Here is my question. I am applying at Bank of America for a private loan. This is my first year in an undergrad premed program. Do I borrow for just this year for school or do I borrow for the next 4 years? I am new to this and am not sure what to do. I know that I will not qualify for any subsidized loans because I will live with my father and he makes over 100k a year and I am quitting a job in which I was making 45k a year. I appreciate your help so much.
Please Help
- Thread starter just_in_time
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It's just for this year. I don't think they even let you get a loan beyond this because it is too risky for the bank.
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YOu sure you don't qualify for federal loans...you may want to check it out.
I plan on applying for federal loans but my sisters only qualified for very little...a couple thousand dollars....But in the meantime I need to secure tuition for this fall semester otherwise I will be SOL. How much does your credit affect getting a loan? Do you think I will be able to secure a loan and get the $ in time for this fall semester?....I am already registered for classes.
Thanks for the replies keep them coming.
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Your credit counts a lot on the interest percentage with private loans. If you have a co-signer (assuming good credit) you can usually reduce the interest rate.
Amy B
I miss my son so much
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Are you applying as a dependant student? Or as an independant? That makes a difference in the amount of money you can borrow.
You really need to go and talk to the financial aid office at your school if you haven't already.
My husband's salary was high, but I was still able to borrow the full amount as an Independant student. It was all unsubsidized, but I didn't have to start paying the loans back till I graduated. With private loans, do they waive the payback time until you graduate? And what is the interest rate? My interest rate is 3.01%
I would say fill out a FAFSA and see what it comes up with. The stafford unsubsidized loan is really what you want. The interest will accure as you are in school, but you will have to pay nothing. You renew it every year and get more money each year, with it topping out at $10,500 for your senior year.
You really need to go and talk to the financial aid office at your school if you haven't already.
My husband's salary was high, but I was still able to borrow the full amount as an Independant student. It was all unsubsidized, but I didn't have to start paying the loans back till I graduated. With private loans, do they waive the payback time until you graduate? And what is the interest rate? My interest rate is 3.01%
I would say fill out a FAFSA and see what it comes up with. The stafford unsubsidized loan is really what you want. The interest will accure as you are in school, but you will have to pay nothing. You renew it every year and get more money each year, with it topping out at $10,500 for your senior year.
Yes do the FAFSA
