reputable student loans?

[Lorix2]

Hi,

I'm really overwhelmed. I'm down to the wire and can't put it off any longer.

DD18 will be starting at our local university in the fall. We have to come up with the portion that is not covered by financial aid.

I won't apply for a parent's PLUS loan, because she will be responsible for the payments and I need to buy a newer vehicle very soon and cannot swing both loans.

I've been looking at PNC, Sallie Mae, Wells Fargo and a few others, but wondering if they are any that are more common and what are the most reputable?

Thanks for any advice

 

[GingerJay]

I used Citi for all of my student loans. It was really easy but the interest rates were bad. Of course, I didn't have a parent signing with me, either.

 

[tonilea]

Are you talking about a Stafford loan? I would talk to the Fin. Aid dept at her school.

 

[emma'smom]

As I understand it, a PLUS loan is a parent loan. You will be responsible for paying it back....not her.

Sallie Mae is the federal loan backing company---They are reputable.

 

[tvguy]

Hi,

I'm really overwhelmed. I'm down to the wire and can't put it off any longer.

DD18 will be starting at our local university in the fall. We have to come up with the portion that is not covered by financial aid.

I won't apply for a parent's PLUS loan, because she will be responsible for the payments and I need to buy a newer vehicle very soon and cannot swing both loans.

I've been looking at PNC, Sallie Mae, Wells Fargo and a few others, but wondering if they are any that are more common and what are the most reputable?

Thanks for any advice

You realize PLUS loan payments can be deferred until the student finishes school? Unless you go way overboard on a car, you can have that paid off in 3 years and then have a year breathing room until the college loan payments start. I would not go with any other type loan myself, I've got 2 in college now.

 

[mamacatnv]

DS is a Jr. and I just hit the accept button today for my 3rd parent PLUS loan. You can certainly defer and the interest rates are great.

Did your DD apply for Stafford loans? The student Staffords are automatically deferred until 6 months post graduation unless they go onto grad school etc.
I borrow a little, DS borrows a little and we get it covered.

 

[snykymom]

Have you looked at the New Hampshire Higher Education Financing Authority? They would be your best bet for direction.
http://www.nhheaf.org/

 

[FINFAN]

we are leaning toward going with Discover if we go with a private student loan. In the same boat, car payment, already used equity and have the next kid entering college in 2 years. Parent Plus loans can be defered until 6 months after student graduates, the FA officer at your school should send out a deferment form to you in Jan to apply ( you do have to check off at time of PPLUS application that you wish to defer tho)Most schools/ financial advisors etc recommend the PPLUS over a student loan due to the locked in rate, however, there is also an origination fee of 4% right off the bat.
Student loans are at a variable rate, and even if student has to declare bankruptcy, they will still have to pay. Will you have to be a co-signor on private student loan? That is our task this evening, we too, prefer to have the loan in DD's name, we covered her first 2 years and will so the same for DS, so we need to keep our options open for him. Anyway, as I mentioned above, if we go Student loan, we will probably choose Discover, but again, need to compare, if we are on the hook as a co-signor basically the same as if PPlus...PPlus makes more sense from a financial point of view. Maybe I will need a seperate contract signed byDD stating she owes us the payments, lol....

 

[Lorix2]

Are you talking about a Stafford loan? I would talk to the Fin. Aid dept at her school.

No, she has already been given a Stafford loan with her financial aid package. thanks.

 

[Lorix2]

You realize PLUS loan payments can be deferred until the student finishes school? Unless you go way overboard on a car, you can have that paid off in 3 years and then have a year breathing room until the college loan payments start. I would not go with any other type loan myself, I've got 2 in college now.

No actually, I didn't. I assumed the loan would start right away. Yes, I would want my newer vehicle to be paid off in 3 years actually. I look into it further tonight. 2 in college, yikes! thanks.