Alternative Loans - here's what I've found - page 8

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... Read More

  1. by   Phishininau
    I just received approval for 24K from NextStudent and I am pre-approved for 24K more in August when the fall semester starts. I am still waiting to hear from federal aid, and I am counting on that to pay for the tuition at UAB. I hope that works out, since some of it will be need-dependent and I had a 60K income last year (like I am sure all of you did too).

    Consider this an ad for NextStudent. They did a great job, trouble free borrow. I applied on 4/26 and my disbursement will be made to me on 5/3. That is quick, IMO.
  2. by   rayman
    Hey Phish, thanks for the info. I'll check it out cause I gotta start that ball rolling in a coupla months. What were the fees and interest rate like.
  3. by   Phishininau
    I know the origination fee is 7.5% but I cant remember the interest rate for the life of me. Brain fart I guess. The paperwork is in the car, and I will check on that in the morning for you. Since it seems that they are somehow related to TERI, I assume that the interest rates are similar.
  4. by   gatormac2112
    Quote from Phishininau
    I know the origination fee is 7.5% but I cant remember the interest rate for the life of me. Brain fart I guess. The paperwork is in the car, and I will check on that in the morning for you. Since it seems that they are somehow related to TERI, I assume that the interest rates are similar.
    Thanks for the tip Phish. I am going to see if any of the options without origination fees pan out. So far as I can tell, that comes down to just Sallie Mae Tuition Answer and Wells Fargo Education Connection. I've never understood origination fees....I mean, we are doing them a favor by doing business with them, paying the interest over time....why should we be charged what amounts to thousands of dollars in fees just to go into debt that they benefit from? It makes no sense to me and never will.

    I will weigh all the options though and if one with fees is the best, I will go with that. The main things I am looking for are in no particular order:

    • around $30,000 to supplement my federal loans
    • no certification through school
    • check paid directly to me
    • no origination fees
    • decent interest rate
    • deferred plan/flexible payment schedule
    I don't know if Sallie Mae or Wells Fargo meet these requirements or not. I will let everyone know.

    Oh, and you should have no trouble getting your federal aid with a $60K income. I was awarded the $18,500 per year and had a household income of $97K, so I don't think they really look at income for graduate students....I don't think it is need based at all.
  5. by   monkeymonk
    Hello everyone, this is excellent information I have been searching to find. I do have a few questions, pardon my ignorance. How far ahead will the companies allow me to take out these loans? A year? Six months? I wont even know if I will be accepted to CRNA program this far ahead. How do I justify how much I will need for school to these companies if I have no proof of acceptance to the program? Thank you so much in advance for all your help. I'm sure I will have more questions soon. monkeymonk :imbar
  6. by   manavi
    According to the NextStudent website, the origination fee on a graduate student private loan is 6.5% and the interest "starts as low as: LIBOR + 4.65%"

    LIBOR is currently at 5.110% ... and increasing.

    For the person that asked if interest begins to accrue immediately or upon disbursement, my understanding is that interest begins to accrue immediately on every loan, even Staffords. However, Staffords are partially subsidized by the federal government in that the feds will pay the interest for you during the deferment period on the first $8500 of your Stafford loan.
  7. by   jenniek
    Wells fargo has an origination fee for the stafford loan that goes directly to school. If you go for a personal educational loan, there is no origination fee. Learned that the hard way. I'll be looking for another financial institution for my stafford loan this year.
    Jennie
    Quote from gatormac2112
    Thanks for the tip Phish. I am going to see if any of the options without origination fees pan out. So far as I can tell, that comes down to just Sallie Mae Tuition Answer and Wells Fargo Education Connection. I've never understood origination fees....I mean, we are doing them a favor by doing business with them, paying the interest over time....why should we be charged what amounts to thousands of dollars in fees just to go into debt that they benefit from? It makes no sense to me and never will.

    I will weigh all the options though and if one with fees is the best, I will go with that. The main things I am looking for are in no particular order:
    • around $30,000 to supplement my federal loans
    • no certification through school
    • check paid directly to me
    • no origination fees
    • decent interest rate
    • deferred plan/flexible payment schedule
    I don't know if Sallie Mae or Wells Fargo meet these requirements or not. I will let everyone know.

