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!
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.
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?
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...
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
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.
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 http://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.
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" ...
If you are trying to get more than one private loan, do they affect each other? For example- if you are trying to get a Wells Fargo loan for 25k and a Sallie Mae loan for 40k, will you screw yourself out of one or the other by trying to go for both at once? I know that the max fed is 18.5 + additional $ for summer sessions. For many schools, this is barely enough to cover tuition, let alone costs of living.
Now imagine you have a family and getting one private loan just isnt going to cover your expenses and you need to go after two private loans. Are there complications involved in going after two different private loans?
If you are trying to get more than one private loan, do they affect each other? For example- if you are trying to get a Wells Fargo loan for 25k and a Sallie Mae loan for 40k, will you screw yourself out of one or the other by trying to go for both at once? I know that the max fed is 18.5 + additional $ for summer sessions. For many schools, this is barely enough to cover tuition, let alone costs of living.
Now imagine you have a family and getting one private loan just isnt going to cover your expenses and you need to go after two private loans. Are there complications involved in going after two different private loans?
Thanks for any info...
Well, since the private loans look at your debt to income ratio, I'm assuming that you couldn't borrow the whole amt that you needed from one lender. Then it would seem that if you didn't apply for both at the same time, after some time, one would show up on your credit and affect the amt you can borrow from the second lender. I am by no means savvy on this whole student loan process, however. The instructors at my school have advised that whatever loans you can get approved for, take them, because most people can pay back their loans within 2 yrs of working as CRNA's.
Just an FYI, Citibank is funding my Stafford loans and waiving the 3% origination fee. They have preapproved me for the Graduate PLUS loan which may have a slightly higher interest rate than the private loans but I will be able to consolidate all my loans together when I finish school into one payment since they're all federal loans.
But yes, I feel very fortunate to get that rate with no fees.
kcwolf200
23 Posts
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.