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Are private loans my best option for final year? If so, how do those work compared to Federal loans?

I’m about to begin my final 2 semesters at a public university, with 24 credit hours left to graduate. My total cost, not including books, is about $8,000 for each semester. Through scholarships, grants, family help, and community college, I’ve kept my student loans down to $5500 total in a subsidized federal loan, thus far.

However, I am currently on warning for not meeting SAP requirements, due to maximum hours. I figure it’s better to keep this short with only necessary info, but I’ll briefly include how I ended up at this if it’s something anyone wants/needs to know.

Anyhow, I’m concerned that my SAP appeal my not be approved. In that case, the only option I can see is to take out private student loans. My husband works full time, I work part time, and we can’t possibly afford a payment plan for my cost of attendance. I’m so close to finishing, I really don’t want to withdraw and try to save up that kind of money, as I’m already a nontraditional student.

All that to say, I don’t know much about private loans of this magnitude. Am I correct to assume I will have to meet minimum credit and income requirements, or get a cosigner? I bank through Wells Fargo, and I know they offer student loans, but I don’t know much about how good their rates are, compared to whoever else is out there that offers. I’ve done some cursory Google searches, but was a little overwhelmed. A nudge in the right direction would be greatly appreciated.

Are private loans my best option for final year? If so, how do those work compared to Federal loans? – RobinHood – Reddit Feed


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