Which private lenders have you used?

[spacecowgirl]

Financing pharmacy school is really stressing me out!!! I'm looking into other options for loans as the max through my school really isn't enough (the federal loans barely pay the tuition). My husband and I are barely scraping by and I'm not sure what else to do. One loan I have looked into is the Bank of America Education Maximizer loan - does anyone have experience with this?

Thanks for any help you can provide, I'm !

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[spacecowgirl]

Do you think it's wise to use student loans to help pay off other debts with higher APRs? That is one reason I want to take out additional loans. Also we also seem to have those good old unforseen expenses (car repairs, house repairs, medical bills, etc) and I would like to have a little cushion to pay for those things.

Help! Need financial adivce (my fin aid department is essentially useless so I won't even bother with that)

 

[28657]

Originally posted by spacecowgirl
Help! Need financial adivce (my fin aid department is essentially useless so I won't even bother with that)

My school has a great financial aid dept. Here's the link, just click on the "finances" tab and you should find some answers to your questions. http://www.midwestern.edu/cpg/

Originally posted by spacecowgirl Do you think it's wise to use student loans to help pay off other debts with higher APRs? That is one reason I want to take out additional loans. Also we also seem to have those good old unforseen expenses (car repairs, house repairs, medical bills, etc) and I would like to have a little cushion to pay for those things.

I've asked this question before and the response I got was that it's smart to pay off high interest loans. However, then you won't have your cushion money!! Another option is to take out the max and maybe just make double credit card payments, while leaving the rest in a savings account that will accrue at least some interest as a "rainy day fund".

 

[supereagles]

Originally posted by AmandaRxs
My school has a great financial aid dept. Here's the link, just click on the "finances" tab and you should find some answers to your questions. http://www.midwestern.edu/cpg/



I've asked this question before and the response I got was that it's smart to pay off high interest loans. However, then you won't have your cushion money!! Another option is to take out the max and maybe just make double credit card payments, while leaving the rest in a savings account that will accrue at least some interest as a "rainy day fund".

Yeah, i got about $15000 left on my car payment, my worst financial decision so far (12% APR). I definetly plan to borrow up to the max and relieve myself of this weight around my neck.

 

[28657]

Originally posted by supereagles
Yeah, i got about $15000 left on my car payment, my worst financial decision so far (12% APR). I definetly plan to borrow up to the max and relieve myself of this weight around my neck.

If you can, you should really consider refinancing your car loan through a credit union. The rates right now for fixed are around 4% and I don't think your credit has much to do with qualifying (unless it's really bad).
I say that because unless you have excellent credit, you will most likely not qualify for a private loan with interest rates that low (4%). Therefore, it would be smarter to just refinance and lock in the super low car loan rate, than to pay it off with a private loan that may be around 6-8%.