Private Loans

[FuturePT1]

Hey everyone. I'm trying to see if anyone has any input on which lenders they've had good experiences with when it comes to taking out private loans. Or anyone to beware of. Thanks

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[DPTHopeful2012]

Interest rates can fluctuate with private loans. Be very careful about these. You may take the loan out at 5%, but it could end up increasing to 20% for example.

 

[HookEmHorns82]

Interest rates can fluctuate with private loans. Be very careful about these. You may take the loan out at 5%, but it could end up increasing to 20% for example.

Not if you get a fixed interest rate

 

[DesertPT]

Do you have no choice but to get private loans?

Just remember, with government loans the interest rate may still be up there, but if you end up not being able to pay the government will let you get away with it...the bank on they other hand is going to make you cough up the money...

 

[FuturePT1]

I get some government loans but not enough to cover the tuition, thats why I need private loans as well.

 

[DesertPT]

I get some government loans but not enough to cover the tuition, thats why I need private loans as well.

 

[HookEmHorns82]

Do you have no choice but to get private loans?

Just remember, with government loans the interest rate may still be up there, but if you end up not being able to pay the government will let you get away with it...the bank on they other hand is going to make you cough up the money...

Yes and no. It's true that the government is much more flexible when it comes to repayment, but you'll still have to repay it. It's almost impossible to expunge with bankruptcy. Though there are some ways to have loans forgiven, aside from those, the government will get their money.

 

[Kld2468]

I get some government loans but not enough to cover the tuition, thats why I need private loans as well.

Have you looked into requesting a Grad PLUS Loan? That's how I covered the rest of my tuition this fall after I received my stafford loan.

 

[DesertPT]

Yes and no. It's true that the government is much more flexible when it comes to repayment, but you'll still have to repay it. It's almost impossible to expunge with bankruptcy. Though there are some ways to have loans forgiven, aside from those, the government will get their money.

The government does have income-based repayment that is going to be a lot more generous than anything a private bank will offer you.

 

[HookEmHorns82]

The government does have income-based repayment that is going to be a lot more generous than anything a private bank will offer you.

Like I said, they're more flexible. But they're going to get their money in the end.