<p>I am transferring to Georgetown next year and must pay for the increase in cost with private loans. I do not qualify for any financial aid besides the $2300 Stafford Unsubsidized loan. Last year, I took out a loan from Sallie Mae plus the Stafford loan, making it $5000 total. For the next three years, it will be more like $15,000 total, including the Stafford Loan and private loans.</p>
<p>Should I increase the loan from Sallie Mae to make up for this deficit, take out a third loan from a different lender, or switch private lenders all together? I know very little about loans, so any advice would be greatly appreciated.</p>
<p>Also, if my parents do not cosign for the extra money, are the chances still good that I will get approved for the money I need?</p>
<p>Thanks!</p>
<p>Private lenders interest rates are in virtually every instance that I have seen higher than that for any gov’t aid loans. Without a cosigner, you will have a higher loan origination fee.</p>
<p>Example, a $1000 loan with student (no cosigner) has an orig fee of 5.8% with an adult cosigner (assume good credit score) has an orig fee of 3.8%. lower fee by $20 per thousand dollars.</p>
<p>I understand that private lenders have higher interest rates… but I don’t have a say on the size of my Stafford loan since I only qualified for a certain amount. Good to know about the student vs. cosigners origination fee… hopefully my parents will come through for me. So, I’m still wondering if I should increase the Sallie Mae loan or get a different private lender, or what not? The Stafford Loan won’t cover it, so I need to account for the rest of the money. Hopefully I’m making my question clear… its kind of hard to word.</p>
<p>Thanks for the help!</p>
<p>if you need to get private loan funds…it looks to me as if S M is very competitive…although I am just beginning my research</p>