Is it hard to obtain a college loan?
Thursday, September 9th, 2010 at
6:40 am
patd9876 asked:
Since we’re living in this recession/global economic struggle, and with banks closing and all, will it be hard for me to get a college loan of about $3000-$4000 max in time for the upcoming fall semester?
Since we’re living in this recession/global economic struggle, and with banks closing and all, will it be hard for me to get a college loan of about $3000-$4000 max in time for the upcoming fall semester?
Tagged with: College Loan • Economic Struggle • Fall Semester
Filed under: Student Loans
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No. Banks make good money off college loans. College loans are fairly protected and will often offer more money then you need. Of course, the exact situation varies by school and what banks they use.
Students and parents who must deal with the high cost of a college education have available to them a wide range of student loans. This article offers details on three general types of student loans. Unlike other student loans, application for a specific Stafford Loan should be preceded by the filing of a Free Application for Federal Student Aid (FAFSA). The FAFSA application should be made in the name of the aspiring student.
Like some other student loans, application for the Signature Loan permits the use of a co-signer. In fact, there is a real advantage to applying for a Signature Loan with a co-signer.
I wouldn’t think it’ll be too hard … Well, I am graduating this year so I am not sure how much harder it is gonna be this year.
What I do know, your chance of getting loan will be a lot higher if you had someone reliable (good credit report, own properties, good income) to be a co-signer for your loan … $3000 to $4000 is relatively small and I would not think it’ll be a problem. I was able to get myself a student loan of $5,500 without a co-signer ( I have a good credit report of around 760ish).
Talk tou the financial aid expert in your college, and ask for list of student loans first before you trying to get loan from private companies
I think it is not hard to get a college loan although with economic situation. But the process will be not the same like used to. Have you tried to get free scholarship? I think it can be a good solution. If you are interested, you try to search on google. There are many offers to get free scholarship. Hope it helps
Have you consider to apply for scholarship instead of loans? Many people has to struggling to pay the loans back because of the high interest rate. Some friends of mine in college told me that they have valuable information regarding scholarships from this place.
Good luck