Private loans for school. I just need a LITTLE help.

  • Posted by a hidden member.
    Log in to view his profile

    May 18, 2013 7:18 PM GMT
    I've searched a couple of threads on here about this topic and I don't seem to see what I'm looking for.

    Background: I have a degree in math from Alma College that I got 3 years ago. After searching around for a job for a while, I realized that math provided nothing for my interests, so I decided to go back to school. Money was definitely a concern and an issue, but people kept on telling me that money shouldn't not be the reason that you don't go back to school.

    I found a program at Michigan State University that I am truly in love with (Packaging), and I have a year and a half left to finish the degree that includes a paid 6 month internship I'll be trying to find for next spring or fall.

    I am receiving financial aid and it basically covers everything for tuition purposes, but that leaves nothing for rent, bills, groceries, and other expenses. I have a part time job working as a server at a restaurant, but the income from that doesn't even cover half the bills I have. I'm planning on getting a second job for the school year as a tutor, and possibly a third as a coaching assistant.

    I need help in finding a private loan for a year for around $3000-$4000 so I can pay rent and monthly bills.

    I love my major, I have a plan, and I'm figuring things out... it's just I need some help.

    Does anyone know of a way I could get the 3k-4k in private loans without a cosigner?
  • HottJoe

    Posts: 21366

    May 18, 2013 7:19 PM GMT
    Gay 4 payicon_idea.gif
  • Posted by a hidden member.
    Log in to view his profile

    May 18, 2013 7:24 PM GMT
    Uhhhh have you tried your bank?
  • Import

    Posts: 7193

    May 18, 2013 7:33 PM GMT
    Dude, get a fucking job and don't sign up for debt. u cray, bro lol

    Getting some other random fucking degree in packaging aint really gonna do shit for your job prospects. The "perrenial freshman" always ends up in last place. Owing tons of money to banks.....for sometimes 30 or more years.

    Now, tell me is this .... is it another undergrad degree or is it a graduate degree?

    Getting a grad degree would be most beneficial, as getting a 2nd bachelor's degree won't do shit for u. No one gives a fuck u have 2 bachelor's degree... ppl give a fuck if u have one bachelor's degree and then a master's degree.
  • Posted by a hidden member.
    Log in to view his profile

    May 18, 2013 7:46 PM GMT
    Import saidDude, get a fucking job and don't sign up for debt. u cray, bro lol

    Getting some other random fucking degree in packaging aint really gonna do shit for your job prospects. The "perrenial freshman" always ends up in last place. Owing tons of money to banks.....for sometimes 30 or more years.

    Now, tell me is this .... is it another undergrad degree or is it a graduate degree?

    Getting a grad degree would be most beneficial, as getting a 2nd bachelor's degree won't do shit for u. No one gives a fuck u have 2 bachelor's degree... ppl give a fuck if u have one bachelor's degree and then a master's degree.


    1. I have a job, one that doesn't pay well. And am possibly getting 2 more part time jobs during the school year, like I've said...

    2. Packaging isn't a random degree. MSU has the best packaging program in the nation and it's one of the fastest growing, sought after majors in the country paying out an average of 58k for an entry level position. It's what I really want to do, and the degree itself is not the issue here.

    3. I owe about 7k from the first degree (which I should have stated above) because I had a trust set up for me... so I don't owe a lot on that one, and am not concerned with paying that back at the moment since I'm still in school.

    4. It's another undergrad because packaging engineers don't need a grad degree to get where they want to go.

    I made the mistake of going to college the first time around and not knowing what I wanted to do. I got a math degree because I like math and it's interesting, but that path doesn't lead me anywhere I want to go.

    But thanks for the... um... constructive? criticism.
  • Posted by a hidden member.
    Log in to view his profile

    May 18, 2013 7:47 PM GMT
    jmusmc85 saidUhhhh have you tried your bank?


    I have not... but I'll look into that. I would like other options as well.
  • Posted by a hidden member.
    Log in to view his profile

    May 18, 2013 8:37 PM GMT
    Doesn't the university have an office that helps you with that sort of thing? (I almost remember where it used to be located, but I think that building has been replaced by a garden now.) The only problem with that is that the financial counselors at the U's are a little too tightly entwined with the loan sharks and it's not always clear who's interests they're looking out for.
  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 5:50 AM GMT
    Unless you have excellent credit....no, they will not give you a private loan without a cosigner. Does it have to be a private loan? If yes, what's the issue with you just getting a federal loan?
  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 10:17 PM GMT
    Erik101 saidUnless you have excellent credit....no, they will not give you a private loan without a cosigner. Does it have to be a private loan? If yes, what's the issue with you just getting a federal loan?


