Is it a good idea to apply for more than one private student loan at the same time?
October 15, 2010 by admin
Filed under Student loans
I’m going to be starting college this fall and I was wondering whether I should apply to more than one private Student loan to compare the interest rates, origination fees, etc. ? Would applying to more than one bank affect my credit in any way?
probably it maybe be affected by ur credit score or if ur credit is bad
It would be in your best interest to come up with a list of Private Student Loan Lenders and call them asking what their terms on Private Student Loans are, Interest Rate, Origination Fee, etc. You could apply for many different Private Loans, but calling would cut down on a lot of the time involved.
I am concerned however that you would consider taking out a Private Student Loan right away. Have you filed your FAFSA form and applied for Federal Student Loans already? Federal Student Loans usually have a much lower interest rate than Private Student Loans; they also come with Federal Benefits since they are backed by the Federal Government, which Private Student Loans don’t have.
Federal Student Loans are also need based loans, not credit based loans; it doesn’t matter what your credit rating is when dealing with Federal Student Loans as long as your Expected Family Contribution (EFC) is low you will be eligible for Financial Aid.
I would encourage you to look into Federal Student Loans if you have not already, and file your FAFSA as soon as possible. For more information about Federal Student Loans and the FAFSA form please visit the source below.