Where to take loans?

[WhichRoom]

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Just a few loan based questions for you guys. Where do students usually take the loans from, Sallie Mae? Also, when should we take out the loans, it seems strange to take them before financial aid is distributed from the schools? Should we shop for a certain interest rate? Thanks Guys

 

[WhichRoom]

Bump

 

[DownFracture]

Just a few loan based questions for you guys. Where do students usually take the loans from, Sallie Mae? Also, when should we take out the loans, it seems strange to take them before financial aid is distributed from the schools? Should we shop for a certain interest rate? Thanks Guys

All loans will be handled through your school's financial aid office and are funded by the government. Your school will have deadlines and dates for disbursement. I don't believe there are many options available for private loans anymore, especially not above the cost of attendance.

Hopefully that answers your question!

 

[GreatDDS]

I was told that you have the option of choosing Fed. Plus loans or private loans. With private loans, you can shop for a lower interest rates as compared to Fed Plus loans. However, Fed Plus loans are more flexible with the payment plans.

 

[PhoebeAZ]

I don't think private loans would have better rates or repayment options than federal loans. I haven't looked though so, you should do a bit of research. Unless you have very bad credit, you should be offered enough federal loans to cover your total cost of attendance.

 

[dudeman]

yeah, I imagine that what the school initially offers you is going to be your cheapest bet as far as interest rates go. The only thing is that Grad Plus is credit based, so if you have a bad credit rating you may not qualify, and that is my live on money, my stafford and other loans basically just covered tuition, so you will probably need something beyond to make it by.