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!
Hi, this questions is for those who have already gone through the whole loan process. I am currently straightening things out with a current educational loan holder for previous undergrad loans, and I want to wait until late June to file for fasfa and any private ed loans, as my current issue should be clarified by then. My question is, is this too late to start with apps. for an August school start date?? If so, should I just start applying with a cosigner?? And, if so, can I change the loans back to just my name and lose the cosigner after?? Any input would be helpful??
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 money you can get approved for, take it 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.
Hi, this questions is for those who have already gone through the whole loan process. I am currently straightening things out with a current educational loan holder for previous undergrad loans, and I want to wait until late June to file for fasfa and any private ed loans, as my current issue should be clarified by then. My question is, is this too late to start with apps. for an August school start date?? If so, should I just start applying with a cosigner?? And, if so, can I change the loans back to just my name and lose the cosigner after?? Any input would be helpful??
I think different schools have different deadlines, so you should check with your school's financial aid department.
I can tell you that at UNE, the recommended deadline for getting all necessary financial aid materials completed and received was May 1.
I don't think doing your FASFA in June is too late, but I wouldn't wait any later than that. UAB's deadline was April 1st, but I didn't even start filling that stuff out until mid-April and I got my loans squared away very quickly. They said that the deadline only really affects Grants and things that only apply to undergrad students, so you shouldn't have a problem. However, definitely check with your school before taking my word as gospel. I would also suggest that you fill that stuff out online as it will speed up the process alot.
Hope this helps.
Hi, this questions is for those who have already gone through the whole loan process. I am currently straightening things out with a current educational loan holder for previous undergrad loans, and I want to wait until late June to file for fasfa and any private ed loans, as my current issue should be clarified by then. My question is, is this too late to start with apps. for an August school start date?? If so, should I just start applying with a cosigner?? And, if so, can I change the loans back to just my name and lose the cosigner after?? Any input would be helpful??
After muddling through the websites....here's what I think I am going to do. Everything up front. Federal money- the $18,500. GradPLUS through Wachovia up to the cost of attendance, $35,000...I know the interest rate may be a little more but...fixed and able to be consolidated! And Sallie Mae Tuition Answer, $40,000 for over and above money. That should cover everything. All 27 months. Any thoughts? Anyone had any problems with any of these lenders? BTW, great info here. Really, really helpful. Thanks to all those who contribute!
After muddling through the websites....here's what I think I am going to do. Everything up front. Federal money- the $18,500. GradPLUS through Wachovia up to the cost of attendance, $35,000...I know the interest rate may be a little more but...fixed and able to be consolidated! And Sallie Mae Tuition Answer, $40,000 for over and above money. That should cover everything. All 27 months. Any thoughts? Anyone had any problems with any of these lenders? BTW, great info here. Really, really helpful. Thanks to all those who contribute!
I looked through all of the loans as well. In the end I decided to get some of the federal money...not the ones where I would have to pay interest. I also took what I could get from the Sallie Mae Tuition Answer Loan. So overall I chose Sallie Mae and I hope that it is enough to get me through. If not I will see what financial aid I can get next year before getting more loan money. The Sallie Mae Loan was great, and they sent the check to me, but like other loans the interest is something to keep in mind. So with that being said don't take it until you need it, and if your credit is good it doesn't take long to get it at all. Hope this helps.
Hi there guys I'm a transplant from the Student Doctor Network forums. I'm going to dental school this fall and I was searching the internent for info. on the non-certified, alternative loans. This thread is one of the best sources of info. I've found and far better than anything from SDN (I like all your smileys too ).
Anyhow, I have a question that is unanswered so far. Does anyone know when you can apply for the alternative loans that exceed your school budget without it affecting the school's offered loan package? I've decided that once the school certifies all those loans and they show the full amount with the disbursement date should be late enough, but I'm not sure. I'd like to get the private loan asap but my grad PLUS loan hasn't been certified yet. Anyone know from personal experience? Thanks a lot.
I'm confused...people mentioning proof of employment/paycheck stubs in order to get private graduate loans, which are deferred? These lenders are expecting you to be WORKING while in school as a basis for disbursing funds?? That doesn't really made sense...
I have loans for my undergrad nursing through Sallie Mae and never had to provide any proof of employment, because I wasn't employed...as would be fairly usual for someone in an entry to practice type nursing program, and (obviously from what people are saying) in a CRNA program
I'm confused...people mentioning proof of employment/paycheck stubs in order to get private graduate loans, which are deferred? These lenders are expecting you to be WORKING while in school as a basis for disbursing funds?? That doesn't really made sense...
I have loans for my undergrad nursing through Sallie Mae and never had to provide any proof of employment, because I wasn't employed...as would be fairly usual for someone in an entry to practice type nursing program, and (obviously from what people are saying) in a CRNA program
Can anyone clear this up for me??
In an effort to bump this so the more informed will answer both our questions...
I don't think you HAVE to have a pay stub to get these loans. But if you do your interest rate will be much lower. If you have a good cosigner you also don't need to be working. I got an Education One loan a couple years ago in the middle of the semester and I had no job (but I did have a cosigner).
Niko is correct. You do not have to have a paystub to get any of the many alternative loan options out there, but your interest rate will show that. The other option to get/keep a low interest rate is to have a co-signer. I think it is best to get all your loans just before you leave your job. halfway thru school it is too much to fiddle with to try and arrange for more dinero. as for roosevelts question. who tries to make sense of what lenders are thinking? Any loan agency (except those based on need alone) are more willing to lend to those with jobby jobs. Loans based on need alone are the federal stafford and perkins loans--you are less likely to get them if you are working, but more likely to get the private loans. Confusing, yes, don't try to undestand it, just accept it.
1. So, just before you quit, do your research and get the private loans that suit your needs (again, if you are trying to take them out IN ADDITION to federal loans you will need to get those private loans that DO NOT require school certification).
2. Quit job, start school. Based on FAFSA school will offer you some money. Usually not much, becuase you have been working and federal money is need based--not 'good credit' based.
3. Fill out next FAFSA at tax time in spring, which will again show that you making money, based on your income from 2006.
4. File an addendum citing a change in circumstance--i.e. you are now unemployed and the Adjucted gross income and 'estimated family contribution' determined by FAFSA is no longer accurate
Does anyone know what the school looks at during the certification process? Do they just look at your FAFSA or are they able to look at your credit and loan application history at the present time?
I'm trying to figure out if I can apply for a non-certified loan right now without having it screw up my financial aid package. All of my loans have been certified except for my Grad PLUS. I start school the beginning of August and I really need to take a trip and get an apartment soon, but I have no money.
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fungirl
99 Posts
Hi, this questions is for those who have already gone through the whole loan process. I am currently straightening things out with a current educational loan holder for previous undergrad loans, and I want to wait until late June to file for fasfa and any private ed loans, as my current issue should be clarified by then. My question is, is this too late to start with apps. for an August school start date?? If so, should I just start applying with a cosigner?? And, if so, can I change the loans back to just my name and lose the cosigner after?? Any input would be helpful??