Private loans beyond the amount approved by your school

[mooneight]

Does anyone know if it is possible to get an additional private loan beyond the amount approved by your school? Can't really do a general personal loan, because I don't think banks will let me wait 3 years to start paying it off. Any help would be GREATLY appreciated.

[_____]

There are a number of places that will do it, but every one I've seen requires a co-signer unless you, the student, are also working full time.  (Basically, everyone needs a co-signer...)  It's lame, but, well, you want more than the school says you need, so I can kind of see it...

Try Capitalone, then google student loans... You'll find em pretty quick...

[mooneight]

Thanks so much anoddduck, I googled and found Loan to Learn (www.loantolearn.com) Had a co-signer so I got a fairly decent loan (APR - 7%, origination fee - 4%).  Not the greatest, but I am only taking out a small amount, and will pay back soon after graduation.

They allow you though to only pay interest while in school, with no penalty for pre-payment if it turns out I don't need the money.   

Certainly puts my mind at ease that I won't be living in a cardboard box, eating from a trash can!

[ElizaB]

Check out Bank of America.  They let you take out up to $30k a year without involving the school and their rates look better than what I was offered at Access Group.  I am actually going to look into it myself.

[limonjello]

There are a few others - Nellie Mae with EXCEL can get you no origination fees, but that 7% rate would seem pretty darned goo.

[ElizaB]

So is 7% considered a good rate?  That seems high to me...

[_____]

So is 7% considered a good rate?  That seems high to me...

It's not high... We've just been living in an artificially low interest rate environment for the last 4 years...  Historically, "normal" is around 8-10%... So 7% isn't bad... 4% is also pretty good fees (considering you're asking for more than your school thinks you need)...

As another option I found out: Sallie Mae offers loans above COA as well--up to 30k per year, without certification from the school. (The Tuition Answer Loan.)  Their fees are higher though (starting at 5%), particularly if you don't have a cosigner...

So if you're already getting Federal Loans, you could add another 30k on top of that and really be rolling in it... (Of course, the student either needs to have 15k/year of income and a good credit score, etc, or they need a co-borrower...)

[Who's Crowdaddy]

I think my rate was about 5.5%, but that is because of strong credit.

[ErinKG]

Has anyone been able to get one of these loans without income and without a cosigner? My credit is pretty good, I have 7 years of work experience and I own my house. For some reason I thought I read somewhere that someone in my situation might be able to get one of these loans without a cosigner.

Erin

[_____]

Has anyone been able to get one of these loans without income and without a cosigner? My credit is pretty good, I have 7 years of work experience and I own my house. For some reason I thought I read somewhere that someone in my situation might be able to get one of these loans without a cosigner.

Erin

I haven't seen any where you don't need income AND you don't need a co-signer... It's usually been one or the other...

You might try B of A or Wells Fargo, they have loans directed at some pretty established people...

(Don't forget though, you can get loans WITHIN the amount approved by your school without income or a co-signer fairly easily....)

My suggestion: do a google search and let your fingers do the walking...