What's the Best student loans out there

[skate]

Ok here's the deal. this year 07 I made to much money to barely qualify for any loans, but I did qualify for some money for the winter/spring quarter.

The problem is that it isn't very much, especailly to live on.
My intent is to bascially quit working or maybe work part part time next year and go to school full time. So basically living on mostly student loans. I only have about two maybe three years left.

Now what are the best loans besides the student loans given by the school. I know there are several bank loans like chase, but the interest is to high for my likeing. Are there any loans out there with lower interest rates?
As of right now I don't qualify for cal grants or anything because of my high income, but even if I did they still woudn't give me enough. At least that is what the finiancial aid lady told me.

[Admin]

You should check out SallieMae if you haven't, a federal student loan provider. They have three types of federal student loans for undergraduates and few additional private loans if you happen to not qualify for the federal student loans. The private loans always carry a higher interest rate but may be comparably lower than private financial institutions.
SallieMae.com

Keep in mind that most if not all the student loans out there today will be about the same if you are comparing private student loans because the length of the loan is short and the loan amount is not large in your case.

If you really desire a low interest rate, it may be an inconvenience but you could ask your parents to tap into their home equity and give them a promissory note.

[skate]

Originally Posted by Admin

You should check out SallieMae if you haven't, a federal student loan provider. They have three types of federal student loans for undergraduates and few additional private loans if you happen to not qualify for the federal student loans. The private loans always carry a higher interest rate but may be comparably lower than private financial institutions.
SallieMae.com

Keep in mind that most if not all the student loans out there today will be about the same if you are comparing private student loans because the length of the loan is short and the loan amount is not large in your case.

If you really desire a low interest rate, it may be an inconvenience but you could ask your parents to tap into their home equity and give them a promissory note.

Yeah. I have sallie mae for federal, but will look into for the private just to tie up loose ends on the financial end in case I need it. I just need something to get me by when I'm not working, so I can recieve grants, federal and other school loans can go up by showing that i'm under a certain income limit.

Yeah i noticed all lenders private or federal are all pretty much the same, but my main interest or basically what I wanted to know when i made this thread is which has people had the best experiance with.
The reason I ask is because even though they are the same interest not all are the same when it comes to fee's, raising of interest rate, or non-payment grace period. These things are my main concerns when looking for a lender.

But i will give Sallie mae a call since they do private loans also.

[Admin]

You probably have obtained your student loan but if you haven't, I bet the rates are better now than back in December 2007.

[skate]

Originally Posted by Admin

You probably have obtained your student loan but if you haven't, I bet the rates are better now than back in December 2007.

I actually have to re apply for the 2008, but I managed to find a good lender with about 4% interest if they did automatice withdraw from my account when I was done with school. Not to bad considering almost all lender have the same interest rate and plans. I'll have to see what 2008 has.

[Admin]

Student-Loan Borrowers Face Credit Crunch of Their Own
By JANE J. KIM
February 5, 2008; Page D3

Originally Posted by http://online.wsj.com/article/SB120218149138343367 .html

Despite the Federal Reserve's latest rate cuts, lenders are raising rates and fees on some student loans -- and making others harder to get.

In recent months, average rates on private student loans have increased by about 0.5% to 1%, says Mark Kantrowitz, publisher of FinAid.org. Last month, for example, MRU Holdings Inc.'s MyRichUncle raised some rates on its private student loans, following College Loan Corp. and SLM Corp.'s Nellie Mae, which raised rates on their private student loans last year.

SLM's Sallie Mae and First Marblehead Corp., another big provider of private student loans, told analysts that they expect to change the pricing on their private loans to reflect market conditions. Last week, First Marblehead told analysts that it was tightening its credit criteria to focus on "high-quality borrowers" and was "in the process of increasing fees and rates that borrowers will pay."

Some borrowers, especially those with less-than-perfect credit, will likely have a harder time getting a government-backed federal loan, as lenders tighten up their standards and pare back their offerings in response to the credit crunch and recent legislation.

Last week, for example, College Loan said it will no longer provide federal student loans, while Nelnet Inc. recently announced that it would stop offering so-called consolidation loans and be more selective in all of its other origination activity. Consolidation loans, which allow borrowers to combine all of their federal loans into one to lock in a fixed interest rate and simplify and reduce monthly payments, are the least lucrative student loans for lenders.

Meanwhile, Sallie Mae -- citing higher levels of delinquencies and losses -- said it was tightening its credit standards and will cut back on private loans made to nontraditional schools and to borrowers with lower credit scores at schools with low graduation rates. The company also said it plans to reprice its private loans to reflect "market conditions," reduce borrower benefits and place less emphasis on its federal consolidation loans.

Read more at http://online.wsj.com/article/SB120218149138343367 .html