Private education loans for post-bac

[emgirl]

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Hey all,

I'm going to need to take out some loans for post-bac. Since I'm a non-matriculated student at the school I'm taking the classes, I don't qualify for federal loans via FAFSA. Just wondering if anyone has any input on good companies to go with for private loans (Sallie Mae? Citibank?). Also, what is considered a good interest rate on a private educational loan? I'm having trouble getting a straight answer from loan comps.

Thanks! Em

 

[blee]

I qualified for federal unsub loans, but I had to supplement them (by quite a bit) through Citibank. The process was totally easy and customer service was decent when I needed it, which wasn't often. I don't have a statement in front of me, so I'm not sure what my interest rate is, but it's comporable to all of the big private lenders out there. Don't forget that your interest rate will depend on your credit rating, possibly whether you have co-signers, etc.

 

[mshheaddoc]

Rule #1 - even though you are non-matric, you can still use financial aid office. Call them, talk to them, ask them for lenders.

Rule #2 - DO YOUR HOMEWORK. At lot of people do NOT realize some of the catches that these "private" loans have. Some you have to make repayments in 4 years NO MATTER what you are doing (ie ... bank one I believe) and some you have ot pay interest monthly/quarterly while you are in school.

Interest rates - I think a good rate would be libor +2-3%. You need to have decent credit though for these rates. ALSO another item of fine print, MOST LOANS (private) will require a cosigner if you are NOT full-time employed because they want to see income.

Here is something a school put together with loans they work with ...
private loans

ADDITIONALLY - most private funding is for degree seeking students only. I would try to enroll with your continuing education program or enroll as a 2nd degree student at least so you can get funding. If this is your post-bacc you are eligible for 5 years total of federal funding. If you didn't take 5 years to graduate from college (using fed funds) you are eligible for $10500 for your last year.

Just some tidbits to help you all 🙂

 

[emgirl]

ADDITIONALLY - most private funding is for degree seeking students only. I would try to enroll with your continuing education program or enroll as a 2nd degree student at least so you can get funding. If this is your post-bacc you are eligible for 5 years total of federal funding. If you didn't take 5 years to graduate from college (using fed funds) you are eligible for $10500 for your last year.

Just some tidbits to help you all 🙂

Hey thanks!
That's what I thought- that I could get fed funds for the fifth year but the FAO at the school I'm taking a class at says no, not eligible since I'm non-matric..I'm going to look into how to become a "post-bac" at their school. But I wish I could access that $10500 fed money without applying to the school.