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This actually just happened to me. File an appeal. If your appeal is accepted, you will be required to maintain a GPA slightly higher than what was needed before.
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The amount is pretty much all dependent on your credit or whomever is the co-signer of your loan. The downside with private loans is the interest rate is a lot higher than the federal loans, your grace period to payback said loans is shorter, and they will pursue you relentlessly if you do not pay them back (but federal loan collectors do this too but I think the private companies are a lot more aggressive because they don't have an ever-present government parachute). Basically, you really want to try to get your federal financial aide back because you'll be paying a lot less in interest, and so many people already default on loans because of the crazy amounts. And good luck finding a co-signer if you have bad credit or no credit at all; My parents wouldn't even sign for mine because they didn't want me to kill their credit in case I defaulted.Originally Posted by Joe Billionaire
school me on private loans?
how much can i get at once?
The amount is pretty much all dependent on your credit or whomever is the co-signer of your loan. The downside with private loans is the interest rate is a lot higher than the federal loans, your grace period to payback said loans is shorter, and they will pursue you relentlessly if you do not pay them back (but federal loan collectors do this too but I think the private companies are a lot more aggressive because they don't have an ever-present government parachute). Basically, you really want to try to get your federal financial aide back because you'll be paying a lot less in interest, and so many people already default on loans because of the crazy amounts. And good luck finding a co-signer if you have bad credit or no credit at all; My parents wouldn't even sign for mine because they didn't want me to kill their credit in case I defaulted.Originally Posted by Joe Billionaire
school me on private loans?
how much can i get at once?