I'm looking for a big student loan.?

I'm applying to a school that's tuition is $16,000. They have the options: pay in full on the first day of class, in-school payment plan (must be paid in full by 6th month of school), or by student loan. I'm looking for a student loan that's about $20,000, that way I can pay it all at once and have $4,000 for back up (I have to move 3 states away and will have to switch jobs and look for an apartment and such...). Also, there's NO way I can afford to pay the payment plan, because it's almost $2700 for each payment. Does anybody know of a place where I can get this loan as a student loan, so I don't have to pay it back until I'm finished w/ school (in 1 year). Another thing, I know my parents will not cosign for me (I have good credit, though).

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  • 9 years ago
    Best Answer

    Without a cosigner, you will not be approved for a private loan (no matter how good your credit is) and federal loans are simply not enough to cover everything. If you are a dependent freshman, you can only borrow 5,500 a YEAR in federal Stafford loans. Independent freshmen can borrow 9,500 a year in federal Stafford loans. Your school must also be approved to receive federal funding and the program has to be approved as well (no dog training schools or underwater nuclear basket-weaving classes... lol).

    The school will be able to tell you if they are a real school in the eyes of the Dept of Education.. they will have a Federal School Code you can put on your fafsa application. Apply for federal aid at http://fafsa.ed.gov.

    If you can't come up with the extra, you need to find a cheaper school.

  • 3 years ago

    1

    Source(s): Low Rates Student Loans : http://StudentLoans.ohfos.com/?NmD
  • 9 years ago

    If you want a student loan, I'll recommend you to the same place I went: www.edfinancial.com. However, there is absolutely no way that you are going to get a student loan unless you have a cosigner. You just have to beg your parents to give you one, or if you prefer, go to a cheaper college or a community college for the first two years and building up your GPA so you can get scholarships (this will require a lot of work). You might even qualify now. I would ask my student adviser for information on scholarships. I don't know what scholarships are available in your area. If you do go to a cheaper college, make sure that your credits will transfer by looking at the Articulation Agreement. Good luck!

    Source(s): researched this for myself
  • 9 years ago

    You need to fill out the FAFSA. If you are an undergrad student, you can qualify from loans from anywhere between 5,500 to 12,500 a year, depending on how credits you have and whether or not your dependent student. The loan amounts are higher for graduate students. These loans will be in deferment as long as you are enrolled at least at a half-time status.

    If you absolutely, positively need more loans than the federal government can give you, you can request the school to certify a private loan for you. I would strongly advise against taking out a private loan. They are difficult to pay back. The interest is high (average interest rate on a private loan is in the teens.) If you get the school to certify the private loan and you take the loan from a reputable source then it will also be in deferment while you are in school at least half-time.

    Source(s): Work in a financial aid office.
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  • Brenda
    Lv 4
    4 years ago

    Wow! You are doing great. Sounds like me xx years ago. ;-) I just kept paying on the student loan until I got a super offer from a credit card company and killed it off. I should mention that while taking additional classes for a Master's degree, payments and interest were put on hold but I kept paying anyway. I have a 780 rating. My accounts show "student loan(s) paid in full," and I put the amount I was paying into a Roth IRA (that looks good, too). I wish you all the best.

  • 3 years ago

    I always spend my half an hour to read this blog's posts daily along with a mug of coffee.

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