Where can I find a student loan with low interest rates?
I am entering my Sophomore year at a private, four year institution this year and still need to pay ,649 before the beginning of the school year. This amount was determined after subtracting the total awards that the school awarded me from the total tuition for the school year.
Today I applied for a ,500 Federal Stafford Loan through Nellie Mae.
Every road I take is a dead end in terms of finding a company with low interest rates. I am the first member of my family to attend a post-secondary institution, let alone full-time, and really have no thought what I’m doing.
Last year, my parents applied for a Federal Direct Loan for ,000 and we’re currently paying on that amount.
I’m really worried that my total loan amount is going to be enormous when I graduate and that I will have no way of paying it off without living at home. Any suggestions about a excellent company or other financial advice is greatly appreciated, so much that I will reward someone with ten points.
Thanks.
I was told that we’re paying on the loan right now because it is in my parent’s name.
Thanks for your input, Joe.
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i have waaaaaaaaay more in outstanding student loans than that. you’re right on track for going for the federal loans – they will give you below-market interest rates. the only problem is that it’s impossible to find anything lower until the fed stops jacking up the prime rate.
you should be able to take out federal loans for up to the entire expected student budget at your institution. talk to someone in your school’s financial aid office if you need help figuring out how to apply.
you’re right, it will suck to graduate with a large student loan overhead. but going to a excellent school will help you get a better job (or, get you into a better graduate program so you can rack up some more loans, but get a much better salary to pay them off with) and hopefully you should find it worthwhile in the end!
n.b. if you’re a full time student, neither you nor your family should be paying _anything_ on loans right now. they should all be set for "in school" status which means that you pay nothing until after you graduate. if you get a direct subsidized loan, it won’t even accrue interest during your 4 years. if you get a direct unsubsidized loan, then you’re looking at the interest compounding, which is not that fantastic, but you still don’t pay anything until you graduate. if your loans are not set for in school status, you really need to talk with someone either at your school or at your lender.