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 not a financial planner or anything even close but I'd like to offer this prospective: Here goes. Assuming that you are the sole provider of yourself and children, you absolutely have to prepare for the "what ifs". Since CRNA school requires a full-time committment--no work, you would probably be better off leaving your IRA in place for unforeseen financial circumstances and use loans for school. You can apply for and more than likely get loans while you are still working. Once you are no longer working, you will need a co-signer to get private loan money for school. In other words, save the IRA for emergencies and use loans for school. If you use the IRA for school and other expenses and are no longer working, and find yourself needing more money, it may be a bit of a challenge to get a loan without a co-signer if you are not working.
Here is a question for you guys......I talked to Sallie Mae today (I will be starting anesthesia school in august). I was hoping to borrow around $45,000 and I asked them about the tuition answer loan because as I understood it, that loan was directly disbursed to me without getting the school involved. However, Sallie Mae said that through that loan I could only borrow $15,000 per year (I will be going to a public school). So anyway, they referred me to the signature student loan and said I could borrow the $45,000 that I need but that the school has the final say on how much money I can borrow. Has anyone gone this route before and will the school even okay you to borrow that much money? I was really hoping to not have to go through the school. So does anyone have any insight on this? I would appreciate it.
I just recently applied for the signature loan. I was approved for even more than what you are looking to borrow, but the school that I am going to is VERY expensive. You can contact the financial aid office of your school to see what they estimate the TOTAL cost of attendance per year. That total takes absolutely everything into account, including tuition, fees, housing expenses, uniforms, transportation, books, etc. The total is usually a whole heck of a lot more than just the tuition and fees and that is what you can borrow through the signature loan.
ha ha ...title caught your attention huh?...but its a great site so read on..
Here is another "outside the cost of education loan" website that I thought a few of you might like (if its been posted already then my apologies cuz I wasnt gonna read every single post to make sure). You can get up $50,000 per year,disbursed to you and it seems much cheaper in the long run than other private loans.
Has anyone who has "less than perfect credit" been able to land one of these private loans.For example Let's say I have a bankruptcy in the past...like about 2 years since discharge. Any chance of getting a private loan?? I am accepted to start school late in this year, but I am afraid my poor money management in the past may hinder me being able to afford this. I know that I can land the federal loans to cover tuition, but I need some $$ to pay the mortgage and for some ramon noodles. Any advice appreciated. I did look into this rich uncle loan and before I completed the appy process it said "sorry" but denied d/t the BK thing. I hope some of the other lenders will be a bit more understanding. I know I can not be the only CRNA hopefull with some closet credit problems..so what do others do, how to pay for this? Please help
One of the best options I found while in anesthesia school was to go to the hospital or anesthesia group you wanted to work for to see if they would pay you a stipened while going to school. Usually how this wokrs is say your first year out of school you would make $125,000, so your two years in school you would receive $62,500 then you are committed to work for the group at that same rate for 2 years after you get out. After two years out then you get to make the big bucks.
Bump brings the thread to the top so others know it's there and keeps it active. Kind of like bumping a sleeping night shift nurse to keep them awake...........
What's the most anyone has taken out for one year of school to live off of? I will have to move twice through my program and for my first semester, have to help pay for two residences (mine and the one that my wife and child stay in back home). My school said that the max that you can take out for "outside the cost of education loans" is $30K/year.
I understand the school and non school approved loans, but it seems that most people just take out the $30K/year. With the moves I have to make and also wanting to have some money set aside for any unforseen emergencies, I am just wondering how much you can really take out. Thanks.
What's the most anyone has taken out for one year of school to live off of? I will have to move twice through my program and for my first semester, have to help pay for two residences (mine and the one that my wife and child stay in back home). My school said that the max that you can take out for "outside the cost of education loans" is $30K/year.
I understand the school and non school approved loans, but it seems that most people just take out the $30K/year. With the moves I have to make and also wanting to have some money set aside for any unforseen emergencies, I am just wondering how much you can really take out. Thanks.
I believe if you take out a loan that does not need school certification, there is no max depending on your credit rating. I'm sure it has been discussed in this LONG but very helpful thread. Some loans will be sent to your school, others come directly to you. You also want to look if there is a dispersement fee. I currently have my stafford loan with Wells Fargo, and they charge for dispersement, but will be looking for a different institution for my loan this year.
TIVA2
5 Posts
DebbieSue,
I'm not a financial planner or anything even close but I'd like to offer this prospective: Here goes. Assuming that you are the sole provider of yourself and children, you absolutely have to prepare for the "what ifs". Since CRNA school requires a full-time committment--no work, you would probably be better off leaving your IRA in place for unforeseen financial circumstances and use loans for school. You can apply for and more than likely get loans while you are still working. Once you are no longer working, you will need a co-signer to get private loan money for school. In other words, save the IRA for emergencies and use loans for school. If you use the IRA for school and other expenses and are no longer working, and find yourself needing more money, it may be a bit of a challenge to get a loan without a co-signer if you are not working.
I hope this all makes sense.
Much success on your decision.
TIVA2