    Oh, and you should have no trouble getting your federal aid with a $60K income. I was awarded the $18,500 per year and had a household income of $97K, so I don't think they really look at income for graduate students....I don't think it is need based at all.
  8. by   gatormac2112
    Quote from jenniek
    Wells fargo has an origination fee for the stafford loan that goes directly to school. If you go for a personal educational loan, there is no origination fee. Learned that the hard way. I'll be looking for another financial institution for my stafford loan this year.
    Jennie
    I just did the Stafford loans through UAB....as far as I know there aren't any fees associated with it. Not sure why someone would go through a bank or lender when the school can handle that directly.

    Anyway, funny you should mention Wells Fargo....I searched through all the Wachovias, SallieMaes, BankOnes, NextStudent, numerous TERIs, MyRichUncle, Edamerica, SunTrust eMax, StudentLoan Express, etc., etc., basically every possibilty on the net. The only one that met all my needs was Wells Fargo Education Connection Education Loan. I was approved for $25,000 for the first year and qualified for PRIME + 0%, which is about as good as one could expect. No fees of any kind, which will save me roughly $2000 at 7.5% for other loans I looked at. They cut the check and send it to me, not the school. They tell me to expect a 2 day process and then a check soon thereafter. Deferred options like all the others. The only negative if you really wanted to find one is that the max payback is 15 years, but thats not a big deal for me since I plan to pay it off in 2 years tops.
  9. by   manavi
    The Sallie Mae Tuition Answer Loan has a 6.5% "Supplemental Fee" that is assessed at disbursement.

    The Wells Fargo Education Connection Loan is the only private loan I've seen that does not have any special fees and does not have a maximum loan amount that is dependent on the school's certification. It has a decent interest rate as long as you have excellent credit, too. That one looks like a winner.
  10. by   jenniek
    Quote from gatormac2112
    I just did the Stafford loans through UAB....as far as I know there aren't any fees associated with it. Not sure why someone would go through a bank or lender when the school can handle that directly.
    Going through school was not an option for me. We were to pick our own financial institution for our loan. It may differ by state.
  11. by   csojet
    Hi out there in pre crna world. I have found this thread very helpful and have read over it many times. I am about to apply for my student loans, federal stafford loans and alternative loans. For those who have already completed this process I have a question: Do you apply once a year, and if so then how does this affect the possibility of attaining future loans as the semesters progress?
    I am looking to borrow quite a bit, $18500 in stafford unsubsidized and $40000 alternative loan, both yearly. I'm wondering if I should borrow all my alternative loans up front? Wil I have trouble borrowing this much yearly from several lenders?
    I am also pondering a sponsorship from a local anesthesia group, Sheridan, though they only give $20000 in assistance. This group staffs a great deal of hospitals in the S. FL area with anesthesia personnel. If there are any of you out there who are familiar with this company and have taken up this offer, I would like to hear your thoughts and input.

    Thanks!
  12. by   gatormac2112
    Quote from csojet
    Hi out there in pre crna world. I have found this thread very helpful and have read over it many times. I am about to apply for my student loans, federal stafford loans and alternative loans. For those who have already completed this process I have a question: Do you apply once a year, and if so then how does this affect the possibility of attaining future loans as the semesters progress?
    I am looking to borrow quite a bit, $18500 in stafford unsubsidized and $40000 alternative loan, both yearly. I'm wondering if I should borrow all my alternative loans up front? Wil I have trouble borrowing this much yearly from several lenders?
    I am also pondering a sponsorship from a local anesthesia group, Sheridan, though they only give $20000 in assistance. This group staffs a great deal of hospitals in the S. FL area with anesthesia personnel. If there are any of you out there who are familiar with this company and have taken up this offer, I would like to hear your thoughts and input.

    Thanks!
    Yes, you have to apply for the loan each year....I didn't think about the personal loan next year and the fact that I won't be working. Shouldn't be a problem though as my wife works and has great credit. I wouldn't sign with anyone for only $20,000 in assistance unless you just knew for certain that you wanted to work for them.
  13. by   gatormac2112
    Received my check for $25,000 today from Wells Fargo....just 4 days after faxing my application to them, including the weekend. Again, no fees, prime +0%.

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