Alternative Loans - here's what I've found - page 17
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... Read More
Apr 16, '08The cost of attendance comes from your school's financial aid office...it should already be worked out w/ sallie mae. I called and the loan officer told me my COA was about 55k (forget exact #) per year for my school, but the max loan is 40. If you want the full 40, you HAVE to borrow the 20,500 in federal loans from a lender other than sallie mae b/c if you don't they will take 40k-20,500 and leave you with 19,500. Basically, if they don't know you're taking federal loans from elsewhere then you can get the full amount. You should just call and get the info, the lady was nice and believe me, they know we're all trying to beat this crazy system and get what we need the easiest way. She knew all the answers to my ?s and exactly what I was talking about. She also said not to worry if you've quit work already b/c their equation for approval has no bearing on income, which is kinda weird but whatever works. I'm no expert, but with the way people are freaking out, I decided to check into all this stuff and have gotten alot of pretty good info to make me feel like I won't have problems getting $$$ if my bank account isn't where I need it to be when I start next Fall.
Apr 19, '08any update on the loan situation? there was an article in my local newspaper today saying that 8 of the 10 major lenders will stop providing private education loans including sallie mae.
i talke to sallie mae about 1 month ago. the 'cost of attendance' for my specific school that they quoted (23,000) was different than the 'COA' that i was told about directly through my school($18,000). federal stafford loans will cover that (18,000) and but ill still need a little more. sallie mae told me they could give me that 23,000- mail a check directly to me and the school would never know about it. thier website has not changed. does anybody know if they are changing their loan eligibility?
has anybody applied for a private loan (recently) above and beyond the COA arranged by the school?!? it looks like wells fargo might have one, but its hard to tell from the website. i have a hard time figuring out what the total cost of attendance is. some banks use the number from the school and some banks come up with their own number ...
Jun 25, '08hi everyone
I ve been reading along and I just realize that I am a cosigner for my husband( he finished his education already) ! is this going to affect my interest rate when my time comes around to borrow
Jun 25, '08It might. It might also affect your eligibility as you can be held accountable for all of his loans. Consider checking his loans to see if you can be taken off. I don't know how long ago he got out of school, but some release co-signer as early as 2 years with on time payments. It might also affect rather they let him co-sign for you.
I would reccoemnd calling a lender and asking your questions.
Jun 26, '08I've read all over the site how Tuition Answer loans by Sallie Mae don't need to be certified by the school and such, but I've applied and looking on my application, it asks for how you anticipate to use the money. The two categories are Tuition, Fees, Room & Board, and Other Expenses.
The former says it gets paid directly to school. Should I just put a '0' there and write the full amount in the Other Expenses category?
Any help is really appreciated.
Nov 25, '08I can tell you so far that Suntrust states COA-financial aid. Unknown if disbursed to borrower or if it is school certified.
Bank of America isn't providing private student Loans at this time.
Nov 25, '08In response to the initial loans offered back in 2005, there are near none at this time for private student loans that not certified and that do not count in COA. If anyone has any luck with getting a non certified (doesn't go through school, is deferrable, and doesn't count in COA, please let me know as soon as possible! TIA
Nov 25, '08Suntrust - UPDATE- BASED ON COA (COST OF ATTENDANCE)
Bank of America - NOT ACCEPTING PRIVATE LOANS
NEXT STUDENT- NOT ACCEPTING NEW APPS DUE TO CURRENT CREDIT MARKET.
PNC Bank - THIS WAS EITHER CERTIFIED THROUGH SCHOOL OR BASED ON COA
Sallie Mae- CERTIFIED THROUGH SCHOOL
Dec 6, '08I just found one through Wells Fargo. Check it out. you can get up to 25,000. It is one of the only loans I found meeting your criteria.