I am beyond overwhelmed and lost during this process. I am going to Clemson for my master's online, and the estimated price for the entire program is $50,000 (not what was advertised when I signed up, but I need this degree). For FAFSA, I can either do $20,500 unsubsidized or the Direct PLUS loan, but the interest rates seem crazy to me.
I thought about private, and even though I have a great credit score (702), I am not getting approved for anything (only soft credit checks ofc). I think maybe my income is causing the denials, but one did state it was my credit. I don't have a cosigner besides my fiancé, but he is an HVAC small business owner and only 2 years older so I dont think he would help much.
I was just wondering what everyone had success with? Do I bite the bullet and accept the 8.94% APR with the hope of forgiveness one day or do I try to pursue private loans?
ANY ADVICE? I am so lost, I did not use student loans for undergrad.
byu/Various-Ratio-3915 inStudentLoans
Posted by Various-Ratio-3915
1 Comment
I wouldn’t make a decision for you or even recommend one just adding info for a better decision process.
A 702 is not a great credit score. It’s not bad, but definitely not in the great scale. That being said it’s good enough that you should be able to get some loans with probably higher end interest rates if you wanted so I’m not sure what you’ve sought out and got denied for. It sounds like private loans might not even be an option for you based on what you’re saying. Though I’m not sure how many avenues you’ve tried. Really your background info matters here to know more about that.
FAFSA loans offer income repayment plans that you won’t get through a private loan which depending on your situation could be beneficial to consider. Interest rates are going to be a thing no matter what loan you get, just know some debt is okay if it gets you from A to B and a degree should be worth it in the end. Also worth noting, fed loans discharge after you die while private is a case by case basis and this is an amount large enough to consider that.
You might even consider a mix of both FAFSA and private loans even to cover what you can, but again I’m not sure what private loan options you have or have no exhausted