Private Student Loans
Here are the main types of Private Student Loans
Banks
Most banks offer students a 'deal' when it comes to the student loan. However, exercise extreme caution and read the small print. Banks are known for crazy interest rates and low levels of sympathy.
If you don't want scary red letters, bailiffs knocking on your door and threats of bankruptcy then don't default on this student loan.
Banks are often very quick to implement their rights when it comes to students. However, on the upside, if you can find a low interest rate, reasonable terms and a good bank manager then good for you.
Credit Unions
These guys and girls are more on your side then banks. Traditionally used to help people that could not obtain credit from established sources like banks they can offer a good service for your student loan.Check for credit unions in your area. However, just because these people offer a friendlier face don't forget to watch for those sticky interest rates.
Schools
Your own school is there to help when it come to your student loan - after all much of the money you borrow will be going to them, so the least they can do is to help!Don't be afraid to ask them for help and advice. Many schools don't even advertise their student loan deals partly as (forgive me) they are lazy, and also as they hope the students most in need will find them. Do a bit of sniffing around.
Ask everyone in your department if they have a student loan system or even better bursaries available. Also go to central office and harass them. It is often the case of asking the right person the right question so put some time in. A student loan from your own school can be a great deal so get stuck in!
Which loan has been best for you? Recommend the best and shame the worst below!
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