Your Questions About Personal Loans For Students
Linda asks…
How to find a ‘good’ Personal/Student loan?
Hi, I am a 18 year old High School Senior and currently considering taking a personal loan for $3000 to $4000 for a new flute. I currently make about $400 a month (part time) and plan to work full time next summer also. Ideally, I would be able to pay off this loan within a year or before leaving for college. Is this a good plan or should I look for other options?
Also, as I will be using this for school, is it possible that I may be able to take out a student loan to cover it? I’m unsure of the terms of both personal and student loans, but as I am 18 I have no credit.
Thanks for your answers!
Thanks for all your answers guys! But to clear up a few things, I require this flute within a month or 2, as I am going to be auditioning for scholarships and the flute I currently have is not up to par. So far, with a personal loan it looks like the interest starts at 10.5%, no idea how that would adjust for me however.
Joe answers:
Some student loans are possible without co-signer
there are private loans with very low interest.
I found interesting information about your answer, college loans with low interests, scholarships, college grants here.http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.htmlGood luck!
Lizzie asks…
Which banks have the lowest personal student loan interests?
I am desperate for financial help for school and I do not want to take on a personal loan. However, that is my only option to survive through full time. I am searching for a bank that is trustworthy and also has a close to 0% interest. Know any?
Joe answers:
Try bankrate site and they have pretty good list of banks who offer a good deal. But you always need to consider what is behind all those too good to be true deals…
Sandra asks…
Will applying for a personal loan affect my credit score?
I want to apply for a personal student loan through my bank, but I will only accept the loan if the interest rate is low enough.
Will it affect my credit at all if I apply for a loan but then do not take it?
Thanks! I realized a typo though, it’s not my bank, its the company I have my credit card from. I know other people who have gotten loans from them so I’m not worried about getting scammed, thanks for your concern though!
Joe answers:
Applying for a loan only dings your score 1 or 2 points and it will fall off the report in months.
Don’t worry about that.
Plus, all the inquiries of a similar nature that are done in 6 weeks are grouped together as one.
This is to allow the customer to “shop around” for the best rates.
Note: banks are not making personal loans anymore unless you have good credit.
Don’t be tempted by online companies – they will scam you to death.
A majority of the scams involve paying a fee upfront and then turning you down, and keeping the fee.
/
Powered by Yahoo! Answers
