Financial HELP!!!!!!!!

loboscon08 · Mar 12, 2008

Hi aerorunner80! I am not too familiar with private loans as I too get financial aid and student loans through my school. I do know though that some banks will provide loans for students. I see that you live in New Mexico...as do I! What school are you going to? I am at UNM.

I would try Bank of America. I am almost positive that they will work with students and give loans at a low interest rate. Also, have you checked with New Mexico Student Loans? I know that they are the ones who provide Financial aid, but they might also give loans. I would call there first and see if they can assist you with anything. If not, then banks are probably going to be your next best thing. It would be best if you can get assistance with NM Student loans because they offer 0% interest rates after graduation to nurses who stay in NM and work. It might be the same way with banks, I'm just not too sure? Hopefully this helps you and that I didn't confuse you! Good luck with everything!

loboscon08 · Mar 12, 2008

Another thing you might do is call the financial aid advisement at your school and tell them your situation and see if they can give you suggestions of what to do. They should be able to help because I am sure you aren't the first person to run into this dilemma. Good luck with everything! :wink2:

llg, PhD, RN · Mar 12, 2008

I just want to add a word of caution for the readers of this thread. Some experts believe that the "private student loan business" is going to be the country's next big financial debacle. (Like the sub-prime mortgage mess and the old savings and loans scandal of a few years ago.)

Apparently, many students are taking on big loans with interest rates that are either very high and/or variable so that they may balloon to an interest rate that will be too high for the student to handle. They will be particularly problematic for students who don't finish their programs or whose life circumstances change so that they won't be able to work the overtime hours that will be necessary to pay back the big loans.

I'm not saying that no one should take out a private loan. I'm just saying that anyone who does so should be sure to read all the fine print -- and to be sure that the interest rate is not going to go too high for you to handle should your life circumstances change. What if you have health problems? What if you have trouble finding a good job? What if ...? What if ...? etc. Be sure you know what you are getting into before you sign anything.

Just be careful.