Comments | academics

ullrsawah in academics_anon

loans?

Jan 10, 2006 17:59

I just came to a nasty realization: I need to get loans for the upcoming semester. I'm lucky enough to have this be my first round of loans, but that also means I don't know anything about the programs, rates, and lenders. Any advice ( Read more... )

finances

Comments 31

(The comment has been removed)

ullrsawah January 10 2006, 23:49:12 UTC

Thanks, I was hoping to get personal stories, etc. about private loans and lenders, so thanks again.

tigg January 10 2006, 23:06:15 UTC

Are you talking this term, starting Jan/Feb 2006, or fall term?

I'm guessing you mean THIS term. Definitely go to fin aid first; they'll be your best source at your school. The FAFSA is an option, but it might take a bit to get funds. Fin aid will also be able to tell you about other lending options. When I had to get an extra loan in my freshman year of undergrad, I got the forms from fin aid for a local bank's loan program for students and that worked out really well.

Good luck!

ullrsawah January 10 2006, 23:51:55 UTC

I'm glad you had a good experience. I've heard nothing but horror stories about my university's fin aid office, but I will be going there tomorrow.

pontiuspilates January 10 2006, 23:23:13 UTC

If you can't get federal loans and are resorting to private lenders, shop around as much as you can. Interest rates are evil little beasties that compound into giant evil beasties.

ullrsawah January 10 2006, 23:50:06 UTC

So true. That's why I wanted to get some first-hand stories of loans and lending institutions.

pontiuspilates January 11 2006, 03:51:55 UTC

Individual lenders' rates can actually fluctuate, so Loan A may be a better deal than Loan B one year, but the opposite might be true the next year.

Anecdotally, I'd advise you to steer clear of Sallie Mae if possible - they have this very sweet Southern Grandma-sounding name, but they are actually evil. My stepmother took out a loan from them in the early 80's, and is STILL having issues with them 25 years later.

ullrsawah January 11 2006, 12:31:43 UTC

Good to know. I have friends who had good luck with them, but I'll rethink things if it comes to that.

baseballchica03 January 10 2006, 23:29:16 UTC

I agree with the comments directing you to the financial aid office. They deal with this stuff all the time and are probably much better equipped for answering questions than we are here.

If you mean the fall semester rather than this one, you might still have time to apply for grants and scholarships. Have you talked to your graduate coordinator?

ullrsawah January 10 2006, 23:51:04 UTC

Sadly, my program doesn't have a graduate coordinator, but I will be looking into grants and fellowships for the fall. But, since I owe money now, I think a loan is in order.

baseballchica03 January 10 2006, 23:56:06 UTC

Yeah... "Upcoming semester" was a little fuzzy, as some schools (like mine) have started already so that would mean the fall. :-p Saw the edit, though, and sorry that I have no advice. Are there other people in your department who've had to do the same thing? They may know local places that have a good reputation.

literfairy January 11 2006, 00:06:57 UTC

At my university, federal loans are ready in about a week from application.

Either way, you need to fill out a FAFSA (I'm assuming you're in America) because private lender loans are still routed through the university. If you haven't done a FAFSA already, that will slow you down the most... it may take about a month if you do the FAFSA today to get the money in your pocket.