I willl have to take out private loans and want to know if anyone has had any probs with them, after a few years of paying back..I have heard nothing but horror stories about how they change payment terms and other crazy things
My school doesnt deal with federal loans so I might have to take out at least 50,000 in private loans, because I wont be able to keep my job and Im single..Has anyone taken out that much in loans.Im so nervous to have so much debt.Any advice
I don't have experience with Sallie Mae but I have private loans with Citibank and have had no problems at all. I would really discourage this if possible, does your college have payment plans? Is there any way you can work some hours somewhere? Just saying 50K doesn't go very far when you're using it for living expenses AND tuiton.
I willl have to take out private loans and want to know if anyone has had any probs with them, after a few years of paying back..I have heard nothing but horror stories about how they change payment terms and other crazy things
My school doesnt deal with federal loans so I might have to take out at least 50,000 in private loans, because I wont be able to keep my job and Im single..Has anyone taken out that much in loans.Im so nervous to have so much debt.Any advice
Notes on loans are legal contracts and they cannot change the terms of repayment as long as you are making the payments...not on student loans or any other loans in the USA.
However, you must understand that private student loans are different from government loans...mainly in the fact that they DO NOT have a ceiling cap of how high the interest rate can go. This is a huge criticism of private student loans as they are literally, the only loans we have in this country that don't have a cap on the interest rate.
It is very, very important that you read your paperwork before you sign anything and make sure you keep it in a safe place.
Student loans, as a general rule, cannot be included in a bankruptcy except for very, very rare circumstances.
I too, have grave concerns about you attending a school that doesn't permit federal student loans...sounds like the school cut a deal to make a profit and isn't putting their students first...not a school I would go to.
I am currently a Junior in college (and a newbie to my school's BSN program) and I have used Sallie Mae for all of my private loan needs from day 1! Luckily I now have 2 scholarships through the university I am attending that will last through my senior year and no longer have a need for private loans. But no Sallie Mae does not require you to begin instantly paying back interest on all of their private loans (some do require you to though). But just to give you a little piece of advice I would not trust a school or go within 500 feet of any of their classrooms if they do not partake in the federal student loan programs. This should raise some red flags! I would think that it could be due to the fact that they are under disciplinary action by the government for mishandling federal student funds or are under investigation for something! I'm not saying for sure that this is the reason but that is the only reason I can imagine! Check into the school's accreditation! That is such a big deal after graduation!! I have quite a few friends that decided to get their Associates from a small money grubbing private college in the Kansas City area and they are being turned down left and right because the school had its accreditation pulled a few years back and is only state board approved! And also because this school is known to only really put out incompetent nurses! Good luck!! Also check into scholarships! They are a lifesaver!!!
Specializes in Medical Surgical/Addiction/Mental Health.
At first I applied to Sallie Mae for a private loan. I was quoted 8.25% (This was with a 768 credit score). Before disbursement, I received notification the interest rate was going to be 11.5%. I called, the interest rate is variable, but according to the loan person, their program changed. They said I fell into a new tier based upon my credit score and that I was now a moderate risk borrower. Okay, I can go out and purchase a new 40K truck with 72 months of 0% financing, but I am a moderate risk borrower?
So, I went to PNC. I got 4.25%. They offer a health professions loan, which I think is why the interest rate is low. I also know that the following banks are offering private loans: Chase, Wells Fargo, Discover Financial, and Citi. I may have forgotten to mention some and perhaps others can chime in with other banks.
REMEMBER THOUGH…Do not go applying to all of the banks. Each one will pull your credit and if you have too many recent inquiries, you won’t get a private loan.
There is no need to be suspicious of public schools that don't participate in the federal student loan program. I go to a well-known public community college in NC and they don't do student loans. I've found that even community colleges that DO participate in them try to deter students from taking out loans. Usually community colleges are very low cost compared to universities.
I hate sallie mae and if the school I applied to don't take federal student loans then I guess will not be going. Sallie Mae is horrible and highway robbery. I'm glad I only owethem $7000.00 more and cannot wait to pay them off completely. I will not recommend them to anyone. There should be other options out there for you. Good Luck.
My school is about $50,000 for the whole 21 month program. Yes its ridiculous however, im done way faster than alot of ppl. My school does take federal loans adn grants though. I did have to take out a Private loan and so far everythings been pretty legit with it :)
I just got approved for a Sallie Mae loan but have not signed on the dotted line. It has only been two days since I got the approval and already about 8 emails to me to take immediate action. That is a bit off-putting and a little nervous now about their tactics and now reading this makes me want to keep looking although I did apply to one other and it req a co-signer so hate to keep applying for reasons noted in this post about it dinging your credit just for applying. Does anybody know a general rule of thunb about how many to keep it to and does applying for all in the same day help?
Specializes in Medical Surgical/Addiction/Mental Health.
I just got approved for a Sallie Mae loan but have not signed on the dotted line. It has only been two days since I got the approval and already about 8 emails to me to take immediate action. That is a bit off-putting and a little nervous now about their tactics and now reading this makes me want to keep looking although I did apply to one other and it req a co-signer so hate to keep applying for reasons noted in this post about it dinging your credit just for applying. Does anybody know a general rule of thunb about how many to keep it to and does applying for all in the same day help?
That is what I find frustrating. You can call banks and ask for their requirements, but they all say the same. "I cannot give you an answer until I check your credit." Have you checked with PNC Bank? I am not sure if you have a co-signer, but most programs have co-signer releases after a certain amount of time. For the sake of getting a good interest rate, it might be worth it. If you do a search for private student loans, there are a few that pop up. I know Citi Bank and Discover have programs.
I knew i wanted to change careers years ago. I didn't know what I wanted to do. I saved a lot. It was either going to a house or my next degree. I tried to work and go to school. I was not getting the grades I wanted to so I quit work. Part time working was too stressful for me also. I decided to put off buying a house. I have been using the money I saved up and living very poorly.
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Up2nogood RN, RN
860 Posts
I don't have experience with Sallie Mae but I have private loans with Citibank and have had no problems at all. I would really discourage this if possible, does your college have payment plans? Is there any way you can work some hours somewhere? Just saying 50K doesn't go very far when you're using it for living expenses AND tuiton.