Opinions on Taking Out Semester Loan

[Apollo1]

Hey Everyone:

I've been considering taking out a semester's worth of loan money in order to take an EMT course along with a couple of upper level sciences, as my current employment is starting to become more of a hindrance than a help. I've been fortunate enough to avoid borrowing for school up to this point, but am somewhat ignorant when it comes to this topic and in need of help.

I won't qualify for federal loans, because my taken credit load is above the max limit. Any recommendations or personal experiences regarding credit unions vs. larger banks vs. Sallie Mae etc.? Thanks!

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[deleted648172]

wait, why EMT courses? just take the premed requirements (trying to understand your situation)

I have a personal student loan from a credit union (from my employer) at 5% which isn't so bad compared to FAFSA's 4.29%.

 

[Apollo1]

wait, why EMT courses?

Still considering the PA route at this time, plus a job in a hospital would make scheduling classes much easier.

 

[GreenDuck12]

You really need to take a look at the terms of the loan and the interest rate that you are offered. Some loans are quite reasonable (under 3 or 4%) others are much more expensive (7 or 8%). Largely, this is going to depend on how big of a loan you are looking to take out and how quickly you plan to pay it off. If you plan to pay off a loan quickly, the interest rate does not matter nearly as much. If you are borrowing less that $5,000 and will pay it back in 1 year or less, I wouldn't worry to much as long as the interest rate is below 7%. If you anticipate having the loan for a longer period of time, then the terms are really going to matter. One las thing: beware of variable interest rates especially if you plan on having the loan for multiple years as the Fed is about to raise interest rates. Best of luck!

Hey Everyone:

I've been considering taking out a semester's worth of loan money in order to take an EMT course along with a couple of upper level sciences, as my current employment is starting to become more of a hindrance than a help. I've been fortunate enough to avoid borrowing for school up to this point, but am somewhat ignorant when it comes to this topic and in need of help.

I won't qualify for federal loans, because my taken credit load is above the max limit. Any recommendations or personal experiences regarding credit unions vs. larger banks vs. Sallie Mae etc.? Thanks!