Are You a College Student in Need of a Private Loan

Need a Student Loan

Do you need a student loan begin or continue college?  Please continue to read about how my daughter got a private loan to attend a very expensive private college.

Why She Needed a Private Loan

The parents made too much money for a student to qualify for government grants. Although the student may have a good GPA they don't always get a scholarship. This student did not get enough scholarship money to attend the college she wanted to attend. Her parents did not have credit to sign for a student loan. She was pretty much on her own. She tried all the major banks and was told she needed a cosigner.

She was determined to go to this particular private college and is doing quite well. She would not have been able to do this if it was not for the availability of private loans.

if you are looking for a private loan to attend school, remember to try these 3 source listed below. Above all, don't give up and you too will be able to go to school.

My Rich Uncle

She finally requested a loan from a private resource called My Rich Uncle. She received her first loan without a co-signer from this company. This loan was very good because it worked much like a Federal Loan in the since that she was not required to begin payments until she graduated or left school. However the interest rate was compounded until that time and this means that she will pay a lot to borrow the money.  She found this website by doing research online. 

Prosper Peer to Peer Lending

She still kept looking for other resources to gain loans for college. Because she had no credit whatsoever and had never worked a job during her high school years she could not qualify for a loan. She then tried Prosper for a private loan. She listed her request for a loan on prosper. She joined a group on the site and was granted a loan which helped her to pay for part of her college. The good thing about this loan is that she must pay the loan back while she is still in school. She uses her workstudy job to pay for the Prosper loan. This is good because it is helping her to increase her credit score and she will not have as much debt when she graduates from college. So many people graduate so far in debt that they must take a job outside of their field of study just to pay these loans back. This is a large part of what is wrong with our society.

Credit Card From A National Bank

The other thing that became available after she spent some time paying back the Prosper loan was that her credit rating is such that she was able to get a credit card through one of the major banks. Although her school does not accept credit cards as payments she was able to to use the credit card to get cash from the bank to pay the school. She must also pay on this credit card while she is in school and once again she will not have this amount to pay back after she graduates.


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