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 Posted: Wed Jun 06, 2007 7:28 pm Subject: going to need a student loan - kinda long need advice |
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I need some advice here - my son is in school and right now commutes via train to school daily. Due to a mandatory internship, and the location of said internship, it will be better for him to stay at school housing because the train schedule and his schedule are not going to coincide. Plus the whole "want to be on your own thing" Anyways, he has a few grants, and a subsidized Federal Stafford loan. I am stretched to pay my portion of his tuition right now, so there is no other choice but for him to take a loan to pay the housing which is $2500 for a 10 week semester - he will be there for 2 -3 semesters. What is the best type of loan to look at? If I co-sign for him, is that going to affect my credit for the near future if I need to apply for any credit? The school is just being pretty stingy with $ help - not sure what to do. My daughter has gotten so much $ help from her school, it barely cost me anything - but his school is not so generous. IDeas? thanks
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dalfire497
Joined: 01 Feb 2007
Posts: 141
Debtcc Points: 2563
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| Posted: Thu Jun 07, 2007 10:56 am Subject: |
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First, you may try with different banks in your area. One of them might be able to offer you a decent interest rate.
Will your son be staying within the campus or he can get a cheap accommodation close to his school? Since, it's a matter of three semesters; you will have to think about saving every chunk of money.
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onelamb
Joined: 25 Jul 2006
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| Posted: Thu Jun 07, 2007 11:12 am Subject: |
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they have apartments on campus - no dorms. It's downtown Chicago, so nothing is cheap. Can a loan be used for apartment rent though?
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dalfire497
Joined: 01 Feb 2007
Posts: 141
Debtcc Points: 2563
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| Posted: Sat Jul 07, 2007 10:03 am Subject: |
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I can understand where you are coming from. I attend Devry University, and it is VERY expensive, my grants and federal loans werent enough, lucky enough i just got approved for a private loan with wachovia bank, but be careful in how much you borrow, because we do have to pay these loans back. My credit is not the best in the world and i still was approved. Wachovia is a really good bank so you might want to look into them.
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shughes0993
Joined: 14 Jun 2007
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