Best Private Student Loan
Best private student loan ? NextStudent.com,Campus Door ?
I have all the Federal money available for the 08-09 year and need about 20000.00 to cover the gap...I am looking for my child. I have the income to support the loan but not the credit score..
You're asking about the best private student loan, because you've already exhausted the available federal money. Can we assume that that includes applying for a PLUS loan?
The maximum amount that a parent can borrow with a PLUS loan is the difference between the student's "cost of education" and the amount of other financial aid that the student is receiving.
"Cost of education" includes tuition, fees, room and board, books, transportation to and from school, miscellaneous expenses, and even an allowance for a personal computer - so it's pretty inclusive of the money that your child will need for College.
Though based on credit worthiness, like other Private Loans, the PLUS loan is reputed to be one of the easier loans to qualify for, and applicants who do not qualify are able to solicit a cosigner. Furthermore, if a parent is declined for PLUS borrowing, that decision makes the student automatically eligible for a larger Stafford loan.
PLUS loans are made as adjustable interest loans (like pretty much any other private educational loan) - the current interest rate is 8.02%.
If you haven't investigated the PLUS loan program yet, that should be your first option. If you cannot qualify to borrow under the PLUS program, it may be time to start looking for a cosigner on your note.
I hope that helped. Good luck!
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