Need private student loan recommendations with 795 credit score as parent co-signer - comparing lenders for dorm fees

i co signed for my daughter with Sallie Mae last year and regret it so much!!! they have HORRIBLE customer service and theres HIDDEN FEES they dont tell u about. interest is way to high even with my 780 credit score. avoid them!!!!

With your excellent credit score, you have many good options. I've worked with families in your situation, and I'd recommend looking at Earnest, SoFi, or College Ave as your top choices. All three typically offer: 1) No early payoff penalties 2) Full in-school deferment options 3) Co-signer release after 24-36 on-time payments 4) No origination fees (unlike federal PLUS loans which charge 4.228%) 5) Terms from 5-15 years College Ave specifically has more flexible repayment plans during school if that's important to you. SoFi tends to have slightly better rates but stricter approval requirements. Earnest has the most flexible term options (you can choose exact number of years). Before committing, make sure to calculate exactly how much you need after all federal aid. Private loans should always be your last option after exhausting federal loans, scholarships, and work-study.

Did anyone mention checking with your university's financial aid office? Our daughter's college had partnerships with certain lenders that offered better rates and terms than what we found online. Also worth looking into credit unions - we got a much better deal through our local CU than any of the big private lenders.

I've co-signed for both my kids with Discover Student Loans and had a positive experience. With your credit score, you should qualify for their best rates. The specific answers to your questions: 1) No early payoff penalties 2) They offer full deferment while in school plus 6-month grace period 3) Co-signer release available after 12 consecutive on-time payments 4) No application or origination fees 5) 15-year term standard, but you can pay off earlier 6) They don't have forgiveness programs like federal loans, but do offer hardship options One thing to consider: interest starts accruing immediately with private loans, unlike subsidized federal loans. Some lenders offer small interest rate discounts for auto-pay (0.25-0.50%). Have you already applied for Parent PLUS loans? Sometimes that's a better option than going private.

When we were trying to reach the federal student aid office about our Parent PLUS loan options before deciding on private loans, we literally spent HOURS on hold and kept getting disconnected. Super frustrating! My colleague recommended this service called Claimyr (claimyr.com) that got us through to an actual FSA representative in under 20 minutes. Saved us so much time and headache! They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ After talking with the FSA rep, we realized we qualified for a higher Parent PLUS loan amount than we originally thought, which meant we only needed a smaller private loan. Definitely worth checking if you can increase your federal loans before going private!

dont 4get 2 ask about variable vs fixed rates!!! we made HUGE mistake going with variable rate to save money at first but then it went up like crazy after 6 months and now were paying wayyy more than if wed just gone with fixed. ALWAYS choose fixed rate even if its higher to start!!!

My daughter is in her junior year now and we've been through this process twice. One thing nobody mentioned yet is to apply to multiple lenders within a 14-30 day period so all the credit inquiries count as just one hit on your credit score. Also, some lenders will match competitor rates if you show them better offers.

Has anybody used ascent loans? i saw an ad for them saying they dont require cosigner for juniors and seniors with good grades. wondering if there legitimate or a scam

Since you're specifically asking about private loans after exhausting federal options, I'd suggest creating a spreadsheet to compare offers. Look at: 1) Total loan cost over the repayment period, not just the interest rate 2) Monthly payment amount during school vs. after graduation 3) Hardship options (some private lenders offer better forbearance terms than others) 4) Customer service ratings (crucial when issues arise) Also, many lenders offer pre-qualification that lets you check potential rates without a hard credit pull. This gives you a good initial comparison without affecting your credit score. One final consideration: some lenders have career support services, internship connections, and financial literacy resources for students. These added benefits might be valuable depending on your student's situation.