%. Wanna take a guess which is which?



This post was edited on 11/20 at 10:46 am


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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
18082 posts

re: Applying for a private student loan


quote:

My student loan debt, which was taken out pre-2004, was at a ridiculously low rate of something like 1.3%. It was basically free money as far as I was concerned with a rate that low.


The loans I took out for undergrad from 2003 to 2007 were pretty low, but I want to say they started to rise around 2006 or so to their current rate for the Staffords.

Grad Plus loans are up to as much as 8% now.

I swear being born in 1985 has been the worst thing to happen to me. I've missed out on the biggest rise in the market ever (80s through 90s), missing out on fricking people up in real estate before the crash, etc. Everything seems like a quagmire now. Bummer



This post was edited on 11/20 at 3:13 pm


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