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TheWarOnCredit

Who do you recommend for private student loans?

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I don't qualify for fafsa any more, and I'm pretty sure I can't get a stafford loan (I'll be checking with the school.)

If I'm forced to go private loan route, who do you recommend?

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None.

 

Your biggest problem is likely to be finding ANY private lender. The private lender market for student loans is pretty much nonexistent.

 

Check your job prospects carefully after you graduate. The job market is extremely grim and a college degree is no longer an employment guarantee.

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None.

 

Your biggest problem is likely to be finding ANY private lender. The private lender market for student loans is pretty much nonexistent.

 

Check your job prospects carefully after you graduate. The job market is extremely grim and a college degree is no longer an employment guarantee.

 

 

I decided to watch responses to this question because I had the same question as well. I also found myself having to search for a private loan as well and I did find one that is based off of my credit and is disbursted directly to my school and it was Sallie Mae. Also, I am always getting maliers from Discover and Citibank, so I am sure that these type loans does exists for undergraduate students. In Georgia, Sallie Mae and Discover pulls TU and Citibank pulls EX or EQ, so your credit file needs to lack derog items to ensure that you can be approved for a stand alone loan. However, if you do not meet the qualifications, you can be approved by adding a co-signer with decent credit. So, again private student loan lending does still exist.

 

The websites where the information can be found are indicated below:

 

 

https://www.salliemae.com/landing/dp/?dtd_cell=SEMGOLNRGSL000708&002=2200491&004=1209676132&005=891858558&006=12055010122&007=Search&008=

 

https://www.discover.com/student-loans/private-student-loans/undergraduate-student-loans.html?ef_id=c2FQB6z060oAAAcD:20120723181424:s&acmpgn=PGDEN00467

 

https://www.studentloan.com/landing/citiassist.htm?msc=GLONG1E

 

 

I think that it is extremely important that reliable information is readily available to us all, so I hope that this information does provide a means of correction and education.

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Several CUs offer private student loans through studentchoice.org. First Tech Federal (formerly Addison) and DCU are among these. The fixed rate is 6.00%, and it reports to EXP only.

 

The catch with private SLs is that you usually need to be able to show proof of income of at least $1200-$1500/month.

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hoapres is one of our forum leads. For those that need to know.

 

And has been with us since 2003.

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hoapres is one of our forum leads. For those that need to know.

 

And has been with us since 2003.

 

 

Thanks for the insight MarvBear, but my intentions were not to discredit staff, but was to voice my personal experience with dealing with private student loan lending. Also, I attached websites that does provide proof of this information. These loans are avaiable to both, undergrads and graduates. Most importantly, I know whats its like to be in that situation, so I try to help others when I can. So, hopefully, I have not insulted anyone. Thanks

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hoapres is one of our forum leads. For those that need to know.

 

And has been with us since 2003.

 

 

Thanks for the insight MarvBear, but my intentions were not to discredit staff, but was to voice my personal experience with dealing with private student loan lending. Also, I attached websites that does provide proof of this information. These loans are avaiable to both, undergrads and graduates. Most importantly, I know whats its like to be in that situation, so I try to help others when I can. So, hopefully, I have not insulted anyone. Thanks

 

 

You're cool. No worries! Keep on posting away and helping out.

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The general concern is that I am seeing more and more people with college indebtness that can NOT be supported by the likely future income of the diploma. You need to REALISTICALLY evaluate the liklihood (or lack thereof) of paying BACK (preferably in a timely fashion) the student loans. Go around and ASK questions with respect to prospective employers in your desired field BEFORE embarking on your educational program. In my field of software engineering and IT, you ABSOLUTELY need to go to do a DECENT school (preferably a TOP 10) to justify the expense. While I have strong beliefs that college is a "big OVERPRICED racket", my belief is not relevant but YOU need to do YOUR own RESEARCH before going to college.

 

I notice a greater and greater difficulty in getting private student loans because the student loan default rate for both public and private loans is increasing. With regards to private student loans, the concern among lenders is that a possibility exists that in the future that private but not public student loans will be dischargeable in bankruptcy.

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None.

 

Your biggest problem is likely to be finding ANY private lender. The private lender market for student loans is pretty much nonexistent.

 

Check your job prospects carefully after you graduate. The job market is extremely grim and a college degree is no longer an employment guarantee.

 

 

I decided to watch responses to this question because I had the same question as well. I also found myself having to search for a private loan as well and I did find one that is based off of my credit and is disbursted directly to my school and it was Sallie Mae. Also, I am always getting maliers from Discover and Citibank, so I am sure that these type loans does exists for undergraduate students. In Georgia, Sallie Mae and Discover pulls TU and Citibank pulls EX or EQ, so your credit file needs to lack derog items to ensure that you can be approved for a stand alone loan. However, if you do not meet the qualifications, you can be approved by adding a co-signer with decent credit. So, again private student loan lending does still exist.

 

The websites where the information can be found are indicated below:

 

 

https://www.salliemae.com/landing/dp/?dtd_cell=SEMGOLNRGSL000708&002=2200491&004=1209676132&005=891858558&006=12055010122&007=Search&008=

 

https://www.discover.com/student-loans/private-student-loans/undergraduate-student-loans.html?ef_id=c2FQB6z060oAAAcD:20120723181424:s&acmpgn=PGDEN00467

 

https://www.studentloan.com/landing/citiassist.htm?msc=GLONG1E

 

 

I think that it is extremely important that reliable information is readily available to us all, so I hope that this information does provide a means of correction and education.

 

Those sources offer pretty reasonable rates on the low end. The trick is likely to be qualifying for a decent rate without a cosigner. Just make sure that you check the loan conditions BEFORE signing on the dotted line. I saw one private lender that wanted a 7% origination fee along with a 15% interest rate.

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I don't qualify for fafsa any more, and I'm pretty sure I can't get a stafford loan (I'll be checking with the school.)

If I'm forced to go private loan route, who do you recommend?

 

Are you independent or dependent?

I recently got married and my wife is attending her final year (5th year)......when we applied for her FAFSA she was approved way more than when she was considered dependent.

So if you never applied independent that should be your option.

 

As of private loan I recommend Discovery.

Do not go with WellsFargo they would take forever and their aggregate loan limit are $120,000 most of the people won't probably hit it but my wife actually did and we went through a hell trying to get private loan for her.

Her financial Aid was not doing anything so I had to be involved and got the president of the University involved.

My wife applied to Wells Fargo on August 13th.......and got a response on August 22nd. She was REJECTED due to aggregated loan limit. WellsFargo claimed $137,XXX....University claimed $114,XXX, when I calculated $100,XXX.

 

Today we applied to Discovery and was immediately was pre-qualified in 20 sec. Later on the day her co-signer called in and then she was approved.

It took WellsFargo to reject my wife over 7 days ..... discovery approved everything in couple hours. Now we're waiting for her school to approve it.

 

Wish this helps

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