I got my loan through TERI, who sold it to wachovia, who was bought out by bank of america. 
either way, yeah private loans are serious business, make sure you have a plan on how you’re going to handle the payments and whatnot before you actually go. Luckily I’m married to a pretty smart lady, and we did something a little unorthodox:
-
Three separate disbursements. You are only charged interest on money that has been disbursed, so I pre-planned how much money I would be spending or need to spend with the first disbursement, and then had the other two kick in when I suspected I would be needing it. This is tricky and requires some careful planning.
-
We sold our house and moved into a small apartment the last year before we moved to vancouver. This cut our monthly expenses by about $700 and it went right in the bank. In addition to other money we were able to save, we went up to vancouver with $20k in the bank, so we had a bit of a cushion.
-
We used the money we saved up to make payments on the loan while I’m actually in school. A normal student loan is usually deferred, which means you don’t make payments until you graduate. BUT- you’re still being charged interest for the entire amount while you’re actually IN school. So your $50k student loan is probably closer to $65 by the time you graduate heh. Making payments on the interest along with #1 (multiple disbursements) made it so I made it to the end with some of the actual principle paid down (not just interest). This helps you control the ‘ballooning’ of your loan due to interest only payments.
After graduation there are several options on the table, the most obvious being aggressive paying down of the loan for a couple years. Others include consolidation to get a fixed rate, etc.
Long story short, be smart with your money and look at ALL of your options before signing anything… because life is too short to spend it stressed out about debt you can’t dig out of. I know Rebecca Kimmel has a ton of information on this sort of thing, perhaps you can give her a PM or maybe she’ll chime in here. I know she’s posted a lot of information about loans in the past, I just can’t remember which of her many blogs it was located on heh.