fandomsecrets | [ SECRET POST #2696 ]

[ SECRET POST #2696 ]

⌈ Secret Post #2696 ⌋

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I might have to take a loan out to get a new computer, and pay off one month's worth of bills. I really don't want to, but I can't think of any other way around it. Is there such thing as a good college loan? From a bank, not the government...

How much is the computer? If it's just a few 100's maybe there's a friend willing?

I don't know, I want to get a cheap computer, but it needs to be able to run the programs I need, so I'm guessing between $400~800? That's how much I've bought computers before in the past, I think.

I don't have a lot of friends I can ask, and I don't want to ask my parents, because the truth is, my lack of funds right now is completely due to my own incompetence when it comes to budgeting, and I don't want to lean on them when that's the reason, you know?

I get that, but a private person who's at least semi-friendly might let interest slide, which is more interesting if you already have budgeting issues. I get not wanting to ask your parents - good luck to you.

There's nothing inherently wrong with loans. There are good deals and bad ones, from the bank and the government. Explore ALL your loan options, and take the best deal you can get at an amount you're comfortable with.

I'm going to be controversial and suggest trying to find alternatives. Can you take courses part time or something?

No, if I switch from full time to part time I lose most of my financial aid, and usually I'm safe with financial aid, and I can get through the months, but the term is ending, and I'm out of financial aid money until next September.

Can you apply for a job (fast food/grocery store/retail/call center) over the summer months?

I have been! That just doesn't help me this month with my rent, and while I could theoretically save up money for a computer, and get it at the end of the summer, most of the jobs I was able to apply for don't pay enough for me to be able to save and get a new computer by fall, when I need it most.

Well, then you might be in a position where you have to ask your family or friends, because you're going to be hard-pressed to find any place that will give you a loan on the basis of "I'll get financial aid again in the fall, and maybe somebody will hire me this summer."

I'm not trying to be mean, but it doesn't do any good to feed unrealistic expectations.

I thought that college loans could be deferred until after graduation?

Private loans, which is what you'll get from a bank or a credit union, typically are less flexible than federal loans both on interest and payment schedules. You'll really just have to talk to individual institutions, but I wouldn't get your expectations too high for a loan that "will cover a month's bills and a computer" and not come due until after graduation.

And I really wouldn't even hang your hat on getting a bank loan to pay bills. Because banks are out to make money, and they'll see you as a risky investment if you can't pay the bills you have now, much less the bill they'll be sending you.

I'd definitely shop around, and check out credit unions for rates, too. Since they're not for profit, a lot of them have lower interest rates and might be more flexible about payment plans.

Seconding the credit union suggestion. There's often an issue with getting "big" loans from them because they're small institutions, but if you just need some money for a new computer and some bills, you should be able to get some help from them.

In my experience, the lowest rates to be had were the US government loans. But going to school in the middle of the credit collapse didn't help things there.

Definitely look at interest rates. If you go with a bank, find out how flexible they are with terms and interest. You may be able to talk them into giving you better-than-published rates. Borrow the minimum and work out a schedule to pay it back. Then stick to that schedule. Beware of adjustable-rate loans, title or payday loans, or loans that offer you no incentive to pay back early. Also look for things like reduced interest if you set up autopay, or reduced rates for having accounts at the same bank as the loan. Always read the fine print. If you go with a US gov't loan, make sure you know the difference between subsidized and unsubsidized.

Do you have a credit card? What's the interest rate on it? What about your parents' cards if they're involved? Compare those rates to the loan rate. Are there people (parents?) you can ask for a loan instead of going through a bank? Can you join a credit union?

An alternative: buy a cheaper or used machine? Use the school's labs? Can you get a part-time job that would cover these costs?

OP, I just read some some of the stuff you posted while I was writing this. I get not wanting to ask parents, etc.

An odd piece of advice - can you take summer classes, for which you'd receive financial aid, and use that to cover the computer and bills? I'm assuming you get a living allowance and that'd pay for these things.

For the computer--got a PayPal account? Their Bill Me Later service has that six-month no interest thing going on for purchases over $100 if you shop at a place that accepts it.

(Disclaimer: not affiliated with either service, I've just found it damn useful for certain types of big-ticket purchases when I don't have the cash in hand. The catch, of course, is that you really want to be sure you can pay it off in six months, or else resign yourself to paying some interest. Though the rate isn't especially terrible as these things go.)

As for the bills though, I got nothing. :/

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[ SECRET POST #2696 ]

Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?

Re: Tips for college loans?