Chase Student Private Loan?
I’ll be attending law school this fall and I’ll need some $$$ for the tuition as well as living expense. I’ve already applied for the Grad Plus Loan from Sallie Mae but they’ll need a certification from the school I’ll be attending. However, the school tells me that they won’t be doing any certification until July. The school starts in mid-August.
With that said, I have to find a place before that obviously. I’m afraid by July, most places would be rented out or it’d be hard to find a decent place.
Then, I found Chase Student Private Loan, which states that they can send funds within a few days. I even read on one of the Yahoo Answers saying that someone got the check within a week.
How does this work? From my understanding, the school sets the limit as far as how much I can borrow. Not to mention, I don’t think there will be any funds being handed out until the school certifies it.
I agree that private loans should be a last resort, but if they are evil, they are a necessary evil sometimes.
I have not researched Chase’s Student Private Loan, but Sallie Mae has a loan like that, so I’ll tell you how that one works, and hopefully Chase’s loan is similar enough that this information will be useful to you.
Sallie Mae has a couple of private loans. One requires the school to certifiy it (just like the Grad PLUS loan) and the other does not. It is called the Tuition Answer loan. If you apply for it you get the credit results pretty quickly. You do not absolutely need a co-signer if your credit is very good, but a co-signer always helps lower the interest rate. Once the credit is approved, and you sign the application (it can be e-signed, which is very fast), you have to fax or mail a bill from the school to show your costs. This might be the problem for you, if the term hasn’t started and you need this money for living expenses before tuition is due. Once you send in the bill, they send the check directly to you.
Some words of caution:
1. Financial Aid is limited by the amount of money it costs to go to school. If you take this private loan out first, before you maximize your federal aid, it can impact the amount you recieve later. Sometimes it does, sometimes it doesn’t.
2. Chase’s process may be different than I have outlined. Be sure to check with them.
3. If it is possible for you to take a short term loan from a friend or family member until you do get your federal aid, that might be a lot easier on your credit and on your financial aid package later.
Good luck to you!
