<p>SS, I don’t think ANY private loans are appropriate for undergrad education if taken out by the student:</p>
<ul>
<li><p>You can’t imagine how difficult loan payments can be, and how limiting they are for one’s choices of job, career, lifestyle and such during the post-graduation period. This is true for loans of any kind. And at this point, you can’t predict whether you will be interested in, or prepared for, a high paying profession, or drawn to one not noted for its pay levels. Or worse yet, interested in grad or professional school.</p></li>
<li><p>But private loans are far worse than federal loans. They have none of the flexibility for payback, deferral during graduate school and such. Their interest rates are higher, too.</p></li>
</ul>
<p>Your situation reminds me of my own. I had parents with limited interest in paying for college. Essentially, they told me they’d pay the amount to go to a local state college. If I wanted more than that, I needed to do it on my own. I applied for, and won, a 4 year Army ROTC scholarship. But this was during the Viet Nam war period, so this was clearly a gamble regarding where I would end up after graduation. Fortunately, the war was winding down when I graduated, so I was sent to Germany (that’s the good news. The bad news is that I was sent to what many would consider the worst possible kind of unit. Oh well). </p>
<p>So sad as it may seem, save your borrowing power for your post grad years. You will be thankful you did.</p>
<p>Alexismol,</p>
<p>Yes. But the U will expect you to work and save during the summer and probably during the school year.</p>