Columbia ETP Program 2012 entry

1923 · Mar 9, 2012

Hi all,

For those looking at private loans, I've been applying all day to see what the rates are like:

So far, I've been approved for the best rate with Citizens (the variable rate loan, I'm still waiting for approval on the fixed loan), then Discover's health student loan and next Wells Fargo's health loan (2% less at Citizens vs. Wells Fargo). Discover's loan is based on the PRIME rate though and im not sure it is as much an apples to apples comparison as two LIBOR based rates but i dont know a lot about it. To be honest, I was shocked I need to have my dad cosign as I have really good credit (well i did before today, now it may be knocked down by applying to 9 loans but hopefully I wont hate myself for that).

One bit of info I found helpful was learning that if you want to apply for multiple loans from one bank (for example you might want to apply to both the health professions and the undergrad or the fixed and variable rate loans) then you should apply for the loans on the same day or at least the same week because then the banks will agree to just pull your (and your cosigner's) credit report once and use it for all the loans you apply to.

Best of luck to everyone looking at loans and please let post where you get the best rates if you dont mind so we can all be sure to apply to the best banks possible.

bringinit247 · Mar 9, 2012

@1923 did you need a cosigner for ALL loans?

1923 · Mar 9, 2012

@bringinit247 --- I did not need a cosigner for all of the loans but I felt that the rates I was getting on my own were just absurd (though this is my first time with taking out student loans so maybe i was just naive) and after 3 banks turned me down without a cosigner I gave in and asked my dad to cosign.

These banks approved me (at a higher rate) without a cosigner: (1) Suntrust custom choice, (2) Discover health professionals (w/cosigner my rate actually only went down by 0.25% though), and (3) Wells Fargo health professionals.

Also, just as a general heads up to anyone from Mass, you may want to look at Student Savings, Loans & 529 College Plan | MEFA - Massachusetts Educational Financing Authority for loans, I just moved out of Mass but MEFA's fixed rate at 8% seems significantly better I can find through normal banks. However, I'm still really torn on the issue of if I should go with a variable or fixed rate loan.

bringinit247 · Mar 9, 2012

@1923 if you don't mind me asking, what kind of rates were you getting with loans without a co-signer vs. loans with a co-signer?

You'd be surprised how much 0.25% will save you over the life of the loan. With mortgages people would be ecstatic to get that much of a reduction.

1923 · Mar 9, 2012

Hi bringinit247,

I'm happy to share but sorry in advance to everyone else for monopolizing the board. Without a cosigner:

For variable rate loans (15 years, no repay or the $25 a month deal, also a lot of these loans drop the rates by 0.5%-2% after you graduate and most offer 0.25% for setting up auto payment). Wells Fargo health: 6.00%, Suntrust: 8.99%, Discover health: 5.75%

However, with a cosigner Citizens got me down to 3.99% variable (and 8.25% fixed). I am still waiting to hear back from Citi and Chase at this point but the banks all give you 30 days to decide if you want their loan.

bringinit247 · Mar 9, 2012

Yeah sorry everyone for monopolizing the board.

Wow those rates are really not as bad as I thought.

This is really the best time to borrow money as interest rates are at an all-time low. I'd probably favor a fixed loan since rates have only one direction to go...UP. To put my economics hat on, though, Ben Bernanke said interest rates are staying the same until 2014.

I wish I was borrowing money to buy a house and not go back to school, but that's what happens when you are going for a dream.

nurseywannabe · Mar 12, 2012

Hey all,

Anyone having trouble getting loans? I have good credit. (At least my credit report this year says so.) Anyhow, I applied at Chase and got turned down. Has anyone heard of applying for multiple loans at smaller values? I'm totally inexperienced at getting loans (I paid for my first degree out of pocket), and am wondering what sort of strategies people use. Like, if I needed 30K, is it advisable to go for 15K in one place and 15K in another? Also, are you guys clicking off the health professions box on these apps or are you classifying as undergraduate? I feel so wet behind the ears.

CBlack37 · Mar 12, 2012

Hi all,

Has anyone following this thread NOT received an aid package yet? I submitted my FAFSA by Feb.1 and am starting to wonder what's going on!

cpsnap · Mar 14, 2012

Hi all,
Has anyone following this thread NOT received an aid package yet? I submitted my FAFSA by Feb.1 and am starting to wonder what's going on!

Hmmmm, I would definitely contact them ASAP! I received mine about 10 days ago...

CUSONAPP · Mar 14, 2012

I too have not gotten an award letter yet. I am still waiting on financial aid to let me know officially my federal aid and scholarship. I'v been trying to reach someone in the FA office but haven't had much luck this week. Hopefully they will come through. Anyone else having this problem?

mgt128 · Mar 15, 2012

Hi Guys,

I'm impatiently stuck on the waitlist for the psychiatric/mental health specialty :cry: Hoping to hear good news soon! I need to let the other schools that I was accepted to know my decision by the 3/22 and Columbia says the latest I will find out from them is 4/1.

Does anyone know when the deadline to send in your tuition deposit to Columbia is?I'm sure a few spots will open up then.

Crossing my fingers that I will be moving to NYC in a few months!You ladies are lucky!

-MG

CBlack37 · Mar 16, 2012

Good news for MW waitlisters: I did not accept my spot. Thanks to everyone for the helpful comments and best of luck to everyone following this thread! We're going to be clinicians soon!

mgt128--The deadline was today, so keep those fingers crossed:)