    It doesn't have to be no. I have financial aid but it isn't enough. I don't know that much about loans and the difference between federal loans, aid, and private loans I admit. I'll have to do some more research.
  • Fable

    Posts: 3866

    May 19, 2013 10:21 PM GMT
    With your good looks you can get a sugar daddy surely.
  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 10:24 PM GMT
    "..but people kept on telling me that money shouldn't not be the reason that you don't go back to school."

    This is the worst advice people have been giving you.

    Find a full time job. Go to school part time. Problem solved.
  • The_Guruburu

    Posts: 895

    May 19, 2013 10:27 PM GMT
    Look into any federal loan before you even consider rivate loans. Privates have higher interest rates and usually don't have any kind of forgiveness package (eg. Working in areas if need for certain years waives x% of loan). You might have missed the deadline to apply for FAFSA (federal LAN application) to get government loans, but schools usually determine your financial aid package based in your FAFSA info.

    Good luck to you.
  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 10:31 PM GMT
    I would try to go for as much that's subsidized as you can, but if you believe this is what you want to do and it will make you happy, go for the unsubsidized private loans.

    I have some from when I got my MBA. It was worth it to me. The problem is they typically don't like you putting them in forebearance like the subsidized loans will allow you to do if you are having a hard time paying.

    It can't be consolidated into your other loans, so you will have a separate payment for them.

    Just some things to think about.
  • FRE0

    Posts: 4865

    May 19, 2013 10:42 PM GMT
    xrichx said"..but people kept on telling me that money shouldn't not be the reason that you don't go back to school."

    This is the worst advice people have been giving you.

    Find a full time job. Go to school part time. Problem solved.

    ^ this!!!

    I did much of my degree work by taking night courses while working full-time. Of course, it took a while. After six years of that, I quit my job and became a full-time student, using savings.

    Don't worry about whether your mathematics degree won't get you the kind of job you want. Use it to get the best paying job you can, whether you like it or not. Then, after working for one year, starting taking night courses. You may be able to save considerable money while doing so then, when you have only a year or so left, you can quit your job and become a full-time student again. Meanwhile, you will have work experience which should provide you with good references.
  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 10:47 PM GMT
    The amount you are looking at $3,000 to $4,000 is relatively small. Your bank may be able to give you an unsecured loan for that amount. Be mindful that the interest rate may be upwards of 19%.

    If you can get subsidized loans from the federal government that is the way to go. Otherwise, get the unsubsidized loans. If you make close to the $58k you are expecting, the loan repayments will be $50 a month which is very manageable given your undergraduate debt is low as well.

    Ignore the advice of people telling you to work full-time and go to school part-time. In the long-run, you are better off graduating sooner and getting a better paying job earlier on. The increase in tuition over the past 10 years has made it very difficult to find part-time jobs that keep up with the rising cost of education.

    The most important thing here is to make sure that the school is being honest with you over your job and salary prospects. I am going to be blunt, schools will lie to you to get your tuition dollars. The salary your school is promising is comparable to entry level engineers and accounting majors with graduate degrees. There are still law schools telling law students that it is a great deal to go to law school. However, 50% of law graduates are unemployed in the legal profession but they all have $100K+ of student loan debt. Investigate your school's salary and job prospect claims.

  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 10:56 PM GMT
    Why to ppl have to leave rude, smart ass remarks on these threads?
  • Posted by a hidden member.
    Log in to view his profile

    May 19, 2013 11:01 PM GMT
    If packaging is in such big demand, OP shouldn't have any problems getting a full time position now and go to school at night. Perhaps his future employer will reimburse his tuition as well.

