Different Kind of Advice

[PremedNoob]

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Well I hate to even be asking about this here, but I thought there may have been a few that have gone through it. I had a pretty bad first year in undergrad and I ended up getting a letter today about not meeting Satisfactory Academic Progress because of 3 W's within the first year (yeah I know). Well the only problem is now I cannot receive any financial aid of any sorts this year (loans, aid, etc). I am hoping to appeal this because I was pretty sick this past semester for 2 weeks, but the only problem is I didn't go to the doctor so they dont have records. I also missed a couple days because of an injury that I do have documentation of. I am hoping with that and the plans I have made to succeed from here on out I can appeal. Obviously this doesn't excuse the fact that I wasn't doing entirely what I needed to be.

My question I guess is if I dont get this appealed, what would you guys suggest for doing a private loan? Is there any advice you can give on what to do and not to do with these, IF I can even get one 🙁. I'd appreciate anything. I definitely learned a lot about what not to do this year...

 

[jmt1984]

In the current climate, private loans might be more difficult to get, you might need a co-signer. The interest rates will also be higher. You can always check out some local banks, but I would first stop by your financial aid office and see what they suggest as far as private lenders go. I can't imagine you are the first person this has happened to.

The current law is going to change however, the student loan industry was effectively nationalized as part of the healthcare bill that was recently passed, but I'm not sure when that portion of the law goes into effect.

Note: Not trying to make this a political thread😱

 

[sassykat]

Can your parents help you? My parents take out private loans for me. We just got an equity loan for 3.5%...WAY better than any of the federal loan offers.

 

[jmt1984]

Can your parents help you? My parents take out private loans for me. We just got an equity loan for 3.5%...WAY better than any of the federal loan offers.

Home equity loans are tough to come by these days, but yes it would be a much lower rate, maybe worth a try. You could also check out http://www.salliemae.com/ for private loans.

 

[PremedNoob]

I really appreciate the responses. I do know a little bit about private loans and such, I just wasn't sure if there is anything I could do afterwards like take more out of a better rate loan the next year to pay off the private (which should have a higher interest substantially I would assume). I am just trying to minimize the interested being accured on that private loan because I can get off of not meeting the Satisfactory Academic Progress after one year (or if I can get it appealed; see original post) so hopefully I can get back on to the federal ones then. Tough lesson to learn, I guess it is better than later...quite a reality check. I'd appreciate any other feedback...hopefully I can get in touch with the financial aid office tomorrow to try the appeal process