Private Student Loans

evolving
Fri, 11 Jun 2010 12:49:58 +0000

stohare,
I also think that you will have to research and apply to the ones with the best rates that you can find. Talk to the loan processing agent and ask about how stringent their eligibility criteria for co-signer student loans are.

The points above are good. Private banks may be more hungry for business with the change in federal rules regarding student loans. Also, Wells Fargo was mentioned in the NYT article referenced upthread. Perhaps it is good to start inquiring with them.

Yours is a difficult question since the criteria for lending by banks have been changing. Of course, if there are current students and their parents applying for private loans for the upcoming academic year, that would help out. (Even last year’s loan applicants may not give you up to date info because of the changing environment with student loans).

Even so, normally, each person’s circumstances are different and ideally, you hope to find a good agent who can give you helpful info from the get go about your chances for obtaining a loan in your circumstances. Unfortunately, you are likely to have do some leg work and find out for yourself which bank is easier to work with, with the highest loan approval rate, best interest rates and lowest fees.

Good luck!