Loan-related Question…

Published July 26, 2010 by ABadKitten

See, this would be one of those times when you go “Oh, I can sort of understand why that girl became a stripper to pay for college…” Not that I could put myself in her place…but anyway. Onwards to the point of this…

Financial Aid only gives out so much via grants and loans, and what I would receive doesn’t even cover close to half of my tuition per semester. I’ve applied for more scholarships than I can count but, unfortunately, the majority of them are for spring semester and later. One decently-sized scholarship I was automatically entered in denied me because, apparently, my household brings in too much money. (That’s a bullshit excuse, because my father’s fiance applied for it and they said the same thing. She’s unemployed and living on SS. Bull.) So, now I’m up Shits Creek without a paddle.

I don’t want to take out an unsubsidized loan considering I’m having a HELL of a time finding a job and (I believe? Please correct me if I’m wrong here…) I have to pay interest each month on it, assuming I accept it.

Basically, I need to come up with about… $6,000+ for tuition alone, not taking into account cost of textbooks (which I’ll be buying from half.com or amazon.com…screw the book store D<!).

Private Student Loan. Good idea or a bad idea? Amber needs a little advice here…I really have no idea what to do right now!

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18 comments on “Loan-related Question…

  • I have about $8,700 in private loans through Citibank. It was an unsubsidized CitiAssist loan originally in the amount of $6,500 six years ago when I first took it out. You can pay the interest monthly or opt to not pay it until the end of your schooling. I opted for that, and so long as I was in school didn’t have to pay a penny on it. It’s got a 3.25% interest rate and really was quite useful. I still didn’t have enough to finish school but this allowed me to accomplish the two years of schooling I did get under my belt. They’ve also been REALLY good about working with me since I too have been in and out of employment. Hardship waivers and forbearance have helped me out very much. If I don’t find another job soon I’ll need to do an unemployment forbearance. The good news is they are really helpful in working with you to ensure that your credit stays in good standing.I say give it a try. At the very least call them up and talk to a representative. Also Bank of America and US Bank do student loans as well. So check out your options.

  • A private loan is a fine option, depending on the interest rate. Shop around. Many banks compete to lend money, because they know they can make money on the loans.Or you could go the stripper route. I know I considered it while going to college. Unfortunatly the demand for male strippers was at an all time low, or so they said when I applied.

  • @Aloysius_son – My dad recommended  requesting information from my bank about a student loan. It’s a federal credit union, plus I personally use it, so at least I know it’s not a crock. Hopefully, this will be the only time I need to look for a loan. :[

  • I have taken out several car loans, a home mortage and multiple student loans. You pay them back and all is well. I would recommend that you talk with two seperate and independent banking institutions first, in order to better educate yourself about the process and ramifications. Be sure to read each and every word of every document you sign. You need not to be in a hurry.

  • @Pandiie_Bear – Thats good. The less interest you have to pay the better. You’ll be fine though. Most banks have programs incase you hit hard times, have to miss a payment or whatnot. It’s scary at first. My loan was for 15,000.

  • @rddj623 – Unsub, hm? I was offered an unsubsidized loan as well as a subsidized loan from financial aid. I’m not too sure what the difference is.@mickyj09 – Whew. o.o That’s a nice amount. The amount I need isn’t nearly that scary. I’m just hoping I can get a loan with such short notice. I need to pay by the 11th of August, but hopefully I can get this done with before the rest of my hair goes gray.

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