Private Bank loan or college loan?Since I can't afford my college tuition (Polytech University in NY, around 33000 dollars), I need to get a loan. I'm considering two types of loan, one is the private bank loan and the college loan provided by a college. My college works with Chase. And my private bank loan is also Chase. So, are they... |
Actually, you shouldn't get either of them because Chase is a private lender. Private loans have very high interest rates and usually take much longer to pay back.
The best thing to do is to get a federal government loan.
Here are the steps you need to take:
1) Fill out the FAFSA. This will determine if you are eligible for financial aid. Go here:
http://www.fafsa.ed.gov/
2) Once you are eligible for aid, choose a government-based student loan. The best loan to get is a Federal Perkins Loan. These have low interest rates and the government will help you pay it back as long as you stay enrolled in school. You also don't need a cosigner or good credit for it. For more info go here:
http://www.studentfinancedomain.com/stud...
3) The next best loan to get is a Subsidized Stafford Loan. This has many of the same benefits as a Perkins Loan. Learn more here:
http://www.studentfinancedomain.com/stud...
4) You can also try to get a grant or scholarship, which is free money that you won't have to pay back. Look here:
http://www.fedmoney.org/
http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
http://www.freegovmoney.net/
http://www.educationplanner.com/education_planner/paying_article.asp?sponsor=2859&articleName=Grants_and_Scholarships
http://www.studentawards.com/
http://www.college-scholarships.com/
Good luck!
The private loan will usually require you to start paying it back immediately.
The school loan will usually have a program where you can defer payments until 6 months after you graduate...or decide to leave school.
I would suggest going with the student loan, so that you don't have any payments to worry about until you can actually pay them! :-) That way your credit score is protected
There are many student loan lenders.Before you go for one check the rate of interest and also see that the lender is a legitimate one.
Don't pay any money to get the laon. You can also try for some scholarship online.
To know more you can visit
http://www.easystudentloan.blogspot.com
and
http://www.scholarshipgrants.blogspot.co...
Besides looking to loans and grants you should also sign up for those grocery rewards programs that give you education dollars when you shop.
