Loans for Schooling

[isekii]

What's a better option ?

Perkins Loans ? or an Unsubsidized Direct Loan ?

Can someone post the good and bad for it ?

It's only gonna be a a loan for about $1000

 

[DnetMHZ]

hell, I'll loan ya a grand for 5% 😉

 

[isekii]

Originally posted by: dnetmhz
hell, I'll loan ya a grand for 5% 😉

LoL

 

[numark]

Well, it really depends on what your school gives you. Normally you don't have the choice about which one you get, your financial aid package just shows the numbers.

Getting to your question, however, the Perkins loan is definitely the better one. Both are government-issued loans, but the Perkins is low-interest and has interest waived during your schooling. Unsubsidized direct loans accrue interest from the time you get the money disbursed, although you can choose to defer payment until after you graduate. In that case, however, the interest just keeps on compounding over time.

As you can see, you'll definitely want to go for the Perkins loan. However, you'll have to talk to your school to see which one they're authorizing you to get.

 

[Theslowone]

You can get a private loan from citibank and a few other lenders as well, 1000 isn't that much and it is usually easy to get. But get the government loans if you can. My citibank loan is around 4% interest, and you don't have to worry about sending in forms to your school and then sending them back a million times.

 

[isekii]

Originally posted by: numark
Well, it really depends on what your school gives you. Normally you don't have the choice about which one you get, your financial aid package just shows the numbers.

Getting to your question, however, the Perkins loan is definitely the better one. Both are government-issued loans, but the Perkins is low-interest and has interest waived during your schooling. Unsubsidized direct loans accrue interest from the time you get the money disbursed, although you can choose to defer payment until after you graduate. In that case, however, the interest just keeps on compounding over time.

As you can see, you'll definitely want to go for the Perkins loan. However, you'll have to talk to your school to see which one they're authorizing you to get.

I'm going to the financial aid office tomorrow, just wanted to know what the best options would be.

 

[Gibson486]

you have to have a pretty low EFC to get the perkins.

 

[numark]

Originally posted by: Gibson486
you have to have a pretty low EFC to get the perkins.

Actually, you'd be surprised what colleges will offer you these days. I had a fairly high EFC, but I was given an (albeit small) Perkins loan. It all depends on how they divide up the money between people.