Private Student Loan Financial Options | 08.20.09
The fall semester is now officially underway which means you are probably dead broke, but have no fear, tying up those loose financial ends has never been so easy.
At this point you should have already long completed your FAFSA and received your awards letter from the school outlining your financial aid options, which may include the following;
- Pell Grant
- Scholarship (Institution or Private)
- Federal Work-Study
- Federal Perkins Loan
- Federal Stafford Loan
- PLUS loan
Unfortunately most students will not have all of the options listed above available to them, and if they do they are still short funds as the semester gets underway, which is why private loans are generally needed to help bridge that gap. Private student loans have favorable interest rates at this time due to the stale economy. Both the LIBOR index and prime rate are at historic lows. In the summer of ’06 the prime was at 8.25%, last summer it was down to 5%, and today it’s at a jaw dropping 3.25%!
To qualify for a private student loan you will most likely need to be a U.S. citizen or permanent resident with a credit worthy co-signer who is also enrolled in school at least half time or greater as defined by the school (usually 6 credits). In a tough economy it’s good to know you still have options. Get the funds you need today!
ScholarshipPoints code: PRIVLOANS.
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yep, nice
great info! grants and scholarships are amazing
I don’t need another loan, whether private or federal.What i need is some scholarships and grants.
great information!
I don’t think my parent’s should be responsible for my continuing education. It’s my deal. Why punish there credit if I mess up.
Thank for the info.; it helps to know that there are sources to help me get through school withouth worrying too much.
This is great info that everyone needs to know.
Good to know!
great info
great info.
Very helpful!
provide good and useful information for me
any info for helping students get into college is great.
Yup..i would rather have grants and scholarships than loans because eventually I would have to pay it back.
This article provided me with inciteful information that was very useful.
It’s stupid when applying for student loans though, my parents filed for bankruptcy a few years ago and every single bank and are holding that against me when all the banks I applied to also filed! But I’m hoping by the time I transfer to a different college after I get my Bachelors degree I’ll be able to have them co-sign for me. Make sure to read the fine print when applying some banks will try to rob you blind! So be smart about it! (:
Very good info to know.=)
Its nice to see the options, although im hoping i can get through on scholarships, theres many resources that can be used. (fingers crossed)