Do I need to put down my deposit before I send in an application for a private student loan? (from SallieMae or Citizens Bank, etc;) or can I apply and then put the deposit down? Somebody please let me know! Thank you!!
Did you fill out the FAFSA application?
Yes i did
The FAFSA apploication has absolutely nothing to do,with private loans.
The parents could,get a PLUS loan if the fafsa is completed.
But regular private loans…no fafsa needed.
@thumper1 I know this, but do I need to commit to the school I want to go to before I start my loan application or can I start it, see if i get the loan, then put my deposit down?
How much in loans do you plan on taking out? Be careful of how much you take out. It has to be paid back.
If you take out more than $27K over the 4 years, then its too much.
Are your parents willing to take out a PLUS loan?
Yes, you can apply for the private loan before committing, but the bank cannot release any funds until you begin school. The bank will need to have the COA and the amounts of any other grants, scholarships and loans before they can know how much you qualify for before they fund.
@“aunt bea” im only taking out 30k for my first year
That’s a ridiculous amount of money to borrow, on top of the $5500. You cannot afford this school (or any school where you need to borrow about $35,000 per year.
This is from your other thread. Are you trying to borrow $35k/year for a communications degree from Drexel? Go to TCNJ and save your money.
YOU can’t take $30,000 in private loans unless your parents cosigner those loans. Will they?
$30,000 is TOO MUCH in loans…too much.
Ridiculous
So…Loan for $30,000 or so. What are your parents paying.
I agree with the rest of the posters; you can’t afford that school.
Your mother will not be able to qualify for a loan of $30K especially since her income and citizen status won’t be approved for a loan.
What schools can you attend in NJ with a Pell grant, NJ state grant, and $5,500 student loan? With a summer job earning about $3,000, could you afford to go to Rowan, a Rutgers branch campus?
Drexel is s private school, and obviously not meeting your very high need.
<<<only taking="" out="" 30k="" for="" my="" first="" year="">>>
??
Only? Only?
$30k per year of loans is a crazy amount. I hope your parents aren’t naive enough to cosign such outrageous loans. What are your parents saying?
You do realize that you’d end up with over $120k of loans, right??? And, is this on top of the student loans in the FA pkg (if so, then you’d end up with over $150k of loans).
What is your major and career goal?? How much do you think you’ll be earning upon graduation??
<<<
live in a single parent household that makes <20k a year.
[QUOTE=""]
[/QUOTE]
Well, your question is moot. Your parent won’t qualify to cosign, and Sallie Mae and no private lender will lend to you.
You’re going to be a communications major? Do you realize that you won’t be paid much upon graduation?
Curious…If it were magically possible for you to get these annual loans, how did you think you would be able to pay them back??
In another thread, you mention that you’re a DACA student. You’re not eligible for federal aid thru FAFSA.
Again, you’d need a qualified cosigner, and that person would need to be a US citizen or green card holder.
Your parent can’t take a Plus loan either.
You have very good stats, but you really should have applied to schools that promise to meet need, even to int’l students.