Private Loans

[Yellow Snow]

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Looks like the financial aid office isn't putting out. Has anyone here secured private loans for the fall? Are some agencies better than others?

I am going to call the financial aid office at Penn of course, I just wanted to fish for some advice if anyone has any.

 

[Febrifuge]

I'm not a lot of help right now; my only advice would be "if you split up with your spouse, even if you're not divorced yet, CANCEL all the joint credit cards. Just call and nuke 'em from orbit. It's the only way to be sure."

Seriously, a clean credit report is a must for private loans.

Northstar/ Total Higher Ed is a fine fine lender. Their "National Loan" is decent. Zero fees. Great service. Tough credit guidelines, though...

 

[Yellow Snow]

Are you headed to Bennington? I imagine rent and COL is cheap...Philly is looking pretty pricey.

I should have excellent credit for all I know. Thanks for the advice.

 

[Febrifuge]

Rent and COL is cheap-ish in Bennington... I'm making a scouting trip in July. Philly, I would imagine, not so cheap.

If my credit woes aren't fixed by about August, I'll be singing the blues until I fix what's busted and start next Summer instead.

 

[oskikatt]

ah-hem...since we're on the subject...I have a little experience with private loans. I posted this in another thread but thought it might be helpful here too.

Northstar is definitely one of the more "humane" banks. Zero fees on Stafford, FICO = around 640. I ran into trouble applying for student loans in grad school after consolidating ~ after consolidation, my FICO dropped 50 points!! I was shocked, but my brother (a lender) explained that in the FICO calcuation, any balance transfer or consolidation sends a "signal" that you can't/don't pay your debts. No, it makes no sense, but it's true. So if you're getting ready to apply for private, do any consolidation at least a year in advance and pay everything on time 🙂

 

[hypersting]

philly isn't so bad rent wise.... especially if u live on the fringe of a good and bad neighborhood. University City is doable for 500, as is Northern Liberties, Brewery Town, etc ... just stay away from Center City.

 

[learss]

ah-hem...since we're on the subject...I have a little experience with private loans. I posted this in another thread but thought it might be helpful here too.

Northstar is definitely one of the more "humane" banks. Zero fees on Stafford, FICO = around 640. I ran into trouble applying for student loans in grad school after consolidating ~ after consolidation, my FICO dropped 50 points!! I was shocked, but my brother (a lender) explained that in the FICO calcuation, any balance transfer or consolidation sends a "signal" that you can't/don't pay your debts. No, it makes no sense, but it's true. So if you're getting ready to apply for private, do any consolidation at least a year in advance and pay everything on time 🙂

Is the 640 a required score if you apply by yourself? Also did anyone have a co-signer on their loan? Did it lower your interest rate or increase the chances for you to get approved

 

[oskikatt]

It depends on the lender. For example, a co-signer at Northstar T.H.E. will only lower your interest rate - students must be creditworthy on their own. With Sallie Mae on the other hand, you can be "un-creditworthy" yourself, but a creditworthy co-borrower will get you the loans.

Best advice is to call each and every lender you are considering & ask them.