Sallie Mae - Private Loans

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Has anyone used Sallie Mae to finance their education. I do not qualify for Financial Aid and will need to take out a private loan. I am just a bit overwhelmed by all the ones to choose from. Sallie Mae seems to have good rates and a speciality loans for non-traditional (changing careers) students like myself. Even a specialized one for Community College degrees...

http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/private_student_loans/community_college_loan/

Any input would be helpful, thanks!

Specializes in My first yr. as a LVN!.

The rate I got was. 9.97%, again through BofA... which was similar to a credit card, but they send personal checks... Im very happy I did it through them ...only 11,000 left to pay ! hahaha

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Specializes in Junior Year of BSN.

9.97? And you fico score is near 800? Thats kind of high.

Also if anyone wants alternative loans check out the Pre-CRNA forum there is a sticky at the top with alternative loans for school. Went thru it last nite and received a lot of information. Hope that helps!

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Specializes in My first yr. as a LVN!.

actually for a loan for over $20,000 9.97% was the most decent out there and yes even w my credit scores being high ...

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
actually for a loan for over $20,000 9.97% was the most decent out there and yes even w my credit scores being high ...
My three credit scores were hovering around 750 when I applied for the Sallie Mae loan, and I received an interest rate of 7 percent. By the way, I borrowed $21,000. :)
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My three credit scores were hovering around 750 when I applied for the Sallie Mae loan, and I received an interest rate of 7 percent. By the way, I borrowed $21,000. :)

Hey Commuter,

Which Sallie Mae loan did you apply for? I was interested in the Signature Loan but was put off by all the talk of needing a co-signer for good interest rates (there's really no one I would want to ask to be a co-signer for me). I just assumed they would offer me a high interest rate without one, but I'm pleased to know they offered you 7% since we have a similar credit score and I need to borrow about as much as you did. Did you apply for the Signature loan or a different kind (like Stafford or Tuition Answer)?

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Specializes in My first yr. as a LVN!.

cool...then u got an even better rate... mine was prob. a bit high since I have only one income... (mine) single parent, home owner,, am satisfied... ...

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
cool...then u got an even better rate... mine was prob. a bit high since I have only one income... (mine) single parent, home owner,, am satisfied... ...
I was a single, 23 year old California homeowner with only one income at the time I applied in 2004, so our situations were similar.
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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
Hey Commuter,

Which Sallie Mae loan did you apply for? I was interested in the Signature Loan but was put off by all the talk of needing a co-signer for good interest rates (there's really no one I would want to ask to be a co-signer for me).

I applied for the career training loan. This is the type of student loan for those of us who are attenting a private vocational school.
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Specializes in bachelor's in Spanish seeking a BSN/MSN.

Has anyone been following the student loan scandals that have been in the news lately? After following the drama on nytimes.com, I'm very wary of private student loans and "recommended" lenders by schools...

Unfortunately, you gotta find some way to pay for school, though. But be careful and read the fine print!

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Specializes in Pediatrics, High-Risk L&D, Antepartum, L.
Has anyone been following the student loan scandals that have been in the news lately? After following the drama on nytimes.com, I'm very wary of private student loans and "recommended" lenders by schools...

Unfortunately, you gotta find some way to pay for school, though. But be careful and read the fine print!

I'm not really aware of the situation. I went and googled it and didn't find anything alarming for me. The financial aid guy in my school recommended Teri to me. Teri helps you get a loan through a variety of different banks. The recommendation also wasn't something along the lines of "this is the best one, go with this one, don't do anything else". It was a soft recommendation from a 25-30 year old guy at my school (which is small). I doubt there's any financial gain...so there's no concern for me. I appreciate that he gave me a good place to turn. My loan isn't a consolidation loan either...it's in addition to my gov loans. I do believe they all get rolled together in the end...but not by me doing a consolidation. AES just takes care of all the loans. I don't think I'm being taken...interest rate is good, pay back time is good, no fees.

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Specializes in bachelor's in Spanish seeking a BSN/MSN.

This pretty much summarizes what has been going on

"It comes in the wake of revelations that lenders paid universities money contingent on student loan volume, gave gifts to the financial aid administrators whom students rely on to recommend lenders, and hired financial aid officials as paid consultants."'

The House of Representatives just passed a ban on gifts and payments to universities from student loan companies. It'll be interesting to see if any changes are made.

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Specializes in Pediatrics, High-Risk L&D, Antepartum, L.
This pretty much summarizes what has been going on

"It comes in the wake of revelations that lenders paid universities money contingent on student loan volume, gave gifts to the financial aid administrators whom students rely on to recommend lenders, and hired financial aid officials as paid consultants."'

The House of Representatives just passed a ban on gifts and payments to universities from student loan companies. It'll be interesting to see if any changes are made.

Yeah can't see how it really effects me negatively so I'm not worried. I asked my guy where would I begin and he told me a few things I could do with teri in there as a good starting point.

I don't think anything funky was happening at my school. So no worries for me. I'm not even sure that it's such an issue. It's not much different then the dinners, gifts, treats and such that docs get from drug companies. If anything it's probably not as bad as doc gifts since as a student I can still go out and do something different but as a pt I would be likely to just take the drug prescribed.

I don't know...not really something I'm worried about.

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