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Discussion

Private Loans

Anyone familiar with private loans and how hard it is to obtain one?

I will be starting an LPN program in September. I have not filled out the FAFSA yet, but am worried that financial aid/federal loans will not cover the full cost of tuition and books.

My question is, other than your credit score, do they look at your salary and length of time at your job in deciding to give you a private loan? I have a pretty decent credit score (710) but I just recently started a new full-time job, which I've only been at for a couple of months now. However, I've been at my part-time job for over 2 years now, although it is only part-time. Does anyone know if the length of your current employment is a determining factor?

Thanks in advance! :)

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    Like with any other loan, the look at your work history, salary and credit score. You have a nice credit score thats a big plus.

    The only good suggestion I have is, check out the websites of places that offer student loans and see what info you can gain from the website, if your questions aren't answered there, give them a call or email them. The only place that comes to mind for private student loans for me is Sallie Mae. I got both my student loans through them. The first one I was a single mother, with no job, a decent work history and ok credit and I was able to obtain a loan. Granted that was 17 years ago.

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    Fill out your FASLA now and get your student obligation score. This tells you how much the gov says you shoud pay towards your education. Colleges pay attention to that number. Second, call the facility you are going to attend and talk to their financial aid person.

    Remember there are two FASLAS--one for 2009-2010 (last July 09 to June 10), and new one 2010-2011 (2010 starts in July 2010, i think). Fill out both so you can have something to discuss with the financial aid dept of your school. They can discuss subsidized and unsubsized loans, etc.

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    FYI..

    Only take what you need from a private loan company. It is truly different from federal loans. I worked as a student loan collector,recently. Banks want their money.. deferments are not an automatic given..

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    • Expert

    Private student loans are relatively easy to obtain if your credit history is decent and you are currently employed. Well, at least they have been rather easy for me to obtain over the years.

    Sallie Mae has serviced my private student loans in the past for an LVN program that I attended several years ago. Chase also issues private student loans.

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