Student Loan

[turbocayenne]

Okay, i'm starting to go to UCLA this fall and most of my tuition and books have been covered by FAFSA and my scholarship. I need to take student loan to pay my apartment while i'm in UCLA.
I need suggestion from you guys especially for you guys who have taken student loan. What kind of student loan and what is the interest??
Prolly i need $20,000 for the next two years.

Thank you

 

[LoveLee]

ur gonna have to do the research yourself, but student loans have very low interest probably about 5 or 6%. Just make sure its a STUDENT loan and not a regular one. i have seen some student loans that the government pays the interest for you. so ur only paying back exactly how much u borrowed.

 

[LoveLee]

also check out places like ur personal bank, and especially your credit card companies. often they have students loans with low interest if ur a good customer.

 

[bigtp3]

^^^+1
thats what i would say

 

[talontsiawd]

Luckily, i didn't have to do this so i can't offer you too much advice. However, more often than not, the loan you would get if you were just going to the financial aid office is usually going to be pricer than what you would get elsewhere. This is one place were a college usually does not look into your best interest as the company offering the loan has some sort of deal with the school. Defineatly look at all available options from your own bank, other banks, and companies offering loans for this specific reason, and in general. Over 2years (and it often goes longer than you think), it can be a sizeable difference.

Also, pay attention to when you have to pay it back, what would be a realistic payment (and i advise you go below that to give yourself some margin incase you don't get the job you planned on or don't account for events that may happen).

I'm speaking off the experience of friends, i'm sure there are more than enough people who can give personal experience.

 

[LoveLee]

most companies offering student loans show interest rates on websites. because unlike credit cards the interest is not "variable". just google student loans ull get a million sites. but make sure to check ur own bank/credit card.

 

[gswarriorsluvr]

subsidized vs. unsubsidized (unmet need - numbers determined by school saying how much it costs to attend school)

subsidized: pay after u get out of school, government pays interest while u're in school (u can still pay while in school), rewarded based on unmet financial need

unsubsidized: gotta pay back w/ interest while u're in school, the need or request for money is not exactly based on unmet need

i'm not in the uc system (csu), so it may be different. go to your finaid dept and ask. there are also workshops to help u figure out ways to finance college. i had to take out 1 school loan and also put my car up for equity to pay for tuition but now i qualify for finaid and have started to pay it back. i took out the loan with my current bank but through the school.

 

[lwlba]

^ it's the same. i got some loans too

loans ftl

 

[FallenAngelHIM]

i really would advise against student loans. they are low interest rates but you have to pay them back eventually. think of it this way. when you graduate, what is the first thing you would like to do? get a new car or pay student loans? i want to get a new car but got about $30,xxx worth of loans to pay. so...there's your dilemma.