I'm about to get a loan but have a question...

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I'm getting the maximum amount of federal loans this year, which will cover my tuition. $12,500 this year and hopefully $12,500 next year.

I'm also needing to take out a private loan to cover my living expenses. I'm considering Sallie Mae after a lot of research.

How do I know which loan will pay the tuition first? Classes begin at the end of August this year. Whichever lender pays the school first, will I get any remaining funds mailed to me to cover living expenses? I would think so, but I don't see this written online anywhere.

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Specializes in Acute Rehab, Neuro/Trauma, Dialysis.

You would have to talk to your schools financial aid office and your private lender. Each school does it differently, some disperse the checks quickly and some hold them for a while.

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Specializes in ICU/ Surgery/ Nursing Education.

At my school all our loans, grants, and scholarships were applied to our account and the excess was refunded to us 1 week after the census date. We got the refund on a debit MasterCard that we had to apply for. If I might suggest, get the least amount of money you have to. It adds up quickly and will have to be repaid with interest. I am not saying you don't realize this concept, I am just saying that many people don't always grasp the results of getting large loans for school.

I am not sure about any of the different companies because I found a way to get my education without loans. Good luck though, hope this helped.

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I compared multiple companies before applying for my private loans. I also asked if my school had preferred providers. It is not always the case, but for my school one of the preferred providers turned out to be the best deal. Here is a neat trick I learned when shopping; if you are not sure apply for all of them to see what terms they give you within a very short period. Why apply in a short time span? Whenever you apply for a new card or loan they check your credit and each time it drops the credit (I still think that's stupid and punitive). By applying in a short period it does not register them as multiple dings, but groups them together for one single ding. Don't worry it will come back up right after, mine is just fine. The other reason is you can't always judge a book by it's cover. They will quote the most favorable terms to you and unless you apply you won't know what you will get. I thought Sallie Mae was going to be awesome for me and it came in second to last place because they gave me rate of 7% even with a cosigner. Remember , you are not obligated to take the loan by applying, you have to sign the contract at the end for that and it has to be certified by your school. Shop around!

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Specializes in Leadership, Psych, HomeCare, Amb. Care.

If I might suggest, get the least amount of money you have to. It adds up quickly and will have to be repaid with interest. I am not saying you don't realize this concept, I am just saying that many people don't always grasp the results of getting large loans for school.

I am not sure about any of the different companies because I found a way to get my education without loans. Good luck though, hope this helped.

Great advice.

It it seems like many here look at what is "needed now," and not considering the ramifications of future payback.

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