I'm looking for either advice on legitimate companies on small student loans, so that I can get one, and have all payments and interest deferred until I am out of college.
So, if you have a lender that you like, a lender that you HATE, or a website that legitimately reviews the various companies, I'd be greatful.
A Subsidized Stafford is a good bit of fundage and doesn't have to be paid right away. I believe you can request a smaller than normal amount if you so desire also.
quote:
Everyone wondered WTF when Gikk wrote:
Hi!I'm looking for either advice on legitimate companies on small student loans, so that I can get one, and have all payments and interest deferred until I am out of college.
So, if you have a lender that you like, a lender that you HATE, or a website that legitimately reviews the various companies, I'd be greatful.
1st step, talk to your school's financial aid department. They should be able to give you the greatest help with this quest.
In Ohio, I had the best luck going with Great Lakes (something) (Something). (wish I still had the full name) It was a banking group that specialized in just student loans. Never had a problem with them, either while as a student, or graduation.
Gikk, while you are in school, try to take out subsidized loans from either Sallie Mae or Great Lakes. Do not go through a private lender or a bank, though a bank will guarantee the loans.
Subsidized loans will defer interests until 6 months to one year after your last date of at least half-time enrollment. Unsubsidized loan require quarterly interest payments or the interest can be defered by adding the interest payment to the loan (at which time you will be paying interest on the interest-not a good idea). Neither loan requires repayments until 6 months to one year since the last date of at least half-time enrollment.
And like Chervey said, talk to your Student Loan Officer about your situation.
Jania Arindelil fucked around with this message on 09-24-2004 at 10:20 PM.
Don't go with private loans (banks, etc) unless you absolutely have to. They're seldom subsidized in any fashion, and they almost always have a higher rate than things like the Stafford loans (which last I checked had like a 2.15% rate, which is not bad any way you slice it). The sole advantage to private loans is that they're more likely to work out a longer period of payback time (guy I know from one class has his loan set up to be paid back over 20 years rather than 10).
Likewise, keep in mind this isn't free money. You're essentially borrowing money from yourself. So don't get dollar signs in your head and go overboard. That's not a personal attack, either. A lot of students go ga-ga over how much they can get. I personally can get upwards of around 20k in loans and grant rewards. Just this semester. On the other hand, that's me borrowing close to 25k from myself by the time I pay it all off. Just this semester. So definitely think about it.
I got a whopping 6 grand a year, which, sadly, isn't enough.
I can't get another loan through them, unless my parents get a PLUS loan - which is not an option, because of the 'immediate repayment' thing, even though my mom's still in school right now.
I'm a dependant, so no more aid from school.
I'll look into Sallie Mae; I didn't know how reputable they were.
