Private Student Loans

U.S.A. Indiana

Published

Just a quick question. Are you able to take out a private loan after the school year has started? Being unemployed its beginning to get a bit difficult to pay for daycare (soon to be preschool) and for transportation costs. My aunt is willing to cosign on a private loan, but I am unsure as to whether or not I could even do it since the semester is almost over. Does anyone know how these work?

Specializes in Critical Care.

You should try using a credit card with a balance transfer option that places cash directly into your checking account if this is a possibility and that would count it as a balance transfer not as a cash advance. Check out http://www.studentloanjustice.org before taking out any private loans. These are very dangerous nowadays.

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Also be careful amount the money that is sent directly to the colleges.

If the money is not all use up that term the college could sent it back to the lender and you are still responsible for the interest on that unused money even if it is a three day turn around. I did not know this and had a $27.00 in Default on my Student Federal Loan Record and a Default is a Default. I was never informed of this until I reapplied for a loan. I had to talk to plenty of people and paid it. I hope it is now off my record for good now.

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Specializes in Renal/Cardiac.

SM went thru my school I never recieved it directly to me but they were easy to get

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Have you completed a FAFSA? If not, do it right away. The gvt backed student loans are a far better deal than private one's, and much easier to get if you're unemployed. You won't get much at this point in time, but it'll certainly be helpful next semester. Also many colleges & nursing programs (ask both) have emergency loans available for students. If you're unemployed, unemployment may have reimbursement for school fees you've paid & then you could use that money for other bills.

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If you get a private loan, be very, very careful & research the lender very carefully. Compare the terms to Stafford loans & make sure they won't ask for payments untill a few months (at least) after you graduate.

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Mine was a Wells Fargo went BK then my loan became a CA Student loan of $27.00 of interest; I was never even informed and All three of my credit Score Records never had this on it! :(

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My credit is terrible. I am unable to qualify for a credit card on my own and being unemployed there is no way it would ever make sense for me to take on more debt.

I think I stated at the beginning that this was a last resource for me. I am an unemployed single mother...so I have already exhausted every other option. I received my Pell grant and stafford loans already. If I hadn't, I would have gone that route.

I will just have to suck it up. There isn't really anything else I can do, as I cannot get a private uncertified loan, and the certified loan wouldn't be disbursed until February. Thanks guys.

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Kara-

I am in the same situation as you, laid off back in August and single parent! I cannot believe I am so broke and have nothing to turn to. Rent is due, car payment, my daughter's tuition, light bill, etc, etc, etc...

Neverending but I wish you luck and it will get better, it has to right?!

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Have you tried your college or nursing department/school of nursing? Every college I've been connected with (student or teacher) has funds available. At least give it a try.

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I talked to financial aid twice...the first time the guy asked me about my EFC and mentioned a special circumstances form, but it wouldn't help me either way. I get the max on my grants and my EFC is 0. I went in again to ask about the private loans and explained what was going on and no one mentioned anything extra. Its hard to get a straight answer from anyone at the school most of us go to...

I'm not in the nursing program yet so I doubt they would do anything for me. Ivy Tech is a hard school to get to work with you on anything. I will try to talk to someone tomorrow when I go in.

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I talked to financial aid twice...the first time the guy asked me about my EFC and mentioned a special circumstances form, but it wouldn't help me either way. I get the max on my grants and my EFC is 0. I went in again to ask about the private loans and explained what was going on and no one mentioned anything extra. Its hard to get a straight answer from anyone at the school most of us go to...

I'm not in the nursing program yet so I doubt they would do anything for me. Ivy Tech is a hard school to get to work with you on anything. I will try to talk to someone tomorrow when I go in.

the money I'm speaking of is not through financial aide. Try asking a counselor if there are emergency loans available.

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