Alternative Loans - here's what I've found

Nursing Students SRNA

Published

Hi! I've been using this forum to research the different loans that people have mentioned and here's what I've found..

The first thing is if you're looking for loans to live off of the key words that you don't want to see are "borrow up to the full cost of attendance minus any other financial aid that you have received". Those are based on what your school determines is what it costs to attend school for a year and for example.. the school I'm going to attend.. after federal loans.. loans that say that will only give me $10,000. These loans fall under "cost of education loans".

What we're looking for are OUTSIDE THE COST OF EDUCATION LOANS. If a company disburses the money directly to the borrower - then it falls under this category.

Wells Fargo Ed Connection/P.L.A.T.O.

- Annual amount 1,000 -25,000/year; no origination, disbursement, or repayment fees; interest from 5.75%-15.50% (depending on credit); can decrease your interest by 0.25-0.50% with auto-debit from checking acct.; decrease interest by 0.50% after 48 consec. monthly payments; 15 year repayment; $$$ disbursed to borrower

Suntrust - eMax Loan

- Annual amount 1,000 - 25,000/year; no fees (origination); interest from 6-15.5%; decrease interest by 0.25% with auto-pay; decrease interest by 0.5% with 48 month on-time payments; forgot to write down the repayment length; never got a hold of anyone to see if it's disbursed to the borrower or school

Bank of America - Education Maximizer

- 1500 - 30,000/year; Interest is figured with the Libor Index (couldn't find an exact interest rate); origination fees from 5-10.5%; proof of enrollment; proof of income; funds sent to borrower

PNC Bank - National Collegiate Loan

- 1500 - 30,000/year; interest using Libor Index + 4.65%-7.25%; origination fees 5-10.50%; repayment up to 20 years

Sallie Mae

- 1500 - 45,000/year; 20 year repayment; funds sent to borrower; supplemental fee from 5-10%; Interest from Prime + 1.5%-6%; fees and interest depends upon credit

Wachovia - Educaid Select Loan (???)

- 5,000 - 45,000/year; no origination fees; Prime+0%; unsure if it's an outside the cost of education loan. If anyone has info about this one please add on!

There's one more loan company that I found that offers these types of loans - I'll add that at a later time - but pretty similiar to Sallie Mae I believe.

I figured I would take all my research and save some people some time. If anyone has any additional information, wants to correct me or add to what I've found PLEASE DO! I want to make the best informed decision before I owe someone this much $$$ and I'm sure others do as well. I hope this helps!

Specializes in Critical Care, Emergency.
Hey all,

Its great to know others need money to survive on and not just for books and classes. Who has time to study when working 2 jobs:uhoh3: ? Here is what I ve done I applied for 45,ooo dollars for one year, you can receive 60,000 dollars a year for a health degree. I was preapproved in 15 min online, I have faxed the required paperwork. I faxed recent paycheck stub, online promissory note you can download after preapproval, and proof of enrollment. I hope this helps someone else, hope this hasn't already been posted. Oh, also after receiving the above paperwork, the loan place said it would take 7 days to review. Keeping my fingers crossed, will keep you informed on the progress:trout:

http://www.educatedborrower.com/index_flash.html?sessionID=

cool.. however, seems like a lot of percentages/fees being applied... looks like it's gonna add up to quite a bit in the end.. i guess they all are gonna be somewhere near the same !

Have anybody else used this company before, I wonder if they are better than sallie mae tutution?

Thanks

Hey all,

Its great to know others need money to survive on and not just for books and classes. Who has time to study when working 2 jobs:uhoh3: ? Here is what I ve done I applied for 45,ooo dollars for one year, you can receive 60,000 dollars a year for a health degree. I was preapproved in 15 min online, I have faxed the required paperwork. I faxed recent paycheck stub, online promissory note you can download after preapproval, and proof of enrollment. I hope this helps someone else, hope this hasn't already been posted. Oh, also after receiving the above paperwork, the loan place said it would take 7 days to review. Keeping my fingers crossed, will keep you informed on the progress:trout:

http://www.educatedborrower.com/index_flash.html?sessionID=

Check the fine print on this loan. It is a up to the cost of education loan which the school determines the amount you can borrow based on the yearly estimated cost of attendance. In contrast, the Salie Mae Tuition Answer loan does not have to be school certified and you can borrow up to 40K per year on top of other money borrowed, up to the costs of attendance from other loans(with much higher intrest of course). If you read this entire thread it all starts to make sense. Gook luck everyone!

