How do I get a Student Loan?
I am transferring to The University of Montevallo (Alabama) next fall and I need to take out a small student loan, probably about $15,000. I currently attending a community college and have received a full tuition academic scholarship. I do not want to go through the government to get a loan, so how else can I get one? Will a bank such as Regions give me a loan?
$15,000 is a “small” loan to you???!!!
You can apply for a “private” loan through a private bank but unless you have squeaky clean credit and/or a reliable and employed co-signer, be prepared to be disappointed. Most banks and lenders are not doing any lending to students during this stiff economic downturn period, mainly because students are risky debtors. The Stafford loans are government backed and have very low interest rates. I’m curious as to why you wouldn’t want to receive them instead of a higher interest, difficult to qualify loan from a private bank?
