I need a private student loan but I have bad credit, and I am going to an online college.?
Question:
Answer:
http://www.salliemae.com/
I am going through these guys...
maybe get a 2nd job
For undergraduate loans you have two options
1. Parent PLUS - Yes it does mean getting your parents to sign off on a loan for you which can be tough but if you can in any way (grand parent/other family) it offers you better rates and terms than a private loan.
2. Private Loans - Try a lender outside the industry who does not actively do student loans. Marblehead Bank is a good option. They have a lot of good programs for students seeking a private loan.
Good Luck!
You can try Sallie Mae or College Loan Corporation. You can also try for a loan/extended payment plan with your college. (Check with your financial aid office.)
Often online and for-profit (proprietary) colleges set their rates much higher than the student aid will cover because they anticipate that students can pay $100/month (or whatever the cost leftover may be). In that case, you may not be eligible for more federal aid and may have to take out a private loan.
Good luck!
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