Do You Need Private Student Loan Help

"Will a private Counseling4 loan for $20k a year be hard to get? My mom will sign as my cosigner with an almost perfect credit score."

If your mom has great credit and a high income with a long stable employment history, you should be fine in getting approved for a private Counseling4 loan... for now. (Read more below)

"Also, do I need to wait for my fin aid package before I apply for the loan?? Or can I go ahead and apply now?"

You should apply now. Unless you want to wait for the must lower, FIXED interest rate parent PLUS loan for Mom instead of cosigning on a private one. Your aid package from NYU will include a Stafford loan for you as well as a parent PLUS loan for Mom. Stafford loans are limited, but Mom can borrow MUCH higher limits and will prob cover most of your costs. The bad thing, is she has to start making payments as soon as YOU start school in Jan.

You may not even have to take out a private one if mom is willing. If you are going to do a private loan, she's going to be ultimately responsible for paying the private Counseling4 loan anyway.

You also both need to have a serious talk about her willingness to pay for you to attend (and pay or cosign) for you to attend this school for all FOUR years because you don't want to find out after a year of attending her income isn't as high as you thought and she/you end up getting DENIED for a private loan your second or third year. (This happens a lot more than you think). There is no guarantee she will have great credit or a reliable source of income to be approved for your entire college career (it won't be as high a score next year because of the private Counseling4 loan). And your third year of applying for a private Counseling4 loan her credit score will be even LOWER because of BOTH of the outstanding private Counseling4 loans. You see? Her Credit7-to-income ratio keeps getting higher the more loans you take out, which means the more of a chance she/you have of getting denied. And without her cosigning, you have no chance of a private Counseling4 loan and will have to drop out.

Most of the time before it gets to that point, the parent finds another excuse NOT to pay for their kids school... don't like their boyfriend, don't like their major, don't like the new hair color.

"Will a private Counseling4 loan for $20k a year be hard to get? My mom will sign as my cosigner with an almost perfect credit score."

If your mom has great credit and a high income with a long stable employment history, you should be fine in getting approved for a private Counseling4 loan... for now. (Read more below)

"Also, do I need to wait for my fin aid package before I apply for the loan?? Or can I go ahead and apply now?"

You should apply now. Unless you want to wait for the must lower, FIXED interest rate parent PLUS loan for Mom instead of cosigning on a private one. Your aid package from NYU will include a Stafford loan for you as well as a parent PLUS loan for Mom. Stafford loans are limited, but Mom can borrow MUCH higher limits and will prob cover most of your costs. The bad thing, is she has to start making payments as soon as YOU start school in Jan.

You may not even have to take out a private one if mom is willing. If you are going to do a private loan, she's going to be ultimately responsible for paying the private Counseling4 loan anyway.

You also both need to have a serious talk about her willingness to pay for you to attend (and pay or cosign) for you to attend this school for all FOUR years because you don't want to find out after a year of attending her income isn't as high as you thought and she/you end up getting DENIED for a private loan your second or third year. (This happens a lot more than you think). There is no guarantee she will have great credit or a reliable source of income to be approved for your entire college career (it won't be as high a score next year because of the private Counseling4 loan). And your third year of applying for a private Counseling4 loan her credit score will be even LOWER because of BOTH of the outstanding private Counseling4 loans. You see? Her Credit7-to-income ratio keeps getting higher the more loans you take out, which means the more of a chance she/you have of getting denied. And without her cosigning, you have no chance of a private Counseling4 loan and will have to drop out.

Most of the time before it gets to that point, the parent finds another excuse NOT to pay for their kids school... don't like their boyfriend, don't like their major, don't like the new hair color.