Private Loans

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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manofjustice
Posts: 1323
Joined: Thu May 17, 2012 10:01 pm

Private Loans

Postby manofjustice » Sat Aug 18, 2012 8:39 pm

What do people think about taking out some or all of your expenses in private loans? If you have good credit with some years of WE, does it make sense?

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2014
Posts: 5834
Joined: Sat Jun 05, 2010 3:53 pm

Re: Private Loans

Postby 2014 » Sun Aug 19, 2012 12:20 pm

Only if you are going somewhere where you are very very confident that you will get biglaw as the private loans will royally fuck you if you are making 40k wishing you could enroll in IBR.

The best compromise I've seen is doing all federal for the first year until you have a better idea of whether you will get big law or not.

bdubs
Posts: 3729
Joined: Sat Feb 06, 2010 2:23 pm

Re: Private Loans

Postby bdubs » Sun Aug 19, 2012 12:28 pm

2014 wrote:Only if you are going somewhere where you are very very confident that you will get biglaw as the private loans will royally fuck you if you are making 40k wishing you could enroll in IBR.

The best compromise I've seen is doing all federal for the first year until you have a better idea of whether you will get big law or not.


+1 - If you're looking to diversify between fixed rate and variable rate loans, you can take out your first year loans through the federal programs and your 2nd and/or 3rd year loans through private lenders.

I took out entirely federal loans first year (didn't hurt that they were still subsidizing a chunk of stafford last year). This year I am taking out the max in Stafford and the rest through my school's institutional loan program. It's nice to know that I won't need to use IBR, so i'm more comfortable taking the lower floating rate on this year's loans.




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