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OfflineTybg
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What type of private loan should I get to pay for my college
    #22374660 - 10/13/15 05:44 PM (8 years, 3 months ago)

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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OfflineArctic W. Fox
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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22374702 - 10/13/15 05:50 PM (8 years, 3 months ago)

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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InvisibleConfucian
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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox]
    #22374733 - 10/13/15 05:54 PM (8 years, 3 months ago)

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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OfflineTybg
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Re: What type of private loan should I get to pay for my college [Re: Confucian] * 1
    #22374795 - 10/13/15 06:06 PM (8 years, 3 months ago)

Thanks for the suggestions


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OfflineiSmkGrnBud
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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox] * 1
    #22374816 - 10/13/15 06:11 PM (8 years, 3 months ago)

Quote:

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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InvisibleDieCommie

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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22376308 - 10/13/15 10:47 PM (8 years, 3 months ago)

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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OfflineTybg
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Re: What type of private loan should I get to pay for my college [Re: DieCommie]
    #22378199 - 10/14/15 11:55 AM (8 years, 3 months ago)

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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OfflineUzziel
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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22378373 - 10/14/15 12:28 PM (8 years, 3 months ago)

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


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InvisibleLophosaurus
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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22378375 - 10/14/15 12:28 PM (8 years, 3 months ago)

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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OfflineUzziel
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Re: What type of private loan should I get to pay for my college [Re: Lophosaurus]
    #22378384 - 10/14/15 12:30 PM (8 years, 3 months ago)

Quote:

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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InvisibleAdden
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Re: What type of private loan should I get to pay for my college [Re: Confucian]
    #22378387 - 10/14/15 12:31 PM (8 years, 3 months ago)

Quote:

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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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22380890 - 10/14/15 09:10 PM (8 years, 3 months ago)

Quote:

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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OfflineRanOutOfWeed
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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox]
    #22380941 - 10/14/15 09:22 PM (8 years, 3 months ago)

Quote:

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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OfflineAll We Perceive
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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22380981 - 10/14/15 09:30 PM (8 years, 3 months ago)

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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InvisibleDieCommie

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Re: What type of private loan should I get to pay for my college [Re: All We Perceive]
    #22381041 - 10/14/15 09:46 PM (8 years, 3 months ago)

Quote:

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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Offlinemakaveli8x8
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Re: What type of private loan should I get to pay for my college [Re: DieCommie]
    #22381068 - 10/14/15 09:51 PM (8 years, 3 months ago)

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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OfflineUzziel
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Re: What type of private loan should I get to pay for my college [Re: makaveli8x8]
    #22381144 - 10/14/15 10:09 PM (8 years, 3 months ago)

Quote:

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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InvisibleMalcolm_Xtasy
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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #22381150 - 10/14/15 10:11 PM (8 years, 3 months ago)

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


--------------------
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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InvisibleAdden
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Re: What type of private loan should I get to pay for my college [Re: Malcolm_Xtasy]
    #22381370 - 10/14/15 11:16 PM (8 years, 3 months ago)

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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OfflineAll We Perceive
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Re: What type of private loan should I get to pay for my college [Re: Adden]
    #22381420 - 10/14/15 11:35 PM (8 years, 3 months ago)

Quote:

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.


--------------------


"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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InvisibleThe Doobie Dude


Registered: 04/28/13
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Re: What type of private loan should I get to pay for my college [Re: All We Perceive]
    #22381427 - 10/14/15 11:37 PM (8 years, 3 months ago)

Vote Bernie Sanders and you won't have to worry about that!


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"There are a million reasons to drink and one just popped into my head.  If a man can't drink when he's living how the Hell can he drink when he's dead?" - Irish Limerick
I PLURed once because it was PLUR or die. - D.M.T.


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Offlinemollychopps22
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Re: What type of private loan should I get to pay for my college [Re: Arctic W. Fox]
    #27733942 - 04/14/22 06:45 AM (1 year, 9 months ago)

Quote:

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.




It is better not to take a loan at all, especially a private one. They wrote above correctly, it is better to save money and then pay or study in another country, online learning is now gaining popularity. I know a lot about loans because I worked in a bank. I have often been asked to freeze credit reports, you can read about it on FitMyMoney if you want. This is a dangerous thing that you need to know everything about, study before taking out a loan. Many take it without knowing the consequences, and then suffer all their lives.


Edited by mollychopps22 (04/20/22 03:54 AM)


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Invisiblebadchad
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Re: What type of private loan should I get to pay for my college [Re: Tybg]
    #27734066 - 04/14/22 08:20 AM (1 year, 9 months ago)

You need to do some math here; if your school has a financial aid office and/or resources, use them.  First, you need to get a handle on your current loans.  How far are you in debt, and more importantly, how far in debt will you be once you graduate?.  Multiple loans will all have different terms, rates, etc.

Being honest, its quite concerning that you're considering taking on loans without knowing the difference between a fixed and variable rate loan.  As the name implies, the fixed rate won't change, which is ideal, especially now.

Lastly, you need to consider your career options and future earning potential.  Contrary to popular belief, there are some career options where a degree is required, and absolutely worth the cost, my degree in pharmacology is an excellent example (albeit rare case).  Finally, there ARE some college and educational experiences that are invaluable.  Often, you'll only realize it after the fact.

You need to think this through a bit before just taking on enormous debt.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


Edited by badchad (04/14/22 08:23 AM)


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