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Can a Private Student Loan serve my purpose?

Date: Tue, 11/15/2005 - 16:07

Submitted by anonymous
on Tue, 11/15/2005 - 16:07

Posts: 202330 Credits: [Donate]

Total Replies: 1

Can a Private Student Loan serve my purpose?


I took admission at undergraduate level this year. I got federal grant – Subsidized Stafford loan. But the amount is not enough to continue study after managing my daily expenses since I am not staying with my parents. I am thinking for a private loan. Will it be going to help me anyway?


Hi,

Federal loans offer you lot of facilities and repayment options that you cannot get in a Private loan. However; private loan has some benefits, like-

  • It is available through out the year, whereas federal student loan offers remain opened for a particular time span.
  • There is no borrowing limit, you can borrow according to your requirement, but you need to pass a credit check.
Still I would prefer federal loans. Why don't you ask your parents to apply for a PLUS Loan? It could help you a lot during repayment period.


lrhall41

Submitted by 4u.bryan on Tue, 11/15/2005 - 16:17

( Posts: 819 | Credits: )