FAFSA won't cover everything - need advice on private student loans for the gap

I was in the same boat last year. Before jumping into private loans, make sure you've maximized your federal options - Parent PLUS loans are worth considering if your parents are willing, even with mediocre credit. If you must go private, AVOID Sallie Mae - they start at decent rates but jack them up. I got a good deal with Earnest (5.4% fixed) but needed my aunt as a cosigner to get that rate. Without her, it was going to be 10.2%! A good cosigner makes a HUGE difference.

depends on ur major tbh... if ur going into something that pays well private loans can be ok but if not mayb consider community college for 2 years then transfer? i had to take out $22k in private loans and the interest is KILLING me now

Private student loans should always be your last resort after exhausting all federal aid options. Here's what I suggest: 1. Double-check your FAFSA to ensure all information is correct - especially if your parents had a one-time retirement withdrawal that inflated your SAI. You can file a special circumstances appeal with your school's financial aid office. 2. Look into institutional scholarships and grants directly from your school. 3. If private loans are unavoidable, get a cosigner with excellent credit if possible (doesn't have to be a parent - could be another relative). 4. Compare rates from multiple lenders: SoFi, Discover, CommonBond, Earnest, and credit unions often have competitive rates. 5. Pay close attention to the terms - fixed vs. variable rates, repayment options during school, origination fees, and prepayment penalties. Remember, your total student loan debt ideally shouldn't exceed your expected first-year salary after graduation.

The financial aid system is COMPLETELY BROKEN. They calculate these ridiculous "expected family contributions" that no normal family can actually afford, then leave students with no choice but to take predatory private loans. I'm $86,000 in debt from private loans with interest rates that started at 7% and are now over 11%!!! The whole "preferred lender" thing is just kickbacks to the schools. It's criminal and nobody cares. Why should an 18-year-old have to sign up for decades of debt just to get an education? Meanwhile other countries offer free college...

Have you tried calling the Federal Student Aid office to discuss your SAI score? I was in a similar situation where my parents' one-time income boost from selling a property affected my eligibility. I spent DAYS trying to call them to explain my situation - keep getting disconnected or waiting for hours. Finally used Claimyr (claimyr.com) to get through to an actual human at FSA who explained the professional judgment review process. Worth watching their demo (https://youtu.be/TbC8dZQWYNQ) to see how it works. After speaking with someone, I was able to submit a proper appeal through my school's financial aid office with the right documentation, and they reduced my SAI score significantly.

Just my 2 cents but credit unions sometimes have better rates than the big lenders. I got mine through my local credit union at 2% lower than what Sallie Mae offered. Just hav to be a member but that's usually easy

does the school offer payment plans?? sometimes you can do that instead of loans for some of it

After reading through the thread, it sounds like you have a few solid next steps: 1. File that special circumstances appeal about the retirement withdrawal 2. Talk to your credit union about their private loan options 3. See if your aunt would be willing to cosign One other thing I didn't mention earlier - check if your private loans will allow in-school deferment. Some require immediate payment while others let you wait until after graduation. That makes a huge difference when you're trying to focus on studies. Also, look at the difference between fixed and variable rates carefully - variable might look better now but can increase substantially over the life of the loan.

my brother got ripped off by one of those private loan companies few years back... they had all these hidden fees and the interest was wayyy higher than they first said. make sure u read EVERYTHING before signing!!!!

Just wanted to add that when comparing private loan options, look beyond just the interest rate. Some important factors to consider: 1. Repayment flexibility - can you get forbearance if needed? 2. Death/disability discharge provisions (federal loans have these automatically) 3. Cosigner release options - how long until your cosigner can be removed? 4. Customer service reputation - check reviews from current borrowers Also, consider taking only what you need for this year rather than borrowing for multiple years at once. Your financial situation might improve, or you might qualify for more aid or scholarships next year.