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!
I'm starting Aug. 07. Here's what I did regarding private loans: $30000 Sallie Mae tuition answer loan and $23,800 Bank of America education maximizer loan. Add that to the $13,500 stipend from my school and the $46,500 I'll get in stafford loans throughout the program...I should be pretty well set. I would suggest to anyone who has yet to go through this process to borrow before quitting work.
Please help! I am applying to the CRNA program for class of '08. Have any of you found great difficulty getting loans for cost of living with not so great credit? I am really worried about this.
I don't have great credit...made a poor decision several years ago on an investment. Anyway, I just listed my wife as a cosigner (with her permission of course) and was able to get all the money I needed. I wouldn't have gotten the private loans without a cosigner.
Hello everyone! I'm currently on the search for the dollars. I have accepted the Stafford loans and the PLUS loan that school's going to "allow" me, totalling about $40000. I have read through this thread so many times, it's so great!
My question is should I wait for the federal ones to go through before I apply for the private ones? That seems to be the general consensus, but if I can do it sooner, I really want to. Please, if anyone has experience in this area, help me out:)
I too am going through the search for money. I am also under the impression that you should take advantage of federal money first, then use other loans for the rest. My school is being really S-L-O-W awarding financial aid; I still don't know what I'm receiving. I am a little confused about the Grad PLUS loan; does it only cover expenses deemed reasonable by your school? I'm looking into doing a home equity line of credit but first have to figure out how much I'm going to need to live and how much I'll even qualify for.
Anyone else have recommendations? Thanks.
Hello everyone! I'm currently on the search for the dollars. I have accepted the Stafford loans and the PLUS loan that school's going to "allow" me, totalling about $40000. I have read through this thread so many times, it's so great!
My question is should I wait for the federal ones to go through before I apply for the private ones? That seems to be the general consensus, but if I can do it sooner, I really want to. Please, if anyone has experience in this area, help me out:)
I am scared to death about taking on so much debt, but everyone has been so helpful. My questions is, does anyone know anything about a residency loan that could provide an additional 12,500? I saw it mentioned in one of the postings. Also can anyone shine any light on the subject of additional FASFA funds since CRNA students attend summer semester????
I'm starting in August too :) I was wondering if/why you decided against the federal PLUS loan. I am trying to decide whether to accept the PLUS loan instead of doing a home equity line of credit (HELOC). I am pretty sure I'll take the max amount of Stafford loans available to me. My concern is that there appear to be severe restrictions on how much student loan interest is tax deductible. It looks like single people with a modified adjusted gross income (MAGI) of >$65K can't deduct any student loan interest, and the max deduction for singles with a MAGI of
Has anyone else compared some of these loans to taking money out of your home? I'm really a bit torn here, as the interest rate on a HELOC is variable and payments are not deferred, but at least all the interest is tax deductible.
Does anyone know of any sites that offer unbiased info about student loans? I'm finding it very difficult deciding which way to go with this. Thanks!
I'm starting Aug. 07. Here's what I did regarding private loans: $30000 Sallie Mae tuition answer loan and $23,800 Bank of America education maximizer loan. Add that to the $13,500 stipend from my school and the $46,500 I'll get in stafford loans throughout the program...I should be pretty well set. I would suggest to anyone who has yet to go through this process to borrow before quitting work.
I will be starting school in August. I have seen here that it is reccomended to get private loans before quitting work, but how do I do that if I don't actually start school until August? I have looked at Wachovia and Bank of America, but I am under the impression that you have to provide proof of enrollment like a transcript. The only thing I have is an acceptance letter. Will someone who secured private loans before their school started tell me what proof of enrollment they used? Thanks! - Carollynn
I was turned down for the GradPlus loan as a result of poor credit and they do not permit cosigners.
Cheat25,
For Sally Mae and Bank of America, they requested a copy of my acceptance letter, check stub from both me and wife (cosigner), and a copy of the classes I'm registered for this fall. Pretty simple really.
deepz
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