I am a junior in college, I have received aid up to this point and work two part time jobs to support myself in addition to the aid refund I receive. Due to my parents changing financial situation I no longer qualify for financial aid. I am the first of my family to be a traditional college student and just quite unsure of next steps. In talking to my schools financial aid office they have said my option going forward will be private student loans I can find to make up the difference I will not be receiving. I don’t have a co-signer so actually getting a loan is going to be the most challenging part. But in addition, I keep hearing horror stories of private loan monthly payments once out of school and that it is hard to escape them. To get by for my last year of school I think I would do with $4,000 to $6,000. I feel confident that a smaller amount can be repaid overtime but with what I have heard I am hesitant yet I’m not sure what another option would be with having two jobs and maintaining academic standing in STEM courses.
Does anyone have any experience with similar situations and advice that can be helpful going forward? Thank you in advance
Just how bad are private student loans?
byu/TemporaryDrummer5286 inStudentLoans
Posted by TemporaryDrummer5286
3 Comments
4-6k isnt bad. If you take the loans out, work all summer and pay them off immediately.
Have you ever seen shakes the clown? 🤡 worse than even that.
They are not exactly terrible. You just need to find private student loans with low APR. People keep doing Sallie mae and come out with 14% 15%.
They dont know any better. There are places that offer 6%, 8% like college avenue and earnest. Just ask chatgpt abour places to get a loan from and dont pick the first place that gives you a loan. See what your options are. Then choose.
Also make sure whatever you are taking a loan out for that you can pay it back. I went to nursing- got a 70k loan (dont ask). I can pay it back because of where I live and it doesnt bother me. Double check you can get the job in your field that you are applying for otherwise you will have issues.