    Maybe everyone else sees things different, but the immediate issue I see here is that he doesn't have money to cover rent/expenses. What if he can't get a loan? Then what?
  • Fable

    Posts: 3866

    May 19, 2013 11:35 PM GMT
    BiAdam37 saidWhy to ppl have to leave rude, smart ass remarks on these threads?



    because I'm a rude smart-ass?
  • BIG_N_TALL

    Posts: 2190

    May 19, 2013 11:46 PM GMT
    FLgator said
    The most important thing here is to make sure that the school is being honest with you over your job and salary prospects. I am going to be blunt, schools will lie to you to get your tuition dollars. The salary your school is promising is comparable to entry level engineers and accounting majors with graduate degrees. There are still law schools telling law students that it is a great deal to go to law school. However, 50% of law graduates are unemployed in the legal profession but they all have $100K+ of student loan debt. Investigate your school's salary and job prospect claims.



    This is hugely important!!! I would strongly urge you to do your own homework. People will lie to you for your money, including schools. Make sure your respective major is truly employable after you graduate.

    As for the debt, I'd try to avoid private loans because the interest can be astronomical. I'd recommend getting another job, but you can only work so much while going to school icon_sad.gif
  • Posted by a hidden member.
    Log in to view his profile

    May 20, 2013 6:39 AM GMT
    The_Guruburu saidLook into any federal loan before you even consider rivate loans. Privates have higher interest rates and usually don't have any kind of forgiveness package (eg. Working in areas if need for certain years waives x% of loan). You might have missed the deadline to apply for FAFSA (federal LAN application) to get government loans, but schools usually determine your financial aid package based in your FAFSA info.

    Good luck to you.


    This! Best wishes to you, OP!
  • HottJoe

    Posts: 21366

    May 20, 2013 6:46 AM GMT
    BiAdam37 saidWhy to ppl have to leave rude, smart ass remarks on these threads?


    We're fined if we don't.icon_sad.gif
  • chadwick1985

    Posts: 391

    May 20, 2013 9:24 AM GMT
    If I were the lucky person that just won the powerball I would just give you the money lol.

    I would recommend checking out federal loans as they usually have a better interest rate and an easier payback plan than private loans. Plus for a private loan either you have to have perfect credit, a cosigner or collateral for the lender to even consider it.
  • Posted by a hidden member.
    Log in to view his profile

    May 20, 2013 10:05 AM GMT
    Take less classes per quarter/semester. Go part-time.
  • Posted by a hidden member.
    Log in to view his profile

    May 20, 2013 1:51 PM GMT
    OP here's some Ideas/ info:

    Federal Loans: Guaranteed by the fed generally have lower interest rates, and have fixed rates usually.

    Private student loans: have higher ( interest) rates and are often variable and can go into the 30+ % range.

    BOTH KINDS OF LOANS CANT... be discharged in bankruptcy!

    So unless you die you will be paying them back.

    However a " personal Loan" from say a bank/ credit union could be discharged in Bankruptcy. Just telling you this so you will realize Student loans are liker a bad STD that follows you forever.

    Unless your credit rating is great; no expect a great interest rate on a private/ personal loan.

    Federal student loans don't carry this burden and you don't need a cosigner.


    Feel fortunate you will only have a total of 5 or less grand of debt. I still have 50,000 to pay off (Yay U of Mich) my loan payments are around 500 a month so yours will be well................. Not much HA
  • Posted by a hidden member.
    Log in to view his profile

    May 20, 2013 3:02 PM GMT
    BIG_N_TALL said
    FLgator said
    The most important thing here is to make sure that the school is being honest with you over your job and salary prospects. I am going to be blunt, schools will lie to you to get your tuition dollars. The salary your school is promising is comparable to entry level engineers and accounting majors with graduate degrees. There are still law schools telling law students that it is a great deal to go to law school. However, 50% of law graduates are unemployed in the legal profession but they all have $100K+ of student loan debt. Investigate your school's salary and job prospect claims.



    This is hugely important!!! I would strongly urge you to do your own homework. People will lie to you for your money, including schools. Make sure your respective major is truly employable after you graduate.

    As for the debt, I'd try to avoid private loans because the interest can be astronomical. I'd recommend getting another job, but you can only work so much while going to school icon_sad.gif


    The expected income for when I graduate isn't just coming from school statistics, it's also coming from alumni that have graduated that share their experience with students in the program. Like I said, I'm not worried about what I make when I graduate, and even if it's 30k, I'll manage because I love the program. I just need to figure out the problem at hand.

    Most of you are talking about WHAT type of loans I get. I want to know WHERE I should go; what websites, institutions, banks, or any other place that can finance a loan.