So I ever so foolishly sent in my FAFSA late and now I'm not financially covered for the whole year (like $8,800 short for the year!). My only option now is to get an alternative loan, but I dont know which is the best one to get. Please any insight, such as on the interests rates, your own experiences (good or bad) with these loans, anything is helpful. And I do not appreciate wise @ss responses, only respond if you can actually help me. Thanks


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Alternative Loans:

Citibank's CitiAssist Loan (800) 846-1290, or TDD (800)846-1298 http://www.studentloan.com
Educaid/Wachovia Select Alternative Loan (800) 338-2243 http://www.educaid.com
SunTrust's eMax Education loan (888) 890-0062 http://www.suntrusteducation.com/
Key Bank's Key Alternative Loan (800) Key-Lend http://www.keybank.com
Chase Manhattan's Signature Loan (800) 695-3317 http://www.chase.com
Education Finance Partners (866) 308-1071 http://www.educationfinancepartners.com/ncstate/
Bank of America's Maximizer Loan (800 )344-8382 http://www.bankofamerica.com/studentbanking/ "
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....what about Sally Mae?

6/28/2006 4:13:24 PM

Why don't you go through CFI...or is it too late? My husband got his loans from them and they're very good about helping you if you have trouble paying them back...they don't make you start paying back until you are no long enrolled in school.

6/28/2006 5:05:46 PM

honestly, I would HIGHLY recommend just getting a job to pick up the difference in expenses.

Secondary loans like that are going to be 1.5-2 times the interest rate of your student loans, and most will not have the deferral options that you get with a true student loan.

Definitely check Educaid and Citibank, they are more than likely going to be the best bets of the ones you listed.

6/28/2006 5:06:08 PM

Are you working? The cashiers office can set up a payment plan for your expenses. If you have a steady income, you can try doing it that way.

6/28/2006 8:06:38 PM

i think all of those have a 4-5 year deferral as long as you are enrolled half time, and a 6 month grace period after you graduate. the interest rate will be higher as expected. it would be a good idea to apply with a co-borrower to help get a lower interest rate and a lower origination fee. if you don't make enough money you will probably get turned down without a co-borrower anyway.

i got rejected for financial aid because they made a mistake so I looked into getting an alternative education loan just in case. i didn't have a co-borrower and got turned down by all of them except Chase (had a 7.5% origination fee on top of the loan amount).

fortunately, i got the financial aid office to correct their mistake so i didn't need a private loan.

6/28/2006 9:47:20 PM

Is it possible to still apply for more federal loan $ without going through the university, or is the university only that which determines my maximum amount that I can recieve in federal loan $ ? Because I dont think I've maxed out my federal stafford loan according to the loan program ( I think for an independent undergrad, it's something to the amount of $10/15,000/year ). Is this possible?

If not, I'll have to resort to alt. loans; right now, I plan to look into Citibank, Educaid, Campus Door, Sallie Mae and Wachovia.

The unfortunate thing here is I dont think I'll be able to consolidate my new alt loan b/c it'll be after july 1st when (and if) I get accepted for the loan.

I did call the financial aid office but my counselor did not pick up! So I call on you folks

6/29/2006 3:17:16 PM

Well if all you're asking for is company advice, my girlfriend is going to have around $120k in CitiAssist loans after two more years, she has $40k right now. They seem alright, they've been working with her about consolidation, phone reps never piss her off etc. But I'm pretty sure you'll get a similar level of service with any large bank.

6/29/2006 4:08:07 PM

If your subsidized Stafford load is less than your annual limit, you should be able to borrow the rest with an unsubsidized Stafford loan. You'll be charged interest while you're in school, but at least it will be at the Stafford loan rate.

An alternative loan is another story. The interest rates and consolidation rules are different.

6/29/2006 4:17:54 PM