Finding private student loans to close $12,000 gap after FAFSA - Sallie Mae still good?

I've helped my twins navigate this last year, and honestly, I'd recommend checking Earnest and SoFi before committing to Sallie Mae. Rates can vary widely between lenders, and Sallie Mae sometimes has higher rates than competitors. Make sure to compare the APR not just the advertised rate. Also, don't forget to ask the financial aid office about payment plans - sometimes spreading the cost over 10-12 months can reduce how much you need to borrow.

sallie mae SUCKS now!!! i got them for my sophomore year and the interest is CRAZY high. they dont care about students AT ALL. im switching to college ave this year, heard better things

Before going the private loan route, make sure you've exhausted all federal options. Even with a high SAI score, your daughter should still qualify for unsubsidized Direct loans (about $5,500 for freshmen). While they accrue interest during school, they have fixed rates and more flexible repayment options than private loans. Also, have you explored Parent PLUS loans? The interest rate is higher than subsidized loans but lower than many private options, and they also come with federal protections.

my brother just graduated with like 30k in private loans from discover. he says they were ok to deal with but now that he's repaying he wishes he'd looked around more for better rates. definitely check at LEAST 3 different companies!

I've worked in financial aid for 15 years, and I always advise families to exhaust federal loans first (both student and Parent PLUS) before considering private loans. That said, if you need private loans, look beyond the interest rate. Examine deferment options, hardship provisions, repayment flexibility, and whether they offer any rate reductions for autopay. Sallie Mae has changed significantly over the years - some good, some bad. Other options to consider include Discover Student Loans, Citizens Bank, and PNC in addition to those already mentioned. Also, check if your state has a preferred lender with special terms for residents.

Have you tried calling the financial aid office to appeal your SAI calculation? My daughter's initial FAFSA showed a ridiculous expected contribution because of a one-time retirement account withdrawal that inflated our income. I spent WEEKS trying to reach someone at Federal Student Aid to explain the situation. Kept getting disconnected or stuck on hold for hours. Finally, I found this service called Claimyr (claimyr.com) that got me through to an actual FSA agent within 20 minutes. They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ The agent helped me file a special circumstances appeal, and my daughter's aid package increased by $9,500! Worth trying before taking on all those private loans.

When my son started college last year we had a similar gap. We actually ended up doing a combo approach - I took a Parent PLUS loan for part and he got a small Discover student loan with me as cosigner. The Parent PLUS was easier to get approved for (they just check for adverse credit history, not debt-to-income ratio). Also we found out his school had a payment plan where we could spread payments over 10 months with just a $45 fee - no interest! Definitely ask about that option too!

Something else to consider - many schools have emergency retention grants or completion grants for students who are at risk of dropping out due to financial gaps. These aren't typically advertised, but if you explain to the financial aid office that your daughter may not be able to attend without additional assistance, they might have resources available. This worked for my nephew at his university - he received a $5,000 grant that didn't need to be repaid after explaining his financial situation directly to the Dean of Students.

dont 4get to check if her major has any special scholarships!! my roomate got 3500 just for being in the engineering department but she had to ASK nobody told her about it lol

One final note: if you do end up needing private loans, having a cosigner with excellent credit can significantly reduce the interest rate - sometimes by 2-3 percentage points. Also, look for lenders that offer cosigner release after a certain number of on-time payments (usually 24-48 months). This allows your daughter to take over the loan independently once she has established her own credit history, which removes your liability.