Private Bank loan or college loan?
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Since I can't afford my college tuition (Polytech University in NY, around 33000 dollars), I need to get a loan. I'm considering two types of loan, one is the private bank loan and the college loan provided by a college. My college works with Chase. And my private bank loan is also Chase. So, are they basically the same? Or is the college loan different?
Private Bank loan or college loan?Actually, you shouldn't get either of them because Chase is a private lender. Private loans have very high interest rates and usually take much longer to pay back.
The best thing to do is to get a federal government loan.
Here are the steps you need to take:
1) Fill out the FAFSA. This will determine if you are eligible for financial aid. Go here:
http://www.fafsa.ed.gov/
2) Once you are eligible for aid, choose a government-based student loan. The best loan to get is a Federal Perkins Loan. These have low interest rates and the government will help you pay it back as long as you stay enrolled in school. You also don't need a cosigner or good credit for it. For more info go here:
http://www.studentfinancedomain.com/stud...
3) The next best loan to get is a Subsidized Stafford Loan. This has many of the same benefits as a Perkins Loan. Learn more here:
http://www.studentfinancedomain.com/stud...
4) You can also try to get a grant or scholarship, which is free money that you won't have to pay back. Look here:
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