I will also be attending Wolford. It seems like, even with alternative/private loans, the school has to be approved. in the case of Wolford you can only get Terti loans. I'll be happy to know that I'm wrong on this one. If someone knows of a bank that does not use an approved list of schools please let me know

Hi all!

This is my first post, and I just want to thank you all, for sharing the information.

Good luck to all of you.:wink2:

I'm a bit confused...I just read this on Sallie Mae's website:

*If you choose to borrow only through Tuition Answer to pay for your education expenses this year, you may borrow up to $40,000, or the cost of attendance at your school, whichever is less. If you will be using Tuition Answer in addition to other student loan programs, the total of all your loan proceeds may not exceed the cost of attendance at your school.

It sounds like they have an idea of what the "cost of attendance" should be, and will not fund over it. My cost of attendance is a lot higher than what my school says it is. Does anyone know of a loan that does not take into account what the school says is the cost of attendance?

Thanks in advance!

Specializes in Junior Year of BSN.
Well, I've read this entire thread for about the 10th time over the last few days. I went to see my financial planner, and he gave me good advice. I was going to print out (almost) this entire thread to give to him, but after doing a little research, I found a place where it is all compiled into one document. Either a recently graduated CRNA or a SRNA went to the trouble of putting all the loan info together. XX

My financial planner told me that he would probably have me do a combination of student loans, home equity mortgage, and withdrawing from IRA. He considers spending on education to be the best investment.

He was greatful for the 10ish page printout of the previously mentioned compilation of grad student loan info.

Good luck to everyone lucky enough to have the problem of paying for CRNA school!!!

Debbie

R u sure u didnt mean XXXX
Specializes in ER/SICU.

As someone in his second semester, I can tell you the money will come just relax. It doesn’t come on your time table and it is hard to wrap up and have money in your hand before you quit your job, but it does come easy after you get started. I understand you guys need to have it all squared away before you quit work ( I was on pins and needles quitting my job and moving my wife and two kids 800 mile without the loans in my hands)

I took 30,000 from sallia mae went into my pocket. I also used loan to learn and another private loan from some company (I cant remember the name right now to save my life) anyway it is handled by AES (American education services a clearing house for most private education loans) these 3 came to about 60k then I got my 18500 federal which everybody gets for my first year.

Starting in Aug of 06 you as a student could apply for gradplus (as mentioned earlier in the thread). Gradplus is an additional unsubsidized federal loan that covers up to your cost of attendance for example my COA was 38000 I received 18500 from federal and 19500 from gradplus THIS IS THE IMPORTANT PART. Your finical aid office has a form you can use to request a review of your expenses and have you COA reevaluated you have to submit your bills and write a small note basically saying I made 60000 last and now I don’t work but still have the same expenses. Mine was recalculated to 68,000 and my Grad plus loan was increased to meet the new COA. I promise the money is easy try not to worry about it. I like most of the people in my class have more money in the bank than we have ever or will ever have. Feel free to pm me if you have any questions.

This thread is waaaayyyyy too valuable to be buried.... so BUMP!

Note to administrator: Can this thread be made a sticky?

I'm a bit confused...I just read this on Sallie Mae's website:

*If you choose to borrow only through Tuition Answer to pay for your education expenses this year, you may borrow up to $40,000, or the cost of attendance at your school, whichever is less. If you will be using Tuition Answer in addition to other student loan programs, the total of all your loan proceeds may not exceed the cost of attendance at your school.

It sounds like they have an idea of what the "cost of attendance" should be, and will not fund over it. My cost of attendance is a lot higher than what my school says it is. Does anyone know of a loan that does not take into account what the school says is the cost of attendance?

Thanks in advance!

I saw this on their website, too, and I wonder if maybe they changed the requirements? From reading these posts, it seems as if at some point the Tuition Answer didn't have to be certified, but reading that now, it looks like it does.

Specializes in Critical Care.

To qualify for these type of loans, do you have to have perfect credit

This thread needs to be stickied. It would be a shame to lose this info.

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