I am currently in a bit of a pickle as I am taking summer classes at a University (at which I am a student), and my father was denied the parent PLUS loan which I was depending on to pay rent and buy food during the summer session. Now I am forced to take out a loan from elsewhere, and I am considering doing so from my bank.
Given that I am not very financially savvy at all, I would like to know the following:
- What are the important aspects in taking out a loan from a bank to take into consideration before actually doing so?
- Are there areas in which I might run in to trouble down the line that would not occur with a Stafford loan or from elsewhere?
- Are there better places to receive a loan from which I should consider first?
Thank you in advance.