Private Loan Question

[beebee0]

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If I apply for a private loan, how much hope do I have in getting a lower interest than the unsubsidized loan (6.8%) (I have very good credit and my parent can co-sign)? And if my application gets approved, will I have the obligation to borrow it?

 

[TMP-SMX]

It's possible, but you have to think long term. By the time you are paying a significant amount of it back in 7+ years how much higher do you think the interest rate will be? It's a variable rate unlike all federal loans and even the 8.5% grad plus.

 

[RSteel30]

I know the feeling of applying for financial aid and how stressful it can be knowing little on the subject. I found this amazing website though, that will prob. be a huge help.. It's built by Wells Fargo, extremely user-friendly, and ultimately helped me understand loans and student finance far better than any other resource I've come across.

Check it out: http://backstage.wellsfargo.com/

Good luck!
Rich

 

[link2swim06]

It's possible, but you have to think long term. By the time you are paying a significant amount of it back in 7+ years how much higher do you think the interest rate will be? It's a variable rate unlike all federal loans and even the 8.5% grad plus.

Agreed 👍👍