Private Student Loans

[kgle]

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?

[ParkerBC,MSN,RN, PhD, RN]

I can’t be 100% sure, but I am thinking you can take out the loan although it’s close to the end of the semester. The person who can better answer this question is the Financial Aid officer at your school. Good luck to you!

[kgle]

Thanks :) Yeah I get so into stuff that I always want to know right now! I am definitely planning on calling Sallie Mae and Ivy Tech Monday, just though I would see if anyone here knew!

[Emmi7]

Not sure but I know Sallie Mae keeps sending me information about private student loans...I am sorry I threw them in the trash but I would assume if they are still mailing them to me (just got one last week) that they are still available.

[kgle]

I am worried that maybe with the certified loans, since Ivy Tech would have to disburse it, that I wouldn't get it right away. That I would have to wait until February. Oh well. I guess I will find out in a couple days lol.

[ARM05]

Got a private loan from SM in the past in the middle of a semester. Funds came directly to me in 2 weeks from the day I applied. You can apply online or over the phone to get an answer in minutes. Have all your questions ready so you know what you're getting into.

Good luck!

[kgle]

Awesome thanks so much! And it was a certified loan correct?

I can only get about $1800 and then I have met my cost of attendance. Did you have any issues with that?

[ARM05]

I didn't have any issues. Yes the loan was certified. I sent them proof through a fax that I was enrolled in school.

[kgle]

Hmm...weird I talked to Sallie Mae today and they said they would send the check to the school...sounds like I need to talk to FA at Ivy Tech again.

[kgle]

Alright...well I talked to FA and they said that if I did a certified student loan it would go to them and I wouldn't receive it until next semester. ***. I have no idea what to do now...I've pretty much exhausted all options.

[stupidcancer]

Kara,

I just last week took out a private student loan through Wells Fargo. This is one of two private student loans I found that does not look at your cost of attendance as determined by Ivy Tech and is also not certified by the school. All I had to do was apply, then they had me fax them proof of enrollment (a school schedule), and I had the money exactly seven days from the day I first applied. This was best for our situation because we needed money for an emergency situation, BUT the interest rate is outrageous and it will cost us much, much more than we borrowed by the time we have it repaid. Like I said, we had an emergency and we needed the money now, and I didn't have time to deal with Ivy Tech and all their slow financial aid process. I found out about this loan through this link: http://www.finaid.org/loans/privatestudentloans.phtml If you scroll down a but you'll see a table that compares many different private loan options.

[kgle]

Ugh, that's the one I went through to see if I would even qualify WITH a cosigner and I don't. So...even with a credit worthy cosigner I am out of luck with them.