Best private student loans for large amounts?

Double-Helix, BSN, RN · Feb 4, 2017

If you can pay for the program in cash, do so. Put the money you would use for loan payments back into your savings. Why throw away $100K in interest payments when you already have the money? Although money doesn't really seem to be a concern to you, it's still financially irresponsible. I'd suggest you sit down with a financial advisor who can get the big picture of your entire financial situation and make recommendations that will be in your long term benefit.

OrganizedChaos, LVN · Feb 5, 2017

Holy Batman! $120,000 for a BSN?! Are the diplomas made of *gold*?! There are people who become LVNs -> RNs & beyond who don't spend that much money on their education!

johsonmichelle · Feb 5, 2017

As a new working nurse, I wound strongly advise against taking such amount in loans for a nursing degree. Just because other students attend the school that does not justify the cost. Attending this school will you hold future financially, how are you going to finance a house with such high amount of student loans? Do you have to attend that particular CRNA program? When it comes to nursing education, please be financially savy, these employers are not going to pay you more because of your fancy degree.

C_Schneider1010 · Feb 6, 2017

Thanks again, do not care if you wouldn't go there....again NOT looking to get a loan for $120,000+ was considering 20-40k, and looking for WHO you used and liked. Also not looking to pay it out for a ridiculous amount of time to rack up a lot of interest. I have a large cash flow through out different times of the year with our main source of income and when my "down payment" would be due happens to be a HUGE spending time of the year for us so I would prefer to at that time get a loan for part of it instead of dipping into my cash fund. Not a crime to do so would rather flip that money into more money and chunk a loan off down the line. So again if you don't have recommendations for banks you used and like for student loans please go complain about how TCU is too expensive somewhere else. I figured this would be a place of resource, apparently not.

Horseshoe, BSN, RN · Feb 6, 2017

How old are you? It's very possible you won't qualify for big loans without a co-signer.

C_Schneider1010 · Feb 7, 2017

If a co-signer where to be needed that's not a problem. I have never had a problem qualifying for larger amounts in the past, biggest loan I have taken out however was $40,000 and I didn't have a co-signer then. I am 25.

crazydoglady89 · Feb 8, 2017

If you have this enormous source of cash sitting in your bank and enormous source of cash flow other than your regular job, I would highly suggest that you sit down with your financial planner and discuss your education goals so that they can advise you on the best course of action, because it might not be what you think it is.

You aren't looking for people to tell you that this is expensive, I get it. Fine. But if you are wealthy enough to pay cash for your education, I'm not sure why you WOULDN'T. As someone who currently works in finance, this drives me nuts. Not paying cash when you can afford to pay cash (in MOST cases) is the reason high income earners end up living paycheck to paycheck.

If you truly have this amount of wealth/cash flow, you needed to get an advisor. Like yesterday.

Best of luck.

Edit: you mention in your first post you want 30-50k in loans to establish a "history"? If you can pay cash for your 200k education, you really don't need a history. If you are worried about a mortgage in the future or something like that, you can have manual underwriting done. It's not impossible to find, and people do it all the time.

Taking out a 30-50k student loan to establish history when you can pay it in cash makes very little financial sense. If you REALLY want to get "good credit", you can just get a little credit card and pay it off every month for a few years.

Again, I'm not trying be rude, but if you are a 150-200k+/year earner (you are speaking to me like you are, that is what I gather anyways), you really need to sit down with someone to go over how credit/interest works. At your (supposed, I am assuming) family income level, you really should be reviewing your family financials on a yearly basis, anyways.

Other than that, you are going to have to do the student loan shopping work yourself. What works for someone else on here is not going to be the same for you. A quick google search can tell you how to do this (or your financial advisor). We don't know much about you (what credit unions are around you? are you military? etc) besides the vague facts you have given us. My interest rate would not be the same as yours, necessarily.

What to Look For When Shopping For a Private Student Loan

NurseLauraM · Feb 9, 2017

Do you have a financial advisor? They can be expensive, but not as costly as the possibility of mismanaging the large piles of money you seem to be handling. It sounds like you could afford one too. Here's a link to a decent article about it When Is It Time To Hire A Financial Advisor? - Money Under 3ï¿½

I've only taken out federal loans so I can't help you pick a private lender. However, I've recently seen a lot of negative articles circulating about Navient so you may want to avoid them.

Edit: I see now that crazydoglady suggested the same (to get a financial advisor). Sorry for being repetitive but... please do!

C_Schneider1010 · Feb 9, 2017

Do not need a finacial advisor but thank you. We breed, train and show reining horses so at secific times of the year we have huge cash flows come in and during breeding season (now) we have large cash flow out. Depedning on how specific shows go we have large cash flows come in at different times of the year from that as well. So I would rather flip the cash into more cash with prospects but thank you for your concern into my money and how it should be distributed. For my age I think I am doing more then well the way I have made what I have so I am asking what banks you liked and what ones you didn't. Yes Google searches are easy and I have done so but I was asking for personal exsperiences with banks not to read on a banks website how great they would like to tell me they are.

MiladyMalarkey, ASN, BSN · Feb 9, 2017

For what you're looking to pay for a BSN someone else is paying to get a post baccalaureate degree like A Juris Doctorate... or paying a big chunk of their medical school. But, you've made up your mind, so guess all these well intentioned posters trying to give you GOOD reasonable advice should just shut it...cause what do all these nurses with real world experience know on this nursing forum??

NurseLauraM · Feb 9, 2017

So the reason you can't pay cash is because at the time that your downpayment is due your funds will be limited (due to the nature of your business)? If so, could you take out the loan and then pay it off within a year or so? That way you will minimize the amount you have to spend on interest. Also, if you are taking out a loan that you expect to pay back within a short period, it would be wise to take one with a low interest rate, regardless of whether it is fixed or variable. On the other hand, if you plan to spread your repayment out over a number of years you should absolutely get one with a fixed interest rate, as some private loans can get up towards 20% without warning.

Are you able to take out federal loans? You should be able to for graduate school, but if you already have a BS, you may have trouble getting a second BS (the BSN) covered.

C_Schneider1010 · Feb 16, 2017

Yes NurseLauraM thank you that's what I'm looking to do something I can chunk off in a year maybe two, no early pay off fines. And MiladyMalarkey yes I'm aware some of you are nurses, congratulations that's fantastic. I work with over 200 nurses in our ER, I was just simply looking for more outside input on what banks people liked and didn't like so I can make an educated decision on who to go with. To you this may be expensive to some its not, some people are fine with a $1,000 car some people want to drive a $100,000 car, whats for one is not always for the other. So thank you for your concern of what I spend on education I am fine with the cost of the school. In our circle of people and customers it's is also seen as a "status" symbol while I agree that's stupid to consider its not when their checks come in.