Private student loans

June 3, 2009 – 4:41 pm – No Comment

private student loans are a great way to find yourself in a lot of debt and having to pay for college with a higher interest rate than you may have ever wanted to pay on your loans. I know that there are some situations, however, when private student loans are the only way to be able to afford tuition. Of course, many colleges’ financial aid offices will only let you get private loans when you have exhausted your federal loans (both subsidized and unsubsidized) and then any other types of Federal loans like PLUS loans and Perkins loans.

There was only one time when I had to take out a private loan and it was because I took every single session of school. We had all the regular sessions, spring, fall, full summer first and second summer but we also had August and January intersessions (where you would take a full credit course over the course of 2 weeks). I had so much college that year that I had to take out a private loan to help pay for it. I wish I didn’t because I saw the interest rate about a week ago regarding the loans and it was pretty outrageous…still less than a credit card though.