student loan general questions?
my classes start on august 24 and i have some financial aid and a small scholarship. I am currently waiting on an agency to tell me if they are going to give me a scholarship but they will not tell me until beginning august. i have to take out a private student loan for school.
how long does it take to get approved for a loan?
what are the benefits of using a cosigner because i do not plan on having one?
what is the average interest?
what are the chances of getting approved for a loan if I have no credit history and no cosigner?
I do not have a credit card or anything important under my name that I know of. I do not have any payment at all.
Thanks.
Please only serious answers wanted. This is an important issue for me.
Thank You
Without a cosigner with a good credit history you will not be approved for a private student loan.
Getting approved or denied for a private student loan is usually pretty quick.
The interest rate is variable… meaning it will change (go up) and your payments will be different on different months depending on what the interest rates are. Ever hear of the sub-prime mortgage crisis? These variable interest rate loans are the reason. Private student loans are it’s equivalent.
