Student Loan Help Please...would really appreciate it.

[ThreeMusketeers]

Hi everybody!

My husband is going to have to apply for our first set of student loans this year..(so far we have been able to do school on scholorships ) But unfortunatly this semester when he transfers to a Masters program the the 'ship will not be enough.
What is a good loan company to go with? We are both still pretty young, and don't have alot of credit. He has a credit score of about 660. So I am afraid they won't approve us.
Anybody have any advice?
Thanks.

 

[patsal]

As far as studnet loans go you will not have a problem with a low credit score, most undergrad students have no credit scores when they obtain thier first student loan. I have had several loans for education. The easiest to deal with are your local banks, DH has his grad school loan through HSBC and it is by far my favorite--coupon book, payments can be made at the bank, etc. We consolidated our undergrad loans with Salie Mae--I'm not a happy camper and I don't recommend them--considering the interest rates, time frame for payments, etc. My grad loan is through Nelnet, and I am very happy with them--monthly statement with all balances printed out for you to see.

 

[tlbwriter]

We went with a local bank, who then sold the loans to Sallie Mae when we graduated.

 

[Poohlovr]

My loans are through The Student Loan People (https://www.kheslc.com/acct/logout.html). From what I've been hearing, poor credit is not a problem for them.
I have both subsidized and unsubsidized Stafford loans through them.

 

[MiniMe]

I've also heard good feedback about Sallie Mae. Have you tried them?

 

[jenny2]

Mine and my husbands are through Sallie Mae - never had a problem with them!

 

[poohj80]

We just did the direct loans through the governemnt. They were the easiest to consolidate upon graduation.

Definitely compare interest rates!

 

[Soccer Princess]

Mine and my boyfriend's are both through The Student Loan People.

 

[Nik's Mom]

Hi! I'm a financial aid advisor (and a former financial aid student too). Here's what I tell my students. It's always best to go for the government student loans (Direct or Stafford, depending on the school). Check with the financial aid office to see which program they use. The interest rate is very reasonable. It's less than 5% this year (it adjusts each July). The loan processing fee is low (3% of the loan), but the government give you an up front 1.5% interest rebate up front, so you are actually only charged 1.5%. The loans do not have to be paid back until after you graduate, and in some cases, don't accrue interest while in school. And there is no credit check involved. I used Citibank for my loans because they are one of the few banks who do not sell student loans.
Now, if you want to do alternative student loans, shop wisely. Compare loan processing fees and make sure they offer in-school deferments.
Sorry this is long, but hope it helps Good luck to you and DH! You should both be proud of his accomplishment.

 

[honeybee213]

I personally have Stafford and Citi loans. My husband used Nelnet for grad school, and had no problems with it. I like the Citi loans because I can choose who to consolidate with once I graduate, but the interest is variable. Try to find a loan with fixed interest, but won't sell your loans. Best of luck!

 

[seashoreCM]

You do not want to pay a huge up front fee, five percent is much too much IMHO.

Disney hints:
http://members.aol.com/ajaynejr/disney.htm

 

[Nik's Mom]

Actually, Stafford and direct loans only have a 1.5% loan processing fee (after the government rebate is applied up front). It's the lowest around now days.