Gov. Loans vs. Private Loans Need Help

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Re: Gov. Loans vs. Private Loans Need Help

Postby lt0826 » Fri Apr 09, 2010 5:33 pm

NancyBotwin wrote:How are you ineligible for any of the government loans? Really quite curious....

Also, one benefit to government loans you may not have considered - if at any point in your life you become unemployed or injured to the point where you can't work, MOST private loan companies will NOT allow you to put your loans into forbearance (allowing you to not make payments for a while if you can't afford them) - the government loans allow up the 3 years of forbearance.

This. I had private loans for undergrad part I (I am a non-trad). The government is really willing to work with you when you have a loss of income, have a medical emergency, what have you. Private loans really aren't willing to work with you and will send you to collections rather than negotiate with you. You don't need that kind of stress and there are no guarantees in life that you will always be able to pay your loans. Also I recommend not using cosigners if possible, because if something does go wrong you could inadvertently screw them over as well.

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