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Private Loans...

taskinlude89taskinlude89 Registered User Posts: 23 New Member
Going back to my topic concerning paying for Art Center, I know I'll be in need of some serious loans. For those of you who have/are attending ANY sort of art school, where have you gotten your Private loans? Do you have any recommendations? Thanks
Post edited by taskinlude89 on

Replies to: Private Loans...

  • taxguytaxguy Registered User Posts: 6,629 Senior Member
    I don't know what you mean by "serious loans." However, if you are talking about loans on excess of $40,000, you might want to look at a less expensive alternative. Check out the thread on incurring loans for art programs at: http://talk.collegeconfidential.com/showthread.php?t=326598

    I promise you: if you have a lot of college loans, you will regret it.
  • KatMTKatMT College Rep Posts: 4,138 Senior Member
    Something to remember with private loans for college... they may not be consolidated, and they are often may not be locked in at a low rate. They also have to be paid back immediately. Federal loans are deferred for six month after graduation, and may often be deferred for up to three years.

    Make sure that you know all about the "fine print" of loans before you sign on the dotted line.

    Huge amounts of debt coming out of college (particularly art school), can make it difficult for you to take advantage of many entry level professional arts opportunities.

    Good Luck!
  • larationalistlarationalist Registered User Posts: 916 Member
    "They also have to be paid back immediately."

    That's only random private loans obtained via only your credit. Private educational loans such as PLUS and Parent PLUS loans have similar terms to federal loans (except the higher interest). My private loans were deferred until six months after I graduated, and will be able to be deferred again when I go back for grad school in the fall.

    All of my loans except my Perkins loan have been through Sallie Mae, and the only reason I would hesitate to recommend them is the recent loan scandal involving them. I'm honestly still waiting to see how/whether my experience will be affected by that, but so far they've been great.
  • KatMTKatMT College Rep Posts: 4,138 Senior Member
    Good to know about the PLUS loans.

    I was lucky enough to not have to worry about loans in undergrad. For graduate school I took out a small private educational laon that was not a PLUS loan, so that is what I was speaking of.

    I am glad that there are private loans with similar terms to federal ones.
This discussion has been closed.