Private Student Loans via Credit Unions

[NinjaPoodle]

So here's the deal. I've maxed out my federal loans (both subsidized and unsubsidized) and have 1 year to finish my program. I found a website that caters to Credit Unions but I want to know if anyone has heard of/used it. I belong to a credit union but they don't offer student loans, just other standard loans ie: home, auto etc. The site lists several credit unions across the U.S. It's called cu student loans.org

I'm going to ask my credit union about it but I wanted to get any info from the campus community. Thanks!

~~NP~~

[Kappamd]

Have you looked into EVERY OTHER option besides private loans? PLUS, GradPLUS? I only ask because my school pretty much advocates robbing a bank before taking out private loans.

I have never heard of that site either. If you decide to go this route, do THOROUGH research (which it looks like you are!)

[Beryana]

and remember that with private loans you CANNOT consolidate them!! I agree with KappaMD to look into PLUS and GradPLUS first - I'll be in the same boat as you next year and am planning on taking the GradPLUS route. At least those you can consolidate!

[amanda6035]

student loans are the spawn of....well, you know.

If I had it to do all over again, I would have cash flowed grad school. There's something terribly wrong about having total student loan debt that equals a mortgage. GRANTED....it's my undergrad and grad plus my husband's undergrad all together, but $100K in student loan debt is alot to swallow, especially when it's not a specialty degree like doctor, lawyer, whatever.

As far as credit unions....I would talk to your credit union directly - not some third party site.

[Munchkin03]

Originally Posted by NinjaPoodle

So here's the deal. I've maxed out my federal loans (both subsidized and unsubsidized) and have 1 year to finish my program. I found a website that caters to Credit Unions but I want to know if anyone has heard of/used it. I belong to a credit union but they don't offer student loans, just other standard loans ie: home, auto etc. The site lists several credit unions across the U.S. It's called cu student loans.org

I'm going to ask my credit union about it but I wanted to get any info from the campus community. Thanks!

~~NP~~

Have you tried one of the major banks? I know people talk badly about private loans, but I took two out from Citibank for grad school, and I honestly never had a problem with it. The interest rate is 4.35%, compared to 3.75% for my federal loans, and since I had two, they combinedthe payments. The ones I took out have pretty much the same deferment/forebearance options as the public loans, but for shorter amounts of time. Granted, I took out loans at the best time to do it, so it might be harder now, with less forgiving repayment options.

You CAN consolidate private loans. Again, it depends on the bank.

Aren't PLUS loans for parents? I don't know, I would not have burdened my parents (who had already paid for an extremely expensive undergrad) with MY student loans, especially when they were so close to retirement.

[Kappamd]

"Regular" PLUS loans are for parents, which I should have mentioned. Graduate PLUS loans are not, as the federal government considers any graduate student an independent. It is merely a loan that can be taken out above and beyond stafford loans if the amount of those loans do not equal the school's estimated COA. They are unsubsidized and have a FIXED interest rate of 7.9%.

[Kevin]

Have you considered selling a kidney?

[dreamseeker]

....i wonder if i can sell pics of my t&a

i must've been under a rock because I didn't know about the legislation that Obama passed until today.

[Kappamd]

Originally Posted by dreamseeker

....i wonder if i can sell pics of my t&a

i must've been under a rock because I didn't know about the legislation that Obama passed until today.

I am not a big fan of most of Obama's legislation, but I am a BIG fan of the student loan reform, mainly the limits on monthly payments (no more than 10% of your monthly income) and the updated repayment options. And honestly, the whole process of securing my med school loans seemed a lot less complicated this year, at least IMO.

I should mention, however, that I do not believe most of the changes, with the exception of the Direct Loan program taking over the whole process (that has already happened), are being enacted until 2014 and they DO NOT APPLY TO PRIVATE LOANS.

[FHwku]

i don't know how big of a loan you're planning on taking out for the last year, but if you can pay-go your interest while you're in school, you can save a huge chunk of change.

[Drolefille]

Originally Posted by Kevin

Have you considered selling a kidney?

I'm starting to seriously consider selling ova.

[NinjaPoodle]

Originally Posted by Kappamd

Have you looked into EVERY OTHER option besides private loans? PLUS, GradPLUS? I only ask because my school pretty much advocates robbing a bank before taking out private loans.

I have never heard of that site either. If you decide to go this route, do THOROUGH research (which it looks like you are!)

Originally Posted by Munchkin03

Have you tried one of the major banks? I know people talk badly about private loans, but I took two out from Citibank for grad school, and I honestly never had a problem with it. The interest rate is 4.35%, compared to 3.75% for my federal loans, and since I had two, they combinedthe payments. The ones I took out have pretty much the same deferment/forebearance options as the public loans, but for shorter amounts of time. Granted, I took out loans at the best time to do it, so it might be harder now, with less forgiving repayment options.

You CAN consolidate private loans. Again, it depends on the bank.

Aren't PLUS loans for parents? I don't know, I would not have burdened my parents (who had already paid for an extremely expensive undergrad) with MY student loans, especially when they were so close to retirement.

I have considered other options but this is a last resort. I'm an undergrad also.

Originally Posted by Kevin

Have you considered selling a kidney?

Yes

Originally Posted by Drolefille

I'm starting to seriously consider selling ova.

Me too.



I spoke to my C.U. and they suggested I contact any of the local CU's that are listed ( which I had planned on doing) just to make sure the CU connection is legit.

[jennyj87]

Does your school certify private loans?

If not wells fargo does a great private loan!

[Kevin]

Obama's reforms were nice. Too late for me.

I'd have taken it up a notch and lowered the amounts available for loans, forcing schools to either only accept people who can afford to go (not likely to happen on a large scale) or lower their costs.

It is now within the government's power to impact the cost of education in a positive way--even (and especially) at private schools.

Folks who take ANY student loan money in undergrad are really shooting themselves in the foot if they plan to go to grad school. I'm busting my hump to get 'em all paid in 10 years, but my loan payments are more than my mortgage (and I live in a pretty nice house).

I know too many folks who are simply deferring to eternity and really have no hope of ever not having a student loan payment. Something's gotta give.

As far as the 10% rule, that's good and bad. Consider the fact that rule could easily result in a situation where loans never get repaid and I think that's a pretty bad deal.

[NinjaPoodle]

Well, the private loan thing didn't work out. I did however start a fundraising campaign via IndieGoGo to pay for school. Since it's my last year, I'm trying to find ANY source of funds ( of course including working).

Folks who take ANY student loan money in undergrad are really shooting themselves in the foot if they plan to go to grad school. I'm busting my hump to get 'em all paid in 10 years, but my loan payments are more than my mortgage (and I live in a pretty nice house).

Yeah, I hear you. Once I'm done though, that's it. No grad school. I've had enough of school. Paying it off will be my next adventure.