Alternative Loans - here's what I've found - page 9

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   Nat_gagui
    This is a good information specially for a student and professional who want to advance in their career.


    Nat
  2. by   denverlover
    I just looked at the web page for the Wells Fargo Connection Loan and it is advertised with an origionation fee tagged to it...How are you getting it without fees? I am starting school in the fall...
  3. by   gatormac2112
    Quote from denverlover
    I just looked at the web page for the Wells Fargo Connection Loan and it is advertised with an origionation fee tagged to it...How are you getting it without fees? I am starting school in the fall...
    I answered your PM, but for others wanting a link go to:

    https://www.wellsfargo.com/wf/studen...grad/education
  4. by   TASpecialist
    Quote from darienblythe79
    Are the funds dispersed immediately to you or do you have to wait. Also, does the interest begin to accrue immediately upon dispersement or when school starts. How long does the application process take? Thanks for the help!
    Process time from prequalification to disbursement is ideally 3-4 weeks. That assumes Sallie Mae doesn't need additional information from the customer. (Co-borrower, Enrollment, Address, or Citizenship info) The Check is mailed directly to you. You will also be able to request the date when the disbursement check will get sent out, again, assuming the prequalification and loan application process goes without problems.

    You will have three repayment choices.

    1. Defer Interest & Principal: (You are allowed 48 months + 6 month grace period before repayment begins)
    2. Interest Only Payment: (Repayment of interest begins 45 days after disbursement check goes out. Principal is defered the 48+6 months)
    3. Full Payment: (Repayment of the total loan begins 45 days after disbursement check goes out.)

    As for the "additional fee", it is there to protect Sallie mae against defaulted student loans. It can range from 5-10% and it calculated by your credit score and your choice of repayment.

    Any other questions please feel free to ask! Thanks!
  5. by   kcwolf200
    So am I correct in assuming that loans that are sent directly to you are the non-school approved loans?

    Here is what I am wanting to do. I would like to take out $50,000 for this year in outside the cost of education loans (my school states the max at $30,000/year). I am taking out this much because I will have to maintain 2 residences for 6 months (my family will not join me my first semester) and this will also allow an extra "buffer" for any unseen emergencies or expenses. I just don't want to have to worry about money while in school. Next year, I should be able to take out less.

    Is this possible? Has anyone else done something like this or taken out this much? What loans did you take out? Any advice is greatly appreciated. Thanks.
  6. by   1dayatatime
    I called Sallie Mae after being preapproved for the Tuition Answer loan. I told the rep that I start school in August. He said that the correct application is not out yet, and it should be available online sometime this month. He told me to wait and resubmit the new application. Has anyone else had this problem?
  7. by   denverlover
    Something tothink about with Sallie Mae is that at this time, these loans are not consolidatable...for future financial planning...
  8. by   denverlover
    csojet,

    Lending companies know we are poor as students, so each year they are willing to give us as much as we need provided our credit scores maintain an acceptable level...You should be fine. I have a two children, a home, mtg, and a husband who works as nurse in the OR. I have to maintain a residence two hours away and still pay for life...you will get through money wise. Where there is a will, there is a way...
  9. by   denverlover
    Gatorman, You are one lucky dog.. I thought my credit was good, how did you get 0% plus prime??? I applied alone, without my husband and received 4% plus, and my credit score is 740...I am presently adding my husband as a cosigner to increase my chances of a better interest rate...but so far, THE BEST DEAL OUT THERE....J
  10. by   gatormac2112
    Quote from denverlover
    Gatorman, You are one lucky dog.. I thought my credit was good, how did you get 0% plus prime??? I applied alone, without my husband and received 4% plus, and my credit score is 740...I am presently adding my husband as a cosigner to increase my chances of a better interest rate...but so far, THE BEST DEAL OUT THERE....J
    I don't even know what my credit score is, but it is probably pretty good as I have paid off HUGE amounts of debt without ever missing a payment. I was finally debt free when I got accepted to school....now that I'm going back in debt I don't know whether to celebrate or cry But yes, I feel very fortunate to get that rate with no fees.
  11. by   csojet
    Hi and thanks for the replies. I have been keeping up with this thread. Since this time I have been approved for some loans and here is the scoop:
    1. stafford loan with wachovia since they have a 3% reduction in interest rate for on time pay back, go to www.educaid.com for details.
    5. Sallie Mae tuition answer approved me for $40,000. Interest rate prime + 3% and I do have good credit, close to a 700 credit score. Good luck to the rest of you.
  12. by   manavi
    Quote from denverlover
    Gatorman, You are one lucky dog.. I thought my credit was good, how did you get 0% plus prime??? I applied alone, without my husband and received 4% plus, and my credit score is 740...I am presently adding my husband as a cosigner to increase my chances of a better interest rate...but so far, THE BEST DEAL OUT THERE....J
    I was also approved at the prime + 4% rate.

    Maybe if I don't send in the paperwork for a while they'll contact me with some "good news" ...
  13. by   sherry62
    bump

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