Loan Questions!!!

[CaitRN2be]

Hopefully I will be beginning nursing school this fall, at a private school that costs a whole lotta money:uhoh3: I have a few questions about getting loans-

I am looking into Private loans through Sallie Mae after I get what I can through Stafford loans. I don't have glowing credit, but it's not bad either, I just have NO credit to speak of... I'm 23 and married to a military man.. we don't have any credit cards, mortgage, or car payments.. both of our cars are paid for. We've been stationed overseas since we were both 19, so we haven't had many opportunities to build our credit. Anyhow, my dad will cosign. My question is- I don't have a job. I'm supported by my hubby. Is it hard to get a private loan if you don't have a personal income? I'm going to need a lot... most likely a grand total of 20k a year or so (for 2 years). Also, I already have 12k in Stafford loans from my BA, does this affect getting a private loan?

I'm so excited about the prospect of finally going to nursing school- just terrified it will all be shattered when I can't come up with the $$ to pay for it!

[lainith]

I wish I had answers to your questions but I don't. I CAN tell you though that the people at Sallie May can answer your questions for you and you may even be able to get some answers from your school's financial aid adviser. These people are amazing and have lots of answers to tough questions, so give that a shot!

[Asherah, BSN, RN]

I will be starting at Johns Hopkins in the fall and have starting researching private loan opportunities, so I have a bit of advice to give. I would definitely compare the major lenders, rather than heading straight towards Sallie Mae. You may use http://www.finaid.org/loans/privateloan.phtml to check out some other popular and well regarded lenders, there is a grid that features recent lending rates. There are many factors to consider in terms of who you choose to use for private loans, including: origination fees, the minimum/maximum loan repayment terms, any prepayment penalties, etc.

Your existing Stafford Loan balance should not affect your ability to receive private loans, unless you have not been paying on time, or have defaulted on any previous loans.

Your school's financial aid officers would be the proper individuals to pose more specific questions to. Although by law they cannot recommend a specific lender, they can clarify lending terms and general information regarding the procurement of student loans. They are there for your benefit, so I recommend using them.

Good luck!