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!
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.
Please help answer this if you can...
The non-certified loans the school has no knowledge of, so it shouldn't interfere with your certified loans.
Sallie Mae also has a deal called "tuition answer" they loan you 1500 to 40K for tuition and living expenses. You have to have good or excellent credit though. The interest rate is pretty decent and you can defer the payments until after graduation!
i am sorry iam not going to CRNA school but just an nursing student but I think i just did the stupid-est thing and right now i might need some help..... after reading thru this thread i was soo happy to find out that there is actually loans that mails the check right to you and not the school.
I went right on to Sallie Mae's web page and apply for the "Tuition Answer Loan" right away; however, afterwards i notice there could be a problem b/c last week i actually already applied for the "student signature loan" (that goes thru the school) from Sallie Mae and is waiting for approval and now only a week apart i am requesting loans again thru the same lender!!!!:trout:
does anyone have any idea as of situations like this? i think i can only have one type of loans (either tuition answer or student signature) from one lender is that correct?? what should i do now? should i call in and cancel the "tuition answer loan" since it might effect the status of the other one? i am sorry i am getting a little nervous and since it's sunday evening i dun think i can get someone to talk to me if i call Sallie Mae....
ok-I'm just getting into this loan stuff-- start in january-- still working now... so do I apply now while I have a job... and just hold onto the money even if I'm not sure I'll need it? probably will need some but don't know about needing all of 25-40,000 per year
I would wait on getting the check disbursed to you until a lot closer until your start time. It only takes a couple of weeks from the day that you ask for the check to be disbursed to you to actually receive it. As soon as you get that check you start drawing interest on it and believe me.. the interest builds up in NO TIME. My company sends me a monthly statement telling me how much interest I owe and it just depresses me everytime.
But, the company usually won't disburse your check to you until so many weeks before your actual start day so even if you did get it now they wouldnt give it to you until later(not sure how many weeks that is since it's been a while since i've applied).
I would just take this time until January to do whatever you have to to build your credit score up bc that can help with the APR and disbursement fees. As long as you have recent proof of employment you shouldnt need a co-signer. Now if you decide to quit 3 or 4 months before January im not sure how that will affect anything.. youll just have to talk to the loan people about that but a few weeks shouldnt make a different. I started school in August and applied for my loan in July and received it a couple of weeks before school started.
ok-I'm just getting into this loan stuff-- start in january-- still working now... so do I apply now while I have a job... and just hold onto the money even if I'm not sure I'll need it? probably will need some but don't know about needing all of 25-40,000 per year
Do it now while you are employed....you need to have income to apply even though you won't be working for the next 2+ years. Better to be safe than sorry, and the interest your debt accrues over these few months won't amount to much in the grand scheme of things.
First off, I want to thank all those with input into alternative funding. It sure helps in the research process!
I will be attending Wolford College in Naples, FL this Oct and am seeking ways to fund any and everything involved. TERI funding has just been approved, but the school is still awaiting approval to dispurse Stafford loans. Does anybody out there know if this affects loan options? Do private loans and loans that are dispersed directly to the student depend on whether or not the school has Title IV (Stafford) status?
While TERI funds help, I am in a position to need more (a lot more:eek: ) than what they can give. Any insight?
First off, I want to thank all those with input into alternative funding. It sure helps in the research process!
I will be attending Wolford College in Naples, FL this Oct and am seeking ways to fund any and everything involved. TERI funding has just been approved, but the school is still awaiting approval to dispurse Stafford loans. Does anybody out there know if this affects loan options? Do private loans and loans that are dispersed directly to the student depend on whether or not the school has Title IV (Stafford) status?
While TERI funds help, I am in a position to need more (a lot more:eek: ) than what they can give. Any insight?
hey exibit,
there are alternative (private) loans that get directly disbursed to student without school being aware. i am still waiting for completed paperwork at my school, and knew that stafford wasn't going to be enough. i decided to go with sallie mae's tuition answer loan (40K) - this will cover a yrs tuition and all living expenses for atleast one yr should finaid not go thru this yr. there are also other one's you could check out such as: wells fargo educ. loan, myrichuncle.com, next student, wachovia grad plus loan.. these are a few and many more out there.. just type in private/alternative loan in a search.. and make sure you read about the disbursement clause and that it goes to borrower not the school..
there is plenty of monies out there, and some not so cheap..
my sallie mae, if paid over 30yrs, will actually cost my 40K loan 140K !!! you can be sure i am going to pay that off before then...
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:
:angryfire :smiley_ab :gandalf: :deadhorse :cheers: :beer: :biere: :beercuphe 
:imbar :barf01: 
darienblythe79
160 Posts
The non-certified loans the school has no knowledge of, so it shouldn't interfere with your certified loans.