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What type of private loan should I get to pay for my college
    #22374660 -

need the loan by the 15th, and I can't decide which one would be the cheapest in the long run. I want one that I can pay off quickly too because I'll likely have all the money I need to pay off loans right out of college.

Theres tons of diff private loans you can get. Citizens bank, sallie mae, wells fargo, Discover etc.

All have about the same starting APR and APR. All of these loans have borrower benefits, and they all have a grace period of 6 months. Some of them have variable and others have a fixed "rate type" but I'm not sure what that means.

For those who are wondering I've already used the loans that the school gives to you (unsubsidized, Perkins and subsidized) My parents couldnt get a parent plus loan cuz they went through bankruptcy so a private loan is my only option.

Did any of you guys use a private loan to pay for college? If so which one?

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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22374702 -

Save your money, buy a Passport, move to a country that has free education.

US education is a scam. You'll go under, never to be heard from again.

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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox]
    #22374733 -

You will regret a private loan. They are going to be on you like a hawk the day you graduate with very difficult terms. You will be absolutely screwed. It will be terrible for your mental and financial health. You'll probably want to blow your brains out (even if you find a decent job after school).

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Re: What type of private loan should I get to pay for my college [Re: Confucian] * 1
    #22374795 -

Thanks for the suggestions

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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox] * 1
    #22374816 -

Arctic W. Fox said:
Save your money, buy a Passport, move to a country that has free education.

US education is a scam. You'll go under, never to be heard from again.


This, this right here.


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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22376308 -

You used all the public loans and you still want private loans?  I have no advice to give you, but it sounds like a recipe for disaster.  I always wondered how people got into six figures of debt for a degree...  Your parents went through bankruptcy so a private loan is your only option?  That makes no sense and that is the kind of thinking that leads one to bankruptcy.

I'm sure you know that private loans afford you none of the benefits that public loans do, like forbearance and income based repayment.

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Re: What type of private loan should I get to pay for my college [Re: DieCommie]
    #22378199 -

I've already used all the public loans. I payed 8k of the 12k tuition this semester with grants/public loans. So yes, my only option is a private loan? Why does everyone think this is such a stupid idea? There's literally no other way for me right now to get 4 thousand dollars and I don't mind paying like 6k for this loan right out of college. I talked to the finnancial aid office and they said a private loan was my only option.

Edited by Tybg (10/14/15 12:00 PM)

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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22378373 -

So.. you're willing to go 100k+ in debt? Because at 12k/semester you're gonna be fucking broke.

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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22378375 -

12k a semester? That is crazy, what are you going to school for? Are you guaranteed a job when you get out of school and how much does an entry level position in your field go for?

Is this your last semester or will you have to do this over and over again?

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Re: What type of private loan should I get to pay for my college [Re: Lophosaurus]
    #22378384 -

Lophosaurus said:
12k a semester? That is crazy, what are you going to school for? Are you guaranteed a job when you get out of school and how much does an entry level position in your field go for?

Is this your last semester or will you have to do this over and over again?


I'm pretty sure this dude is 18 and just got out of highschool and jumped straight into a really expensive university for some reason

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Re: What type of private loan should I get to pay for my college [Re: Confucian]
    #22378387 -

Confucian said:
You will regret a private loan. They are going to be on you like a hawk the day you graduate with very difficult terms. You will be absolutely screwed. It will be terrible for your mental and financial health. You'll probably want to blow your brains out (even if you find a decent job after school).


Pretty much this. You asked which type and you're better off not..

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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22380890 -

Tybg said:
So yes, my only option is a private loan?


Is that a question?  If so, the answer is no, a private loan is not your only option.  Get a job and go to community college is a far better option.  Dropping out of college completely is also an option.  I would guess that either of those options would turn out better than the narrow path you have set yourself down for some reason...

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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox]
    #22380941 -

Arctic W. Fox said:
Save your money, buy a Passport, move to a country that has free education.

US education is a scam. You'll go under, never to be heard from again.


Yep. Germany would be fantastic, and you'd probably get a better education there anyways

American colleges are run by corporations for corporations


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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22380981 -

The interest rates are going to wreck you dude.  I have approximately 100k in loans and the only reason I can get by is because of income based repayment.  Private loan cats don't offer that.


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"plus they atually think jambands are good or sumthing, so they clearly know absolutely nothing about music, clearly lol" -Bassfreak

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Re: What type of private loan should I get to pay for my college [Re: All We Perceive]
    #22381041 -

All We Perceive said:
The interest rates are going to wreck you dude.  I have approximately 100k in loans and the only reason I can get by is because of income based repayment.  Private loan cats don't offer that.


Same here.  I have less loans than that, but still cant afford even half my expected payment.  No matter, they are public loans and I am on income based repayment and I pay less than the interest alone.  If I had private loans I would be in default and would be lucky to have even a small apartment.

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Re: What type of private loan should I get to pay for my college [Re: DieCommie]
    #22381068 -

i wonder if free education is why all the shit made in germany is so top notch?

do they skip all the dumb stupid shit and actually teach you useful stuff instead?


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We play on earth to pass the time :foreheadslap:

Over-population the root of all Evil-brings the Elites Closer to the gates.

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Re: What type of private loan should I get to pay for my college [Re: makaveli8x8]
    #22381144 -

makaveli8x8 said:
i wonder if free education is why all the shit made in germany is so top notch?

do they skip all the dumb stupid shit and actually teach you useful stuff instead?


Yes. They don't teach like they do in America where you take 100 different classes that has NOTHING to do with your profession of choice.

They put you directly into programs and interns doing direct hands on work.

So much more efficient and NOT A GIANT MONEY GRAB.

Sometimes you wonder...

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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22381150 -

I took out loans with sallies mae but my parents help me pay them off :shrug:

If you don't have any sort of financial help, I wouldn't recommend it


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I'm stupid, Enlil is smart.
I'm ugly, Enlil is beautiful.
I'm a loser, Enlil is a winner.
Someday, I hope to be like Enlil but secretly know I never will.

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Re: What type of private loan should I get to pay for my college [Re: Malcolm_Xtasy]
    #22381370 -

I've got a decent consolidated loan off Income Based Repayment. If it gets out of control I'll cut a check for the 50k or whatever (42k?). I'd like to hope I end up paying pennies on the dollar particularly with 20 years inflation devaluing the dollar.

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Re: What type of private loan should I get to pay for my college [Re: Adden]
    #22381420 -

Dys said:
I've got a decent consolidated loan off Income Based Repayment. If it gets out of control I'll cut a check for the 50k or whatever (42k?). I'd like to hope I end up paying pennies on the dollar particularly with 20 years inflation devaluing the dollar.


Yeah, until you get ass fucked by the IRS for having the "forgiveness" deemed taxable income.  One may live relatively free of the onerous loan man for 20 years only to then find themselves stripped of what they have acquired with that freedom.


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"plus they atually think jambands are good or sumthing, so they clearly know absolutely nothing about music, clearly lol" -Bassfreak

Edited by All We Perceive (10/14/15 11:35 PM)

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